Barrick Gold swings to loss in third quarter on lower sales and

TORONTO — Barrick Gold Corp. (TSX:ABX) says lower gold production and a hit on sales from its Tanzanian operations pushed the mining giant to a net loss in the third quarter.The Toronto-based miner says it had a net loss of US$11 million or a penny per share for the quarter, compared with net earnings of US$175 million or 15 cents per share a year earlier.Barrick says overall gold production came in at 1.24 million ounces, compared with 1.38 million for the third quarter last year.The company, which owns 64 per cent of Tanzania-focused Acacia Mining, is embroiled in a tax and refining dispute with the government there that it says affected its gold sales.Last week, Barrick said it had reached a resolution to the impasse that would include Acacia paying US$300 million to Tanzania and transferring to the government a 16 per cent interest in its three gold mines. The deal still needs to be approved by Acacia.Barrick says net earnings for the third quarter were impacted by a tax provision of US$172 million related to the proposed deal. read more

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Facebook stock slide deepens as investors reassess company potential

AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Facebook stock slide deepens as investors reassess company potential NEW YORK, N.Y. – Facebook’s newly public stock is sliding further on its third trading day as investors reconsider how much the social network is worth.The Menlo Park, Calif., company’s long-anticipated initial public stock offering raised US$16 billion, valuing the company at $104 billion — more than Amazon.com Inc., at $98 billion. Google Inc., meanwhile, is worth close to $200 billion.But the stock has plunged after the IPO. Facebook’s shares are down 71 cents, or 2 per cent, to $33.32 in late morning trading Tuesday, after dropping as low as $30.98 earlier in the day. That values the company at about $91 billion.Shares sank 11 per cent to $34.03 on Monday. The stock priced at $38 in its IPO late Thursday. by The Associated Press Posted May 22, 2012 11:44 am MDT read more

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