ABX Barrick Gold Corp. (BC) (delisted)

Canadian gold miner Barrick Gold Corp. on Thursday said it expects to book up to $3 billion in impairment charges amid continued weakness in the gold market.

The Toronto-based company, the world's largest gold producer by output, has struggled to cut operating costs and debt as gold prices fell.

Gold is broadly considered a safe-haven investment, and demand generally increases at times of heightened economic or political risk. But gold is priced in U.S. dollars, and the strengthening of the U.S. currency makes gold more expensive for those holding other currencies.

On Thursday, Barrick estimated it would book goodwill impairment charges of about $1.8 billion and asset-impairment charges between $1 billion and $1.2 billion, primarily related to its Pascua-Lama and Pueblo Viejo gold mines.

Pueblo Viejo, in the Dominican Republic, is a joint venture with Goldcorp, which holds a 40% stake. Barrick has a 60% stake. In 2013, Barrick had suspended construction of its massive Pascua-Lama mine, a gold-silver project that straddles the Chile-Argentina border.

The impairment charges are based on a gold price assumption of $1,000 per ounce for 2016 and a long-term gold price assumption of $1,200 per ounce. The company's average realized gold price for the three months ended Sept. 30 was $1,125; meanwhile, gold settled Thursday at $1,098.20.

The company is scheduled to report its full quarterly results and final impairment test results on Feb. 17. Barrick added Thursday that it had met its 2015 production targets.

In October, the miner reported it had swung to a third-quarter loss of $264 million, or 23 cents a share, largely tied to an impairment charge on the sale of a 50% stake in its Zaldí var copper mine in Chile to Antofagasta PLC.

Carolyn King contributed to this article.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

January 21, 2016 18:35 ET (23:35 GMT)

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