EXHIBIT 11


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



<TABLE>
<CAPTION>

                                                               Three Months Ended                 Six Months Ended
                                                                    June 30,                          June 30,
PRIMARY                                                        1997            1996              1997             1996
                                                          -------------   -------------     -------------    -------------
<S>                                                       <C>             <C>                <C>             <C>   
Earnings:
    Net income (loss) applicable to primary earnings
           per share calculation                          $    (16,222)   $      6,776      $     33,638     $     20,429
                                                          =============   =============     =============    =============


Weighted average number of shares outstanding                  146,728         146,662           146,705          145,949
                                                          =============   =============     =============    =============


Net income (loss) per share - primary                     $      (0.11)   $       0.05      $       0.23     $       0.14
                                                          =============   =============     =============    =============



FULLY DILUTED

Earnings:
    Net income (loss)                                     $    (16,222)   $      6,776       $    33,638     $     20,429
    Add:   Interest relating to 5.5% convertible
              subordinated notes, net of tax                     1,629           1,629             3,259            3,259
           Amortization of issuance costs relating
              to 5.5% convertible subordinated notes,
              net of tax                                           110             110               221              221
                                                          -------------   -------------     -------------    -------------
    Net income (loss) applicable to fully diluted
           earnings per share calculation                 $    (14,483)   $      8,515      $     37,118     $     23,909
                                                          =============   =============     =============    =============

Weighted average number of shares outstanding:
    Common shares                                              146,728         146,662           146,705          145,949
    Additional shares relating to conversion of
       5.5% convertible subordinated notes                       6,505           6,505             6,505            6,505
                                                          -------------   -------------     -------------    -------------
                                                               153,233         153,167           153,210          152,454
                                                          =============   =============     =============    =============

Net income (loss) per share - fully diluted (a)           $      (0.09)   $       0.06      $       0.24     $       0.16
                                                          =============   =============     =============    =============



<FN>
(a)  This  calculation is submitted in accordance  with  Regulation S-K item 601
     (b)(11)  although  it is  contrary  to  paragraph  40 of APB Opinion No. 15
     because it produces an anti-dilutive result.
</FN>
</TABLE>