UPDATE 1-Barrick earnings beat market expectations, cuts debt

(Recasts with analyst forecast, other financial details)
Oct 28 (Reuters) - Barrick Gold Corp ABX.TO , the world's
biggest gold producer, reported lower quarterly adjusted
earnings on Wednesday due to weaker gold and copper prices but
results were better than the market expected.
The Toronto-based miner, which has the highest debt of any
gold miner, said it had reduced its debt to $11.2 billion as of
Wednesday. That is down from $12.8 billion at the end of June
and $13.1 billion at the start of the year.
Barrick, like rival Newmont Mining Corp (N:NEM) NEM.N , gave an
improved cost outlook for the year.
It also expects to announce the outcome of the sale of a
package of six U.S. gold assets in the fourth
quarter. urn:newsml:reuters.com:*:nL1N11Q0QW
Earlier, Barrick reported adjusted net earnings of $131
million, or 11 cents a share in the three months to
end-September, compared to $222 million, or 19 cents a share in
the same period a year ago. Analysts expected the miner to earn
7 cents a share, according to Thomson Reuters I/B/E/S.
On a net basis, Barrick swung to a third-quarter loss of
$264 million, or 23 cents a share, as it booked a $455 million
impairment charge related primarily to an accounting
reclassification of its Zaldivar copper mine in Chile as
"held-for-sale."
Barrick agreed in July to sell 50 percent of its Zaldivar
mine to copper miner Antofagasta Plc ANTO.L for $1 billion in
cash. urn:newsml:reuters.com:*:nL1N10A3S3
Barrick said it now expected lower all-in sustaining costs
of between $830 and $870 per ounce this year. That compared with
a previous forecast of between $840 and $880 per ounce.
Full-year gold production is expected to be between 6.1
million and 6.3 million ounces, as Barrick lowered the top end
of the band from 6.4 million ounces to reflect expectations of
lower gold production from Acacia Mining Plc ACAA.L .
Barrick said it plans to use about $1 billion of the
proceeds from the Zaldívar sale, which is expected to close in
the fourth quarter, to reduce debt. This would bring total debt
repayments this year to about $2.9 billion. It will use free
cash flow to reach its target of $3 billion for the year.
Barrick, which has mines in the Americas, Australia and
Africa, said it produced 1.663 million ounces of gold in the
third quarter, slightly up from 1.649 million ounces in the
comparable quarter in 2013.
The miner said its all-in sustaining costs, the industry
cost benchmark, were $771 per ounce in the quarter, compared
with $834 an ounce in the same quarter a year ago.