EXHIBIT 11

      HOMESTAKE MINING COMPANY AND SUBSIDIARIES
    Computation of Earnings Per Share (unaudited)
       (In thousands, except per share amounts)




<TABLE>
<CAPTION>

                                                       Three Months Ended September 30,      Nine Months Ended September 30,
BASIC                                                      1999             1998                 1999             1998
                                                       ------------     -----------          ------------     ------------

<S>                                                    <C>              <C>                  <C>              <C>
Earnings:
     Net income (loss) applicable to basic earnings
          per share calculation                        $     1,747      $ (182,833)          $       914      $  (233,584)
                                                       ============     ===========          ============     ============


Weighted average number of shares outstanding              260,232         229,231               259,838          229,015
                                                       ============     ===========          ============     ============


Net income (loss) per share - basic                    $      0.01      $    (0.80)          $      0.00      $     (1.02)
                                                       ============     ===========          ============     ============



DILUTED

Earnings:
     Net income (loss)                                 $     1,747      $ (182,833)          $       914      $  (233,584)
     Add: Interest relating to 5.5% convertible
             subordinated notes, net of tax                  1,978           1,629                 6,020            4,888
          Amortization of issuance costs relating
             to 5.5% convertible subordinated notes,
             net of tax                                        138             110                   413              331
                                                       ------------     -----------          ------------     ------------
     Net income (loss) applicable to diluted earnings
          per share calculation                        $     3,863      $ (181,094)          $     7,347      $  (228,365)
                                                       ============     ===========          ============     ============

Weighted average number of shares outstanding:
     Common shares                                         260,232         229,231               259,838          229,015
     Additional average shares outstanding assuming:
        Conversion of 5.5% convertible subordinated notes    6,356           6,505                 6,452            6,505
                                                       ------------     -----------          ------------     ------------
                                                           266,588         235,736               266,290          235,520
                                                       ============     ===========          ============     ============

Net income (loss) per share - diluted (a)              $      0.01      $    (0.77)          $      0.03      $     (0.97)
                                                       ============     ===========          ============     ============

<FN>
(a)       This  calculation is submitted in accordance  with Regulation S-K item
          601  (b)(11)  although  it is  contrary  to  paragraph  13 of SFAS 128
          because it produces an anti-dilutive result. Diluted net income (loss)
          per share  computed in accordance  with SFAS 128 was the same as basic
          earnings per share.

</FN>
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