LONDON Feb 12 Miner African Barrick Gold
posted its first annual production increase in five
years but sank to a net loss of $781 million in 2013 weighed
down by a heavy impairment charge and weakened gold prices.
African Barrick said on Wednesday it produced 641,931 ounces
of gold in the year to the end of December, 3 percent more than
But it sank to a $781 million loss from a $62.8 million
profit a year earlier on the back of a $823 million impairment
The Tanzania-focused FTSE 250 company was under pressure
even before a 28 percent dive in gold prices last year, hit by
illegal mining, power generation problems and strikes.
Under Chief Executive Brad Gordon, who was appointed in
August, the company is undertaking steps to overhaul its