Barrick Gold Corp., the world’s largest producer of the metal, posted an unexpected fourth- quarter loss after taking a $3 billion writedown on a Zambian copper mine it bought in 2011. The loss was $3.06 billion, compared with net income of $959 million a year earlier, Toronto-based Barrick said today in a statement. Earnings excluding the writedown and other one-time items were $1.11 a share, beating the $1.05 average of 22 estimates compiled by Bloomberg. Sales rose to $4.19 billion from $3.76 billion. The company acquired the Lumwana copper mine as part of its C$7.3 billion ($7.3 billion) takeover of Equinox Minerals Ltd. The project has disappointed because of its production costs, Chief Executive Officer Jamie Sokalsky said Jan. 29. He also said last month that Barrick assets that don’t meet requirements for returns and cash flow will be “deferred, shelved or divested.� Barrick follows Rio Tinto Group and Anglo American Plc in reporting writedowns in recent months as the world’s biggest miners reassess acquisitions amid rising costs and weaker commodity prices. “Costs pressures remain a concern,� Brian Yu, a San Francisco-based analyst at Citigroup Inc., said in a note yesterday. Gold, which has risen for 12 straight years, averaged $1,719 an ounce in the fourth quarter on the Comex in New York, 1.9 percent more than a year earlier and 3.8 percent higher than in the previous three months. Barrick fell 2.6 percent to C$31.72 yesterday in Toronto. The shares have declined 8.9 percent this year before today. (Barrick scheduled a conference call at 9:30 a.m. New York time, accessible via its website.) To contact the reporter on this story: Liezel Hill in Toronto at lhill30@bloomberg.net To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net

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