Barrick Gold posts huge but expected loss, shares rise premarket

|About: Barrick Gold Corporation (ABX)|By:, SA News Editor

Barrick Gold (ABX) lost $8.56B, or $8.55/share, in its Q2 vs. a year-earlier profit of $787M, or $0.79/share, before booking $8.7B of impairment charges related to slumping metal prices, including $5.1B related to Pascua-Lama.

Produced 1.8M oz. of gold, up from 1.7M a year ago; average realized gold prices slumped to $1,411/oz. from $1,608/oz.

Produced 134M lbs. of copper, up from 109M; average realized copper price fell to $3.28/lb. from $3.45.

Reaffirms FY 2013 gold production of 7.0M-7.4M oz. of gold; lowers forecast for total cash costs to $575-$615/oz. from $610-$660.

Raises lower end of forecast FY 2013 copper production to 500M-540M lbs.; cash costs seen at $1.95-$2.15/lb. vs. prior forecast $2.10-$2.30.

Shares +2.2% premarket. (Q2 results)