(Bloomberg) – Barrick Gold Corp. (ABX), the world’s biggest producer of the yellow metal by sales, said it will temporarily hover building at its Pascua-Lama mine task on the Argentina-Chile boundary to conserve cash.
All work will stop except for that required for environmental defense and regulatory compliance the Toronto-based company said today in a statement. A conclusion to restart work will count on future costs, and the outlook for gold charges, it said.
Barrick Gold furthermore reported third-quarter net income dropped to 17 cents a share from 65 cents a year previous. Profits omitting one-time pieces were 58 cents, topping the 50-cent mean of 20 estimates amassed by Bloomberg. Sales decreased to $2.99 billion from $3.44 billion, more than the $2.91 billion average approximate.
Barrick CEO Jamie Sokalsky is endeavouring to lower charges by reducing output at some mines, and selling assets to aim at the company’s most money-making procedures after gold fell into a bear market in April. Barrick, which has turned down 38% this year in Toronto, took $8.7 billion of write-downs in the second quarter and slash its bonus.
Pawel Rajszel, a Toronto-based analyst at Veritas buying into Research, in an October 29 phone interview “Cost-slashing is the theme of the day attractive significant over the board,” and added “Barrick has the most promise, I think, to effect those changes.”
Gold attained $1,328 an oz on the Comex in New York in the third quarter, 20% less than a year previous and 6.3% lower than the second quarter.