[miningmx.com] – BARRICK Gold Corporation, the world’s largest gold producer, wrote down $8.7bn in impairments and cut its dividend in actions that the firm’s CEO, Jamie Sokalsky, said was “prudent”.
Barrick posted a second-quarter net loss of $8.56bn, or $8.55 a share, compared with net income of $787m, or 79 cents, a year earlier, reported Bloomberg News. The gold miner reduced its quarterly payout to 5 cents a share from 20 cents.
“This is the prudent course of action,’ Sokalsky said in the statement. “We recognize the importance of dividends to our shareholders, and it is our goal to return more capital to investors in the future.’
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