news-details

Barrick Earns $54 Million or $0.10 Per Share in Fourth Quarter; Reserves Increase 6 Percent to 86.9 Million Ounces (Part 1 of 2)

February 12, 2003

TORONTO--(BUSINESS WIRE)--Feb. 12, 2003--Barrick (NYSE:ABX) (TSX:ABX)(LSE:ABX)(Swiss:ABX)(PARIS:ABX):

FOURTH QUARTER 2002

Based on US GAAP and expressed in US dollars.

Highlights

  • Net income totals $54 million, or 10 cents per share, for fourth quarter

  • Net income totals $193 million, or 36 cents per share, for full year

  • Operating cash flow totals $195 million, or 36 cents per share, for fourth quarter

  • Production totals 1.6 million ounces of gold for the quarter at $174 per ounce(1)

  • Reserves increase 6 percent to 86.9 million(2) ounces

  • Realized gold price during the quarter of $343 per ounce

  • Exercised option on Alto Chicama

Barrick Gold Corporation today reported earnings of $54 million ($0.10 per share) and operating cash flow of $195 million ($0.36 per share) for the fourth quarter ended December 31, 2002, compared to a net loss of $109 million ($0.20 per share) and operating cash flow of $107 million(1) ($0.20 per share) for the prior-year period.

Before unusual items and non-hedge related adjustments, Barrick reported fourth quarter income of $68 million(1) ($0.13 per share) compared to $37 million ($0.07 per share) in the fourth quarter 2001.

In the fourth quarter Barrick produced 1.6 million ounces of gold at total cash costs of $174 per ounce, compared to 1.5 million ounces at $160 for the prior-year quarter. Barrick reported a realized gold price of $343 per ounce for the fourth quarter, compared to a realized price of $319 for the prior-year period.

FULL YEAR 2002 RESULTS

For the year, the Company produced 5.7 million ounces of gold at an average cash cost of $177 per ounce, compared to 6.1 million ounces at a cash cost of $162 per ounce in 2001. Lower 2002 production was due largely to the phase-out of five mines over the course of the year as reserves were depleted. Higher cash costs were attributable to three main factors: increased application of deferred mining costs, lower grades processed during the year and the impact of rising gold prices, which increased royalty and mining tax payments.

For 2002, net income was $193 million ($0.36 per share), compared to $96 million ($0.18 per share) in 2001. Net income before unusual items and non-hedge-related adjustments was $199 million(1) ($0.37 per share), compared to $221 million ($0.41 per share) for the prior year. Operating cash flow was $589 million(3) ($1.09 per share) for 2002, compared to $588 million ($1.10 per share) in the prior year.

In a separate announcement earlier today, the Company said that Gregory Wilkins has been appointed President and Chief Executive Officer replacing Randall Oliphant. A long-time Director and former Chief Financial Officer of Barrick, Mr. Wilkins stated: "It is an exciting time in the gold industry and I intend to refocus the Company on the core values which served it so well in the past".

RESERVES

The Company reported proven and probable reserves of 86.9 million ounces(2), after producing 5.7 million ounces, compared to 82.3 million ounces of gold in 2001. The Company partially replaced production at its operating mines adding 3.5 million ounces, while adding 7.5 million ounces at its projects. "Our reserves increased in 2002, with the addition of Alto Chicama, discovered earlier in the year," said John Carrington, Vice Chairman and Chief Operating Officer. "Reserve additions at Alto Chicama and Veladero in South America, as well as net reserve additions from the Australian operations and a good year at Goldstrike drove the 6 percent increase in reserves."

FORWARD SALES PROGRAM

Spot gold prices increased to an average of $323 per ounce for fourth quarter 2002 (the highest quarterly spot gold price in five years), compared to $278 per ounce in the year-earlier period. Combining deliveries into the forward sales program with sales at the spot price, the Company realized an average price of $343 per ounce, $20 higher than the average spot price for the period. Overall for the quarter, the program generated an additional $31 million in revenue.

For the year, spot prices averaged $310 per ounce, compared to $271 per ounce the year earlier. The average realized price for the year was $339 per ounce, compared to $317 in 2001. In 2002, the program generated an additional $168 million in revenue.

The Company reduced its spot deferred position from 18.2 million ounces at year-end 2001, to 15.9 million ounces at year-end 2002. In addition, variable price sales contracts and call options outstanding at year-end 2002 declined to 2.2 million ounces from 5.9 million ounces. Overall for 2002, the Company reduced its total position by 6 million ounces. At year end, the unrealized mark-to-market was negative $639 million based on a spot gold price of $347 per ounce.

The Company's spot deferred sales contracts have the option to deliver against the hedge program, or at the spot gold price - whichever is higher. "With gold prices rising to six-year highs in early 2003," said Jamie Sokalsky, Senior Vice President and Chief Financial Officer, "we are now selling 100 percent of our production at today's higher spot gold price." The Company will manage the position with the goal of reducing the size of the program over time; however, the timing is dependent on spot gold prices.

Higher gold prices in 2002 enabled the Company to further strengthen its A-rated balance sheet, increasing its cash position to $1.04 billion and its net cash position (after long-term debt) to $263 million.

In third quarter 2002, the Company announced a $2 billion, four-mine development program expected to bring an annual average of approximately 2 million ounces of gold into production, at an average cash cost of $125 per ounce over their first decade of operation. Having reached several significant development milestones in 2002, the Company anticipates additional progress in 2003 on both permitting and project construction.

On the operational front, the Company projects first quarter 2003 production of 1.2 million ounces, the lowest of the year, due primarily to lower grades at Goldstrike and Pierina during the first quarter. As a result, it expects cash costs of $190 to $195 per ounce, and total production costs of $290 to $295 per ounce for the first quarter. For the full year, production is expected to total 5.4 to 5.5 million ounces, at cash costs of $180 to $190 per ounce and total production costs of $275 to $285. The lower production year-over-year is primarily due to the closure of five mines during 2002, while the higher cash costs primarily relate to the impact of higher gold prices increasing royalties, production taxes and other costs.

Barrick's shares are traded under the ticker symbol ABX on the Toronto, New York, London and Swiss Stock exchanges and the Paris Bourse.

(1) For an explanation of non-GAAP performance measures refer to pages 14-15 of the management's discussion and analysis.

(2) Calculated 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 SEC, applies different standards in order to classify mineralization as a reserve. Accordingly, for U.S. reporting purposes, Alto Chicama and Veladero are classified as mineralized material. For additional information on reserves see the table and related footnotes on pages 39-42.

(3) Historically we classified deferred stripping expenditures as part of payments for property, plant and equipment in investing activities. In fourth quarter 2002, we reclassified these cash outflows under operating activities for all periods presented to reflect the operating nature of stripping activities.

Certain statements included herein, including those regarding, production 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 Form 40-F/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.

Barrick expressly disclaims any intention or obligation to update or revise any forward looking statements whether as a result of new information, events or otherwise.

Key Statistics

(in United States dollars,               Three months   Twelve months
 US GAAP basis)                        ended Dec. 31,  ended Dec. 31,
---------------------------------------------------------------------
(Unaudited)                              2002    2001    2002    2001
---------------------------------------------------------------------
Operating Results
Gold production (thousands of ounces)   1,596   1,504   5,695   6,124
Gold sold (thousands of ounces)         1,540   1,624   5,805   6,278

Per Ounce Data
 Average spot gold price                $ 323   $ 278   $ 310   $ 271
 Average realized gold price              343     319     339     317
 Cash operating costs (3)                 166     154     170     155
 Total cash costs (1) (3)                 174     160     177     162
 Total production costs (3)               267     252     268     247
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Financial Results (millions)
Gold sales                              $ 526   $ 506 $ 1,967 $ 1,989
Net income before unusual items &
 non-hedge derivative
 gains (losses) (3)                        68      37     199     221
Net income (loss)                          54   (109)     193      96
Operating cash flow excluding payments
 of previously accrued merger
 related costs (3)                        207     120     639     601
Operating cash flow (4)                   195     107     589     588

Per Share Data (dollars)
 Net income before unusual items &
  non-hedge derivative gains
  (losses) (3)                           0.13    0.07    0.37    0.41
 Net income (loss) (basic and diluted)   0.10  (0.20)    0.36    0.18
 Operating cash flow excluding
  payments of previously accrued
  merger related costs (3)               0.38    0.22    1.18    1.12
 Operating cash flow                     0.36    0.20    1.09    1.10
Common shares outstanding
 (as at Dec. 31) (millions)(2)            542     536     542     536
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                                       As at    As at
                                    Dec. 31, Dec. 31,
-----------------------------------------------------
                                        2002     2001
-----------------------------------------------------

Financial Position (millions)
Cash and equivalents                 $ 1,044    $ 574
Working capital                          869      579
Long-term debt                           761      793
Shareholders' equity                   3,334    3,192
-----------------------------------------------------

(1) Includes royalties and production taxes.
(2) Includes shares issuable upon exchange of HCI (Homestake
    Canada Inc.) exchangeable shares.
(3) For an explanation of non-GAAP performance measures refer to pages
    14-15 of management's discussion and analysis.
(4) Historically we classified deferred stripping expenditures as part
    of payments for property, plant and equipment in investing
    activities. In fourth quarter 2002, we reclassified these cash
    outflows under operating activities for all periods presented to
    reflect the operating nature of stripping activities.


Production and Cost Summary

                             Production              Total Cash Costs
                          (attributable ounces)            (US$/oz)
---------------------------------------------------------------------
                 3 months           12 months      3 months 12 months
                   ended              ended           ended     ended
                   12/31,              12/31,        12/31,    12/31,
---------------------------------------------------------------------
(Unaudited)    2002      2001      2002      2001 2002 2001 2002 2001
---------------------------------------------------------------------
North America
 Betze-Post 406,224   366,069 1,409,985 1,549,975 $220 $198 $228 $215
 Meikle     192,631   157,111   640,336   712,688  184  162  198  147
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 Goldstrike
  Property
  Total     598,855   523,180 2,050,321 2,262,663  209  187  218  193
 Eskay
  Creek      96,954    82,474   358,718   320,784   51   41   40   49
 Round
  Mountain   88,614    72,454   377,747   373,475  212  221  187  187
 Hemlo       83,179    90,638   269,057   307,514  184  163  224  196
 Holt-
  McDermott  21,502    26,309    83,577    83,577  193  152  173  165
---------------------------------------------------------------------
            889,104   795,055 3,139,420 3,348,013  182  175  193  179
---------------------------------------------------------------------
South America
 Pierina    281,188   219,207   898,228   911,076   95   40   80   40
Australia
 Plutonic    84,018    61,577   307,377   288,360  187  181  184  166
 Darlot      40,061    29,963   145,443   125,024  163  194  168  173
 Lawlers     28,571    32,681   113,291   103,915  188  159  179  191
---------------------------------------------------------------------
 Yilgarn
  District
  Total     152,650   124,221   566,111   517,299  174  177  178  173
 Kalgoorlie  98,356    92,958   360,025   384,362  231  247  222  203
---------------------------------------------------------------------
            251,006   217,179   926,136   901,661  200  210  196  186
---------------------------------------------------------------------
Africa
 Bulyanhulu
 (1)        100,776    92,612   356,319   241,575  185  189  198  197
Other/Mines
 closing in
 2002        73,443   179,838   374,774   721,771  188  211  189  198
---------------------------------------------------------------------
Total     1,595,517 1,503,891 5,694,877 6,124,096 $174 $160 $177 $162
---------------------------------------------------------------------

(1) Commenced production April 2001

                               Consolidated Production Costs (US$/oz)
---------------------------------------------------------------------
                                    3 months ended    12 months ended
                                            12/31,             12/31,
---------------------------------------------------------------------
(Unaudited)                         2002      2001      2002     2001
---------------------------------------------------------------------
 Direct mining costs               $ 164     $ 162     $ 180    $ 158
 Applied stripping                    20         8        10        7
 By-product credits                 (18)      (16)      (20)     (10)
---------------------------------------------------------------------
Cash operating costs                 166       154       170      155
 Royalties                             7         5         6        6
 Production taxes                      1         1         1        1
---------------------------------------------------------------------
Total cash costs                     174       160       177      162
 Amortization                         88        84        85       76
 Reclamation                           5         8         6        9
---------------------------------------------------------------------
Total production costs             $ 267     $ 252     $ 268    $ 247
---------------------------------------------------------------------

Management's Discussion and Analysis of Financial and Operating Results

What follows is a discussion and analysis of the factors contributing to the results of operations in fourth quarter 2002.

OVERVIEW

For fourth quarter 2002, we produced 1.6 million ounces of gold at total cash costs of $174 per ounce, compared to 1.5 million ounces of gold at $160 per ounce in fourth quarter 2001. Net income was $54 million ($0.10 per share), compared to a net loss of $109 million ($0.20 per share) for fourth quarter 2001. Before unusual items and non-hedge derivative gains/(losses), net income was $68 million(1) ($0.13 per share), compared to $37 million ($0.07 per share) for the year-earlier period. In fourth quarter 2002, operating cash flows totaled $195 million(2) ($0.36 per share), compared to $107 million ($0.20 per share) for fourth quarter 2001.

(1) For an explanation of non-GAAP performance measures refer to pages 14-15 of the management's discussion and analysis.

(2) Refer to page 22, Note 2C for an explanation of a change in the presentation of operating cash flow.

GOLD SALES

Revenue for fourth quarter 2002 reached $526 million on gold sales of 1.54 million ounces, up from $506 million in revenue on 1.62 million ounces for fourth quarter 2001. Higher revenue for the 2002 quarter resulted from a $24 per ounce, or 8 percent, increase in the average realized price, partially offset by a 5 percent decrease in gold sales. The increase in our average realized price is due principally to higher spot gold prices, which averaged $323 per ounce for the quarter, compared to $278 per ounce in the year-earlier period. Combining deliveries from our forward sales program and spot gold sales, we realized $20 per ounce more than the average spot price for the period, generating an additional $31 million in revenue.

During the fourth quarter we reduced our forward sales position by

  • 1.0 million ounces, through deliveries, to 15.9 million ounces at year-end, deliverable over the next 15 years at an average price of $341 per ounce.

REVIEW OF OPERATIONS AND EXPLORATION AND DEVELOPMENT PROJECTS

The operations on a whole reported better fourth quarter results than third quarter 2002. Overall for the year, production was on plan, while cash costs were $10 per ounce higher than our original plan.

---------------------------------------------------------------------
                                        Q4 2002    Q4 2001       2002
---------------------------------------------------------------------
Production                            1,595,517  1,503,891  5,694,877
Total cash cost / oz                       $174       $160       $177
---------------------------------------------------------------------

During the quarter, we focused on advancing our $2 billion, four-mine growth plan: Alto Chicama in north-central Peru, Cowal in Australia, and Veladero and Pascua-Lama on the border of Chile/Argentina. We expect to bring these four projects into production between 2005 and 2008, adding a total of approximately 2 million ounces of annual production at an estimated average cash cost for the first ten years of production at approximately $125 per ounce, with higher production and lower cash costs in the early years. In December 2002 we exercised our option on Alto Chicama, acquiring the mineral rights to the property. At Veladero, we have submitted our Environmental Impact Statement. Optimization work continues at Cowal and Pascua-Lama.

Goldstrike Property (Nevada)


---------------------------------------------------------------------
                                        Q4 2002    Q4 2001       2002
---------------------------------------------------------------------
Production                              598,855    523,180  2,050,321
Total cash cost / oz                       $209       $187       $218
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  • Fourth quarter production and cash costs were in line with the September forecast.

  • Higher production for fourth quarter 2002, compared to the year-earlier quarter, reflects the increase in throughput (6%) from both the open pit and underground, made possible by the productivity improvements at the roaster and marginally better grade. The higher cash costs reflect higher energy costs for the Property (electricity and diesel), a higher mining strip ratio in the open pit and higher unit mining costs in the underground, partially offset by lower processing and administration costs.

  • The Property added nearly 2 million ounces to reserves (Betze-Post - 1.3 million ounces and Meikle - 642,000 ounces). Property reserves stand at 19.9 million ounces at the end of 2002.

  • For 2003, Goldstrike is expected to produce 2,115,000 ounces at a cash cost of $225 per ounce.

Betze-Post (Goldstrike Property)


---------------------------------------------------------------------
                                        Q4 2002    Q4 2001       2002
---------------------------------------------------------------------
Production                              406,224    366,069  1,409,985
Total cash cost / oz                      $ 220      $ 198      $ 228
---------------------------------------------------------------------

  • Fourth quarter production was higher than the September forecast (4%), primarily due to higher tons processed (2%) and grades (4%), partially offset by lower recovery rates (3%). Cash costs were on forecast.

  • Production in fourth quarter 2002 was higher than the year-earlier quarter (11%), due to higher grades processed (5%) and increased throughput at the roaster facility (4%).

  • Higher costs compared to the year-earlier quarter relate to the planned increase in the strip ratio (ounces recovered to material mined) and higher energy costs (electricity and diesel), partially offset by lower unit mining, processing and administration costs. Costs were also impacted by higher spot gold prices during the quarter, which resulted in higher royalties and net proceeds taxes.

  • Production for 2003 is expected to rise to 1,495,000 ounces of gold at similar cash costs of $228 per ounce. The increase in production is due to marginally better throughput and recovery rates.

Meikle (Goldstrike Property)

---------------------------------------------------------------------
                                        Q4 2002    Q4 2001       2002
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Production                              192,631    157,111    640,336
Total cash cost / oz                      $ 184      $ 162      $ 198
---------------------------------------------------------------------

  • Fourth quarter production was lower (5%) than the September forecast, while cash costs were on forecast. The Mine continued to encounter difficulty mining remnant ore in the main Meikle zone.

  • The fourth quarter results were a substantial improvement over third quarter 2002, in which production totaled 150,000 ounces at cash costs of $206 per ounce.

  • Higher cash costs in fourth quarter 2002 compared to the year-earlier quarter are primarily due to higher unit mining costs related to higher ground support and backfill costs.

  • With drilling to better define mineralization at the Banshee target nearly complete, a decision on a Meikle-to-Banshee access drift is expected in 2003.

  • Production for 2003 is expected to decline to 620,000 ounces as cash costs rise to $219 per ounce. The lower production and higher costs relate to the decline in grades processed (7%), as the underground mine moves to reserve grade in 2003.

Eskay Creek (British Columbia)

---------------------------------------------------------------------
                                        Q4 2002    Q4 2001       2002
---------------------------------------------------------------------
Production                               96,954     82,474    358,718
Total cash cost / oz                       $ 51       $ 41       $ 40
---------------------------------------------------------------------

  • Production for fourth quarter 2002 was higher (4%) than the September forecast, while cash costs were marginally lower, despite an ongoing strike at a third-party smelter that treats Eskay Creek ore.

  • The increase in production in fourth quarter 2002 related to higher (11%) mining and processing rates over the previous year, partially offset by lower gold grades.

  • Fourth quarter cash costs were higher than the year-earlier quarter, due to higher unit costs and higher smelter costs primarily related to the smelter strike, marginally offset by higher silver by-product credits.

  • Though the strike continues at our primary smelter, processing rates are back to pre-strike levels. We anticipate being able to sustain these rates through 2003.

  • Year-end reserves consisted of 1.4 million ounces of gold and

  • 64.4 million ounces of silver, reflecting a gain of 41,000 and

  • 3.6 million ounces respectively, net of production. The 2003 exploration program includes funding to follow up encouraging intersections made during the 2002 program.

  • For 2003, production is expected to increase to 363,000 ounces at a cash cost of $64 per ounce. The higher costs are primarily due to lower silver by-product credits.

Round Mountain (Nevada) (50% share)



---------------------------------------------------------------------
                                        Q4 2002    Q4 2001       2002
---------------------------------------------------------------------
Production                               88,614     72,454    377,747
Total cash cost / oz                      $ 212      $ 221      $ 187
---------------------------------------------------------------------

  • Fourth quarter 2002 production and cash costs were in line with the September forecast.

  • Higher production and lower cash costs in fourth quarter 2002 related to higher mill production due to higher throughputs and grades compared to the year-earlier period.

  • The Mine partially replaced production in 2002 (207,000 ounces) resulting in reserves at year-end of almost 1.9 million ounces of gold.

  • A scoping study was completed in the fourth quarter for Gold Hill (five miles from the Round Mountain deposit) based on encouraging drill results during the year. A 2003 drill program will further test the potential economics of this pit.

  • The Mine had another record year in 2002 and expects to produce 363,000 ounces at a cash cost of $198 per ounce in 2003.

Hemlo (Ontario) (50% share)

---------------------------------------------------------------------
                                        Q4 2002    Q4 2001       2002
---------------------------------------------------------------------
Production                               83,179     90,638    269,057
Total cash cost / oz                      $ 184      $ 163      $ 224
---------------------------------------------------------------------

  • Fourth quarter production and cash costs were in line with the September forecast as higher grade stopes deferred from earlier in the year were mined in the fourth quarter.

  • The fourth quarter results were a substantial improvement over third quarter 2002, in which production totaled 63,000 ounces at cash costs of $244 per ounce. The better results reflect better grades (21%), higher throughput (9%) and lower unit mining costs.

  • As a result of the ground control problems that began early in the year, we undertook several studies to determine how best to mitigate those issues. A revised mine sequence, new backfill methods and improved planning should provide the foundation for more secure and predictable results from the underground operation in the future.

  • Higher production and lower costs in fourth quarter 2001 were primarily due to a high-grade stope mined in the quarter that increased the average grade processed 10 percent above fourth quarter 2002.

  • Year-end reserves for the Mine are 2.1 million ounces, 400,000 ounces lower than the year earlier. This reduction was a result of production and the adjustment of mining recovery rates in those areas affected by ground control problems, which resulted in 115,000 ounces being removed from reserves.

  • For 2003, production is expected to decline to 253,000 ounces of gold, while cash costs are projected to increase to $231 per ounce. The lower production and higher costs are due to lower grades processed (10%), partially offset by higher mining and processing rates and lower unit mining costs in the underground.

Holt-McDermott (Ontario)


---------------------------------------------------------------------
                                        Q4 2002    Q4 2001       2002
---------------------------------------------------------------------
Production                               21,502     26,309     83,577
Total cash cost / oz                      $ 193      $ 152      $ 173
---------------------------------------------------------------------

  • For fourth quarter 2002, production was below plan (3%), while cash costs were slightly higher, due to lower grades processed.

  • The Mine continues to experience lower grades due to dilution in the current mining areas.

  • For 2003, production is expected to be 97,000 ounces, due to higher-grade stopes being accessed during the year. Cash costs are expected to rise to $218 per ounce as a result of the expensing, due to the short reserve life, of development costs.

Pierina (Peru)

---------------------------------------------------------------------
                                        Q4 2002    Q4 2001       2002
---------------------------------------------------------------------
Production                              281,188    219,207    898,228
Total cash cost / oz                       $ 95       $ 40       $ 80
---------------------------------------------------------------------

  • Fourth quarter 2002 production was well ahead of the September forecast (26%) and significantly higher than the original plan for the year (21%). Cash costs were higher than the revised forecast due to $6 million ($21 per ounce) accrued in fourth quarter 2002 due to additional costs related to a tax assessment received late in the year.

  • Higher production compared to the year-earlier quarter relates to mining more tons (10%) at higher grade (3%), while cash costs increased due to the first year of amortization of deferred mining costs.

  • Reserves at year's end stood at 3.6 million ounces, lower than the previous year due to production.

  • 2003 is expected to be the final year of the high production levels the Mine has experienced since opening in late 1998, with production of 908,000 ounces of gold. Beginning in 2004, the Mine is expected to move to lower grades in the open pit, resulting in lower production and marginally higher cash costs. For 2003 cash costs are expected to be $86 per ounce.

Yilgarn District (Western Australia)
Plutonic

---------------------------------------------------------------------
                                        Q4 2002    Q4 2001       2002
---------------------------------------------------------------------
Production                               84,018     61,577    307,377
Total cash cost / oz                      $ 187       $181      $ 184
---------------------------------------------------------------------

  • Fourth quarter 2002 production was lower (13%) than the September forecast due to delays in accessing higher grade underground stopes as planned. Despite the lower production, cash costs were in line with forecast.

  • To compensate for changes in underground mine sequencing that resulted in lower underground grades mined, the Mine kept open a second mill scheduled for mid-year closure, accelerated the mining of several satellite open pit deposits and processed low-grade stockpiles to meet its production target.

  • Higher production compared to the year-earlier quarter reflects the higher mining rate in the underground and an increase in overall grade processed, partially offset by lower recoveries.

  • The Mine reported another strong year on the reserve front, adding almost one million ounces to reserves, increasing reserves net of production to a total of 2.5 million ounces.

  • For 2003, production is expected to decline to 295,000 ounces at a cash cost of $194 per ounce due to lower throughput based on the decision to increase residence time in mill 1 in order to optimize recoveries.

Darlot

---------------------------------------------------------------------
                                        Q4 2002    Q4 2001       2002
---------------------------------------------------------------------
Production                               40,061     29,963    145,443
Total cash cost / oz                      $ 163      $ 194      $ 168
---------------------------------------------------------------------

  • Fourth quarter 2002 production was higher than the September forecast (8%), due to higher grades and throughput. Cash costs were lower than forecast due to higher production.

  • Production in fourth quarter 2002 was higher (34%) than the year-earlier period, primarily due to higher grades mined (24%). Cash costs were lower than the prior year period, due to higher production partially offset by increased unit mining costs and stronger exchange rates.

  • Reserves at year-end stood at 1.3 million ounces, marginally lower than the year-earlier period as the mine replaced half of 2002 production.

  • For 2003, the Mine is expected to produce 143,000 ounces at a cash cost of $176 per ounce.

Lawlers


---------------------------------------------------------------------
                                        Q4 2002    Q4 2001       2002
---------------------------------------------------------------------
Production                               28,571     32,681    113,291
Total cash cost / oz                      $ 188      $ 159      $ 179
---------------------------------------------------------------------

  • Fourth quarter 2002 production and cash costs were marginally better than the September forecast, due to higher grades than plan, partially offset by the lower processing rate.

  • Production in fourth quarter 2002 was lower than the year-earlier period, while cash costs were higher due to lower grades (7%), higher unit processing and royalty costs, and the stronger exchange rate.

  • The Mine replaced reserves in 2002, finishing the year with reserves of half a million ounces.

  • For 2003, production is expected to be similar to this year at 111,000 ounces, while cash costs are expected to increase to $213 per ounce, due to higher mining and processing rates and lower grades than 2002.

Kalgoorlie - Super Pit (Western Australia) (50% share)

---------------------------------------------------------------------
                                        Q4 2002    Q4 2001       2002
---------------------------------------------------------------------
Production                               98,356     92,958    360,025
Total cash cost / oz                      $ 231      $ 247      $ 222
---------------------------------------------------------------------

  • Fourth quarter 2002 production and cash costs were lower than the September forecast (10%) due to lower-than-planned recovery rates.

  • Production in fourth quarter 2002 was up (6%) over the year-earlier period due to higher throughput (5%) and grades (3%). Cash costs were down (7%), primarily due to higher production, coupled with lower unit mining costs attributable to the commissioning of four new haul trucks during the quarter.

  • A joint venture committee exploring operating initiatives aimed at improving the Mine's cost structure and operating system is expected to make its recommendations in the first half of 2003.

  • The Mine replaced 60 percent of production during the year through exploration, ending the year with reserves of 5.6 million ounces attributable to Barrick.

  • For 2003, production is expected to decline to 344,000 ounces as cash costs increase to $237 per ounce. The lower production and higher costs are primarily due to lower recovery rates and higher unit mining and processing costs.

Bulyanhulu (Tanzania)


---------------------------------------------------------------------
                                        Q4 2002    Q4 2001       2002
---------------------------------------------------------------------
Production                              100,776     92,612    356,319
Total cash cost / oz                      $ 185      $ 189      $ 198
---------------------------------------------------------------------

  • Fourth quarter production was higher and cash costs lower than the September forecast due to a combination of higher processing rates and grades.

  • The higher grades reflect the transition to higher grade long-hole stoping areas from lower grade development ore and stockpiled material.

  • The recovery rate for fourth quarter 2002 averaged 86.2 percent, up from 84.4 percent for the year-earlier period, but one percent lower than plan.

  • The higher recovery rates over the prior period reflect the completion of process facility modifications at the end of second quarter 2002. The Mine continues to optimize the circuit to produce consistently higher recovery rates.

  • Reserves total 11.7 million ounces at the end of 2002, as the mine did not replace production during the year. Drilling of the deeper portions of the ore body is not expected to take place until those areas are developed.

  • For 2003, production is expected to increase to 415,000 ounces, while cash costs are expected to decline (12%) to $175 as mining and processing rates, grades and recovery rates continue to improve.

Other Properties

---------------------------------------------------------------------
                                        Q4 2002    Q4 2001       2002
---------------------------------------------------------------------
Production                               73,443    179,838    374,774
Total cash cost / oz                       $188       $211       $189
---------------------------------------------------------------------

  • Fourth quarter 2002 production was higher, while cash costs were in line with the September forecast.

  • Lower production during fourth quarter 2002, compared to the year-earlier quarter, was due to the closure of five mines since fourth quarter 2001.

  • Marigold, the only mine remaining in production in this category, is expected to produce 45,000 ounces in 2003 at an expected cash cost of $170 per ounce.

DEVELOPMENT AND EXPLORATION UPDATE


---------------------------------------------------------------------
                                    Alto                      Pascua-
Estimated                        Chicama     Cowal  Veladero     Lama
---------------------------------------------------------------------
Production (000's oz.)(A)            500       270       530      800
Cash costs ($ per oz.)(A)           $130      $170      $155      $85
Capital cost ($ millions)       $300-350      $180      $425   $1,175
Production start-up                 2005      2005      2006     2008
---------------------------------------------------------------------

(A) Average for the first decade of operation

On September 17, 2002, we announced our growth plan, consisting of development targets and timelines for four new mines over the next five years, subject to Board approval and final permitting. Alto Chicama, Peru

In September we announced an updated resource classification of Alto Chicama, calculating an indicated resource of 103 million tons grading 0.056 ounces per ton for 5.74 million ounces, and an inferred resource of 33 million tons grading 0.046 ounces per ton totaling 7.3 million ounces. Further infill drilling to 50 meter centers and completion of a pre-feasibility study has now produced a proven and probable oxide reserve of 121 million tons at an average grade of

  • 0.054 ounces per ton, for a mineable reserve of 6.5 million ounces.(2) Total measured and indicated resources now stand at 2.0 million ounces of gold, with total inferred resources at 1.0 million ounces of gold. Metallurgical tests continue to indicate the ore is amenable to heap leaching.

We estimate Alto Chicama will produce 500,000 ounces per year at an average cash cost over the first decade of $130 per ounce. Capital costs are projected at $300-to-$350 million.

Work in the quarter focused on infill drilling, mine planning and condemnation drilling. Geotechnical and engineering studies are being undertaken. Step-out drilling is in progress to refine pit limits and mine planning.

For 2003, the focus of the Project will be to complete the Environmental Impact Statement and a final feasibility study.

(2) Calculated 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 SEC, applies different standards in order to classify mineralization as a reserve. Accordingly, for U.S. reporting purposes, Alto Chicama and Veladero are classified as mineralized material. For additional information on reserves see the table and related footnotes on pages 39-42.

Pascua/Veladero (Chile and Argentina)

The Pascua/Veladero District is one of the largest undeveloped gold districts in the world, with over 25 million ounces of gold reserves.

The Veladero project final feasibility study was completed during third quarter 2002, providing the basis for ongoing development. The Environmental Impact Statement for the project has been submitted. Access road and camp infrastructure construction have commenced. The feasibility study envisions a valley-fill heap leach with two-stage crushing, similar to the Pierina Mine. Capital cost estimates for construction are $425 million.

Veladero's mineable reserves are now estimated at 254 million tons, grading 0.037 ounces per ton for a total of 9.4 million ounces(2), compared to 8.4 million ounces in 2001. Production is expected to average 530,000 ounces per year for 13 years, at an average cash cost of $155 per ounce. Lower cash costs are expected in the earlier years of the mine life.

With the opportunity to take a unified approach to the development of Pascua/Veladero, we are studying the potential for synergies in terms of infrastructure, administrative support and construction activities.

Veladero is scheduled to commence production in early 2006, with operations at Pascua-Lama commencing in 2008.

At Pascua-Lama, activity has increased on the project optimization for capital and operating costs, with a focus on synergies with Veladero and assessing the impact of the Argentine peso devaluation. We estimate that Pascua-Lama will produce 800,000 ounces per year at an average cash cost of $85 per ounce over its first decade of production, with higher production and lower costs in the early years.

Cowal (Australia)

In 2002, we continued a comprehensive program of drilling and engineering studies to optimize the project and update the feasibility study. By the end of 2002 we had completed 120 new drill holes (50,000 meters) designed to infill previous drilling; to collect samples for metallurgical testing; and for engineering and hydrological studies. Currently, there are 10 drills at work on the Cowal property. We are also progressing on final permitting matters, including a number of ancillary licenses and permits that are conditions of the development consent. The updated feasibility study is expected to be completed by mid-2003. Construction is expected to begin in the second half of 2003, with production start-up planned for mid-2005. We project capital costs of $180 million to bring Cowal into production.

Australia

The geochemical sampling program along the 50-kilometre long Bramall Trend on the Tanami joint venture in Northern Territory/Western Australia was completed during fourth quarter 2002, identifying drill targets for testing in 2003.

Tanzania

In fourth quarter 2002, a drill program was carried out on a property in the Geita East area. A reverse circulation (RC) and diamond drill program was carried out on the Tulawaka property to test soil anomalies, as well as West Zone mineralization. The technical aspect of the feasibility study is now complete and focus is now on the completion of the Environmental Impact Statement.

United States

A drill program was completed at the Dee and Rossi properties in fourth quarter 2002. An underground drill program is planned in 2003 to upgrade the Storm resource.

At Ren, the fourth quarter drill program produced positive results. Follow-up drilling is planned in 2003.

AMORTIZATION

Amortization totaled $144 million, or $88 per ounce in fourth quarter 2002, compared to $144 million, or $84 per ounce in the year-earlier quarter. The increase in amortization per ounce is primarily due to higher amortization at Goldstrike with the completion of construction of Rodeo in 2001 and the reduction of reserves at Meikle.

ADMINISTRATION

In fourth quarter 2002, administration costs were $15 million, a decrease of $5 million, or 25 percent lower than the year-earlier period, reflecting the effect of integrating Barrick and Homestake and the associated administrative synergies.

INTEREST AND OTHER INCOME

The principal component of interest and other income is interest received on cash and short-term investments.

INTEREST ON LONG-TERM DEBT

We incurred $15 million in interest costs in both fourth quarter 2002 and 2001, related primarily to our $500 million of debentures, and the $200 million Bulyanhulu project financing. In fourth quarter 2001, $8 million of interest costs were capitalized at Rodeo, Bulyanhulu and Pascua; in 2002, $2 million was capitalized at Cowal.

NON-HEDGE DERIVATIVE GAINS (LOSSES)

The total mark-to-market loss on the non-hedge derivative positions included in fourth quarter 2002 earnings was $14 million, compared with a gain of $3 million in the prior-year period.

The principal components of the mark-to-market gains and losses are changes in currency, commodity, and interest and lease rate contracts, and exclude our normal sales contracts.

The Company's spot deferred contracts are considered normal sales contracts and are therefore not marked to market through earnings. The unrealized negative mark-to-market on the gold contracts totaled approximately $639 million at the end of the year (based on a gold price of $347 per ounce), while the unrealized mark-to-market gain on the silver contracts was $7 million (see "Hedging" - page 16).

INCOME TAXES

In fourth quarter 2002, we recorded a net tax credit of $22 million, principally reflecting the net impact of the outcome of certain tax uncertainties. Excluding this amount, the decline in our effective tax rate compared to the year-earlier period is primarily due to a higher portion of earnings being realized in lower tax rate jurisdictions, and the benefit of tax synergies associated with the Homestake merger, primarily related to integrating our North American operations. Should gold prices remain at the higher current levels, we would expect the effective tax rate to rise, with a higher portion of earnings being earned in higher tax jurisdictions, including the United States, Canada, Australia, Peru and Tanzania.

LIQUIDITY AND CAPITAL RESOURCES

We believe our ability to generate cash flow from operations to reinvest in our business is one of our fundamental financial strengths. Combined with our large cash balance of $1,044 million at December 31, 2002, and our $1 billion undrawn bank facility, renewed on April 29, 2002 for another five-year term, we have sufficient access to capital resources if required. We anticipate that our operating activities in 2003 will continue to provide us with cash flows necessary for continued development of internal projects and in the event of any potential acquisitions.

We generated operating cash flow of $195 million in fourth quarter 2002, compared to $107 million in the year-earlier period. With a portion of our gold expected to be sold at spot market prices through 2003, the fluctuation in gold prices will affect the amount of our operating cash flow through the year.

INVESTING ACTIVITIES

Our principal investing activities are for sustaining capital at our existing operating properties, new mine development and property and company acquisitions.

Capital Expenditures

Capital expenditures for the fourth quarter 2002 totaled $62 million, compared to $87 million in the same period in 2001. The decline is principally due to higher activity at Bulyanhulu and Pascua in fourth quarter 2001. Principal expenditures in fourth quarter 2002 included $18 million in North America, comprised primarily of underground development at Goldstrike. In Tanzania, capital expenditures included $12 million spent at the Bulyanhulu Mine on underground development. In Australia, capital expenditures were $24 million primarily for underground development and new mining equipment, while in South America capital expenditures totaled $8 million, primarily at Pierina and Alto Chicama ($6 million) and engineering and development work at Pascua-Lama ($2 million).

FINANCING ACTIVITIES

During fourth quarter 2002, our cash outflow from financing activities was $81 million, compared with an outflow of $173 million in the year-earlier period. The higher outflow in fourth quarter 2001, principally related to repayment of long-term debt obligations.

OUTLOOK

We believe considerable growth opportunities exist within our existing asset base. Our assumption is that consolidation and rationalization of the gold industry will continue. Our strong balance sheet and substantial cash flow position us to participate in that consolidation should we choose, in ways that add value to our Company.

For 2003, a minimum of 50 percent of production is expected to be sold at spot gold prices. The balance of production is expected to be sold at the higher of spot gold prices or our average $340 per ounce hedge price. We will manage the position with the goal of reducing the size of the program over time; however, the timing is dependent on spot gold prices.

Overall for 2003, we expect to produce 5.4 to 5.5 million ounces at an average cash cost of $180 to $190 per ounce and a total production cost of $275 to $285 per ounce. We expect exploration and business development expenses to be approximately $100-$110 million. Administration expense for the year is expected to be approximately $70 million, reclamation expense approximately $25 million and interest expense (including accretion expense) approximately $70 million. Interest income is expected to be approximately $25 million, while at $350 per ounce gold, our tax rate is expected to be between 15 and 20 percent. Capital expenditures for the year are expected to total $218 million at our existing operations, and a further $168 million at the four development projects, for a total of $386 million.

Overall, we enter 2003 with a strong balance sheet, a portfolio of high-quality, long-life properties, a promising growth pipeline with a strategy to bring it on stream - and a cash position of $1,044 million, with no net debt.

NON-GAAP MEASURES

We have included measures of earnings before non-hedge derivative gains and losses and operating cash flow excluding payments of previously accrued merger related costs, because we believe that this information will assist investors' understanding of the level of our core earnings and to assess our performance in 2002 compared to the prior year. We believe that conventional measures of performance prepared in accordance with United States generally accepted accounting principles ("GAAP") do not fully illustrate our core earnings. These non-GAAP performance measures do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Below is a reconciliation of these non-GAAP performance measures.

Reconciliation of Net Income Before Unusual Items and
 Non-Hedge Derivative Transactions to GAAP Net Income
---------------------------------------------------------------------
(in millions of
 United States       Three months ended Dec. 31,  Year ended Dec. 31,
 dollars)                       2002        2001      2002       2001
---------------------------------------------------------------------
Net income before unusual
 items and non-hedge
 derivative gains (losses)      $ 68        $ 37     $ 199      $ 221
Unusual items (net of tax
 effects):
  Merger and related costs         -       (107)         -      (107)
  Litigation                       -        (42)         -       (42)
Non-hedge derivative
 gains (losses)                 (14)           3       (6)         24
---------------------------------------------------------------------
Net income (loss) for the
 period                         $ 54     $ (109)     $ 193        $96
---------------------------------------------------------------------


Reconciliation of Free Cash Flow to Operating Cash Flow
---------------------------------------------------------------------
(in millions of
 United States       Three months ended Dec. 31,  Year ended Dec. 31,
 dollars)                       2002        2001      2002       2001
---------------------------------------------------------------------
Free Cash Flow                 $ 133        $ 20     $ 361      $ 114
Capital Expenditures and
 Mine Development Costs           62          87       228        474
---------------------------------------------------------------------
Operating cash flow            $ 195       $ 107     $ 589      $ 588
---------------------------------------------------------------------


Reconciliation of Operating Cash Flow Excluding Payments of
 Previously Accrued Merger Related Costs to Operating Cash Flow
---------------------------------------------------------------------
(in millions of
 United States       Three months ended Dec. 31,  Year ended Dec. 31,
 dollars)                       2002        2001      2002       2001
---------------------------------------------------------------------
Operating cash flow
 excluding payments of
 previously accrued merger
 related costs                 $ 207       $ 120     $ 639      $ 601
Payments of previously
 accrued merger related
 costs                          (12)        (13)      (50)       (13)
---------------------------------------------------------------------
Operating cash flow            $ 195       $ 107      $589      $ 588
---------------------------------------------------------------------

We have included cash costs per ounce data because we understand that certain investors use this information to determine the Company's ability to generate cash flow for use in investing and other activities. We also make reference to the term "free cash flow", which we define as cash flow from operations less cash used in the purchase of property, plant and equipment. This cash is available to reinvest in our business or to return to shareholders, either through dividends or share repurchases.

We believe that conventional measures of performance prepared in accordance with GAAP do not fully illustrate the ability of the operating mines to generate cash flow. The data is intended 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.

Reconciliation of Total Cash Costs Per Ounce to Financial Statements
---------------------------------------------------------------------
(in millions of
 United States
 dollars except   Three months ended Dec. 31,     Year ended Dec. 31,
 per ounce amounts)         2002         2001        2002        2001
---------------------------------------------------------------------
Operating costs per
 financial statements      $ 284        $ 278     $ 1,071     $ 1,080
Reclamation, closure and
 other costs(1)             (16)         (17)        (43)        (60)
---------------------------------------------------------------------
Operating costs for per
 ounce calculation         $ 268        $ 261     $ 1,028     $ 1,020
---------------------------------------------------------------------
Ounces sold (thousands)    1,540        1,624       5,805       6,278
Total cash costs per
 ounce                     $ 174        $ 160       $ 177       $ 162
---------------------------------------------------------------------

(1) Includes costs totaling $15 million in connection with the
Peruvian tax assessment.

Total cash costs per ounce data is calculated in accordance with The Gold Institute Production Cost Standard (the "Standard"). 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, and capital, development and exploration.

HEDGING

The estimated fair value of the gold contracts at December 31, 2002 was approximately $639 million negative, and the fair value of silver contracts was $7 million positive. Also, the fair value of our foreign currency contracts at December 31, 2002 was $25 million positive. The value of gold contracts is based on the net present value of cash flows under the contracts, based on a gold spot price of $347 per ounce and market rates for Libor and gold lease rates. The year-to-date change in the fair value of our gold contracts is detailed as follows:

Continuity Schedule of the Change in the Mark-to-
Market Value of the Gold Hedge Position  (millions)
---------------------------------------------------------------------
Fair value as at December 31, 2001  - Gain                      $ 356
Impact of realized gains in the period to date                   (168)
Impact of change in spot price (from $279 per ounce
 to $347 per ounce)                                            (1,353)
Contango period to date                                           182
Impact of change in valuation inputs other than spot
 metal prices (e.g. interest rates, lease rates, and
 volatility)                                                      344
---------------------------------------------------------------------
Fair value as at December 31, 2002  - Loss                      $(639)
---------------------------------------------------------------------


    The mark-to-market value of the gold contracts would approach zero
(breakeven) at a spot gold price of approximately $310 per ounce,
assuming all other variables are constant.


Consolidated Statements of Income

(in millions of United States
 dollars, except per share data,
 US GAAP basis)                       Three months      Twelve months
                                    ended Dec. 31,     ended Dec. 31,
---------------------------------------------------------------------
(Unaudited)                         2002      2001      2002     2001
---------------------------------------------------------------------
Gold sales                         $ 526     $ 506   $ 1,967   $1,989
---------------------------------------------------------------------
Costs and expenses
Operating                            284       278     1,071    1,080
Amortization                         144       144       519      501
Administration                        15        20        64       86
Exploration and
 business development                 27        27       104      103
Merger and related costs             (2)       117       (2)      117
Provision for mining assets
 and other unusual charges             -        59         -       59
---------------------------------------------------------------------
                                     468       645     1,756    1,946
---------------------------------------------------------------------

Interest and other income              1       (3)        29       32
Interest expense                    (13)       (7)      (57)     (25)
Non-hedge derivative gains (losses) (14)         3       (6)       33
---------------------------------------------------------------------
Income (loss) before income
 taxes and other item                 32     (146)       177       83
Income taxes                          22        38        16       14
---------------------------------------------------------------------
Income (loss) before cumulative
 effect of change in
 accounting principles                54     (108)       193       97
Cumulative effect of change
 in accounting principles              -       (1)         -      (1)
---------------------------------------------------------------------
Net income (loss)                   $ 54   $ (109)     $ 193     $ 96
---------------------------------------------------------------------
Per share data
Income (loss) before cumulative
 effect of change in accounting
 principles
Basic and diluted                 $ 0.10  $ (0.20)    $ 0.36   $ 0.18
Net income
Basic and diluted                 $ 0.10  $ (0.20)    $ 0.36   $ 0.18
---------------------------------------------------------------------

Consolidated Statements of Cash Flow

(in millions of United States
 dollars, US GAAP basis)              Three months      Twelve months
                                    ended Dec. 31,     ended Dec. 31,
---------------------------------------------------------------------
(Unaudited)                         2002      2001      2002     2001
---------------------------------------------------------------------
Cash provided by operating
 activities                        $ 195     $ 107     $ 589    $ 588
---------------------------------------------------------------------
Cash provided by (used in)
 investing activities
Property, plant and equipment       (62)      (87)     (228)    (474)
Short-term investments                 -       107       159    (153)
Other                                  4       (6)        11     (19)
---------------------------------------------------------------------
Cash provided by (used in)
 investing activities               (58)        14      (58)    (646)
---------------------------------------------------------------------
Cash provided by (used in)
 financing activities
Capital stock                          -         1        83        7
Long-term debt
 Proceeds                              -         -         -       55
 Repayments                         (22)     (125)      (25)    (152)
Dividends                           (59)      (49)     (119)     (93)
---------------------------------------------------------------------
Cash used in financing activities   (81)     (173)      (61)    (183)
---------------------------------------------------------------------
Effect of exchange rate changes
 on cash and equivalents               -       (1)         -      (1)
Increase (decrease) in cash
 and equivalents                      56      (53)       470    (242)
Cash and equivalents at
 beginning of period                 988       627       574      816
---------------------------------------------------------------------
Cash and equivalents at end
 of period                       $ 1,044     $ 574   $ 1,044    $ 574
---------------------------------------------------------------------


Consolidated Balance Sheets

(in millions of United States
 dollars, US GAAP basis)                As at Dec. 31, As at Dec. 31,
(Unaudited)                                       2002           2001
---------------------------------------------------------------------
Assets
 Current assets
 Cash and equivalents                          $ 1,044          $ 574
 Short-term investments                             30            205
 Accounts receivable                                72             60
 Inventories and other current assets              206            223
---------------------------------------------------------------------
                                                 1,352          1,062
 Property, plant and equipment                   3,322          3,621
 Capitalized mining costs, net                     272            301
 Other assets                                      315            218
---------------------------------------------------------------------
                                               $ 5,261        $ 5,202
---------------------------------------------------------------------
Liabilities
 Current liabilities
 Accounts payable                                $ 164          $ 175
 Other current liabilities                         319            308
---------------------------------------------------------------------
                                                   483            483
 Long-term debt                                    761            793
 Other long-term obligations                       422            443
 Deferred income taxes                             261            291
---------------------------------------------------------------------
                                                 1,927          2,010
---------------------------------------------------------------------
Shareholders' equity
 Capital stock                                   4,148          4,062
 Deficit                                         (689)          (763)
 Accumulated other comprehensive loss            (125)          (107)
---------------------------------------------------------------------
                                                 3,334          3,192
---------------------------------------------------------------------
                                               $ 5,261        $ 5,202
---------------------------------------------------------------------


Consolidated Statement of Changes
in Shareholders' Equity


(in millions of United    Capital stock          Accumulated    Total
 States dollars,      -------------------              other   share-
US GAAP basis)            Shares               comprehensive holders'
 (Unaudited)          (millions)   Amount  (Deficit)    loss   equity
---------------------------------------------------------------------
Balance Dec
 31, 2001                    536  $ 4,062   $  (763) $ (107) $  3,192
Capital stock                  6       86                          86
Net income                                       193              193
Dividends paid                                 (119)            (119)
Other comprehensive loss                                (18)     (18)
---------------------------------------------------------------------
Balance Dec. 31, 2002        542  $ 4,148    $ (689) $ (125)  $ 3,334
---------------------------------------------------------------------

(MORE TO FOLLOW)

--30--LC/na*

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




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Gold  $ 1,288.89 +6.97 +0.54% Volume: October 19, 2017
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Our vision is the generation of wealth through responsible mining — wealth for our owners, our people, and the countries and communities with which we partner.

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