EXHIBIT 11

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




                                                            Three Months Ended            Nine Months Ended
                                                              September 30,                 September 30,
PRIMARY                                                     1995          1994           1995           1994
                                                         ===========   ===========    ============   ===========
                                                                                                                    
Earnings:
     Net income applicable to primary earnings
         per share calculation                            $   4,945      $ 10,849       $  22,684     $  68,018
                                                         ===========   ===========    ============   ===========

Weighted average number of shares outstanding               137,949       137,742         137,891       137,717
                                                         ===========   ===========    ============   ===========

Net income per share - primary                            $    0.04      $   0.08       $    0.16     $    0.49
                                                         ===========   ===========    ============   ===========


FULLY DILUTED

Earnings:
     Net income                                           $   4,945      $ 10,849        $ 22,684      $ 68,018
     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 income applicable to fully diluted
               earnings per share calculation             $   6,685      $ 12,589        $ 27,904      $ 73,238
                                                         ===========   ===========    ============   ===========

Weighted average number of shares outstanding:
     Common shares                                          137,949       137,742         137,891       137,717
     Additional shares relating to conversion of
         5.5% convertible subordinated notes                  6,505         6,505           6,505         6,505
                                                         -----------   -----------    ------------   -----------
                                                            144,454       144,247         144,396       144,222
                                                         ===========   ===========    ============   ===========

Net income per share - fully diluted(a)                   $    0.05     $    0.09        $   0.19      $   0.51
                                                         ===========   ===========    ============   ===========

<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>