Barrick is assessing environmental and regulatory requirements and is evaluating all alternatives, the company said.
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Beyond the whims of the market, Barrick was also a victim to regulatory restrictions.
FORBES: Barrick Gold And The New Miner's Paradigm: Rising Costs Amid Falling Gold Prices
Barrick drilled the ore body further to establish the full extent of its potential.
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Fellow gold mining majors Barrick Gold and Goldcorp were both 1.4% higher on Tuesday.
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Barrick Gold reported a first quarter profit that were just in line with expectations.
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Newmont competes with other international gold producers like Barrick Gold, AngloGold Ashanti Ltd. and Goldcorp.
Other possibilities: shares of gold miners, like Newmont Mining, Goldcorp and Barrick Gold.
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Gilmour and Munk plowed their winnings into a mine in northern Ontario that became Barrick Gold.
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Barrick had recorded similar gains, but its weak earnings performance sent the stock down hard.
FORBES: Barrick Gold's Horrible Third Quarter: Big Miss, Lower Guidance, And Higher Production Costs
Gonzales has been with Barrick since 1998 and previously was president of South American operations.
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Barrick reiterated its business focus on generating returns and free cash flows rather than increasing production.
FORBES: Barrick Gold Can Still Sparkle Despite Higher Costs And Impairment Charges In Results
Barrick reported fourth-quarter and full-year gold production of 2.02 million and 7.42 million ounces, respectively.
FORBES: Barrick Gold Reports 4Q Net Loss; CEO Pledges Disciplined Spending
Barrick's fixed hedge book is equal to about 4% of total annual world-wide gold production.
But investors should still focus on the top-quality operators like Newmont Mining (NYSE:NEM) and Barrick Gold (NYSE:ABX).
In terms of copper, Barrick saw production slide to 112 million pounds, from 140 a year ago.
FORBES: Barrick Gold's Horrible Third Quarter: Big Miss, Lower Guidance, And Higher Production Costs
While results confirmed an exceptional amount of copper, Barrick had to revise its cost estimates drastically higher.
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The decline was due to higher gold and copper costs and lower realized copper prices, Barrick said.
FORBES: Barrick Gold Reports 4Q Net Loss; CEO Pledges Disciplined Spending
Barrick Gold, a Canadian firm, came close to being picked by the Indonesian government as a partner.
Barrick Gold, GoldCorp, and Freeport McMoran are among some of the underperformers within the mining group.
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Metals producers like Silver Wheaton, Newmont Mning and Barrick Gold sold off hard on Wednesday, too.
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Progress on Barrick's plan to close out its hedge book will also draw close attention by industry analysts.
Barrick is an industry bellwether, the largest gold producer in the world by market cap and annual production.
In a per share basis, Barrick Gold posted earnings of 95 cents, compared with consensus forecasts of 84 cents.
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Goldcorp was down more than 8%, while Newmont Mining slid 7% and Barrick Gold tumbled almost 5%.
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Barrick Gold Corp. shares are currently trading off about 5% on the day.
Barrick Gold Corporation, the largest gold producer in the world, reported its Q4 2012 and annual results last week.
FORBES: Barrick Gold Can Still Sparkle Despite Higher Costs And Impairment Charges In Results
The top holdings of the Market Vectors Gold Miners ETF is Barrick Gold ( ABX) and Goldcorp ( GG).
The report also cited the strong quarterly dividend history at Barrick Gold Corp.
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Around the world, Barrick operates 27 mines on five continents with several exploration and development projects in the pipeline.
Top holdings include Barrick Gold (NYSE: ABX), Goldcorp (NYSE: GG), Newmont Mining (NYSE: NEM) and AngoloGold Ashanti (NYSE: AU).
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