Newspaper article The Canadian Press

Barrick Gold to Record Up to US$3-Billion in Asset Writedowns in Fourth Quarter

Newspaper article The Canadian Press

Barrick Gold to Record Up to US$3-Billion in Asset Writedowns in Fourth Quarter

Article excerpt

Barrick to write down value of 2 gold assets

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TORONTO - Barrick Gold shares were lower in pre-market trading, following its advance notice of a US$3-billion asset writedown.

Barrick (TSX:ABX) says it will be writing down the value of its stalled Pascua-Lama mining project on the border of Chile and Argentina and its Pueblo Viejo gold operation in Dominican Republic by a total of between US$1 billion and and US$1.2 billion.

It will also reduce the value of goodwill -- an intangible asset related to some of its past acquisitions -- by about US$1.8 billion.

The Toronto-based company -- one of the world-s largest gold producers -- says it will provide an update on the writedowns on Feb. 17 when it reports detailed financial and operating results for the year ended Dec. …

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