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Barrick Reports Operating Results For 2001

February 14, 2002

First Year Reporting Combined Operations - Barrick/Homestake


TORONTO--(BUSINESS WIRE)--Feb. 14, 2002--Barrick Gold Corporation (NYSE:ABX) (LSE:ABX) (PARIS:ABX) (SWISS:ABX) (TSE:ABX) today reported operating results for 2001, with record production of 6.1 million ounces of gold at cash costs of US$162 per ounce, while proven and probable gold reserves increased to 82.3 million ounces.

"With the Homestake merger completed," said Barrick President and Chief Executive Officer Randall Oliphant, "we have eight major properties on four continents, a promising exploration portfolio and -- with our strong balance sheet -- we have the ability to grow organically or through disciplined acquisitions."

For the fourth quarter of 2001, the Company reported net income of US$55 million (US11 cents per share) before one-time charges. After recording costs associated with the merger of US$117 million (US$107 million after tax) and a provision for the judgement rendered in the Troilus lawsuit of US$59 million (US$42 million after tax), Barrick reported a fourth quarter loss of US$94 million (US17 cents per share). The Company has appealed the Troilus judgment.

Barrick's earnings for 2001 were US$245 million (US46 cents per share) compared to US$168 million in 2000 (US32 cents per share), before the charges referred to above. Net income was US$96 million (US18 cents per share) compared to a loss of US$1,189 million (US$2.22 per share) in 2000. Operating cash flows were US$721 million (US$1.35 per share) in 2001 compared to US$940 million (US$1.76 per share) in 2000.

Premium Gold Sales Program

The Company achieved a premium over the spot price of gold for the 14th year in a row, generating US$289 million in additional revenue in 2001. Barrick realized US$341 per ounce on its gold sales (61 percent of pro forma production); a premium of US$70 per ounce over the average spot price of US$271. Overall, the combined company realized US$317 per ounce, a US$46 per ounce premium over the spot price of gold.

The total number of forward sales contracts stands at 18.2 million ounces at December 31, 2001, including the addition of 1.9 million ounces from Homestake. This equates to 22 percent of reserves, which is in line with Barrick's historic average of 21 percent.

For 2002, the Company currently intends to deliver 50 percent of its production at US$365 per ounce with the balance sold on the spot market. Considering current market conditions and the larger production base with the merger, the Company lowered the percentage of production delivered into the Program to 50 percent.

Production and cost targets in line for 2001, reserves increase

Gold production in 2001 increased to a record 6.1 million ounces, from 5.95 million ounces in 2000 for the combined Barrick/Homestake. Total cash costs per ounce were US$162 per ounce, compared to US$155 per ounce in 2000.

For 2002, Barrick expects production of 5.7 million ounces of gold at total cash costs of US$167 per ounce. The lower production is due principally to the planned closure of several mines.

The Company reported proven and probable gold reserves for 2001 of

  • 82.3 million ounces, up from 79.3 million ounces of gold for the combined Barrick/Homestake in 2000, after producing more than 6 million ounces during the year. Reserve increases at Veladero, Bulyanhulu and the Cowal project more than offset lower reserves in North and South America including a 1.7 million ounce decrease of reserves at the Meikle Mine.

"We are pleased with our increased gold reserves and we have plans to advance our development projects," said John Carrington, Vice Chairman and Chief Operating Officer. "Overall, each of our operations made strides to improve their operating contribution."

Outlook

Production for 2002 is expected to be 5.7 million ounces of gold, of which one half is expected to be sold at US$365 per ounce under the Company's Premium Gold Sales Program, with the balance being sold on the spot market. Cash costs and total production costs are expected to be US$167 and US$254 per ounce, respectively. In addition, the Company expects administration and exploration expenses to decline to US$55 million each. Interest expense is expected to be US$55 million, as the Company will no longer be capitalizing interest, with the completion of Bulyanhulu and Rodeo and the deferral of Pascua-Lama. Capital spending is expected to decrease to less than US$230 million (excluding non-cash amortization of deferred mining costs).

Barrick is also focused on the opportunity the merger brings to a unified Pascua-Lama and Veladero district, with 25 million ounces of proven and probable reserves. The Company anticipates both capital and operating cost synergies between the two deposits, which are located just 5 kilometers apart. At Veladero, a feasibility study for a phase one, valley-fill heap leach operation is expected to be completed in the first quarter of 2002. Further optimization of the project and permitting work will take place during the year.

Barrick enters 2002 with the strongest balance sheet in the gold mining industry, high quality assets, a cash and short-term investment position of US$733 million and virtually no net debt.

Certain statements included herein, including those regarding, production, realized gold prices and costs constitute "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Barrick or of the gold mining industry to be materially different from future results, performance or achievements expressed or implied by those forward looking statements. These risks, uncertainties and other factors include, but are not limited to, changes in the worldwide price of gold or certain other commodities and currencies and the risks involved in the exploration, development and mining business. These factors are discussed in greater detail in Barrick's most recent Annual Information Form and Management's Discussion and Analysis of Financial and Operating Results" on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

Key Statistics
----------------------------------------------------------------------
                                          Twelve months ended Dec. 31,
(in United States dollars) (Unaudited)       2001                2000
----------------------------------------------------------------------
  Operating Results
  Gold production (000's ounces)            6,124               5,950
  Gold sold (000's ounces)                  6,278               5,794

  Per Ounce Data
    Average spot gold price                  $271                $279
    Average realized gold price               317                 334
    Cash operating costs                      155                 147
    Total cash costs (1)                      162                 155
    Total production costs                    247                 240
----------------------------------------------------------------------

  Financial Results (millions)
  Revenue from gold sales                  $1,989              $1,936
  Net income (loss)                            96              (1,189)
  Operating cash flow                         721                 940

  Per Share Data (dollars)
   Net income (loss) (fully diluted)        $0.18              ($2.22)
   Operating cash flow                       1.35                1.76

  Common shares (as at Dec. 31) (millions)
   Outstanding                                536                 536
----------------------------------------------------------------------

                                            As at              As at
                                           Dec. 31,           Dec. 31,
                                             2001               2000
----------------------------------------------------------------------
  Financial Position (millions)
  Cash and short-term investments            $733                $822
  Working capital                             484                 576
  Long-term debt                              793                 901
  Shareholders' equity                      3,192               3,190
----------------------------------------------------------------------
(1) Includes royalties and production taxes.



Gold Production and Cost Summary
-----------------------------------------------------------------------

                                     Production Total     Cash Costs
  For the year ended December 31,    2001        2000    2001    2000
-----------------------------------------------------------------------
North America
  Betze-Post                    1,549,975   1,646,640    $215    $195
  Meikle                          712,688     805,718     147     117
----------------------------------------------------------------------

  Goldstrike Property           2,262,663   2,452,358     193     169

  Round Mountain                  373,475     243,734     187     202
  Hemlo                           307,514     304,882     196     190
  Eskay Creek                     320,784     333,167      49      19
  Holt-McDermott                   83,577      90,712     165     148
----------------------------------------------------------------------
                                3,348,013   3,424,853     179     157
----------------------------------------------------------------------

Australia
  Plutonic                        288,360     253,643     166     198
  Darlot                          125,024     127,099     173     192
  Lawlers                         103,915     101,144     191     214
----------------------------------------------------------------------

  Yilgarn District Total          517,299     481,886     173     200

  Kalgoorlie                      384,362     393,794     203     189
----------------------------------------------------------------------
                                  901,661     875,680     186     195
----------------------------------------------------------------------

South America - Pierina           911,076     821,614      40      43
Africa - Bulyanhulu               241,575           -     197       -
Other/mines closing in 2002       721,771     827,524     198     212
----------------------------------------------------------------------
Total                           6,124,096   5,949,671    $162    $155
----------------------------------------------------------------------



Consolidated Production Costs per Ounce
----------------------------------------------------------------------
  For the year ended December 31,                         2001    2000
----------------------------------------------------------------------
  Direct mining costs                                     $157    $143
  Applied stripping                                          7      15
  By-product credits                                        (9)    (11)
----------------------------------------------------------------------
  Cash operating costs                                     155     147
  Royalties                                                  6       7
  Production taxes                                           1       1
----------------------------------------------------------------------
  Total cash costs                                         162     155
  Amortization                                              76      79
  Reclamation                                                9       6
----------------------------------------------------------------------
  Total production costs                                  $247    $240
----------------------------------------------------------------------

Management's Discussion and Analysis

For the year, the Company produced 6.1 million ounces of gold at total cash costs of $162 per ounce, with the recently acquired Homestake mines contributing 2.4 million ounces at $167 per ounce to the 2001 total. Barrick benefited from record production and costs at Pierina, Round Mountain and from the Yilgarn operations, as well as strong contributions from Goldstrike and Eskay Creek and production from the Company's newest mine, Bulyanhulu in Tanzania. Net income, before one-time merger related costs ($117 million) and a litigation ($59 million) initiated several years ago against Homestake, was $245 million, while operating cash flows were $721 million for 2001. Those totals compare to net income (before a provision for mining assets) of $168 million and operating cash flow of $940 million for 2000.

Overview

Barrick completed the merger with Homestake Mining Company ("Homestake"), an international gold mining company with operating mines in the United States, Canada, Chile, and Australia on December 14, 2001. The Company is projected to be the world's second-largest gold producer, with among the lowest cash costs of any major producer and the industry's strongest balance sheet. Barrick issued approximately 140 million shares to acquire Homestake at a total cost of $2.3 billion.

During the second half of the year, the Financial and Administrative Integration Team increased the estimated annual merger-related cost savings from $55 million a year, beginning in 2002, to $60 million, with the Company anticipating further costs savings in 2003 and 2004. A second integration team, focused on operations, undertook a comprehensive assessment of the potential to expand production and cost savings opportunities at the combined company's properties on four continents. Some of the opportunities identified in this exercise are reflected in the 2002 mine operating plans, while mine management looks to implement additional opportunities this year and next. A third integration team, tasked with examining development opportunities, is assessing synergies at the Pascua-Lama/Veladero properties as a unified district, with an emphasis on greater speed in development, as well as reduced capital and operating expenditures.

Gold Sales

Revenue for 2001 reached $1,989 million on gold sales of 6,278,000 ounces, compared with $1,936 million on gold sales of 5,794,000 ounces in 2000. The higher revenues result from an 8 percent increase in gold sales, partially offset by a $17 per ounce or 5 percent decline in the realized price. For the year, Barrick realized a $70 per ounce premium over the average spot price of $271 on the 61 percent of production delivered into the Company's Premium Gold Sales Program, compared with a realized price of $360 in 2000 and a premium of $84 on the 63 percent of production delivered into the Program. The balance of the ounces sold -- principally Homestake's production -- were sold at an average price of $277 per ounce in 2001. Overall, the Company realized $317 per ounce, $46 higher than the average spot price for the year, generating an additional $289 million in revenue.

The number of spot deferred contracts in the Company's Premium Gold Sales Program totaled 18.2 million ounces at December 31. This represents approximately 22 percent of reserves, deliverable over the next 15 years at an average minimum price of $345 per ounce, with a minimum floor price of $365 per ounce on 50 percent of planned production in 2002. The balance of 2002 production is expected to be sold at spot gold prices.

OPERATIONS OVERVIEW

For the year 2001, the Company reported total operating costs, including reclamation, of $1,080 million, compared with $950 million for the year prior. On a per-ounce basis, total cash costs for the year were $162, compared to $155 per ounce for 2000. With the continued weakness in gold prices, all of the Company's mines have focused on reducing costs under their control across all areas of their operation, including unit mining, processing and administrative costs per ton. At the same time, higher power costs and lower grades at Goldstrike and lower recovery rates during start-up at Bulyanhulu have resulted in the higher cash costs per ounce compared to the prior year period. Barrick's Other Properties include seven mines in various stages of closure. Two of the mines were closed in 2001 (Homestake and Mount Charlotte), with five scheduled to close in 2002 (El Indio, Bousquet, McLaughlin, Ruby Hill and Agua de la Falda).

Reconciliation of Total Cash Costs Per Ounce to Financial Statements
----------------------------------------------------------------------
(in millions of United States dollars     Twelve months ended Dec. 31,
 except per ounce amounts)                  2001                 2000
----------------------------------------------------------------------
  Operating costs per financial
   statements                             $1,080                 $950
  Reclamation accrual and other               60                   50
----------------------------------------------------------------------
  Operating costs for per ounce
   calculation                            $1,020                 $900
----------------------------------------------------------------------
  Ounces sold (thousands)                  6,278                5,794
  Total cash costs per ounce                $162                 $155
----------------------------------------------------------------------

Total cash costs per ounce data is calculated in accordance with The Gold Institute Production Cost Standard (the "Standard"). The Gold Institute is a worldwide association of suppliers of gold and gold products and includes leading North American gold producers. Adoption of the Standard is voluntary, and the data presented may not be comparable to data presented by other gold producers. Cash costs per ounce are derived from amounts included in the Statements of Income and include mine site operating costs such as mining, processing, administration, royalties and production taxes, but exclude amortization, reclamation costs, financing costs, capital, development and exploration costs.

North American Operations

Barrick's North American operations produced 3,348,013 ounces of gold, 55 percent of the Company's total production, at $179 per ounce. Round Mountain (Nevada) reported record results, while Eskay Creek (British Columbia) produced its second best results in the mine's history. The Goldstrike Property again contributed solid results, despite higher power costs and lower processed gold grades.

Goldstrike Property (Nevada)

The Goldstrike Property produced 2,262,663 ounces of gold in 2001, an 8 percent decrease compared to the property's record 2000 production, largely due to an anticipated 22 percent reduction in grades processed and marginally lower recovery rates, partially offset by higher throughput at the process facilities. At $193 per ounce, total cash costs for 2001 were higher than the year earlier of $169 per ounce because of the lower grades processed.

The Goldstrike Property has essentially moved to reserve grade in 2002, increasing throughput to maintain its consistent 2 million-ounce production level. For 2002, the property is expecting to produce 2.1 million ounces of gold, 7 percent lower than 2001, while total cash costs are expected to rise 6 percent to $205 per ounce. Through productivity improvements, the Property expects to be able to partially offset the anticipated 15% reduction in ore grades processed and a power cost increase -- the third in the last two years -- totaling $10 million, or $5 per ounce.

Betze-Post Mine

The Betze-Post Mine produced 1,549,975 ounces of gold for the year, 6 percent lower than the previous year, as mining of high-grade ore in the 7th West Layback was completed in the second quarter 2001. Total cash costs were $215 per ounce, compared to $195 in 2000. Recovery rates were 2.5 percent lower than the year earlier, due to a significant amount of transitional ore (1.5 million tons) processed primarily in the third quarter. The Mine is expecting to experience lower recovery rates on the planned 2 million tons of transitional ore to be encountered over the next two years.

The Mine expects to produce about 1.4 million ounces of gold in 2002 at total cash costs of $220 per ounce. The lower production and higher costs relate to 20 percent lower grades processed, partially offset by lower unit mining, processing and administration costs.

Meikle Mine

The Meikle Mine produced 712,688 ounces of gold for the year, 7 percent higher than plan. Total cash costs were $147 per ounce, compared to $117 per ounce in 2000 with higher costs attributable to planned mining of lower grade ore in Meikle, more low-grade development ore and higher training costs.

Tons mined surpassed plan by 13 percent in 2001, due to an increase in development ore from Griffin and to the earlier than expected access to Rodeo development ore.

Production for 2002 is expected to total 708,000 ounces. Total cash costs are expected to be $173 per ounce, with the higher costs related to a decrease of 14 percent in ore grades processed, an increase of 18 percent in tons mined and higher mining costs.

Round Mountain (Nevada)

Round Mountain contributed 373,475 ounces of gold in 2001, at a total cash cost of $187 per ounce, to Barrick's 50 percent account. The record production and costs were due to higher gold grades through the mill, as well as to Round Mountain's reusable leach pad. In addition, the run-of-mine leach pad contributed 5 percent more gold than in 2000.

For 2002, the Mine is expected to contribute 362,500 ounces of gold to Barrick's account at cash costs of $198 per ounce. The marginally lower production and higher costs are primarily due to lower production from the run-of-mine leach pad. The Mine has a $2.5 million exploration program planned to follow up on the Gold Hill target, where wide space drilling identified prospective opportunities in 2000.

Eskay Creek (British Columbia)

Eskay Creek produced 320,784 ounces of gold and 15.5 million ounces of silver in 2001 at a total cash cost of $49 per ounce. The low cash costs are attributable to the richness of the ore body. 2001 was the second best year in the Mine's seven-year history. Productivity improvement in the underground, new equipment purchases and relaxing of the blending constraints led to a 8 percent improvement in tons mined in 2001. Eskay Creek's mining and processing rates are expected to continue to increase an additional 12 percent in 2002.

For 2002, production is expected to rise to 366,000 ounces of gold and 16 million ounces of silver, at total cash costs of $51 per ounce, despite marginally lower gold and silver grades. The Mine has an extensive exploration program set to begin in 2002 to follow up on encouraging drill results from the fourth quarter of 2001.

Hemlo (Ontario)

Hemlo is a joint venture of the David Bell and Williams underground mines and the Williams open pit, of which Barrick owns a 50 percent interest. In 2001, Hemlo produced 307,514 ounces of gold to Barrick's account, at total cash costs of $196 per ounce. The increase in production and decrease in cash costs are attributable to productivity improvements in the underground and the mill since the closure of the David Bell mill in 1999. Increased production from the Williams pit also contributed to the strong results. Exploration in 2001 added 900,000 ounces - before production (450,000 ounces to Barrick's account) to reserves, primarily from the expansion of the Williams pit.

For 2002, production is expected to total 304,000 ounces of gold at a total cash cost of $192 per ounce. The marginal decrease in cash costs relates to a slight reduction in grades processed and the additional cost of operating a new grinding mill, offset by improved recovery rates and throughput from the new mill scheduled to be completed in the first quarter of 2002.

South American Operations

Barrick's South American operations consist of the Company's second largest cash flow generator, the low-cost Pierina Mine, which set property records for production and costs in 2001, and the Company's largest development project, the Pascua-Lama and Veladero district, which straddles the Chilean and Argentinean border. Barrick also has significant exploration programs in Peru, and, to a lesser extent, in Chile and Argentina, where the Company believes prospects for discovery of large gold mines are good.

Pierina Property (Peru)

The Pierina Mine reported record production of 911,076 ounces of gold in 2001, at the lowest costs in the Mine's history of $40 per ounce. In 2000, Pierina's production totaled 821,614 ounces at a total cash cost of $43 per ounce. Unit operating costs -- particularly administrative, labor and reagent costs -- continue to decrease from earlier life-of-mine estimates. In 2001, 220,000 ounces were added to reserves through an infill drilling program, which successfully converted material previously defined as waste into ore. The 2002 program will follow up on targets located near surface at the north end of the pit, as well as one adjacent to the final wall of the south end of the pit. In addition, in 2002, the Mine will finalize the optimization plan that began in 2001, with an expected further reduction in life-of-mine cash costs.

Pierina expects to produce 820,000 ounces of gold in 2002, at a total cash cost of $77 per ounce. The higher costs reflect a 20 percent reduction in grades processed, a 26 percent increase in tons processed and higher applied mining costs.

Pascua-Lama and Veladero Project

(Chile / Argentina)

Current work on the Pascua-Lama project is directed at investigating improvements to infrastructure and process costs. On the process front, initial studies indicate opportunities to lower the capital cost of developing the project. The Company has made the decision to postpone construction start-up, based on current low gold and silver prices; however, optimization work on the development plan as well as permitting is continuing. The Company is evaluating unified development opportunities made possible by the merger with Homestake and early work suggests that both Pascua-Lama and Veladero will benefit in a variety of ways, both in terms of capital and operating cost savings. Immediate synergies include the sharing of infrastructure, administration costs and background environmental work, as well as the incorporation of Barrick's Filo Norte reserves into the Veladero mine plan.

The Veladero Project is currently half way through its 2001/2002-field season. Activities in 2001 consisted of over 50,000 meters of definition drilling to expand reserves to 8.4 million ounces, for Canadian reserve reporting purposes. Extensive metallurgical test work is underway, which includes tunneling into the ore body for approximately 825 tons of ore for test heap leaching on site, as well as work for the environmental permits. An updated feasibility study is expected to be completed in early 2002 to bring the project into reserves for US GAAP purposes. The feasibility study envisions an open pit mining operation with a two stage crushing circuit and conventional valley-fill heap leach, very similar to the Company's Pierina Mine. Veladero could be the first phase of development of the consolidated district that extends approximately 125 kilometers along the Chilean/Argentinean border.

The Pascua-Lama/Veladero District has the capability to be a low cost, long-life gold producing district that could provide the Company with significant growth in production, earnings, and cash flow in the future.

Australian Operations

With the Homestake merger providing two key assets -- a 50 percent interest in the Kalgoorlie Super Pit, Australia's largest gold mine, and three mines comprising the Yilgarn district -- Barrick now ranks as the second largest gold producer in Australia. In addition, the merger adds a portfolio of exploration properties, the most advanced of which is the Cowal project, with 2.8 million ounces of proven and probable reserves and an updated development plan underway.

Plutonic

(Western Australia)

Plutonic, the largest of the three Yilgarn district mines, produced 288,360 ounces of gold, a 14 percent increase over 2000, at total cash costs 16 percent lower than last year at $166 per ounce. A higher open pit mining rate, higher gold grades from the underground and improved recovery rates combined with a favorable exchange rate led to the higher production at lower cost.

For 2002, production is expected to increase an additional 13 percent to 325,000, at total cash costs of $156 per ounce. The higher production and lower costs are primarily due to the expanding higher-grade underground operations, where the mining rate is increasing 33 percent, increasing the overall average grade processed by 40 percent.

Darlot and Lawlers

(Western Australia)

The Darlot Mine produced 125,024 ounces of gold in 2001, similar to the previous year, while total cash costs declined 10 percent to $173 per ounce. The Lawlers Mine produced 103,915 ounces of gold at $191 per ounce, with production marginally higher than 2000 and costs 11 percent lower than the prior year, due to the favorable exchange rates.

For 2002, Darlot is expecting to increase production to 139,000 ounces at total cash costs of $154 per ounce, while Lawlers expects to increase production to 108,000 ounces at total cash costs of $178 per ounce.

Kalgoorlie (Super Pit)

(Western Australia)

The Kalgoorlie Super Pit produced 768,725 ounces of gold, of which 384,362 were on the Company's account at total cash costs of $203 per ounce. Production was marginally lower than in the prior year, while total cash costs were 7 percent higher. These results were due to marginally lower grades in both the open pit and underground and higher unit mining, processing and administration costs than the previous year. The higher open pit costs were due to higher fuel costs and lower productivity in areas around historical underground working voids. The higher underground costs were a result of winding down operations during the year. The underground ceased operations in the fourth quarter of 2001. Higher processing costs were due to higher maintenance costs and higher power and reagent costs.

For 2002, Barrick expects the Mine to produce 734,867 ounces of gold, 367,433 to the Company's account, at total cash costs of $205 per ounce with marginally lower overall gold grades after the closing of the higher-grade underground operation in 2001

Cowal Project

(New South Wales)

The Company acquired the Cowal project through the merger with Homestake, which had acquired Cowal in the spring of 2001. In the latter part of 2001, Homestake/Barrick began a technical program, including drilling and engineering studies to update the feasibility study. At year-end, 2.8 million ounces were added to reserves. The preliminary estimates are production of 250,000 ounces per year. In 2002, the Company will continue with the program, including further drilling, and finalize the technical program.

Tanzania

(East Africa)

Tanzania represents Barrick's newest frontier, with the opening of its first mine at Bulyanhulu in April 2001, as well as the Company's largest and most aggressive early stage exploration program in its history. The Company holds over 6,000 square kilometers in the Lake Victoria goldfields of northern Tanzania, one of the top exploration areas of the world for major new discoveries. In 2001, six areas underwent initial drill testing with positive results. The 2002 program will follow up drilling on targets initially tested last year, while completing a feasibility study for the Tulawaka Property in the second half of 2002.

Bulyanhulu Property

The Company's newest mine enjoyed a smooth start-up in 2001, working at or better than expectation in most areas. Recovery rates provided the only exception, running 7 percent below plan for most of the year. Improvements during the second half of the year led to recovery rates rising to 86 percent in December. The Mine produced 241,575 ounces of gold at total cash costs of $197 per ounce.

Mining rates averaged almost 1,700 tons per day, and unit-mining costs were on plan. The shaft should reach its planned depth and be fully equipped early in 2003, well ahead of the original plan's fourth quarter 2003 completion date.

Bulyanhulu's process facilities operated at 13 percent above forecast throughput levels for the year, while unit-processing costs were lower than plan, due to the higher throughput levels. The mill processed lower grade ore during the second half of the year while the process group worked on improving recovery rates. Gold recoveries, while lower than plan, improved to 86 percent in December, as modifications to the gravity circuit were completed. Modifications to the flotation plant to increase the recovery rate to design are expected to be implemented in the first half of 2002 at a cost of about $5 million.

As a result of significant exploration success during the first half of the year, Bulyanhulu's 2001 exploration program was doubled to more than 170,000 meters at an additional cost of $7 million. Second quarter development of an incline to access the east ore zone from the 4,700-meter elevation level is expected to be completed by the second half of 2002, at a cost of $7 million, and should provide a platform for additional exploration to begin in mid-2002. Preliminary engineering continues on the west and deep extensions of the ore body. As the ore body expands at depth and along strike, Bulyanhulu's development team is focused on how best to develop this expanding reserve base.

For 2002, production is expected to increase to 362,000 ounces of gold at $173 per ounce, benefiting from higher grades and recovery rates, particularly in the second half of the year.

Other Properties

Other Properties include seven mines in various stages of closure. Two of the mines were closed in 2001 (Homestake and Mount Charlotte), with five more scheduled to close in 2002 (El Indio, Bousquet, McLaughlin, Ruby Hill and Agua de la Falda). In 2001, Other Properties produced 721,771 ounces of gold, 12 percent of Company production, at an average total cash cost of $198 per ounce.

For 2002, the plan calls for Other Properties to produce 340,000 ounces of gold, 6 percent of Company production, at an average total cash cost of $193 per ounce. By year-end 2002, all of the mines in this group are expected to have ceased operations.

Exploration and Business Development

Total exploration and business development expenditures for the Company were $103 million in 2001, compared to $149 million in 2000. About half of the expensed exploration came in South America, with the balance spent in North America (17 percent), Tanzania (9 percent), Australia (8 percent) and the remainder on business development activities. The Company's exploration strategy is to maintain a geographic mix of projects at different stages in the exploration sequence. The world's changing economic conditions demand that major mining companies undertake more early-stage exploration than in the past because junior exploration companies are no longer active, and there are fewer new discoveries to buy or joint ventures to fund. Accordingly, Barrick is engaged in significant early stage exploration in four major areas where it has significant infrastructure: Peru, Tanzania, Australia and Chile/Argentina.

For 2002, exploration and business development expenditures are expected to total $52 million, of which 32% is expected to be spent in South America, 23% in North America, with 15% spent in Tanzania and Australia. The lower exploration expense reflects the expected conversion of Veladero to reserves under US GAAP early in 2002, allowing ongoing development work at the property to be capitalized, and $13 (after-tax) million in synergies from combining regional exploration offices and projects as a result of the Homestake merger.

Amortization

Amortization totaled $501 million, or $76 per ounce in 2001, compared to $493 million, or $79 per ounce in 2000. The increase in amortization is due in large part to 7 percent higher gold sales, partially offset by lower per ounce amortization at Other Properties, principally Bousquet. For 2002, amortization is expected to decrease to $492 million due to a 10 percent decrease in production, partially offset by higher amortization at certain properties. On a per ounce basis, amortization is expected to increase to $83 per ounce, due to higher amortization at Goldstrike with the completion of Rodeo in 2001, the reduction of reserves at Meikle and higher amortization at the Canadian Properties.

Administration

In 2001, administration costs increased $11 million, or 15 percent over the prior year. For 2002, administration costs are expected to decline 36 percent to $55 million, reflecting the first year of integrating the two companies and the associated administrative synergies. The costs for 2002 include the costs of certain Homestake offices through the first quarter of the year, at which time closures will occur.

Interest Expense

The Company incurred $67 million in interest costs in 2001, related primarily to the Company's $500 million of debentures, $200 million Bulyanhulu project financing and Homestake's $140 million line of credit. Of the amount incurred, $25 million was expensed, with the balance of $42 million capitalized to development and construction activities at Bulyanhulu, Rodeo and Pascua-Lama.

For 2002, interest costs are expected to decline to $55 million, $12 million lower than 2001, as a result of declining interest rates and the repayment in December of Homestake's $140 million line of credit. With the completion of Bulyanhulu and Rodeo and the deferral of Pascua-Lama, the Company expects to expense virtually all of the interest incurred.

Merger and Related Costs

Under US GAAP, the cost of the merger ($117 million) - including severance payments, advisory, legal, accounting, and other costs associated with combining the two companies - was charged to income in the fourth quarter, upon completion of the merger. The costs were higher than the original estimate of $75 to $100 million at the time of the merger announcement, due to higher than planned severance costs as the organizational structure was streamlined more than initially planned. As the integration unfolded, the mandate of the operational review team expanded to involve site visits to the combined Company's eight key assets on four continents during the five months between the date of the announcement and the completion of the merger. While this expanded mandate also contributed to higher merger-related costs, the review team identified opportunities for improvements at each of the Company's properties with implications for increased cost savings and production, and management intends to work with its mine managers to implement changes this year and next.

Litigation

On Jan. 16th, 2002 the Supreme Court of British Columbia ruled in favour of Inmet Mining Corporation, against Homestake Canada relating to the sale of the Troilus gold mine in 1997. The judgment, which has since been appealed, was for $59 million. Barrick has recorded a provision for this amount, which was recorded in the fourth quarter of 2001.

Income Taxes

The Company's effective tax rate for 2001 was 5 percent, compared to 27 percent in 2000, before merger costs and provisions. The 22 percent decline in the effective tax rate is attributable to a higher portion of earnings being realized in a lower-tax jurisdiction. The Company expects the tax rate to remain below 10 percent in 2002, with the benefit of $20 million of tax synergies, primarily related to integrating Barrick and Homestake's North American operations and the Company's corporate office.

Capital Expenditures

Capital expenditures for 2001 totaled $607 million. Principal expenditures included $312 million in North America, comprised of: Betze-Post applied stripping costs ($129 million), underground development of Meikle and Rodeo ($90 million) at the Goldstrike Property, and underground development at the Canadian Mines. In Tanzania, capital expenditures included development work at the Bulyanhulu Mine ($153 million). In Australia, capital expenditures ran $46 million to cover underground development and new mining equipment, while South America incurred $96 million, primarily for engineering and development work at Pascua-Lama and Veladero ($69 million) and $27 million at Pierina.

For 2002, capital expenditures are expected to decline to the lowest level in 14 years, totaling $354 million, including $126 million of deferred stripping costs from prior years. The principal expenditures include $195 million in North America, primarily due to applied stripping costs at Betze-Post ($110 million) and underground development at Meikle and the Canadian Mines; in Tanzania, underground development and processing upgrades at the Bulyanhulu Mine ($56 million); in Australia, million, primarily to expand underground operations, and $40 million in South America, primarily for metallurgical test work and the feasibility and environmental work at Veladero ($39 million), plus applied deferred stripping at Pierina ($16 million).

Cash Flow

Operating cash flow totaled $721 million for 2001, compared to $940 million in 2000. The lower cash flow in 2001 is due in large part to lower accounts payable with the completion of construction at Bulyanhulu and Rodeo, as well as higher cash costs and lower realized prices compared to the prior year.

The Company realized an average price of $317 per ounce on its gold sales, a $46 premium over the average spot price of $271 in 2001. 61 percent of production was sold at an average price of $341 per ounce, representing Barrick's stand-alone production before the merger, while Homestake's largely unhedged production was sold at an average price of $277 per ounce. As per plan, capital expenditures in 2001 were funded by cash flow from operations and the final draw down of Bulyanhulu's project financing.

For 2002, the Company should continue to benefit from its Premium Gold Sales Program, which expects a minimum realized price of $365 per ounce on 50 percent of planned 2002 production, with the balance to be sold at spot.

Outlook for the New Barrick

Half of the Company's 2002 production of 5.7 million ounces of gold is expected to be sold at US$365 per ounce with the balance at spot gold prices. With total cash costs of US$167 per ounce, total production costs are expected to be US$254 per ounce. In addition, the Company expects administration and exploration expenses to decline to US$55 million each, benefiting from the synergies from the merger. Interest expense is expected to be US$55 million, as the Company will no longer be capitalizing interest, with the completion of Bulyanhulu and Rodeo and the deferral of Pascua-Lama. Capital spending is expected to decrease to less than US$230 million (excluding non-cash amortization of deferred mining costs). This would be the lowest level in 14 years, which, based on current gold prices, would result in the highest free cash flows in the Company's history.

Barrick enters 2002 with the strongest balance sheet in the gold mining industry, high quality assets, a cash and short-term investment position of US$733 million and virtually no net debt.

The Company has included cash costs per ounce data because it understands that certain investors use this information to determine the Company's ability to generate cash flow for use in investing and other activities. Management believes that conventional measures of performance prepared in accordance with generally accepted accounting principles ("GAAP") do not fully illustrate the ability of the operating mines to generate cash flow. The data is furnished to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP.

Consolidated Statements of Income
----------------------------------------------------------------------
(in millions of United States dollars,
 except per share data, US GAAP basis)    Twelve months ended Dec. 31,
 (Unaudited)                                2001                 2000
----------------------------------------------------------------------
  Gold sales                              $1,989               $1,936
----------------------------------------------------------------------
  Costs and expenses
  Operating                                1,080                  950
  Amortization                               501                  493
  Administration                              86                   75
  Exploration and business
   development                               103                  149
  Merger and related costs                   117                    -
  Provision for mining assets
   and other unusual charges                  59                1,627
----------------------------------------------------------------------
                                           1,946                3,294
----------------------------------------------------------------------
  Interest and other income                   32                   14
  Interest on long-term debt                 (25)                 (26)
  Non-hedge derivative gains
  (loss)                                      33                   (5)
----------------------------------------------------------------------
  Income (loss) before income
   taxes and other items                      83               (1,375)
  Income taxes                                14                  209
----------------------------------------------------------------------
  Income (loss) before changes
   in accounting principles                   97               (1,166)
  Cumulative effect of changes
   in accounting principles                   (1)                 (23)
----------------------------------------------------------------------
  Net income (loss) for the year             $96              ($1,189)
----------------------------------------------------------------------
  Net income (loss) for the year
   per share
  Basic and fully diluted                  $0.18               ($2.22)
----------------------------------------------------------------------
see accompanying notes to consolidated financial statements




Consolidated Statements of Cash Flow
----------------------------------------------------------------------
(in millions of United States dollars,     Twelve months ended Dec. 31,
 US GAAP basis) (Unaudited)                  2001                2000
----------------------------------------------------------------------
Cash provided by operating activities        $721                $940
----------------------------------------------------------------------
Cash provided by (used in)
 investing activities
  Property, plant and equipment              (607)               (710)
  Short-term investments                     (153)                130
  Restricted cash                             (24)                  2
  Purchase and sale of mining
   properties                                   -                (141)
  Other                                         5                  10
----------------------------------------------------------------------
Cash (used in) investing activities          (779)               (709)
----------------------------------------------------------------------
Cash provided by (used in)
 financing activities
  Capital stock                                 7                   6
  Long-term debt
   Proceeds                                    55                 236
   Repayments                                (152)               (187)
  Dividends                                   (93)                (94)
----------------------------------------------------------------------
Cash (used in) financing activities          (183)                (39)
----------------------------------------------------------------------
Effect of exchange rate
 changes on cash and equivalents               (1)                 (6)
Increase (decrease) in cash
 and equivalents                             (242)                186
Cash and equivalents at
 beginning of year                            816                 630
----------------------------------------------------------------------
Cash and equivalents at end of year          $574                $816
----------------------------------------------------------------------
see accompanying notes to consolidated financial statements




Consolidated Balance Sheets
----------------------------------------------------------------------
                                           As at               As at
(in millions of United States dollars,    Dec. 31,            Dec. 31,
 US GAAP basis) (Unaudited)                 2001               2000
----------------------------------------------------------------------
Assets
  Current assets
  Cash and equivalents                      $574                 $816
  Short-term investments                     159                    6
  Accounts receivable                         58                   59
  Inventories and deferred expenses          223                  285
----------------------------------------------------------------------
                                           1,014                1,166
  Property, plant and equipment            3,912                3,994
  Other assets                               276                  233
----------------------------------------------------------------------
                                          $5,202               $5,393
----------------------------------------------------------------------
Liabilities
  Accounts payable and accrued
   liabilities                              $521                 $587
  Current portion of long-term
   debt                                        9                    3
----------------------------------------------------------------------
                                             530                  590
  Long-term debt                             793                  901
  Other long-term obligations                443                  401
  Deferred income taxes                      244                  311
----------------------------------------------------------------------
                                           2,010                2,203
----------------------------------------------------------------------
Shareholders' equity
  Capital stock                            4,062                4,051
  Deficit                                   (763)                (766)
  Accumulated other
   comprehensive loss                       (107)                 (95)
----------------------------------------------------------------------
                                           3,192                3,190
----------------------------------------------------------------------
                                          $5,202               $5,393
----------------------------------------------------------------------

Notes to Consolidated Financial Statement

  • 1. Basis of Presentation

The accompanying unaudited annual financial statements are prepared in accordance with generally accepted accounting principles ("GAAP") in the United States. They do not include all of the information and disclosures required by United States GAAP for annual financial statements. In the opinion of management, all adjustments considered necessary for fair presentation have been included in these financial statements.

  • 2. Business Acquisition

On December 14, 2001, a wholly owned subsidiary of Barrick merged with Homestake Mining Company. Under the terms of the agreement, approximately 139.5 million shares of Barrick common stock were issued in exchange for all the outstanding shares of Homestake common shares based upon an exchange ratio of 0.53:1. The merger was accounted for as a pooling-of-interests. Accordingly, the consolidated financial statements give retroactive effect to the merger, with all periods presented as if Barrick and Homestake had always been combined. Certain reclassifications have been made to conform the presentation of Barrick and Homestake.

  • 3. Commitments and Contingencies

Premium Gold Sales Program

Barrick's Premium Gold Sales Program as at December 31, 2001 is made up as follows and incorporates all positions associated with the Homestake merger on December 14, 2001.

The average price of the spot deferred contracts reflects the expected future value incorporating an average lease rate assumption of 2.00 percent. Lease rates are fixed on 100 percent of the position to 2005. The weighted average lease rate on the total spot deferred position is 1.97 percent.

At December 31, 2001, the mark-to-market gain on Barrick's Premium Gold Sales Program was $356 million calculated at a spot price of $279 per ounce, prevailing market interest rates and volatilities.

---------------------------------------------------------------------
                    2002  2003  2004  2005  2006  2007  2008+  Totals
---------------------------------------------------------------------
Spot Deferred
  Contracts
 Ounces (000)      2,800 2,600 2,800 1,400 1,500 1,500 5,600   18,200
 Average Price
 ($/oz.)             365   340   340   340   341   343   345      345


Min-Max Contracts
 Ounces (000)      1,600                                        1,600
 Average Floor
  Price ($/oz.)      272                                          272
 Average Cap Price
  ($/oz.)            297                                          297
Short-Term Call
  Options Sold
 Ounces (000)      1,330                                        1,330
 Average Strike
  ($/oz.)            303                                          303
Long-Term Call
  Options Sold
 Ounces (000)              425   570   550   370   190   900    3,005
 Average Strike ($/oz.)    363   328   336   364   377   358      350
---------------------------------------------------------------------

    All dollar amounts are in United States dollars, unless otherwise
indicated.

Silver Sales Program

Barrick's Silver Sales Program as at December 31, 2001 is made up as follows:

Lease rates are fixed on 100 percent of the hedged positions to their intended delivery date. At December 31, 2001, the unrealized mark-to-market gain on the Silver Sales Program was $9 million calculated at a spot price of $4.61 per ounce, prevailing market interest rates and volatilities.

Spot Deferred Investments

Barrick's total spot deferred position has a nominal value of approximately $5.5 billion on which it earns an interest return. The Company achieves an interest return on this asset and the credit rating associated with this return is that of its hedging counterparties (average "AA"). The Company has conservatively diversified this investment by exchanging a portion of this return for a return based on a professionally managed diversified basket of bond funds/indices.

At December 31, 2001, 83 percent of the position was invested with "AA" hedging counterparties and the balance of 16 percent was invested in a basket of bond funds/indices with an average credit rating of "A-". The credit quality on the entire hedge position asset of $5.5 billion is "AA-".

Call Options Sold

The sold options can only be exercised by the counterparties on the expiry date and can be converted, at Barrick's option, into spot deferred contracts and rolled forward for up to 15 years. There is no requirement for Barrick to cash settle these transactions.

Credit Lines

Barrick's Program is not subject to margin requirements at any market price.

---------------------------------------------------------------------
                                  2002   2003   2004   2005+   Totals
---------------------------------------------------------------------
Spot Deferred Contracts
Ounces (000)                    11,000  7,000  3,000   3,000   24,000
Average Price ($/oz)              5.00   5.10   5.10    5.10     5.05
Short-Term Call Options Sold
Ounces (000)                    12,000                         12,000
Average Strike ($/oz)             4.88                           4.88
Long-Term Call Options Sold
Ounces (000)                            3,750  2,000   2,000    7,750
Average Strike ($/oz)                    5.25   5.50    5.00     5.26
---------------------------------------------------------------------

Other Items

Barrick's Currency Program as at December 31, 2001 is made up as follows:

At December 31, 2001, the unrealized mark-to-market loss on the Currency Program was $8 million calculated at prevailing spot prices, market interest rates and volatilities.

---------------------------------------------------------------------
                                  2002   2003   2004   2005+   Totals
---------------------------------------------------------------------
CANADIAN DOLLAR
  Forwards
    C$ (millions)                   16                             16
    Average Price (US cents)      0.63                           0.63

  Min-Max Contracts
    C$ (millions)                   80     88                     168
    Average Floor Price
     (US cents)                   0.64   0.64                    0.64
    Average Cap Price (US cents)  0.67   0.67                    0.67
AUSTRALIAN DOLLAR
  Forwards
    A$ (millions)                   10     10     10      20       50
    Average Price (US cents)      0.52   0.52   0.52    0.52     0.52
  Min-Max Contracts
    A$ (millions)                   20     20     20      40      100
    Average Floor Price
     (US cents)                   0.51   0.51   0.51    0.51     0.51
    Average Cap Price (US cents)  0.52   0.52   0.52    0.52     0.52
---------------------------------------------------------------------



4. Segment Information
----------------------------------------------------------------------
For the twelve months ended Dec. 31,
(in millions of United States dollars,
 US GAAP basis) (Unaudited)                 2001                 2000
----------------------------------------------------------------------
 Revenues - gold sales Goldstrike         $  823             $    850
                       Pierina               319                  295
                       Bulyanhulu             60                    -
                       Kalgoorlie            104                  111
                       Eskay Creek            87                   88
                       Hemlo                  83                   80
                       Plutonic               79                   71
                       Round Mountain        103                   63
                       Other                 331                  378
----------------------------------------------------------------------
                                           1,989                1,936
----------------------------------------------------------------------

 Operating costs       Goldstrike            473                  401
                       Pierina                45                   41
                       Bulyanhulu             35                    -
                       Kalgoorlie             80                   76
                       Eskay Creek            16                    7
                       Hemlo                  61                   56
                       Plutonic               49                   54
                       Round Mountain         77                   50
                       Other                 244                  265
----------------------------------------------------------------------
                                           1,080                  950
----------------------------------------------------------------------

 Amortization          Goldstrike            138                  128
                       Pierina               175                  176
                       Bulyanhulu             17                    -
                       Kalgoorlie             17                   18
                       Eskay Creek            40                   58
                       Hemlo                  10                   10
                       Plutonic               12                   10
                       Round Mountain         18                   12
                       Other                  74                   81
----------------------------------------------------------------------
                                             501                  493
----------------------------------------------------------------------

 Segment income        Goldstrike            212                  321
 before income taxes   Pierina                99                   78
                       Bulyanhulu              8                    -
                       Kalgoorlie              7                   17
                       Eskay Creek            31                   24
                       Hemlo                  12                   14
                       Plutonic               18                    7
                       Round Mountain          8                    1
                       Other                  13                   31
----------------------------------------------------------------------
                                             408                  493
----------------------------------------------------------------------

 Provision for mining assets & other
 unusual changes
                          Pascua-Lama          -               (1,036)
                          Goldstrike           -                 (300)
                          Pierina              -                 (184)
                          Homestake            -                  (42)
                          Other              (59)                 (65)
----------------------------------------------------------------------
                                             (59)              (1,627)
----------------------------------------------------------------------

 Exploration and business development       (103)                (149)
 Merger and related costs                   (117)                   -
 Corporate expenses, net                     (46)                 (92)
 Income taxes                                 14                  209
----------------------------------------------------------------------

 Net income (loss) before changes in
  accounting principles                       97               (1,166)
 Cumulative effect of changes in
  accounting principles                       (1)                 (23)
----------------------------------------------------------------------
 Net income (loss)                       $    96             $ (1,189)
----------------------------------------------------------------------



5. Supplemental Cash Flow Information
----------------------------------------------------------------------
 (in millions of United States dollars,   Twelve months ended Dec. 31,
  US GAAP basis) (Unaudited)                2001                 2000
----------------------------------------------------------------------
Components of cash provided by operating activities are as follows:
   Net income (loss)                         $96              $(1,189)
   Adjustments to reconcile net income
    (loss) to net cash provided by
    operating activities:
      Amortization                           501                  493
      Amortization of deferred stripping
       costs                                 150                  137
      Deferred income taxes                  (50)                (287)
      Provision for mining assets              -                1,627
      Reclamation and closure costs (net)     19                   (4)
      Deferred gains on closeout of forward
       sales contracts                       (11)                   4
      Unrealized foreign currency exchange
       losses on intercompany debt             -                   16
      Change in fair value of derivative
       instruments                            16                   13
      Recovery of taxes on development costs   -                   27
      Cumulative effect of changes in
       accounting principles                   1                   23
      Other items                              4                   11
Change in operating assets and liabilities:
      Accounts receivable                     (2)                  21
      Inventories and deferred expenses       67                  (33)
      Accounts payable and accrued
       liabilities                           (70)                  81
----------------------------------------------------------------------

   Cash provided by operating activities    $721                 $940
----------------------------------------------------------------------



Mine Statistics

-----------------------------------------------------------------------
 UNITED STATES

 For the twelve months                Betze-Post            Meikle
 ended Dec. 31,                    2001       2000      2001      2000
-----------------------------------------------------------------------

 Tons mined (thousands)         154,233    143,205     1,373     1,257
 Tons milled (thousands)          9,187      7,438     1,375     1,239
 Average grade (ounces per ton)   0.200      0.250     0.560     0.700
 Recovery rate (percent)           85.1%      87.5%     93.0%     92.9%
-----------------------------------------------------------------------

 Production (thousands of ounces) 1,550      1,646       713       806

 Production costs per ounce
  Cash operating costs      $       207   $    183    $  133   $    97
  Royalties and production taxes      8         12        14        20
-----------------------------------------------------------------------

  Total cash costs                  215        195       147       117
  Amortization                       49         49        72        62
  Reclamation                         3          3         2         2
-----------------------------------------------------------------------

 Total production costs             267        247       221       181
-----------------------------------------------------------------------

 Capital expenditures
  (US$ millions)             $      161    $    46    $   90   $    80
-----------------------------------------------------------------------


-----------------------------------------------------------------------
AUSTRALIA

For the twelve months                  Plutonic             Darlot
 ended Dec. 31,                     2001      2000      2001      2000
-----------------------------------------------------------------------

 Tons mined (thousands)           12,134    11,677       794       784
 Tons milled (thousands)           3,496     3,347       806       768
 Average grade (ounces per ton)    0.091     0.085     0.161     0.171
 Recovery rate (percent)            91.3%     89.1%     96.5%     96.8%
-----------------------------------------------------------------------

 Production (thousands of ounces)    288       254       125       127

 Production costs per ounce (A$)
  Cash operating costs           $   308    $  331    $  323   $   321
  Royalties and production taxes      14         9        12         9
-----------------------------------------------------------------------

  Total cash costs                   322       340       335       330
  Amortization                        79        76        83        72
  Reclamation                          8         6         4         4
-----------------------------------------------------------------------

 Total production costs (A$)         409       422       422       406
-----------------------------------------------------------------------

 Total cash costs (US$)          $   166     $ 198    $  173   $   192
-----------------------------------------------------------------------

 Total Production Costs (US$)    $   211     $ 246    $  219   $   236
-----------------------------------------------------------------------

 Capital expenditures
  (US$ millions)                 $     11    $  12    $   11   $    12
-----------------------------------------------------------------------



Mine Statistics
-----------------------------------------------------------------------
UNITED STATES

For the twelve months              Goldstrike Total     Round Mountain
 ended Dec. 31,                     2001      2000      2001      2000
-----------------------------------------------------------------------

Tons mined (thousands)           155,606   144,462    70,243    69,975
Tons milled (thousands)           10,562     8,677     3,702     3,387
Average grade (ounces per ton)     0.250     0.320     0.050     0.045
Recovery rate (percent)             87.4%     89.2%     83.7%     83.1%
-----------------------------------------------------------------------

Production (thousands of ounces)   2,263     2,452       373       244

Production costs per ounce
  Cash operating costs          $    183  $    154  $    176  $    191
  Royalties and production taxes      10        15        11        11
-----------------------------------------------------------------------

  Total cash costs                   193       169       187       202
  Amortization                        57        53        46        53
  Reclamation                          3         3        16        17
-----------------------------------------------------------------------

Total production costs               253       225       249       272
-----------------------------------------------------------------------

Capital expenditures
 (US$ millions)                 $    251  $    126  $     15  $      3
-----------------------------------------------------------------------



-----------------------------------------------------------------------
AUSTRALIA

For the twelve months                   Lawlers           Kalgoorlie
 ended Dec. 31,                     2001      2000      2001      2000
-----------------------------------------------------------------------

Tons mined (thousands)               628       517    92,601    92,999
Tons milled (thousands)              775       729    13,192    13,822
Average grade (ounces per ton)     0.141     0.145     0.066     0.068
Recovery rate (percent)             95.2%     95.9%     84.3%     87.2%
-----------------------------------------------------------------------

Production (thousands of ounces)     104       101       384       394

Production costs per ounce (A$)
 Cash operating costs            $   357   $   359   $   380  $    315
 Royalties and production taxes       13         9        13        10
-----------------------------------------------------------------------

 Total cash costs                    370       368       393       325
 Amortization                         88        62        87        72
 Reclamation                          15        20         9        10
-----------------------------------------------------------------------

Total production costs (A$)          473       450       489       407
-----------------------------------------------------------------------

Total cash costs (US$)           $   191   $   214   $   203   $   189
-----------------------------------------------------------------------
Total Production Costs (US$)     $   243   $   262   $   252   $   237
-----------------------------------------------------------------------

Capital expenditures
 (US$ millions)                  $     5   $    10   $    19   $     15
-----------------------------------------------------------------------



Mine Statistics

-----------------------------------------------------------------------
CANADA

For the twelve                  Hemlo                 Eskay Creek
 months ended Dec. 31,     2001        2000        2001        2000
-----------------------------------------------------------------------
Tons mined (thousands)    6,876       5,271         230         212
Tons milled (thousands)   3,849       3,247         108          96
Average grade
 (ounces per ton)         0.170       0.190       0.940       0.940
Recovery rate (percent)    93.1%       94.8%       89.8%       89.4%
-----------------------------------------------------------------------
Production
 (thousands of ounces)      308         305         321         333

Production costs
 per ounce
  Cash operating
   costs                   $189        $183         $46         $15
  Royalties and
   production taxes           7           7           3           4
-----------------------------------------------------------------------
  Total cash costs          196         190          49          19
  Amortization               31          32         126         126
  Reclamation                 5           3           1           1
-----------------------------------------------------------------------
Total production costs      232         225         176         146
-----------------------------------------------------------------------
Capital expenditures
 (US$ millions)              $6          $5         $10          $6
-----------------------------------------------------------------------


-----------------------------------------------------------------------

                                 PERU                   AFRICA
                                Pierina               Bulyanhulu
For the twelve
 months ended Dec. 31,     2001        2000        2001        2000
-----------------------------------------------------------------------
Tons mined (thousands)   30,742      30,712         455           -
Tons milled (thousands)       -           -         778           -
Average grade
 (ounces per ton)         0.097       0.100       0.380           -
Recovery rate (percent)       -           -        82.3%          -
-----------------------------------------------------------------------
Production (thousands
 of ounces)                 911         822         242

Production costs
 per ounce
  Cash operating costs      $40         $43        $186           -
  Royalties and
   production taxes           -           -          11           -
-----------------------------------------------------------------------
  Total cash costs           40          43         197           -
  Amortization              187         207          97           -
  Reclamation                 8           7           1           -
-----------------------------------------------------------------------
Total production costs      235         257         295         177
-----------------------------------------------------------------------
Capital expenditures
 (US$ millions)             $27         $49        $153        $177
-----------------------------------------------------------------------



Mine Statistics

-----------------------------------------------------------------------
CANADA

For the twelve              Holt-McDermott
 months ended Dec. 31,     2001        2000
-----------------------------------------------------------------------
Tons mined (thousands)      489         525
Tons milled (thousands)     497         536
Average grade
 (ounces per ton)         0.177       0.177
Recovery rate (percent)    95.4%       95.6%
-----------------------------------------------------------------------
Production (thousands
 of ounces)                  84          91

Production costs
 per ounce
  Cash operating costs     $163        $146
  Royalties and
   production taxes           2           2
-----------------------------------------------------------------------
  Total cash costs          165         148
  Amortization               88         101
  Reclamation                 5           5
-----------------------------------------------------------------------
Total production costs      258         254
-----------------------------------------------------------------------
Capital expenditures
 (US$ millions)              $7          $6
-----------------------------------------------------------------------


-----------------------------------------------------------------------


                              OTHER MINES
For the twelve              closing in 2002
 months ended Dec. 31,     2001        2000
-----------------------------------------------------------------------
Tons mined (thousands)
Tons milled (thousands)
Average grade
 (ounces per ton)
Recovery rate (percent)
-----------------------------------------------------------------------
Production (thousands
 of ounces)                 721         827

Production costs
 per ounce
 Cash operating
  costs
 Royalties and
  production taxes
-----------------------------------------------------------------------
  Total cash costs          198         212
  Amortization               48          63
  Reclamation                32          17
-----------------------------------------------------------------------
Total production costs      278         292
-----------------------------------------------------------------------
Capital expenditures
 (US$ millions)              $6         $10
-----------------------------------------------------------------------



Summary of Gold Mineral Reserves and Mineral Resources
For the year ended December 31, 2001
-----------------------------------------------------------------------
                                              Tons    Grade  Ounces
Based on attributable ounces                 (000's)(oz/ton) (000's)
-----------------------------------------------------------------------
UNITED STATES
Betze-Post           (proven and probable)   108,854  0.151   16,433
                     (mineral resource)       49,861  0.069    3,450
-----------------------------------------------------------------------
Meikle               (proven and probable)     8,992  0.439    3,946
                     (mineral resource)       13,512  0.433    5,847
-----------------------------------------------------------------------
Goldstrike Property
 Total               (proven and probable)   117,846  0.173   20,379
                     (mineral resource)       63,373  0.147    9,297
-----------------------------------------------------------------------
Round Mountain (50%) (proven and probable)   118,489  0.019    2,245
                     (mineral resource)       32,857  0.015      493
-----------------------------------------------------------------------
Marigold (33%)       (proven and probable)    25,177  0.027      680
                     (mineral resource)       44,115  0.014      632
-----------------------------------------------------------------------
CANADA
Eskay Creek          (proven and probable)     1,426  1.245    1,775
                     (mineral resource)          575  0.504      290
-----------------------------------------------------------------------
Hemlo (50%)          (proven and probable)    21,788  0.116    2,517
                     (mineral resource)       17,823  0.067    1,203
-----------------------------------------------------------------------
Holt-McDermott       (proven and probable)     1,371  0.214      293
                     (mineral resource)        2,188  0.237      518
-----------------------------------------------------------------------
SOUTH AMERICA
Pascua-Lama          (proven and probable)   296,411  0.057   16,862
                     (mineral resource)      242,686  0.030    7,166
-----------------------------------------------------------------------
Veladero             (proven and probable)   196,573  0.043    8,416
                     (mineral resource)      133,003  0.030    3,954
-----------------------------------------------------------------------
Pierina              (proven and probable)    89,233  0.053    4,748
                     (mineral resource)       89,056  0.015    1,332
-----------------------------------------------------------------------
AUSTRALIA
Plutonic             (proven and probable)     8,526  0.186    1,588
                     (mineral resource)       19,991  0.134    2,686
-----------------------------------------------------------------------
Lawlers              (proven and probable)     3,539  0.143      505
                     (mineral resource)        4,386  0.195      854
-----------------------------------------------------------------------
Darlot               (proven and probable)     8,062  0.166    1,341
                     (mineral resource)        4,654  0.118      549
-----------------------------------------------------------------------
Yilgarn District
 Total               (proven and probable)    20,127  0.171    3,434
                     (mineral resource)       29,031  0.141    4,089
-----------------------------------------------------------------------
Kalgoorlie (50%)     (proven and probable)    93,641  0.061    5,724
                     (mineral resource)      118,443  0.079    9,303
-----------------------------------------------------------------------
Cowal                (proven and probable)    56,395  0.049    2,770
                     (mineral resource)       68,413  0.031    2,133
-----------------------------------------------------------------------
AFRICA
Bulyanhulu           (proven and probable)    28,026  0.428   12,009
                     (mineral resource)        9,255  0.465    4,308

-----------------------------------------------------------------------
OTHER                (proven and probable)     3,795  0.111      420
                     (mineral resource)       12,555  0.141    1,773

-----------------------------------------------------------------------
TOTAL                (proven and probable) 1,070,298  0.077   82,272
                     (mineral resource)      863,373  0.054   46,491
-----------------------------------------------------------------------



Summary of Gold Mineral Reserves and Mineral Resources
For the year ended December 31, 2000
--------------------------------------------------------------------
                                              Tons    Grade   Ounces
Based on attributable ounces                 (000's)(oz/ton) (000's)
--------------------------------------------------------------------
UNITED STATES
Betze-Post           (proven and probable)   116,449  0.155   18,000
                     (mineral resource)       55,892  0.063    3,509
--------------------------------------------------------------------
Meikle               (proven and probable)    14,100  0.458    6,451
                     (mineral resource)       10,234  0.365    3,739
--------------------------------------------------------------------
Goldstrike Property
 Total               (proven and probable)   130,549  0.187   24,451
                     (mineral resource)       66,126  0.110    7,248
--------------------------------------------------------------------
Round Mountain (50%) (proven and probable)   136,600  0.019    2,609
                     (mineral resource)        9,353  0.022      206
--------------------------------------------------------------------
Marigold (33%)       (proven and probable)    10,085  0.035      355
                     (mineral resource)        6,880  0.029      200
--------------------------------------------------------------------
CANADA
Eskay Creek          (proven and probable)     1,617  1.310    2,118
                     (mineral resource)          456  0.387      176
--------------------------------------------------------------------
Hemlo (50%)          (proven and probable)    14,610  0.164    2,397
                     (mineral resource)          442  0.141       62
--------------------------------------------------------------------
Holt-McDermott       (proven and probable)     2,088  0.194      406
                     (mineral resource)        2,829  0.155      438
--------------------------------------------------------------------
SOUTH AMERICA
Pascua-Lama          (proven and probable)   296,411  0.057   16,862
                     (mineral resource)      242,685  0.030    7,166
--------------------------------------------------------------------
Veladero             (proven and probable)    88,843  0.044    3,920
                     (mineral resource)      135,558  0.044    5,930
--------------------------------------------------------------------
Pierina              (proven and probable)    92,925  0.061    5,655
                     (mineral resource)       17,753  0.033      586
--------------------------------------------------------------------
AUSTRALIA
Plutonic             (proven and probable)     9,501  0.131    1,240
                     (mineral resource)        9,272  0.163    1,511
--------------------------------------------------------------------
Lawlers              (proven and probable)     2,605  0.145      378
                     (mineral resource)        2,638  0.188      496
--------------------------------------------------------------------
Darlot               (proven and probable)     8,921  0.157    1,405
                     (mineral resource)        3,904  0.111      433
--------------------------------------------------------------------
Yilgarn District
 Total               (proven and probable)    21,027  0.144    3,023
                     (mineral resource)       15,814  0.154    2,440
--------------------------------------------------------------------
Kalgoorlie (50%)     (proven and probable)   104,555  0.060    6,270
                     (mineral resource)       81,020  0.072    5,833
--------------------------------------------------------------------
Cowal                (proven and probable)         -      -        -
                     (mineral resource)            -      -        -
--------------------------------------------------------------------
AFRICA
Bulyanhulu           (proven and probable)    23,373  0.428   10,015
                     (mineral resource)        7,383  0.618    4,566
--------------------------------------------------------------------

OTHER                (proven and probable)    10,763  0.113    1,219
                     (mineral resource)       17,208  0.146    2,507
--------------------------------------------------------------------

TOTAL                (proven and probable)   933,446  0.085   79,300
                     (mineral resource)      603,507  0.062   37,358
--------------------------------------------------------------------



Gold Mineral Reserves
As at December 31, 2001               PROVEN                 PROBABLE
---------------------------------------------------------------------
                       Tons    Grade  Ounces     Tons   Grade  Ounces
Based on
 attributable
 ounces             (000's) (oz/ton) (000's)  (000's) (oz/ton) (000's)
---------------------------------------------------------------------
UNITED STATES
 Betze-Post          54,445    0.135   7,340   54,409   0.167   9,093
 Meikle               2,288    0.549   1,256    6,704   0.401   2,690
 Goldstrike
  Property Total     56,733    0.152   8,596   61,113   0.193  11,783
 Round
  Mountain (50%)     87,983    1.587   1,587   30,506   0.022     658
 Marigold (33%)       5,047    0.030     154   20,130   0.026     526
---------------------------------------------------------------------
CANADA
 Eskay Creek            756    1.697   1,283      670   0.734     492
 Hemlo (50%)         15,756    0.116   1,835    6,032   0.113     682
 Holt-McDermott         127    0.196      25    1,244   0.215     268
---------------------------------------------------------------------
SOUTH AMERICA
 Pascua-Lama         37,738    0.062   2,355  258,673   0.056  14,507
 Veladero            14,781    0.053     787  181,792   0.042   7,629
 Pierina             53,540    0.054   2,891   35,693   0.052   1,857
---------------------------------------------------------------------
AUSTRALIA
 Plutonic             2,112    0.045      96    6,414   0.233   1,492
 Lawlers              1,036    0.141     146    2,503   0.143     359
 Darlot               5,218    0.156     815    2,844   0.185     526
 Yilgarn District
  Total               8,366    0.126   1,057   11,761   0.202   2,377
 Kalgoorlie (50%)    42,108    0.057   2,417   51,533   0.064   3,307
 Cowal                3,058    0.055     169   53,337   0.049   2,601
---------------------------------------------------------------------
AFRICA
 Bulyanhulu           1,463    0.412     603   26,563   0.429  11,406
---------------------------------------------------------------------

OTHER                 3,652    0.110     401      143   0.133      19
---------------------------------------------------------------------

TOTAL               331,108    0.073  24,160  739,190   0.079  58,112
---------------------------------------------------------------------



Gold Mineral Reserves
As at December 31, 2001                TOTAL
--------------------------------------------------------------------
                       Tons    Grade  Ounces
Based on
 attributable
 ounces             (000's) (oz/ton) (000's)
--------------------------------------------------------------------
UNITED STATES
 Betze-Post         108,854    0.151  16,433
 Meikle               8,992    0.439   3,946
 Goldstrike
  Property Total    117,846    0.173  20,379
 Round
  Mountain (50%)    118,489    0.019   2,245
 Marigold (33%)      25,177    0.027     680
--------------------------------------------------------------------
CANADA
 Eskay Creek          1,426    1.245   1,775
 Hemlo (50%)         21,788    0.116   2,517
 Holt-McDermott       1,371    0.214     293
--------------------------------------------------------------------
SOUTH AMERICA
 Pascua-Lama        296,411    0.057  16,862
 Veladero           196,573    0.043   8,416
 Pierina             89,233    0.053   4,748
--------------------------------------------------------------------
AUSTRALIA
 Plutonic             8,526    0.186   1,588
 Lawlers              3,539    0.143     505
 Darlot               8,062    0.166   1,341
 Yilgarn District
  Total              20,127    0.171   3,434
 Kalgoorlie (50%)    93,641    0.061   5,724
 Cowal               56,395    0.049   2,770
--------------------------------------------------------------------
AFRICA
 Bulyanhulu          28,026    0.428  12,009
--------------------------------------------------------------------

OTHER                 3,795    0.111     420
--------------------------------------------------------------------

TOTAL             1,070,298    0.077  82,272
--------------------------------------------------------------------



Gold Mineral Resources
As at December 31, 2001                                 MEASURED (M)
---------------------------------------------------------------------
                                              Tons      Grade  Ounces
Based on attributable ounces                 (000's)  (oz/ton) (000's)
---------------------------------------------------------------------
UNITED STATES
 Betze-Post                                  14,497     0.067     968
 Meikle                                       2,784     0.756   2,104
 Goldstrike Property Total                   17,281     0.178   3,072
 Round Mountain  (50%)                        1,479     0.023      34
 Marigold (33%)                               4,922     0.017      84
---------------------------------------------------------------------
CANADA
 Eskay Creek                                      -         -       -
 Hemlo (50%)                                  3,845     0.047     181
 Holt-McDermott                                 115     0.200      23
---------------------------------------------------------------------
SOUTH AMERICA
 Pascua-Lama                                  3,962     0.055     216
 Veladero                                     3,951     0.034     133
 Pierina                                     10,061     0.011     112
---------------------------------------------------------------------
AUSTRALIA
 Plutonic                                     1,499     0.057      85
 Lawlers                                      1,491     0.172     256
 Darlot                                       2,100     0.132     277
 Yilgarn District Total                       5,090     0.121     618
 Kalgoorlie (50%)                            26,125     0.069   1,791
 Cowal                                        1,480     0.019      28
---------------------------------------------------------------------
AFRICA
 Bulyanhulu                                       -         -       -
---------------------------------------------------------------------

OTHER                                         1,236     0.121     150
---------------------------------------------------------------------

TOTAL                                        79,547     0.081   6,442
---------------------------------------------------------------------




Gold Mineral Resources
As at December 31, 2001                      INDICATED (I) (M) + (I)
---------------------------------------------------------------------
                                          Tons    Grade  Ounces Ounces
Based on attributable ounces            (000's) (oz/ton)(000's)(000's)
---------------------------------------------------------------------
UNITED STATES
 Betze-Post                             34,626    0.070  2,429  3,397
 Meikle                                  4,912    0.370  1,819  3,923
 Goldstrike Property Total              39,538    0.107  4,248  7,320
 Round Mountain  (50%)                   2,434    0.024     58     92
 Marigold (33%)                         31,707    0.014    432    516
---------------------------------------------------------------------
CANADA
 Eskay Creek                               426    0.460    196    196
 Hemlo (50%)                             3,884    0.050    196    377
 Holt-McDermott                          1,247    0.236    295    318
---------------------------------------------------------------------
SOUTH AMERICA
 Pascua-Lama                           111,883    0.031  3,475  3,691
 Veladero                               60,731    0.030  1,831  1,964
 Pierina                                73,281    0.015  1,130  1,242
---------------------------------------------------------------------
AUSTRALIA
 Plutonic                               12,994    0.136  1,761  1,846
 Lawlers                                 1,972    0.210    413    669
 Darlot                                  2,526    0.105    264    541
 Yilgarn District Total                 17,492    0.139  2,438  3,056
 Kalgoorlie (50%)                       50,265    0.081  4,090  5,881
 Cowal                                  30,024    0.019    567    595
---------------------------------------------------------------------
AFRICA
 Bulyanhulu                              5,429    0.402  2,184  2,184
---------------------------------------------------------------------

OTHER                                    9,264    0.087    805    955
---------------------------------------------------------------------

TOTAL                                  437,605    0.050 21,945 28,387
---------------------------------------------------------------------




Gold Mineral Resources
As at December 31, 2001                                     INFERRED
---------------------------------------------------------------------
                                           Tons      Grade     Ounces
Based on attributable ounces              (000's)   (oz/ton)   (000's)
---------------------------------------------------------------------
UNITED STATES
 Betze-Post                                  738      0.071        53
 Meikle                                    5,816      0.331     1,924
 Goldstrike Property Total                 6,554      0.302     1,977
 Round Mountain  (50%)                    28,944      0.014       401
 Marigold (33%)                            7,486      0.016       116
---------------------------------------------------------------------
CANADA
 Eskay Creek                                 149      0.629        94
 Hemlo (50%)                              10,094      0.082       826
 Holt-McDermott                              826      0.243       200
---------------------------------------------------------------------
SOUTH AMERICA
 Pascua-Lama                             126,841      0.027     3,475
 Veladero                                 68,321      0.029     1,990
 Pierina                                   5,714      0.016        90
---------------------------------------------------------------------
AUSTRALIA
 Plutonic                                  5,498      0.153       840
 Lawlers                                     923      0.200       185
 Darlot                                       28      0.286         8
 Yilgarn District Total                    6,449      0.160     1,033
 Kalgoorlie (50%)                         42,053      0.081     3,422
 Cowal                                    36,909      0.042     1,538
---------------------------------------------------------------------
AFRICA
 Bulyanhulu                                3,826      0.555     2,124
---------------------------------------------------------------------

OTHER                                      2,055      0.398       818
---------------------------------------------------------------------

TOTAL                                    346,221      0.052    18,104
---------------------------------------------------------------------




Gold Mineral Resources
As at December 31, 2001                                        TOTAL
---------------------------------------------------------------------
                                           Tons       Grade     Ounces
Based on attributable ounces              (000's)   (oz/ton)   (000's)
---------------------------------------------------------------------
UNITED STATES
 Betze-Post                               49,861      0.069     3,450
 Meikle                                   13,512      0.433     5,847
 Goldstrike Property Total                63,373      0.147     9,297
 Round Mountain  (50%)                    32,857      0.015       493
 Marigold (33%)                           44,115      0.014       632
---------------------------------------------------------------------
CANADA
 Eskay Creek                                 575      0.504       290
 Hemlo (50%)                              17,823      0.067     1,203
 Holt-McDermott                            2,188      0.237       518
---------------------------------------------------------------------
SOUTH AMERICA
 Pascua-Lama                             242,686      0.030     7,166
 Veladero                                133,003      0.030     3,954
 Pierina                                  89,056      0.015     1,332
---------------------------------------------------------------------
AUSTRALIA
 Plutonic                                 19,991      0.134     2,686
 Lawlers                                   4,386      0.195       854
 Darlot                                    4,654      0.118       549
 Yilgarn District Total                   29,031      0.141     4,089
 Kalgoorlie (50%)                        118,443      0.079     9,303
 Cowal                                    68,413      0.031     2,133
---------------------------------------------------------------------
AFRICA
 Bulyanhulu                                9,255      0.465     4,308
---------------------------------------------------------------------

OTHER                                     12,555      0.141     1,773
---------------------------------------------------------------------

TOTAL                                    863,373      0.054    46,491
---------------------------------------------------------------------

--30--LS/na*

CONTACT: Barrick Gold Corp.
Vincent Borg, 416/307-7477
416/861-1509 (Fax)
media@barrick.com
www.barrick.com




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Gold  $ 1,248.74 -0.36 -0.03% Volume: December 11, 2017
ABX NYSE  $ 13.69 +0.04 +0.29% Volume: 2,071,621 December 11, 2017
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Gold  $ 1,248.74 -0.36 -0.03% Volume: December 11, 2017

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