African Barrick eyes cuts as impairment hits H1

Tue Jul 30, 2013 2:22am EDT
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LONDON, July 30 (Reuters) - Tanzania-focused miner African Barrick Gold said on Tuesday it sank to a first-half loss, as a plunging gold price and a review of its assets contributed to a $727 million impairment.

The net loss for the six months totalled $701.2 million, against a profit for the year-ago period of $73.7 million.

The miner, which announced a review after a failed takeover attempt in January, said it had identified $185 million of potential savings, with over $100 million of cuts seen in 2013.