Barrick Gold Corporation ABX announced that as per the Chilean Environmental Court’s ruling, the Pascua-Lama project has not damaged glaciers within the project's area of influence.

As per Barrick, it is essential to protect the glaciers from any harm that can be caused from its work at the Pascua-Lama project. Hence, the company worked with leading independent experts and glaciologists to develop and implement one of the most rigorous glacier monitoring programs anywhere in the world. The program captures data from 27 points and provides results directly to regulatory authorities.

Barrick continues to work with stakeholders and local communities in Chile so that the Pascua-Lama progresses in compliance with the legal and regulatory requirements. The project aims at resolving its outstanding legal and regulatory hurdles, completing a new execution plan to optimize remaining construction activities and minimizing ongoing project costs.

Barrick’s adjusted earnings (excluding one-time items) for the fourth quarter of 2014 plummeted to 15 cents per share from 37 cents in the year-ago quarter but beat the Zacks Consensus Estimate of 12 cents. Lower pricing for both gold and copper along with the impact of 257,000 fewer ounces sold in the quarter led to the decline in earnings.

On a reported basis, loss for the fourth quarter was $2.85 billion or $2.45 per share compared with a loss of $2.83 million or $2.61 per share in the prior-year quarter. The results include $138 million in unrealized losses on non-hedge derivative instruments and $2.8 billion in after-tax impairment charges.

For 2014, adjusted earnings came in at $793 million or 68 cents per share compared with $2,569 million or $2.51 per share in 2013. Earnings beat the Zacks Consensus Estimate of 66 cents. On a reported basis, net loss was $2,907 million or $2.50 per share in 2014 compared with a loss of $10,366 million or $10.14 per share in 2013.

Revenues fell around 14.7% year over year to $2,510 million in the reported quarter and missed the Zacks Consensus Estimate of $2,534 million. Average realized price of gold decreased 5.3% year over year to $1,204 per ounce. All-in costs declined 16.9% to $1,094 per ounce, while all-in sustaining costs (AISC) rose roughly 2.9% to $925 per ounce in the reported quarter.

For 2014, revenues fell 18.3% year over year to $10,239 million, missing the Zacks Consensus Estimate of $10,474 million.

Currently, Barrick carries a Zacks Rank #3 (Hold).

Other mining companies with favorable Zacks Rank include Rubicon Minerals Corporation RBY, Asanko Gold Inc. AKG and Newmont Mining Corp. NEM. While Rubicon Minerals sports a Zacks Rank #1 (Strong Buy), Asanko Gold and Newmont Mining hold a Zacks Rank #2 (Buy).