UPDATE 1-Barrick Gold CEO sees further impairment charge on Pascua-Lama

Fri, 24 Jan - 6:31am

(Adds quote, comments on meeting 2013 forecasts)

Jan 23 (Reuters) - Barrick Gold Corp expects to record a further impairment charge at its Pascua-Lama gold-copper project in South America in the fourth quarter, and is also looking at other possible writedowns, Chief Executive Jamie Sokalsky said.

Speaking at an investor conference on Thursday, Sokalsky also said Barrick, the world's biggest gold miner, will recalculate its gold reserves at a gold price of $1,100 an ounce.

"As a result of the temporary suspension at Pascua-Lama, we expect to record an additional impairment charge there at the end of the year," Sokalsky said, referring to end-2013. He did not give a figure for the size of the charge.

Barrick is due to release its fourth-quarter and full year 2013 results on February 13.

He said that Barrick would look at making impairment charges at other assets as well at year-end.

The miner had met its 2013 gold production forecast of 7.0 million to 7.4 million ounces as well its outlook for all-in sustaining costs of between $900 and $975 per ounce of gold, Sokalsky said.

(Reporting by Nicole Mordant in Vancouver and Allison Martell in Toronto; Editing by Nick Zieminski and Meredith Mazzilli)

((nicole.mordant@thomsonreuters.com)(+1-604-664-7315)(Reuters Messaging: nicole.mordant.thomsonreuters.com@reuters.net))

Keywords: BARRICK CEO/

URN: 
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Topics: 
RES CMPNY BASMTL CA COM CPPR PREC MINE METL LEN RTRS PREMTL BACT MIN GDM RESF BMAT GOL MTAL LATAM AMERS

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