Officials at Barrick Gold Corp. have reported a deep slump in Q1 profits, slashing 2014 guidance amid falling metal prices and lowering gold volumes. Net earnings plummeted to $88 million from $847 million year-on-year; revenue, meanwhile, fell 23% to $2.63 billion.

In Q1, the world’s biggest gold miner produced 1.6 million gold oz, down from 1.8 million oz in Q1 2013; throughout the year, the Toronto-based Barrick has sold off several high-cost mines. Merger talks with Denver-based rival Newmont Mining Corp. floundered earlier this week.