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Barrick Profit Tops Estimates as Cost Cuts Counter Gold Rout

Barrick Gold Corp., the world’s largest producer of the metal, reported third-quarter earnings that beat analysts’ estimates as lower costs and higher production helped to mitigate the impact of weak metals prices.

Earnings excluding one-time items were 11 cents a share, Toronto-based Barrick said Wednesday in a statement. That topped the 7-cent average of 21 estimates compiled by Bloomberg. Sales declined 12 percent to $2.32 billion, beating the $2.31 billion average estimate.

Barrick posted a net loss of $264 million, or 23 cents a share, including a $455 million impairment charge mostly related to reclassifying its Zaldivar mine as “held for sale.” That compared to net income of $125 million, or 11 cents, a year earlier.

Barrick has pledged to reduce debt by $3 billion by selling assets and cutting costs after gold prices fell and its shares plunged. In...