As reported earlier, Argus analyst David Coleman downgraded Barrick Gold to Hold from Buy, stating that despite the sharp decline in the stock price this year, earnings are likely to remain flat or decline further in the coming quarters. Coleman points to the company's recent lower production forecast along with the likelihood of higher near term extraction costs, along with its ongoing tax dispute with the government of Tanzania where it operates the Acacia mines. In the long run, Coleman still expects Barrick Gold earnings to recover on "stable to modestly higher gold prices" and continued debt reduction efforts.