Barrick Takes Writedown, Cuts Dividend as Gold Declines
This article is for subscribers only.
Barrick Gold Corp., the world’s largest producer of the precious metal, took $8.7 billion of writedowns and cut its dividend after gold prices fell.
Barrick posted a second-quarter net loss of $8.56 billion, or $8.55 a share, compared with net income of $787 million, or 79 cents, a year earlier, the Toronto-based company said today in a statement. The miner said it reduced its quarterly payout to 5 cents a share from 20 cents to improve liquidity.