news-details

Barrick Earns $54 Million or $0.10 Per Share in Fourth Quarter; Reserves Increase 6 Percent to 86.9 Million Ounces (Part 2 of 2)

February 12, 2003

Part 2.

Notes to Unaudited Interim Consolidated Financial Statements (US GAAP)

Tabular dollar amounts in millions of United States dollars, unless otherwise indicated, US GAAP basis. References to C$ and A$ are to Canadian and Australian dollars, respectively.

1 BASIS OF PREPARATION

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles ("US GAAP") for the preparation of interim financial information. Accordingly, they do not include all of the information and disclosures required by US GAAP for annual consolidated financial statements. Except as disclosed in note 2, the accounting policies used in the preparation of the accompanying unaudited interim consolidated financial statements are the same as those described in our audited consolidated financial statements and the notes thereto for the three years ended December 31, 2001.

In the opinion of management, all adjustments considered necessary for fair presentation of results for the periods presented have been reflected in these financial statements. These unaudited interim consolidated financial statements should be read in conjunction with the audited annual financial statements and the notes thereto for the three years ended December 31, 2001.

The preparation of our consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

On December 14, 2001, a wholly-owned subsidiary of Barrick merged with Homestake Mining Company ("Homestake"). The merger was accounted for as a pooling-of-interests. The unaudited interim 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.

2 ACCOUNTING CHANGES

A Goodwill and Other Intangible Assets

We adopted FASB Statement No. 142, Goodwill and Other Intangible Assets (SFAS 142), effective January 1, 2002. Since we had no goodwill or other intangible assets at the date of adoption, the implementation of this accounting change had no effect on our consolidated financial statements.

B Accounting for the Impairment or Disposal of

Long-lived Assets

We adopted FASB Statement No. 144, Accounting for the Impairment or Disposal of Long-lived Assets (SFAS 144), effective January 1, 2002. The adoption of this new statement had no effect on our consolidated financial statements.

C Deferred stripping costs

Historically, we classified deferred stripping costs as part of property, plant and equipment on our Consolidated Balance Sheet. In 2002 we began classifying these costs as a separate line item, Capitalized mining costs. Total capitalized mining costs at December 31, 2002 were $272 million. The comparative amount at December 31, 2001 of $301 million, has also been reclassified.

Also, we historically classified expenditures for stripping costs as part of purchases of property, plant and equipment in Investing activities in our Consolidated Statement of Cash Flows. In 2002, we began classifying these expenditures as part of Changes in capitalized mining costs, in Operating activities. Expenditures for stripping costs for the year ended December 31, 2002 were $121 million. We also reclassified the comparative amount for 2001 of $133 million. We made these changes to reflect the operating nature of stripping activities. The changes had no effect on earnings.

3 CAPITAL STOCK

A Net income per share

Net income per share was calculated on the basis of the weighted average number of common shares outstanding for the three and twelve month periods ended December 31, 2002 which amounted to 541 million shares (2001 - 536 million shares).

Diluted net income per share reflects the dilutive effect of the exercise of the common share purchase options outstanding as at the end of the period. The number of shares for the diluted net income per share calculation for the three month and twelve month periods ended December 31, 2002 and 2001 were 541 million shares and 538 million shares, respectively.

B  Common share purchase options
---------------------------------------------------------------------
                                       Weighted              Weighted
                             Common     average     Common    average
                             shares       price     shares      price
                         (millions)        (C$) (millions)      (US$)
---------------------------------------------------------------------
Outstanding as at December
 31, 2001                        19      $ 28.29         6    $ 16.67
   Granted                        6        24.71         -          -
   Exercised                    (4)        24.79       (2)      11.99
Cancelled or expired            (2)        33.99       (1)      25.10
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Outstanding as at
 December 31, 2002               19      $ 27.19         3    $ 18.33
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FASB Statement No. 123 ( SFAS 123) encourages, but does not require, companies to include in compensation cost the fair value of stock options granted to employees. A Company that does not adopt the fair-value method must disclose the cost of stock compensation awards, at their fair value on the date the award is granted. The fair value of common share purchase options granted in the twelve month period ended December 31, 2002 was $38 million, estimated using the Black-Scholes model with the following assumptions: a 6-year expected term, 40% volatility, interest rates of 5% and an expected dividend yield of 1.4%. Under SFAS 123, the cost of stock compensation, and the resulting pro forma net income and net income per share would be as follows:

---------------------------------------------------------------------
                              Three months ended  Twelve months ended
                                    December 31,         December 31,
                                2002        2001       2002      2001
---------------------------------------------------------------------
Stock compensation cost          $ 6         $ 8      $  21     $  31
Pro forma net income (loss)     $ 48     $ (117)      $ 172      $ 65
Pro forma net income (loss)
 per share (dollars)         $  0.09    $ (0.22)     $ 0.32    $ 0.12
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C Dividends

In the twelve months ended December 31, 2002, the Company declared and paid dividends in United States dollars totaling $0.22 per share.

4 INVENTORIES AND OTHER CURRENT ASSETS

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                                        Dec. 31, 2002   Dec. 31, 2001
---------------------------------------------------------------------
Gold in process and ore in stockpiles           $ 100           $ 134
Mine operating supplies                            59              57
Derivative assets (note 5)                         37              17
Prepaid expenses                                   10              15
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                                                $ 206           $ 223
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Gold in process and ore in stockpiles excludes $61 million (December 31, 2001 - $46 million) of stockpiled ore which is not expected to be processed in the following 12 months. This amount is included in other assets.

5 DERIVATIVE INSTRUMENTS

A Derivative instruments

We utilize over-the-counter ("OTC") contracts as the primary basis for entering into derivative transactions. These privately negotiated agreements, compared to exchange traded contracts, allow us to incorporate favourable credit, tenor and flexible terms into the contracts. The underlyings in the contracts include commodities, interest rates, foreign currency exchange rates and bond indices with diversified credit exposure. We do not enter into derivative instruments which we would consider to be leveraged. For a full description of our objectives and strategies for using derivative instruments; the nature and principal terms of the derivative instruments we use; the valuation techniques used to estimate the fair value of derivative instruments; and the nature of credit and market risks associated with the derivative instruments we use, refer to our audited consolidated financial statements for the three years ended December 31, 2001.

B Gold and silver contracts outstanding at December 31, 2002

---------------------------------------------------------------------
Maturity/Scheduled
 for delivery in  2003     2004     2005   2006   2007 2008+    Total
---------------------------------------------------------------------
Gold contracts
Spot deferred
 contracts
  Ounces
   (thousands)   2,800    1,350    1,550  1,540  1,500 7,200   15,940
  Average price
   per ounce     $ 340    $ 345    $ 335  $ 338  $ 340 $ 343    $ 341
Variable price
 gold sales and
 option contracts
With "caps"
  Ounces
   (thousands)     250      300      300    250      -   900    2,000
  Average price
   per ounce at cap
   expiry date   $ 344    $ 310    $ 317  $ 332      - $ 369    $ 345
With "caps" and
 "floors"
  Ounces
   (thousands)     150        -        -      -      -     -      150
  Cap price per
   ounce         $ 310        -        -      -      -     -    $ 310
  Floor price per
   ounce         $ 280        -        -      -      -     -    $ 280
---------------------------------------------------------------------
Total gold
 ounces
 (thousands)     3,200    1,650    1,850  1,790  1,500 8,100   18,090
Average price
 per ounce       $ 339    $ 339    $ 332  $ 337  $ 340 $ 346    $ 341
---------------------------------------------------------------------

Silver contracts
Spot deferred
 contracts
  Ounces
   (thousands)  11,000    9,000    9,000  3,300  3,000     -   35,300
  Average price
   per ounce    $ 4.95   $ 5.14   $ 5.14 $ 5.19 $ 5.19     -   $ 5.09
Written silver
 call options
  Ounces
   (thousands)   3,750    5,000    2,000      -      -     -   10,750
  Average exercise
   price per
   ounce        $ 5.27   $ 5.28   $ 5.00      -      -     -   $ 5.22
---------------------------------------------------------------------
Total silver
 ounces
 (thousands)    14,750   14,000   11,000  3,300  3,000     -   46,050
Average price
 per ounce      $ 5.03   $ 5.19   $ 5.11 $ 5.19 $ 5.19     -   $ 5.12
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In addition to the above-noted contracts, we also have off-take contracts for the sale of 1.7 million ounces of gold spread over 10 years, at then prevailing spot prices.

The largest single counterparty as of December 31, 2002 made up 13% of outstanding gold sales commitments.

Spot deferred gold sales contracts

We have entered into spot deferred gold sales contracts, with various counterparties, that fix selling prices at interim delivery dates for future gold production, and which act as an economic hedge against possible price fluctuations in gold. The contracts have a final delivery date of up to 15 years from the start date, but we have the right to set a delivery date for any time during this period. At the time an interim delivery date is rescheduled, the contract price is adjusted based on the difference between the prevailing forward gold market price and the original contract price.

The average price of the spot deferred gold sales contracts in the table above reflects fixed prices at interim delivery dates and expected future price assumptions for periods where expected delivery dates differ from interim delivery dates. The large majority of contracts are fixed through 2006. The expected contract prices are determined based on estimated gold forward market prices. Forward gold market prices are principally influenced by the spot price of gold, gold lease rates and U.S. dollar interest rates. In estimating these forward prices, we have incorporated an average gold lease rate assumption of 1.5% and assumptions of U.S. dollar interest rates consistent with market quotations for such rates. Variations between the estimated and actual forward price, influenced by variations between estimated and actual gold lease rates and U.S. dollar interest rates, will affect the final realized selling price.

Gold lease rate exposure is accounted for separately from our spot deferred gold sales contracts, and the economic impact flows through our earnings each quarter as part of "non-hedge derivative gains (losses)". This gold lease rate exposure is 6.4 million ounces spread from 2004 to 2012, mainly for contracts with expected delivery dates beyond 2006.

Variable price gold sales contracts

Variable price gold sales contracts are contracts to deliver a specified quantity of gold on a future date determined by us. The contracts have a final delivery date of up to 15 years from the start date, but we have the right to set a delivery date at any time during this 15-year period. All of the variable price gold sales contracts have expected delivery dates beyond 2007. The contract price equals the gold spot price on the interim delivery date subject to a specified maximum ("cap") based on market conditions in the years shown in the table above, plus a fixed premium payable to us. The contract price will be adjusted in the same manner as price adjustments to spot deferred contracts for the period from these interim delivery dates to the expected delivery date beyond 2007. Certain of these contracts also have a specified minimum ("floor") price.

Spot deferred silver sales contracts and written silver call options

Spot deferred silver sales contracts have the same delivery terms and pricing mechanism as spot deferred gold sales contracts. A group of these contracts totaling 14.3 million ounces of silver are accounted for as normal sales contracts, as it is probable that we will physically deliver silver production into the contracts. For a separate group of contracts totaling 21 million ounces, we intend to financially settle these contracts, and therefore they are accounted for as derivatives under FAS 133. These contracts were marked to market until November 8, 2002 when we designated these contracts as cash flow hedges.

Changes in fair value of our written silver call options are recorded in earnings as they occur.

C  Other derivative instruments outstanding as at December 31, 2002
---------------------------------------------------------------------
Maturity          2003    2004    2005    2006   2007  2008+    Total
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Interest rate
 contracts
Receive fixed
 - swaps and
 swaptions
Notional
 amount
 (millions)          -   $ 250    $ 75   $ 100  $ 475      -    $ 900
Fixed rate
 (%)                 -    3.5%    2.7%    3.0%   5.6%      -     4.5%
Pay fixed -
 swaps and
 swaptions
Notional
 amount
 (millions)          -       -       -       -      -  $ 344    $ 344
Fixed rate
 (%)                 -       -       -       -      -   5.6%     5.6%
---------------------------------------------------------------------
Net notional
 position                $ 250    $ 75   $ 100  $ 475 $(344)    $ 556
---------------------------------------------------------------------

Total return swaps
Notional
 amount
 (millions)          -       -    $ 17       -      -      -     $ 17
---------------------------------------------------------------------

Foreign currency
 contracts
Canadian Dollar
 Forwards
  C$ (millions)  $ 101   $ 118    $ 91       -      -      -    $ 310
  Average Price
   (US cents)     0.65    0.64    0.63       -      -      -     0.64
Canadian Dollar
 Min-Max Contracts
  C$ (millions)  $ 173       -       -       -      -      -    $ 173
  Average Cap
   Price (US
   cents)         0.65       -       -       -      -      -     0.65
  Average Floor
   Price (US
   cents)         0.63       -       -       -      -      -     0.63
Australian Dollar
 Forwards
  A$ (millions)  $ 175   $ 311   $ 283    $ 10      -      -    $ 779
  Average Price
   (US cents)     0.51    0.51    0.51    0.52      -      -     0.51
Australian Dollar
 Min-Max Contracts
  A$ (millions)  $ 339    $ 10    $ 10    $ 10      -      -    $ 369
  Average Cap
   Price (US
   cents)         0.55    0.52    0.52    0.52      -      -     0.55
  Average Floor
   Price (US
   cents)         0.52    0.51    0.51    0.51      -      -     0.52

Fuel contracts
Barrels WTI
 (thousands)       240       -       -       -      -      -      240
Cap               $ 30       -       -       -      -      -     $ 30
Floor             $ 18       -       -       -      -      -     $ 18
---------------------------------------------------------------------

Our interest rate and foreign currency contracts are recorded at fair value on our balance sheet, with changes in fair value recorded in earnings as they occur, with the following exceptions:

  • we have elected cash flow hedge accounting treatment for Canadian dollar foreign currency contracts with a total notional amount of C$457 million, and Australian dollar foreign currency contracts with a total notional amount of A$1,065 million;

  • we have elected receive fixed interest rate swaps with a total notional amount of $650 million to be accounted for as cash flow hedges of expected future interest receipts arising on our cash and short-term investments; and we have elected receive fixed interest rate swaps with a total notional amount of $250 million to be accounted for as a fair value hedge of fixed-rate debentures.

  • we have elected an amortizing pay fixed interest rate swap with a total notional amount of $194 million as at December 31, 2002 to be accounted as a cash flow hedge of future interest payments relating to the project financing for Bulyanhulu.

D Unrealized fair value of derivative instruments (excluding normal sales contracts)

---------------------------------------------------------------------
                               Three months ended Twelve months ended
                                December 31, 2002 December 31, 2002
---------------------------------------------------------------------
Fair value of derivative
 instruments at beginning of period           $ 8              $ (16)
Derivative instruments entered into
 or settled                                     -                 (2)
Change in fair value of derivative
 instruments:
   Non-hedge derivative gains (losses)       (14)                 (6)
   Cash flow hedges                            31                  49
   Fair value hedges                            4                   4
---------------------------------------------------------------------
Fair value of derivative instruments
 at end of period                            $ 29                $ 29
---------------------------------------------------------------------

E  Non-hedge derivative gains (losses)

---------------------------------------------------------------------
                               Three months ended Twelve months ended
                                December 31, 2002 December 31, 2002
---------------------------------------------------------------------
                                   2002      2001      2002      2001
Commodity contracts               $ (3)      $ 42     $ (2)      $ 57
Currency contracts                    4         6         8      (15)
Interest and lease rate contracts  (15)      (45)      (12)       (9)
---------------------------------------------------------------------
                                 $ (14)       $ 3     $ (6)      $ 33
---------------------------------------------------------------------

Contingencies

Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. Management and, where appropriate, legal counsel, assess such contingent liabilities, which inherently involves an exercise of judgment.

In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such proceedings, the Company and its legal counsel evaluate the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought.

If the assessment of a contingency suggests that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the financial statements. If the assessment suggests that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent loss, together with an estimate of the range of possible loss, if determinable, is disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case we disclose the nature of the guarantee.

A Environmental

Our mining and exploration activities are subject to various federal, provincial and state laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive. We conduct our operations so as to protect public health and the environment, and we believe that our operations are materially in compliance with all applicable laws and regulations. We have made, and expect to make in the future, expenditures to meet such laws and regulations.

The Comprehensive Environmental Response, Compensation and Liability Act imposes heavy liabilities on persons who discharge hazardous substances. The Environmental Protection Agency publishes a National Priorities List ("NPL") of known or threatened releases of such substances. Homestake's former uranium millsite near Grants, New Mexico is listed on the NPL.

B Litigation and claims Inmet litigation

In October 1997, Homestake Canada Inc. ("HCI"), a wholly-owned subsidiary of Barrick, entered into an agreement with Inmet Mining Corporation ("Inmet") to purchase the Troilus mine in Quebec for $110 million plus working capital. In December 1997, HCI terminated the agreement after deciding that, on the basis of due diligence studies, conditions to closing the arrangement would not be satisfied.

On February 23, 1998, Inmet filed suit against HCI in the British Columbia Supreme Court, disputing the termination of the agreement and alleging that HCI had breached the agreement. On January 15, 2002, the Supreme Court of British Columbia released its decision in the matter and found in favour of Inmet and against HCI. Specifically, the Court held that Inmet should be awarded equitable damages in the amount of C$88.2 million, which was accrued at December 31, 2001. The Court did not award Inmet pre-judgement interest. Inmet requested the Court to re-open the trial to let Inmet make submissions on its claim for pre-judgement interest from the date of the breach by HCI. The request to re-open was denied by the Court on May 17, 2002.

On February 7, 2002, HCI filed a Notice of Appeal of the decision with the British Columbia Court of Appeal. Inmet filed a notice of Appeal of the decision denying Inmet the pre-judgment interest. A letter of credit of about C$95 million was posted on August 20, 2002 by HCI with the British Columbia Court of Appeal, pending a decision on the appeal.

Bre-X Minerals

On April 30, 1998, we were added as a defendant in a class action lawsuit initiated against Bre-X Minerals Ltd., certain of its directors and officers or former directors and officers and others in the United States District Court for the Eastern District of Texas, Texarkana Division. The class action alleges, among other things, that statements made by us in connection with our efforts to secure the right to develop and operate the Busang gold deposit in East Kalimantan, Indonesia were materially false and misleading and omitted to state material facts relating to the preliminary due diligence investigation undertaken by us in late 1996.

On July 13, 1999, the Court dismissed the claims against us and several other defendants on the grounds that the plaintiffs had failed to state a claim under United States securities laws. On August 19, 1999, the plaintiffs filed an amended complaint restating their claims against us and certain other defendants and on June 14, 2000 filed a further amended complaint, the Fourth Amended Complaint.

On March 31, 2001, the Court granted in part and denied in part our Motion to Dismiss the Fourth Amended Complaint. As a result, we remain a defendant in the case. We believe that the remaining claims against us are without merit. We filed our formal answer to the Fourth Amended Complaint on April 27, 2001 denying all relevant allegations of the plaintiffs against us. Discovery in the case has been stayed by the Court pending the Court's decision on whether or not to certify the case as a class action. The amount of potential loss, if any, which we may incur arising out of the plaintiffs' claims is not presently determinable.

Blanchard complaint

On January 7, 2003, we were served with a Complaint for Injunctive Relief by Blanchard and Company, Inc. ("Blanchard"), and Herbert Davies ("Davies"). The complaint, which is pending in the U. S. District Court for the Eastern District of Louisiana, also names J. P. Morgan Chase & Company ("J.P. Morgan") as the defendant, along with an unspecified number of additional defendants to be named later. The complaint alleges that we and bullion banks with which we entered into spot deferred contracts have manipulated the price of gold, in violation of U.S. antitrust laws and the Louisiana Unfair Trade Practices and Consumer Protection Law. Blanchard alleges that it has been injured as a seller of gold due to reduced interest in gold as an investment. Davies, a customer of Blanchard, alleges injury due to the reduced value of his gold investments. The complaint does not seek damages, but seeks an injunction terminating certain of our trading agreements with J. P. Morgan and other bullion banks. We intend to defend the action vigorously. Peruvian tax assessment

On December 27, 2002, one of our Peruvian subsidiaries received an income tax assessment of $41 million, excluding interest and penalties, from the Peruvian tax authority SUNAT. The tax assessment relates to a recently completed tax audit of our Pierina Mine for the 1999-2000 fiscal years. The assessment mainly relates to the revaluation of the Pierina mining concession and associated tax basis. Under the valuation proposed by SUNAT, the tax basis of Pierina assets would change from what we have previously assumed with a resulting increase in current and deferred income taxes. While we believe the tax assessment is incorrect and we will appeal the decision, the full life of mine effect on our current and deferred income tax liabilities of $141 million is recorded at December 31, 2002, as well as other payments of about $21 million due for periods through 2002.

We intend to pursue all available administrative and judicial appeals. If we are successful on appeal and our original asset valuation is confirmed as the appropriate tax basis of assets, we would benefit from a $141 million reduction in tax liabilities recorded at December 31, 2002. The effect of this contingent gain, if any, will be recorded in the period the contingency is resolved.

Under Peruvian law, we are not required to make payment pending the outcome of the appeal process, which routinely takes several years.

We have not provided for $51 million of potential interest and penalties assessed in the audit. Even if the tax assessment is upheld, we believe that we will prevail on the interest and penalties part, because the assessment runs counter to applicable law and previous Peruvian tax audits. The potential amount of interest and penalties, will increase over time while we contest the tax assessment. A liability for interest and penalties will only be recorded should it become probable that SUNAT's position on interest and penalties will be upheld, or if we exhaust our appeals.

Other

From time to time, we are involved in various claims, legal proceedings and complaints arising in the ordinary course of business. We are also subject to reassessment for income and mining taxes for certain years. We do not believe that adverse decisions in any pending or threatened proceedings related to any potential tax assessments or other matters, or any amount which we may be required to pay by reason thereof, will have a material adverse effect on our financial condition or future results of operations.

7 SEGMENT INFORMATION


---------------------------------- ----------------------------------
               Three       Twelve                 Three       Twelve
              months       months                months       months
               ended        ended                 ended        ended
         December 31, December 31,          December 31, December 31,
            2002  2001  2002  2001             2002  2001  2002  2001
---------------------------------- ----------------------------------
                                   Income before
Gold sales                           income taxes
 Goldstrike $181 $ 194 $ 676 $ 767  Goldstrike   37    27    89   156
 Pierina      96    84   303   297  Pierina       2    22    46    77
 Eskay Creek  31    21   121    98  Eskay Creek  11     8    57    42
 Bulyanhulu   42     8   134    56  Bulyanhulu    9     -    16     4
 Kalgoorlie   33    23   124   117  Kalgoorlie    5   (3)    21    20
 Hemlo        30    22    97    93  Hemlo        10     3    22    22
 Plutonic     28    17   105    89  Plutonic      9     3    36    28
 Round                              Round
  Mountain    29    22   132   116   Mountain     5   (3)    32    21
 Other        56   115   275   356  Other        10    27    58    38
---------------------------------- ----------------------------------
             526   506 1,967 1,989               98    84   377   408
Operating                          Exploration and
  costs                             business
 Goldstrike  109   118   440   473  development(27)  (27) (104) (103)
 Pierina      44    12    96    45 Corporate
Eskay Creek    6     3    16    16   expenses,
Bulyanhulu    20     5    78    35   net       (27)  (31)  (92)  (80)
Kalgoorlie    23    22    84    80  Merger and
Hemlo         17    14    65    61   related
Plutonic      16    11    58    49   costs        2 (117)     2 (117)
Round                              Non-hedge
 Mountain     19    20    79    77  derivative
Other         30    73   155   244  gain (loss)(14)     3   (6)    33
---------------------------------- Provision for
             284   278 1,071 1,080  mining assets
----------------------------------  and other unusual
                                    charges       -  (59)     -  (59)
                                   Income taxes  22    38    16    14
                                   ----------------------------------
                                   Net Income
                                    (loss)     $ 54 $(109) $ 193  $ 96
Amortization                       ----------------------------------
 Goldstrike   35    49   147   138 Capital expenditures
 Pierina      50    50   161   175  Goldstrike $11  $  23 $  46 $ 122
 Eskay Creek  14    10    48    40  Bulyanhulu  12     28    56   153
 Bulyanhulu   13     3    40    17  Pierina      1      8     5    23
 Kalgoorlie    5     4    19    17  Eskay Creek  -      2     8    10
 Hemlo         3     5    10    10  Kalgoorlie   7      -    14     6
 Plutonic      3     3    11    12  Hemlo        1      2     6     6
 Round                              Plutonic     6      4    20    11
  Mountain     5     5    21    18  Round
 Other        16    15    62    74   Mountain    1      3     8    15
----------------------------------  Pascua-Lama  2     12    11    69
             144   144   519   501  Cowal        6      -    13    13
----------------------------------  Other       15      5    41    46
                                   ----------------------------------
                                              $ 62  $ 87  $ 228 $ 474
                                   ----------------------------------


8 COMPREHENSIVE INCOME
---------------------------------------------------------------------
                             Three months ended   Twelve months ended
                                   December 31,          December 31,
                                2002       2001       2002       2001
---------------------------------------------------------------------
Net income                      $ 54    $ (109)      $ 193       $ 96
Foreign currency
 translation adjustments           2          8       (21)       (26)
Transfers of (gains)
 losses on derivative
 instruments to earnings
 (note 5C)                       (8)        (2)       (21)         25
Change in fair value of
 cash flow hedges (note
 5C) (net of tax effects)         17          -         28          -
SFAS 133 transition
 adjustment                        -          -          -          -
Other                              -        (6)        (4)       (11)
---------------------------------------------------------------------
Comprehensive income
 (loss)                         $ 65    $ (109)      $ 175       $ 84
---------------------------------------------------------------------


9 RECONCILIATION OF NET INCOME TO CASH PROVIDED BY
  OPERATING ACTIVITIES
---------------------------------------------------------------------
                             Three months ended   Twelve months ended
                                   December 31,          December 31,
                                2002       2001       2002       2001
---------------------------------------------------------------------
Net income (loss)               $ 54    $ (109)      $ 193       $ 96
Non-cash charges
 (credits):
Merger and related costs         (2)        117        (2)        117
Amortization                     144        144        519        501
Reclamation costs                  8         13         34         54
Deferred income taxes           (66)       (49)       (75)       (50)
Changes in operating
 assets and liabilities:
Payments of reclamation
 and closure costs              (27)          -       (70)       (35)
Changes in capitalized
 mining costs                     18         18         29         17
Accounts receivable              (7)       (79)       (12)        (2)
Inventories and other
 current assets                  (2)         98         32         67
Accounts payable and
 other current liabilities       142          6         50      (135)
Payments of merger and
 related costs                  (12)       (13)       (50)       (13)
Other items                     (55)       (39)       (59)       (29)
---------------------------------------------------------------------
Cash provided by
 operating activities          $ 195      $ 107      $ 589      $ 588
---------------------------------------------------------------------

10 HOMESTAKE CANADA INC. ("HCI")

In connection with a 1998 acquisition, HCI issued 11.1 million HCI exchangeable shares. Each HCI exchangeable share is exchangeable for

  • 0.53 of a Barrick common share at any time at the option of the holder and has essentially the same voting, dividend (payable in Canadian dollars), and other rights as 0.53 of a Barrick common share. A share of special voting stock, which was issued to the transfer agent in trust for the holders of the HCI exchangeable shares, provides the mechanism for holders of the HCI exchangeable shares to receive their voting rights.

As at December 31, 2002, 1.6 million of the HCI exchangeable shares were outstanding and are equivalent to 0.8 million Barrick common shares. As at December 31, 2002, we had reserved 0.8 million Barrick shares for issuance on exchange of the HCI exchangeable shares outstanding.

Summarized consolidated financial information for HCI is as follows:

---------------------------------------------------------------------
                             December 31, 2002      December 31, 2001
---------------------------------------------------------------------
Current assets                            $ 91                   $ 43
Non-current assets                         236                    345
---------------------------------------------------------------------
Total assets                             $ 327                  $ 388
---------------------------------------------------------------------
Other current liabilities                 $ 75                   $ 76
Notes payable                              407                    416
Other long-term liabilities                 18                     12
Deferred income taxes                      122                    121
Shareholders' equity                     (295)                  (237)
---------------------------------------------------------------------
Total liabilities and shareholders'
 equity                                  $ 327                  $ 388
---------------------------------------------------------------------



---------------------------------------------------------------------
                              Three months ended  Twelve months ended
                                    December 31,         December 31,
                                 2002       2001      2002       2001
---------------------------------------------------------------------
Total revenues and other income  $ 62       $ 73     $ 203      $ 175
Less: costs and expenses           53        160       191        281
---------------------------------------------------------------------
Income (loss) before
 taxes                            $ 9     $ (87)      $ 12    $ (106)
---------------------------------------------------------------------
Net income (loss)                 $ 6     $ (70)     $ (1)     $ (84)
---------------------------------------------------------------------



Mine Statistics

                                            UNITED STATES
---------------------------------------------------------------------
                                      Betze-Post               Meikle
Three months ended December 31,  2002       2001       2002      2001
---------------------------------------------------------------------
Tons mined (thousands)         34,123     36,761        441       350
Tons processed
 (thousands)                    2,697      2,604        448       354
Average grade (ounces per
 ton)                           0.181      0.173      0.468     0.481
Recovery rate (percent)         83.2%      83.6%      92.0%     92.3%
---------------------------------------------------------------------
Production (thousands of
 ounces)                          406        366        193       157

Production costs per ounce
 Cash operating costs            $212       $193       $168      $154
 Royalties and production taxes     8          5         16         8
---------------------------------------------------------------------
 Total cash costs                 220        198        184       162
 Amortization                      44         43        122       148
 Reclamation                        4          3          2         2
---------------------------------------------------------------------
Total production costs           $268       $244       $308      $312
---------------------------------------------------------------------
Capital expenditures (US$
 millions)                         $6         $5         $5       $18
---------------------------------------------------------------------


Twelve months ended December 31, 2002       2001       2002      2001
---------------------------------------------------------------------
Tons mined (thousands)        142,898    154,233      1,635     1,373
Tons processed
 (thousands)                   10,322      9,187      1,638     1,375
Average grade (ounces per ton)  0.164      0.200      0.428     0.560
Recovery rate (percent)         83.3%      85.1%      91.3%     93.0%
---------------------------------------------------------------------
Production (thousands of
 ounces)                        1,410      1,550        640       713

Production costs per ounce
 Cash operating costs            $221       $207       $184      $133
 Royalties and production taxes     7          8         14        14
---------------------------------------------------------------------
 Total cash costs                 228        215        198       147
 Amortization                      54         49        119        72
 Reclamation                        4          3          2         2
---------------------------------------------------------------------
Total production costs           $286       $267       $319      $221
---------------------------------------------------------------------
Capital expenditures (US$
 millions)                        $12        $32        $34       $90
---------------------------------------------------------------------


Mine Statistics
                                         UNITED STATES
---------------------------------------------------------------------
                                 Goldstrike Total      Round Mountain
Three months ended December 31,  2002        2001      2002      2001
---------------------------------------------------------------------
Tons mined (thousands)         34,564      37,111     7,359     8,888
Tons processed
 (thousands)                    3,145       2,958     7,234     7,503
Average grade (ounces per ton)  0.222       0.211     0.015     0.016
Recovery rate (percent)         85.9%       86.0%       n/a       n/a
---------------------------------------------------------------------
Production (thousands of
 ounces)                          599         523        89        72

Production costs per ounce
 Cash operating costs            $199        $180      $191      $208
 Royalties and production taxes    11           7        21        13
---------------------------------------------------------------------
 Total cash costs                 209         187       212       221
 Amortization                      69          77        58        52
 Reclamation                        3           3        14        14
---------------------------------------------------------------------
Total production costs           $281        $267      $284      $287
---------------------------------------------------------------------
Capital expenditures (US$
 millions)                        $11         $23        $1        $3
---------------------------------------------------------------------


Twelve months ended December 31, 2002        2001      2002      2001
---------------------------------------------------------------------
Tons mined (thousands)        144,533     155,606    31,573    35,122
Tons processed
 (thousands)                   11,960      10,562    31,111    29,330
Average grade (ounces per ton)  0.200       0.250     0.018     0.017
Recovery rate (percent)         85.7%       87.4%       n/a       n/a
---------------------------------------------------------------------
Production (thousands of
 ounces)                        2,050       2,263       378       373

Production costs per ounce
 Cash operating costs            $209        $183      $172      $176
 Royalties and production taxes     9          10        15        11
---------------------------------------------------------------------
 Total cash costs                 218         193       187       187
 Amortization                      74          57        54        46
 Reclamation                        3           3        15        16
---------------------------------------------------------------------
Total production costs           $295        $253      $256      $249
---------------------------------------------------------------------
Capital expenditures (US$
 millions)                        $46        $122        $8       $15
---------------------------------------------------------------------


Mine Statistics
                                             AUSTRALIA
---------------------------------------------------------------------
                                       Plutonic                Darlot
Three months ended December 31, 2002       2001       2002       2001
---------------------------------------------------------------------
Tons mined (thousands)         3,486      2,699        211        206
Tons processed
 (thousands)                     938        888        220        210
Average grade (ounces per ton) 0.101      0.070      0.182      0.147
Recovery rate (percent)        88.4%      92.6%      97.5%      96.3%
---------------------------------------------------------------------
Production (thousands of
 ounces)                          84         62         40         30

Production costs per ounce
 Cash operating costs           $177       $175       $155       $187
 Royalties and production taxes   10          6          8          7
---------------------------------------------------------------------
 Total cash costs                187        181        163        194
 Amortization                     42         39         49         48
 Reclamation                       3          4          2          2
---------------------------------------------------------------------
Total production costs          $232       $224       $214       $244
---------------------------------------------------------------------
Capital expenditures (US$
 millions)                        $6         $4         $2         $1
---------------------------------------------------------------------


Twelve months ended
 December 31,                   2002       2001       2002       2001
---------------------------------------------------------------------
Tons mined (thousands)        14,289     12,134        840        794
Tons processed
 (thousands)                   3,532      3,496        849        806
Average grade (ounces per ton) 0.097      0.091      0.176      0.161
Recovery rate (percent)        89.5%      91.3%      97.2%      96.5%
---------------------------------------------------------------------
Production (thousands of
 ounces)                         307        288        145        125

Production costs per ounce
 Cash operating costs           $175       $159       $160       $167
 Royalties and production taxes    9          7          8          6
---------------------------------------------------------------------
 Total cash costs                184        166        168        173
 Amortization                     36         41         45         44
 Reclamation                       2          4          2          2
---------------------------------------------------------------------
Total production costs          $222       $211       $215       $219
---------------------------------------------------------------------
Capital expenditures (US$
 millions)                       $20        $11         $7        $11
---------------------------------------------------------------------




Mine Statistics
                                                             AUSTRALIA
---------------------------------------------------------------------
                                        Lawlers            Kalgoorlie
Three months ended
 December 31,                   2002       2001        2002      2001
---------------------------------------------------------------------
Tons mined (thousands)         1,960        158      12,143    11,522
Tons processed
 (thousands)                     183        196       1,785     1,704
Average grade (ounces per ton) 0.161      0.174       0.063     0.061
Recovery rate (percent)        97.4%      96.0%       80.7%     83.6%
---------------------------------------------------------------------
Production (thousands of
 ounces)                          29         33          98        93

Production costs per ounce
 Cash operating costs           $180       $153        $224      $240
 Royalties and production taxes    8          6           7         7
---------------------------------------------------------------------
 Total cash costs                188        159         231       247
 Amortization                     38         48          53        45
 Reclamation                       5          7           5         5
---------------------------------------------------------------------
Total production costs          $231       $214        $289      $297
---------------------------------------------------------------------
Capital expenditures (US$
 millions)                        $3         $1          $7         -
---------------------------------------------------------------------


Twelve months ended
 December 31,                   2002       2001        2002      2001
---------------------------------------------------------------------
Tons mined (thousands)         4,746        628      46,324    46,301
Tons processed
 (thousands)                     718        775       7,051     6,596
Average grade (ounces per
 ton)                          0.162      0.141       0.061     0.066
Recovery rate (percent)        97.3%      95.2%       82.6%     84.3%
---------------------------------------------------------------------
Production (thousands of
 ounces)                         113        104         360       384

Production costs per ounce
 Cash operating costs           $171       $184        $215      $196
 Royalties and production taxes    8          7           7         7
---------------------------------------------------------------------
 Total cash costs                179        191         222       203
 Amortization                     37         45          52        42
 Reclamation                       5          7           5         7
---------------------------------------------------------------------
Total production costs          $221       $243        $279      $252
---------------------------------------------------------------------
Capital expenditures (US$
 millions)                        $7         $5         $14        $6
---------------------------------------------------------------------


Mine Statistics
                                              CANADA
---------------------------------------------------------------------
                                                                Holt-
Three months ended                  Hemlo   Eskay Creek     McDermott
 December 31,                2002    2001   2002   2001   2002   2001
---------------------------------------------------------------------
Tons mined (thousands)      1,102     902     69     62    142    133
Tons processed
 (thousands)                  494     491     67     60    142    133
Average grade (ounces per
 ton)                       0.177   0.196  1.511  1.551  0.162  0.194
Recovery rate (percent)     95.5%   94.1%  92.5%  93.1%  94.2%  95.5%
---------------------------------------------------------------------
Production (thousands of
 ounces)                       83      91     97     82     22     26

Production costs per ounce
 Cash operating costs        $177    $157    $47    $38   $193   $150
 Royalties and production
  taxes                         7       6      4      3      -      2
---------------------------------------------------------------------
 Total cash costs             184     163     51     41    193    152
 Amortization                  35      32    141    126     88     88
 Reclamation                    3       4      1      1      2      8
---------------------------------------------------------------------
Total production costs       $222    $199   $193   $168   $283   $248
---------------------------------------------------------------------
Capital expenditures (US$
 millions)                     $1      $2     $-     $2     $2     $2
---------------------------------------------------------------------


Twelve months ended
 December 31,                2002    2001   2002   2001   2002   2001
---------------------------------------------------------------------
Tons mined (thousands)      4,114   3,438    254    230    520    489
Tons processed
 (thousands)                1,906   1,925    256    229    520    497
Average grade (ounces per
 ton)                       0.149   0.167  1.502  1.546  0.170  0.177
Recovery rate (percent)     94.7%   93.1%  92.5%  93.1%  94.6%  95.4%
---------------------------------------------------------------------
Production (thousands of
 ounces)                      269     308    359    321     84     84

Production costs per ounce
 Cash operating costs        $216    $189    $36    $46   $173   $163
 Royalties and production
  taxes                         8       7      4      3      -      2
---------------------------------------------------------------------
 Total cash costs             224     196     40     49    173    165
 Amortization                  36      31    133    126     92     88
 Reclamation                    4       5      1      1      4      5
---------------------------------------------------------------------
Total production costs       $264    $232   $174   $176   $269   $258
---------------------------------------------------------------------
Capital expenditures (US$
 millions)                     $6      $6     $8    $10     $7     $7
---------------------------------------------------------------------



Mine Statistics
                                     PERU               TANZANIA
---------------------------------------------------------------------
Three months ended                      Pierina            Bulyanhulu
 December 31,                   2002       2001        2002      2001
---------------------------------------------------------------------
Tons mined (thousands)         8,865      8,051         260       153
Tons processed
 (thousands)                       -          -         274       272
Average grade (ounces per ton) 0.095      0.092       0.426     0.403
Recovery rate (percent)            -          -       86.2%     84.4%
---------------------------------------------------------------------
Production (thousands of
 ounces)                         281        219         101        93

Production costs per ounce
 Cash operating costs            $95        $40        $177      $181
 Royalties and production taxes    -          -           8         8
---------------------------------------------------------------------
 Total cash costs                 95         40         185       189
 Amortization                    180        185         115        97
 Reclamation                      11          8           1         1
---------------------------------------------------------------------
Total production costs          $286       $233        $301      $287
---------------------------------------------------------------------
Capital expenditures (US$
 millions)                        $1         $8         $12       $28
---------------------------------------------------------------------


Twelve months ended
 December 31,                   2002       2001        2002      2001
---------------------------------------------------------------------
Tons mined (thousands)        32,311     30,742         944       455
Tons processed
 (thousands)                       -          -       1,075       778
Average grade (ounces per ton) 0.080      0.097       0.385     0.380
Recovery rate (percent)            -          -       86.1%     82.3%
---------------------------------------------------------------------
Production (thousands of
 ounces)                         898        911         356       242

Production costs per ounce
 Cash operating costs            $80        $40        $190      $186
 Royalties and production taxes    -          -           8        11
---------------------------------------------------------------------
 Total cash costs                 80         40         198       197
 Amortization                    180        187         101        97
 Reclamation                      11          8           1         1
---------------------------------------------------------------------
Total production costs          $271       $235        $300      $295
---------------------------------------------------------------------
Capital expenditures (US$
 millions)                        $5        $23         $56      $153
---------------------------------------------------------------------


SUMMARY GOLD MINERAL RESERVES AND MINERAL RESOURCES

For the year ended
 December 31,                             2002                   2001
---------------------------------------------------------------------
                            Tons  Grade Ounces      Tons Grade Ounces
Based on attributable             (oz/                   (oz/
 ounces                  (000's)  ton) (000's)   (000's) ton) (000's)
---------------------------------------------------------------------
UNITED STATES
 Betze-Post (proven and
            probable)    107,130  0.150 16,051   108,854 0.151 16,433
           (mineral
            resource)     47,617  0.070  3,321    49,861 0.069  3,450
---------------------------------------------------------------------
 Meikle    (proven and
            probable)      9,770  0.398  3,888     8,992 0.439  3,946
           (mineral
            resource)     12,926  0.396  5,119    13,512 0.433  5,847
---------------------------------------------------------------------
 Goldstrike
  Property
  Total    (proven and
           probable)     116,900  0.171 19,939   117,846 0.173 20,379
           (mineral
            resource)     60,543  0.139  8,440    63,373 0.147  9,297
---------------------------------------------------------------------
 Round Mountain
  (50%)    (proven and
            probable)     96,057  0.020  1,875   118,489 0.019  2,245
           (mineral
            resource)     27,282  0.012    333    32,857 0.015    493
---------------------------------------------------------------------
 Marigold
  (33%)    (proven and
            probable)     26,351  0.026    678    25,177 0.027    680
           (mineral
            resource)     43,248  0.014    621    44,115 0.014    632
---------------------------------------------------------------------
CANADA
 Eskay
  Creek    (proven and
            probable)      1,433  0.998  1,430     1,426 1.245  1,775
           (mineral
            resource)        480  0.442    212       575 0.504    290
---------------------------------------------------------------------
 Hemlo
  (50%)    (proven and
           probable)      19,726  0.107  2,118    21,788 0.116  2,517
           (mineral
            resource)      6,678  0.119    798    17,823 0.067  1,203
---------------------------------------------------------------------
 Holt-
 McDermott (proven and
            probable)        847  0.182    154     1,371 0.214    293
           (mineral
            resource)        755  0.254    192     2,188 0.237    518
---------------------------------------------------------------------
SOUTH AMERICA
 Pascua-
  Lama     (proven and
            probable)    296,411  0.057 16,862   296,411 0.057 16,862
           (mineral
            resource)    242,686  0.029  6,962   242,686 0.030  7,166
---------------------------------------------------------------------
 Veladero  (proven and
            probable)    254,311  0.037  9,384   196,573 0.043  8,416
           (mineral
            resource)    213,971  0.024  5,154   133,003 0.030  3,954
---------------------------------------------------------------------
 Pierina   (proven and
            probable)     70,343  0.051  3,602    89,233 0.053  4,748
           (mineral
            resource)     41,072  0.016    649    89,056 0.015  1,332
---------------------------------------------------------------------
 Alto
  Chicama  (proven and
            probable)    120,948  0.054  6,535         -     -      -
           (mineral
            resource)     81,172  0.037  3,043         -     -      -
---------------------------------------------------------------------
AUSTRALIA
 Plutonic  (proven and
            probable)     13,976  0.181  2,533     8,526 0.186  1,588
           (mineral
            resource)     26,682  0.130  3,470    19,991 0.134  2,686
---------------------------------------------------------------------
 Lawlers   (proven and
            probable)      3,407  0.149    509     3,539 0.143    505
           (mineral
            resource)     10,705  0.131  1,401     4,386 0.195    854
---------------------------------------------------------------------
 Darlot    (proven and
            probable)      8,202  0.155  1,269     8,062 0.166  1,341
           (mineral
            resource)      4,225  0.131    552     4,654 0.118    549
---------------------------------------------------------------------
 Yilgarn
  District
  Total    (proven and
            probable)     25,585  0.168  4,311    20,127 0.171  3,434
           (mineral
            resource)     41,612  0.130  5,423    29,031 0.141  4,089
---------------------------------------------------------------------
 Kalgoorlie
  (50%)    (proven and
            probable)     96,898  0.057  5,551    93,641 0.061  5,724
           (mineral
            resource)     48,690  0.054  2,621   118,443 0.079  9,303
---------------------------------------------------------------------
 Cowal     (proven and
            probable)     75,922  0.037  2,835    56,395 0.049  2,770
           (mineral
            resource)     64,673  0.034  2,222    68,413 0.031  2,133
---------------------------------------------------------------------
AFRICA
 Bulyanhulu (proven and
            probable)     27,420  0.425 11,653    28,026 0.428 12,009
           (mineral
            resource)      9,018  0.465  4,195     9,255 0.465  4,308
---------------------------------------------------------------------

OTHER      (proven and
            probable)          -      -      -     3,795 0.111    420
           (mineral
            resource)      1,816  0.389    706    12,555 0.141  1,773
---------------------------------------------------------------------

TOTAL      (proven and
            probable)  1,229,152  0.071 86,927 1,070,298 0.077 82,272
           (mineral
            resource)    883,696  0.047 41,571   863,373 0.054 46,491

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

MINERAL RESERVES AND RESOURCES NOTE

Mineral reserves ("reserves") have been calculated as at December 31, 2002 (except for Alto Chicama, which was calculated as at January 31, 2003) in accordance with National Instrument 43-101, as required by Canadian securities regulatory authorities. For United States reporting purposes, Industry Guide 7 (under the Securities Exchange Act of 1934) as interpreted by the Staff of the U.S. Securities and Exchange Commission applies different standards in order to classify mineralization as a reserve. Accordingly, Alto Chicama and Veladero are classified for U.S. reporting purposes as mineralized material. Calculations have been prepared by employees of Barrick under the supervision of Alan R. Hill, P.Eng., Executive Vice-President, Development of Barrick and/or Alexander J. Davidson, P. Geol., Senior Vice-President, Exploration of Barrick. Except with respect to the Australian properties, reserves have been calculated using an assumed long-term average gold price of US$300 and a silver price of US$4.75. Reserves at the KCGM property assumed a gold price of US$297 (A$550 and an exchange rate of $0.54 $US/$A). Such calculations incorporate current and/or expected mine plans and cost levels at each property. Varying cut-off grades have been used depending on the mine and type of ore contained in the reserves. Barrick's normal data verification procedures have been employed in connection with the calculations. For a more detailed description of the key assumptions, parameters and methods used in calculating Barrick's reserves and resources, see Barrick's most recent Annual Information Form on file with Canadian provincial securities regulatory authorities and the U.S. Securities and Exchange.

GOLD MINERAL RESERVES
As at December
 31, 2002                         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   60,229     0.132     7,924    46,901     0.173    8,127
 Meikle        2,641     0.512     1,352     7,129     0.356    2,536
 Goldstrike
  Property
  Total       62,870     0.148     9,276    54,030     0.197   10,663
 Round Mountain
  (50%)       47,282     0.017       815    48,775     0.022    1,060
 Marigold
  (33%)        3,700     0.032       120    22,651     0.025      558
---------------------------------------------------------------------
CANADA
 Eskay Creek     575     1.483       853       858     0.672      577
 Hemlo (50%)  11,708     0.116     1,359     8,018     0.095      759
 Holt-McDermott   23     0.174         4       824     0.182      150
---------------------------------------------------------------------
SOUTH AMERICA
 Pascua-Lama  37,738     0.062     2,355   258,673     0.056   14,507
 Veladero     19,123     0.046       877   235,188     0.036    8,507
 Pierina      29,232     0.068     1,994    41,111     0.039    1,608
 Alto Chicama                              120,948     0.054    6,535
---------------------------------------------------------------------
AUSTRALIA
 Plutonic      2,983     0.146       436    10,993     0.191    2,097
 Lawlers       1,456     0.134       195     1,951     0.161      314
 Darlot        3,776     0.133       501     4,426     0.174      768
 Yilgarn
  District
  Total        8,215     0.138     1,132    17,370     0.183    3,179
 Kalgoorlie
  (50%)       34,580     0.052     1,788    62,318     0.060    3,763
 Cowal         6,197     0.044       271    69,725     0.037    2,564
---------------------------------------------------------------------
AFRICA
 Bulyanhulu    1,846     0.397       733    25,574     0.427   10,920
---------------------------------------------------------------------

TOTAL        263,089     0.082    21,577   966,063     0.068   65,350
---------------------------------------------------------------------


GOLD MINERAL RESERVES
As at December 31, 2002                                         TOTAL
---------------------------------------------------------------------
                                              Tons     Grade   Ounces
Based on attributable ounces               (000's)  (oz/ton)  (000's)
---------------------------------------------------------------------
UNITED STATES
 Betze-Post                                107,130     0.150   16,051
 Meikle                                      9,770     0.398    3,888
 Goldstrike Property Total                 116,900     0.171   19,939
 Round Mountain (50%)                       96,057     0.020    1,875
 Marigold (33%)                             26,351     0.026      678
---------------------------------------------------------------------
CANADA
 Eskay Creek                                 1,433     0.998    1,430
 Hemlo (50%)                                19,726     0.107    2,118
 Holt-McDermott                                847     0.182      154
---------------------------------------------------------------------
SOUTH AMERICA
 Pascua-Lama                               296,411     0.057   16,862
 Veladero                                  254,311     0.037    9,384
 Pierina                                    70,343     0.051    3,602
 Alto Chicama                              120,948     0.054    6,535
---------------------------------------------------------------------
AUSTRALIA
 Plutonic                                   13,976     0.181    2,533
 Lawlers                                     3,407     0.149      509
 Darlot                                      8,202     0.155    1,269
 Yilgarn District Total                     25,585     0.168    4,311
 Kalgoorlie (50%)                           96,898     0.057    5,551
 Cowal                                      75,922     0.037    2,835
---------------------------------------------------------------------
AFRICA
 Bulyanhulu                                 27,420     0.425   11,653
---------------------------------------------------------------------

TOTAL                                    1,229,152     0.071   86,927
---------------------------------------------------------------------


GOLD MINERAL RESOURCES
As at December
 31, 2002                MEASURED (M)          INDICATED (I)  (M)+(I)
---------------------------------------------------------------------
                 Tons   Grade  Ounces    Tons   Grade  Ounces  Ounces
Based on
 attributable
 ounces       (000's)(oz/ton) (000's) (000's)(oz/ton) (000's) (000's)
---------------------------------------------------------------------
UNITED STATES
 Betze-Post    16,445   0.069   1,139  29,955   0.070   2,092   3,231
 Meikle         1,932   0.584   1,129   3,175   0.393   1,249   2,378
 Goldstrike
  Property
  Total        18,377   0.123   2,268  33,130   0.101   3,341   5,609
 Round
  Mountain
  (50%)        13,545   0.008     104   3,910   0.018      72     176
 Marigold
  (33%)             -       -       -  13,665   0.016     219     219
---------------------------------------------------------------------
CANADA
 Eskay Creek        -       -       -     382   0.401     153     153
 Hemlo (50%)      888   0.128     114   1,789   0.075     134     248
 Holt-McDermott     -       -       -     246   0.248      61      61
---------------------------------------------------------------------
SOUTH AMERICA
 Pascua-Lama    3,962   0.055     216 111,883   0.029   3,271   3,487
 Veladero       9,000   0.023     209 126,760   0.024   3,051   3,260
 Pierina        8,599   0.016     137  31,339   0.016     489     626
 Alto Chicama       -       -       -  56,352   0.035   1,998   1,998
---------------------------------------------------------------------
AUSTRALIA
 Plutonic       4,523   0.073     331  14,826   0.132   1,956   2,287
 Lawlers        2,178   0.154     336   6,201   0.126     779   1,115
 Darlot         1,157   0.175     202   3,012   0.112     338     540
 Yilgarn
  District
  Total         7,858   0.111     869  24,039   0.128   3,073   3,942
 Kalgoorlie
  (50%)        14,558   0.054     791  27,353   0.054   1,488   2,279
 Cowal          1,588   0.041      65  33,623   0.035   1,190   1,255
---------------------------------------------------------------------
AFRICA
 Bulyanhulu         -       -       -   4,765   0.352   1,678   1,678
---------------------------------------------------------------------

OTHER               -       -       -   1,085   0.335     364     364
---------------------------------------------------------------------

TOTAL          78,375   0.061   4,773 470,321   0.044  20,582  25,355
---------------------------------------------------------------------

GOLD MINERAL RESOURCES
As at December 31, 2002                                     INFERRED
---------------------------------------------------------------------
                                                  Tons   Grade  Ounces
Based on attributable ounces                  (000's) (oz/ton)(000's)
---------------------------------------------------------------------
UNITED STATES
 Betze-Post                                     1,217   0.074      90
 Meikle                                         7,819   0.351   2,741
 Goldstrike Property Total                      9,036   0.313   2,831
 Round Mountain (50%)                           9,827   0.016     157
 Marigold (33%)                                29,583   0.014     402
---------------------------------------------------------------------
CANADA
 Eskay Creek                                       96   0.615      59
 Hemlo (50%)                                    4,001   0.137     550
 Holt-McDermott                                   509   0.257     131
---------------------------------------------------------------------
SOUTH AMERICA
 Pascua-Lama                                  126,841   0.027   3,475
 Veladero                                      78,211   0.024   1,894
 Pierina                                        1,134   0.020      23
 Alto Chicama                                  24,820   0.042   1,045
---------------------------------------------------------------------
AUSTRALIA
 Plutonic                                       7,333   0.161   1,183
 Lawlers                                        2,326   0.123     286
 Darlot                                            56   0.214      12
 Yilgarn District Total                         9,715   0.152   1,481
 Kalgoorlie (50%)                               6,779   0.050     342
 Cowal                                         29,462   0.033     967
---------------------------------------------------------------------
AFRICA
 Bulyanhulu                                     4,253   0.592   2,517
---------------------------------------------------------------------

OTHER                                             731   0.468     342
---------------------------------------------------------------------

TOTAL                                         334,998   0.048  16,216
---------------------------------------------------------------------

--30--LC/na*

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




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Gold  $ 1,243.63 -1.52 -0.12% Volume: December 13, 2017
ABX NYSE  $ 13.64 -0.01 -0.07% Volume: 8,130,588 December 12, 2017
ABX TSX  $ 17.55 +0.01 +0.06% Volume: 3,859,188 December 12, 2017
Gold  $ 1,243.63 -1.52 -0.12% Volume: December 13, 2017

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