TORONTO — Barrick Gold Corp. (TSX:ABX) says lower gold production and a hit on sales from its Tanzanian operations pushed the mining giant to a net loss in the third quarter.
The Toronto-based miner says it had a net loss of US$11 million or a penny per share for the quarter, compared with net earnings of US$175 million or 15 cents per share a year earlier.
Barrick says overall gold production came in at 1.24 million ounces, compared with 1.38 million for the third quarter last year.
The company, which owns 64 per cent of Tanzania-focused Acacia Mining, is embroiled in a tax and refining dispute with the government there that it says affected its gold sales.
Last week, Barrick said it had reached a resolution to the impasse that would include Acacia paying US$300 million to Tanzania and transferring to the government a 16 per cent interest in its three gold mines. The deal still needs to be approved by Acacia.
Barrick says net earnings for the third quarter were impacted by a tax provision of US$172 million related to the proposed deal.