Global Overview

Barrick is the world’s largest gold producer, with a portfolio of 26 operating mines, advanced exploration and development projects located across five continents, and large land positions on the most prolific and prospective mineral trends. The Company also has the largest reserves in the industry, with about 140 million ounces of proven and probable gold reserves, 6.5 billion pounds of copper reserves and 1.07 billion ounces of silver contained within gold reserves¹ as of December 31, 2010.

In 2010, Barrick produced 7.8 million ounces of gold at total cash costs of $457 per ounce² or net cash costs of $341 per ounce³. In addition, the Company produced 368 million pounds of copper at total cash costs of $1.11 per pound². For 2011, Barrick expects gold production of 7.6-7.8 million ounces and copper production of 450-460 million pounds. Total cash costs for gold are expected to be $460-475 per ounce² and on a net cash cost basis, $330-$350 per ounce³ while copper cash costs are expected to be $1.60-$1.70 per pound².

The Company is targeting growth in annual gold production to 9.0 million ounces⁴ within five years, which includes production from the newly expanded Cortez mine, two advanced development projects⁵, the Pueblo Viejo and Pascua-Lama projects, as well as additional opportunities around existing operations.

2010 Production

2010 Gold Reserves

Learn more about Barrick's projects and properties:

• North America Region
• South America Region
• Australia Pacific Region
• African Barrick Gold
• Projects
• Exploration

1. Click here for more information regarding reserve and resource measurements.
2. Click here for more information regarding the calculation of total cash costs.
3. Click here for more information regarding the calculation of net cash costs. 2011 guidance for net cash costs has increased from $290 – $320 per ounce principally due to lower copper credits expected as a result of decreased copper market prices. Assumes a market copper price of $3.25 per pound for fourth quarter 2011, which will result in a realized price of about $3.40 per pound, including the impact of our copper collars.
4. The target of 9 M oz of gold production reflects a current assessment of the expected production and timeline to complete and commission Barrick’s projects currently in construction (Pueblo Viejo and Pascua-Lama) and the Company’s current assessment of existing mine site opportunities, some of which are sensitive to metal price and various capital and input cost assumptions.  See note 2 above for additional detail regarding certain underlying assumptions.
5. Click here regarding projects. Barrick has a 60% share in the Pueblo Viejo project.