EXHIBIT 11

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





                                                       Three Months Ended June 30,            Six Months Ended June 30,
BASIC                                                      1999             1998                 1999             1998
                                                       ------------     -----------          ------------     -----------

                                                                                                  
Earnings:
     Net income (loss) applicable to basic earnings
          per share calculation                        $       116      $  (43,149)          $      (833)     $  (50,751)
                                                       ============     ===========          ============     ===========


Weighted average number of shares outstanding              260,084         229,107               259,641         228,907
                                                       ============     ===========          ============     ===========


Net income (loss) per share - basic                    $      0.00      $    (0.19)          $     (0.00)     $    (0.22)
                                                       ============     ===========          ============     ===========



DILUTED

Earnings:
     Net income (loss)                                 $       116      $  (43,149)          $      (833)     $  (50,751)
     Add: Interest relating to 5.5% convertible
             subordinated notes, net of tax                  1,980           1,629                 4,042           3,259
          Amortization of issuance costs relating
             to 5.5% convertible subordinated notes,
             net of tax                                        134             110                   274             221
                                                       ------------     -----------          ------------     -----------
     Net income (loss) applicable to diluted earnings
          per share calculation                        $     2,230      $  (41,410)          $     3,483      $  (47,271)
                                                       ============     ===========          ============     ===========

Weighted average number of shares outstanding:
     Common shares                                         260,084         229,107               259,641         228,907
     Additional average shares outstanding assuming:
        Conversion of 5.5% convertible subordinated notes    6,495           6,505                 6,500           6,505
                                                       ------------     -----------          ------------     -----------
                                                           266,579         235,612               266,141         235,412
                                                       ============     ===========          ============     ===========

Net income (loss) per share - diluted (a)              $      0.01      $    (0.18)          $      0.01      $    (0.20)
                                                       ============     ===========          ============     ===========


<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 income  (loss) per share
     computed in  accordance  with SFAS 128 was the same as basic  earnings  per
     share.

</FN>