UPDATE 4-Barrick's Pascua-Lama costs rise again, shares dive

Thu Nov 1, 2012 3:23pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Q3 adj EPS $0.85 v Street view $0.98

* Revenue falls 13.5 percent as gold sales, prices sag

* Capital costs at Pascua-Lama rise again

* 2012 copper outlook lowered to 450 million pounds

* Shares fall 9.3 percent to C$36.63 on TSX (Adds analyst comment, detail)

By Julie Gordon

TORONTO, Nov 1 (Reuters) - Barrick Gold Corp reported a sharp drop in third-quarter profit on Thursday, nudged back the production date for its massive Pascua-Lama gold and silver mine and increased its estimate on costs.

Shares of the world's top gold miner dropped more than 9 percent after Barrick delayed the mine's start date to the second half of 2014 from a previous target of mid 2014.

The cost of building the mine, on the border between Chile and Argentina, rose to $8 billion to $8.5 billion from an earlier estimate of $7.5 billion to $8 billion, reflecting construction delays and higher labor and project-management costs.   Continued...