EXHIBIT 11

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



<TABLE>
<CAPTION>
                                                       Three Months Ended June 30,            Six Months Ended June 30,
BASIC                                                      1999             1998                 1999             1998
                                                       ------------     -----------          ------------     -----------

<S>                                                    <C>              <C>                  <C>              <C>
Earnings:
     Net income (loss) applicable to basic earnings
          per share calculation                        $       116      $  (43,149)          $      (833)     $  (50,751)
                                                       ============     ===========          ============     ===========


Weighted average number of shares outstanding              260,084         229,107               259,641         228,907
                                                       ============     ===========          ============     ===========


Net income (loss) per share - basic                    $      0.00      $    (0.19)          $     (0.00)     $    (0.22)
                                                       ============     ===========          ============     ===========



DILUTED

Earnings:
     Net income (loss)                                 $       116      $  (43,149)          $      (833)     $  (50,751)
     Add: Interest relating to 5.5% convertible
             subordinated notes, net of tax                  1,980           1,629                 4,042           3,259
          Amortization of issuance costs relating
             to 5.5% convertible subordinated notes,
             net of tax                                        134             110                   274             221
                                                       ------------     -----------          ------------     -----------
     Net income (loss) applicable to diluted earnings
          per share calculation                        $     2,230      $  (41,410)          $     3,483      $  (47,271)
                                                       ============     ===========          ============     ===========

Weighted average number of shares outstanding:
     Common shares                                         260,084         229,107               259,641         228,907
     Additional average shares outstanding assuming:
        Conversion of 5.5% convertible subordinated notes    6,495           6,505                 6,500           6,505
                                                       ------------     -----------          ------------     -----------
                                                           266,579         235,612               266,141         235,412
                                                       ============     ===========          ============     ===========

Net income (loss) per share - diluted (a)              $      0.01      $    (0.18)          $      0.01      $    (0.20)
                                                       ============     ===========          ============     ===========


<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>
</TABLE>