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,
BASIC                                                         1998             1997              1998            1997
                                                         -------------    -------------     -------------   -------------
<S>                                                       <C>             <C>               <C>             <C>
Earnings:
    Net loss applicable to basic earnings
           per share calculation                          $   (30,931)    $    (64,857)     $    (37,517)   $    (16,601)
                                                         =============    =============     =============   =============


Weighted average number of shares outstanding                 211,060          210,567           210,860         210,534
                                                         =============    =============     =============   =============


Net loss per share - basic                                $     (0.15)    $      (0.31)     $      (0.18)   $      (0.08)
                                                         =============    =============     =============   =============



DILUTED

Earnings:
    Net loss                                             $    (30,931)    $    (64,857)     $    (37,517)   $    (16,601)
    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 loss applicable to fully diluted
           earnings per share calculation                $    (29,192)    $    (63,118)     $    (34,037)   $    (13,121)
                                                         =============    =============     =============   =============

Weighted average number of shares outstanding:
    Common shares                                             211,060          210,567           210,860         210,534
    Additional average shares assuming conversion of
       5.5% convertible subordinated notes                      6,505            6,505             6,505           6,505
                                                         -------------    -------------     -------------   -------------
                                                              217,565          217,072           217,365         217,039
                                                         =============    =============     =============   =============

Net loss per share - diluted (a)                         $      (0.13)    $      (0.29)     $      (0.16)   $      (0.06)
                                                         =============    =============     =============   =============


<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 loss per share computed in
     accordance with SFAS 128 was the same as basic earnings per share.
</FN>

</TABLE>