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                                                       1997            1996              1997             1996
                                                          -------------   -------------     -------------    -------------

                                                                                                    
Earnings:
    Net income (loss) applicable to primary earnings
           per share calculation                          $   (163,682)   $      7,427       $  (130,044)    $     27,856
                                                          =============   =============     =============    =============


Weighted average number of shares outstanding                  146,731         146,672           146,714          146,190
                                                          =============   =============     =============    =============


Net income (loss) per share - primary                     $      (1.12)   $       0.05       $     (0.89)    $       0.19
                                                          =============   =============     =============    =============



FULLY DILUTED

Earnings:
    Net income (loss)                                     $   (163,682)   $      7,427      $   (130,044)    $     27,856
    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 (loss) applicable to fully diluted
           earnings per share calculation                 $   (161,942)   $      9,167      $   (124,824)    $     33,076
                                                          =============   =============     =============    =============

Weighted average number of shares outstanding:
    Common shares                                              146,731         146,672           146,714          146,190
    Additional shares relating to conversion of
       5.5% convertible subordinated notes                       6,505           6,505             6,505            6,505
                                                          -------------   -------------     -------------    -------------
                                                               153,236         153,177           153,219          152,695
                                                          =============   =============     =============    =============

Net income (loss) per share - fully diluted (a)           $      (1.06)   $       0.06      $      (0.81)    $       0.22
                                                          =============   =============     =============    =============

<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>