Struggles Continue In Mining Sector

Another sign of trying times in the mining industry.
Barrick Gold is reporting a $8.56-billion US loss and lowering its quarterly dividend.
The Toronto-based company is recognizing an $8.7-billion US impairment in the second quarter, mainly due to lower metal prices.
As a result, Barrick will reduce its quarterly dividend to five cents US per share.
It has also moved to reduce operating costs through staff
reductions and capital spending.
Barrick is one of the world’s largest gold producers, so it has been badly affected by the major drop in the price of gold this year.
It has also been suffering from troubles in constructing a major new mine in South America, which faces delays for environmental reasons.
Barrick says steps must be taken to deal with the changed market conditions although the firm says its operating mines performed well during the quarter.