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April 24 (Reuters) - Barrick Gold Corp ABX.TO , the world's largest gold miner, reported weaker-than-expected earnings on Monday and also slashed its forecast for gold output and hiked costs at its gold mine in Argentina, where a cyanide solution recently spilled.
Toronto-based Barrick said it expects normal operations to resume at the Veladero mine in Argentina in June, pending government approval and the lifting of judicial restrictions.
Argentine regulators suspended the addition of cyanide to the processing operations at the mine following the March 28 spill, the third time in 18 months that a cyanide solution had spilled at the mine. said it now expects full-year production at Veladero of 630,000 to 730,000 ounces of gold, at all-in sustaining costs of $890 to $990 per ounce.
That compares with Barrick's previous forecast of 770,000 to 830,000 ounces at all-in sustaining costs of $840 to $940 per ounce.
Barrick reported group adjusted net earnings of $162 million, or 14 cents a share, in the first-quarter, up from $127 million, or 11 cents a share, in the same period a year earlier. Analysts were expecting an adjusted profit of 20 cents per share, on average, according to Thomson Reuters I/B/E/S.