TORONTO, Ontario -- Barrick Gold Corp. (TSX:ABX) is taking a massive writedown on its copper business, resulting in a $3.06-billion net loss in the fourth quarter and signalling that it's prepared to make major changes in the way it does business.

The Toronto-based company says it doesn't plan to build any more new mines at this time and has put several mine expansions on hold.

As a result, the company is cutting or delaying US$4 billion in previously budgeted capital spending and writing down the value of its copper business unit by US$4.2 billion after taxes.

It's also looking to reduce overhead costs by more than $100 million this year, although it didn't provide details on how it will make those cuts.

Adjusted net earnings per share, however, came in at $1.11 for the quarter -- handily beating analyst estimates of $1.04 according to Thomson Reuters.

Barrick shares were up 78 cents, or 2.46 per cent to $32.50 in morning trading on the Toronto Stock Exchange.

The company's president and chief executive officer, Jamie Sokalsky, said investors are demanding fundamental change in the gold industry.

"Rising costs, poor capital allocation and the pursuit of production growth at any cost in the industry have led to declining equity valuations across the sector," Sokalsky said in a statement.

"Barrick highlighted the need for change last year and we are increasingly taking strong action and re-focusing our business based on the principle that returns will drive production, production will not drive returns."

Sokalsky, who was Barrick's chief financial officer, was suddenly installed a CEO last summer, replacing Aaron Regent, and Barrick founder Peter Munk, was joined as co-chairman by a former president of Goldman Sachs.

At the time, Munk made it clear that shareholders had been disappointed by the company's stock price.

Since then the stock had continued to fall from just under C$45 on June 5 to $31.72 at the close of trading on Wednesday on the Toronto Stock Exchange.

Sokalsky also announced Thursday that Barrick's chief operating officer, Igor Gonzales, will retire this year but he will remain until his successor is appointed.

Gonzales joined Barrick in 1998 and has played a key role in the growth of Barrick's South America business unit.

Barrick is one of the world's largest gold producers but in recent years invested in copper projects amid high prices for the industrial metal.