* Q3 net loss $6.07 vs year-earlier profit of $0.29
* Excluding items, Q3 profit $0.54 vs $0.46 year ago
* Reiterates its 2009 gold production forecast
(Adds details on results, outlook; In U.S. dollars, unless
TORONTO, Oct 29 Barrick Gold Corp (ABX.TO)
reported a third-quarter net loss on Thursday as it absorbed a
$5.7 billion charge to unwind gold hedges, but the Canadian
miner said core earnings rose, helped by higher gold prices.
The company, the world's largest gold producer, posted a
loss of $5.4 billion, or $6.07 a share, compared with a
year-earlier profit of $254 million, or 29 cents a share.
Stripping out the previously announced charge and some
smaller one-time items, profit rose to 54 cents a share from 46
It was not immediately clear whether that was comparable
with the average estimate of 46 cents from analysts polled by
Thomson Reuters I/B/E/S.
Revenue rose 11.6 percent to $2.1 billion.
The average realized gold price for the quarter was $971
per ounce, up from $874 a year earlier.
Production during the three months fell 2.1 percent to 1.9
million ounces, while cash costs eased to $456 an ounce from
Barrick reiterated its full-year 2009 gold production
forecast of 7.2 million to 7.6 million ounces, at total cash
costs of $450 to $475 per ounce.
The company said it was on track to produce 375 million to
400 million pounds of copper this year, with cash costs at the
low-end of its prior forecast of $1.25 to $1.35 per pound.
Barrick, which has more than two dozen mines in production
around the world, said its Buzwagi gold mine in Tanzania has
ramped up production and accounted for 87,000 ounces, at total
cash costs of $315 per ounce, in the third quarter.
The company recently agreed to buy Xstrata PLC's XTA.L 70
percent stake in the El Morro copper and gold project in Chile
for $465 million in cash. The deal is expected to close before
Jan. 30. [ID:nLC264304]
($1= $1.07 Canadian)
(Reporting by Euan Rocha and Cameron French; Editing by Lisa