EXHIBIT 11

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

<TABLE>
<CAPTION>
                                                               Three Months Ended                 Nine Months Ended
                                                                  September 30,                     September 30,
BASIC                                                           1998            1997               1998            1997
                                                          -------------   --------------     -------------   -------------
<S>                                                       <C>              <C>               <C>             <C>
Earnings:
     Net loss applicable to basic earnings
           per share calculation                          $   (182,226)   $    (155,561)     $   (219,743)   $   (172,162)
                                                          =============   ==============     =============   =============


Weighted average number of shares outstanding                  211,184          210,549           210,968         210,532
                                                          =============   ==============     =============   =============


Net loss per share - basic                                $      (0.86)   $       (0.74)     $      (1.04)   $      (0.82)
                                                          =============   ==============     =============   =============



DILUTED

Earnings:
     Net loss                                             $   (182,226)   $    (155,561)     $   (219,743)   $   (172,162)
     Add:  Interest relating to 5.5% convertible
              subordinated notes, net of tax                     1,629            1,629             4,888           4,888
           Amortization of issuance costs relating
              to 5.5% convertible subordinated notes,
              net of tax                                           111              111               332             332
                                                          -------------   --------------     -------------   -------------
     Net loss applicable to diluted earnings
           per share calculation                          $   (180,486)   $    (153,821)     $   (214,523)   $   (166,942)
                                                          =============   ==============     =============   =============

Weighted average number of shares outstanding:
     Common shares                                             211,184          210,549           210,968         210,532
     Additional shares relating to conversion of
        5.5% convertible subordinated notes                      6,505            6,505             6,505           6,505
                                                          -------------   --------------     -------------   -------------
                                                               217,689          217,054           217,473         217,037
                                                          =============   ==============     =============   =============

Net loss per share - diluted (a)                          $      (0.83)   $       (0.71)     $      (0.99)   $      (0.77)
                                                          =============   ==============     =============   =============


<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>