news-details

Barrick Earns $1.5 Billion ($1.77 per share) in 2006

February 22, 2007
Operating Cash Flow Exceeds $2.1 Billion ($2.48 per share)

TORONTO, ONTARIO, Feb 22, 2007 (MARKET WIRE via COMTEX News Network) -- Barrick Gold Corporation (NYSE: ABX)(TSX: ABX)(LSE: BGD) - YEAR-END REPORT 2006 - FEBRUARY 22, 2007

Based on US GAAP and expressed in US dollars

For a full explanation of results, the Financial Statements and Management Discussion & Analysis, reserves & resources and mine statistics, please see the Company's website, www.barrick.com.

Highlights

- 2006 net income was $1.51 billion ($1.77 per share) and operating cash flow was $2.12 billion ($2.48 per share), both Company records, and representing year over year growth of 136% and 84% in EPS and CFPS, respectively.

- Q4 net income was $418 million ($0.48 per share) and operating cash flow was $337 million ($0.38 per share) on gold sales of 2.3 million ounces at total cash costs of $287 per ounce(1). Operating cash flow was reduced by $327 million ($0.37 per share) as a result of a voluntary gold hedge reduction of 1 million ounces.

- Full year production was 8.64 million ounces of gold at total cash costs of $282 per ounce and 367 million pounds of copper at total cash costs of $0.79 per pound(1). This was the fourth consecutive year that Barrick met its original production and cash cost guidance despite continued production and cost pressures in the mining industry.

- Gold reserves as at December 31, 2006, based on $475 gold price, were 123 million ounces(2), the highest in the industry.

- Fixed price corporate gold sales contracts have been completely eliminated as of February 21, 2007.

- Sale of South Deep Mine closed for proceeds of $1.5 billion and gain on sale of $288 million.

- Pascua-Lama project received environmental approval from Argentina in December.

(1) Total cash costs is defined as cost of sales divided by ounces of gold sold or pounds of copper sold. Total cash cost exclude amortization expense and inventory purchase accounting adjustments. For further information on this performance measure see pages 31 to 32 of the Company's MD&A.

(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, 1.88 million ounces of the Cortez reserve, Buzwagi and Pueblo Viejo are classified as mineralized material. For a breakdown of reserves and resources by category and additional information relating to reserves and resources, pages 111 - 116 of Barrick's 2006 Year-End report.

Barrick Gold Corporation today reported record yearly financial results with net income of $1.51 billion ($1.77 per share) and operating cash flow of $2.12 billion ($2.48 per share) for 2006. Earnings and cash flow per share rose 136% and 84%, respectively, over 2005 levels of $0.75 and $1.35 per share. 2006 earnings were reduced by $211 million post-tax ($0.25 per share) of special items, (see page 18 of Management's Discussion and Analysis for further details).

Fourth quarter 2006 earnings were $418 million ($0.48 per share) compared to earnings of $175 million ($0.32 per share) in the year-earlier period. Q4 2006 earnings were reduced by $28 million ($0.03 per share) of special items.

Operating cash flow for fourth quarter 2006 was $337 million ($0.38 per share) compared to $269 million ($0.50 per share) in the year-earlier period, due to increased production and higher gold prices, offset by the voluntary delivery of 1.0 million ounces of Corporate Gold Sales Contracts resulting in a reduction of operating cash flow of $327 million ($0.37 per share).

For the year, the Company's results benefited from a 58% increase in gold production, a 23% higher realized gold price, and strong financial results from its copper mines.

"2006 was a banner year for Barrick. We saw payback from our activities of the last few years, in particular the Placer Dome acquisition, and a full year's production from the new generation of mines translate into record financial results," said Greg Wilkins, President and CEO. "Looking forward, the Company is well positioned and leveraged to benefit in a rising gold price environment."

PRODUCTION AND COSTS

Full year production was 8.64 million ounces of gold at total cash costs of $282 per ounce and 367 million pounds of copper at total cash costs of $0.79 per pound, meeting our original production and cash cost guidance for both gold and copper. This is the fourth straight year that Barrick has met its operating guidance, which demonstrates both the Company's ability to deliver on its targets and the success of its cost containment initiatives, despite escalating cost pressures.

In fourth quarter 2006, Barrick sold 2.28 million ounces of gold at total cash costs of $287 per ounce, compared to 1.65 million ounces sold at total cash costs of $221 per ounce for the prior-year quarter. The fourth quarter benefited from strong contributions from the North America and South America business units, particularly at Lagunas Norte, which produced 1.1 million ounces of gold at total cash costs of $100 per ounce in its first full year of operations. The Australia Pacific business unit's operating performance in the fourth quarter was below expectations in part due to a lightning strike at the electrical facilities of the Porgera mine. Production levels have been curtailed by 50%, but are expected to return to full levels by the end of the first quarter 2007. Gold production from the Africa business unit included solid performances from the Tanzanian mines, and production and cash costs for South Deep through to its sale date of December 1.

Full year copper production exceeded the Company's original guidance, due to better than expected grades at Zaldivar.

RESERVES AND RESOURCES

At year-end 2006, the Company had proven and probable gold reserves of 123 million ounces, based on a $475-per-ounce gold price. The Company also reported gold mineral resources (measured and indicated) of 35 million ounces and inferred resources of 25 million ounces based on a $525-per-ounce gold price.

Silver and copper contained in Barrick's gold reserves at year end 2006 were 964 million ounces and 1.1 billion pounds, respectively. Silver is primarily derived from the Pascua-Lama deposit, one of the largest silver deposits in the world, which contains 689 million ounces of silver.

Barrick's Copper reserves totaled 6.0 billion pounds, with an additional 6.6 billion pounds of measured and indicated resources(3).

(3) Calculated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. For a breakdown of reserves and resources by category and additional information relating to reserves and resources, see pages 111 - 116 of Barrick's 2006 Year-End Report.

CORPORATE DEVELOPMENT

The Company sold its 50% interest in the South Deep mine to Gold Fields Limited for total consideration of $1.5 billion, including $1.2 billion in cash and the balance in Gold Fields shares. This resulted in a gain on sale of $288 million ($0.34 per share). Barrick increased its equity interest in Highland Gold from 20% to 34% by contributing certain Russian assets, and recorded a gain on this transaction of $51 million ($0.06 per share). The Company concluded its offer for NovaGold, acquiring a 14.8% interest for cash of $218 million.

HEDGE BOOK REDUCTION

During fourth quarter 2006, Barrick reduced its fixed price Corporate Gold Sales Contract position by 1.0 million ounces, and incurred a pre-tax opportunity cost of $327 million ($0.37 per share) against its gold sales. For the full year, Barrick reduced its fixed price committed gold sales contracts by 9.4 million ounces, including the elimination of the legacy Placer Dome gold hedge position. At February 21, 2007, the Company had completely eliminated its fixed price corporate gold sales contract position, more than two years ahead of its previously announced target date. Furthermore, the Company plans to eliminate the remaining floating spot price contracts by the end of the second quarter. As a result of these deliveries, the Company expects to incur an after-tax opportunity cost of $564 million in Q1 2007 and $65 million in Q2 2007.

"Barrick is very positive on the long-term outlook for gold," said Greg Wilkins. "The elimination of all non-project related hedge contracts allows the Company to benefit fully from higher gold prices at its operating mines."

FINANCIAL POSITION

In October 2006, Barrick issued $1.0 billion of Copper-Linked Notes that took advantage of high copper prices and are repayable in the dollar equivalent of 324 million pounds of copper. The issuance secured an average price of $3.08 per pound on about 30% of expected copper production over the next three years, combined with ten and thirty year maturities. Barrick has the strongest credit rating in the gold industry; its cash balance stands at $3.0 billion, and net debt totals $1.1 billion.

Subsequent to year-end, the Company has entered into a transaction where it can further participate in higher copper prices up to $3.50 per pound, while maintaining a floor price of $3.00 per pound, on the remaining 274 million pounds of copper in the Copper-Linked Notes.

INVESTOR DAY

Barrick is hosting an Investor Day in Toronto on February 22, starting at 9:00 am ET. The event can be viewed by webcast from this link: www.barrick.com. The Company will be reviewing its 2007 business plans and providing an update on its project pipeline. A separate press release will be issued later today.

2007 OUTLOOK AND GUIDANCE

The Company expects 2007 gold production of 8.1 - 8.4 million ounces and copper production of approximately 400 million pounds. Total cash costs are expected to be in the range of $335 - $350 per ounce for gold and about $0.90 per pound for copper. Gold production is expected to be slightly weighted to the second half of 2007.

Guidance for other significant items is as follows:
($ in millions, except for tax rate and amortization)
Corporation administration                                             $140
Exploration                                                            $170
Project development expense                                            $190
Other operating expense                                                $115
Interest income                                                        $130
Interest expense                                                        $95
Capital expenditures(i)                                       $1,100-$1,800
Effective tax rate(ii)                                                  30%
Amortization per ounce - gold                                           $95
Amortization per pound - copper                                       $0.30
(i)Range is subject to the timely receipt of permits and construction
approvals.
(ii)Represents the underlying effective tax rate excluding the impact of
deliveries into corporate gold sales contracts, as well as the impact of
tax rate changes and changes in deferred tax valuation allowances. The
effective tax rate for the full year is expected to be approximately 45%
when the $629 million opportunity cost of delivering into gold sales
contracts in a low tax-rate jurisdiction is included. As a result of these
deliveries, the tax expense in first and second quarters is expected to be
based on the approximate 30% underlying effective tax rate on income
excluding this opportunity cost.
Barrick's vision is to be the world's best gold company by finding,
acquiring, developing and producing quality reserves in a safe, profitable
and socially responsible manner. Barrick's shares are traded on the
Toronto, New York, and London stock exchanges.
Key Statistics
                                        Three months ended       Year ended
(in United States dollars)                    December 31,     December 31,
                                   ----------------------------------------
(Unaudited)                                 2006      2005     2006    2005
---------------------------------------------------------------------------
Operating Results
Gold production
 (thousands of ounces)(1)                  2,440     1,648    8,643   5,460
Gold sold
 (thousands of ounces)(1)                  2,283     1,650    8,390   5,320
Per ounce data
 Average spot gold price               $     614  $    486 $    604 $   444
 Average realized gold price(5)              461       467      541     439
 Total cash costs(2)                         287       221      282     227
 Amortization(3)                              77        74       77      76
 Total production costs                      364       295      359     303
Copper production
 (millions of pounds)                        100       n/a      367     n/a
Copper sold (millions of pounds)             100       n/a      376     n/a
Per pound data
 Average spot copper price             $    3.21       n/a $   3.05     n/a
 Average realized copper price              2.99       n/a     3.06     n/a
 Total cash costs(2)                        0.82       n/a     0.79     n/a
 Amortization(3)                            0.57       n/a     0.43     n/a
 Total production costs                     1.39       n/a     1.22     n/a
---------------------------------------------------------------------------
Financial Results (millions)
Sales                                  $   1,348  $    776 $  5,636 $ 2,350
Net income                                   418       175    1,506     401
Operating cash flow                          337       269    2,122     726
Per Share Data (dollars)
 Net income (diluted)                       0.48      0.32     1.77    0.75
 Operating cash flow (diluted)              0.38      0.50     2.48    1.35
Weighted average diluted common
 shares (millions)(4)                        877       541      855     538
---------------------------------------------------------------------------
                                           As at          As at
                                     December 31,   December 31,
                                  --------------------------------
                                            2006           2005
---------------------------------------------------------------------------
Financial Position (millions)
Cash and equivalents                   $   3,043      $   1,037
Non-cash working capital                     764            231
Long-term debt                             3,244          1,721
Shareholders' equity                      14,199          3,850
---------------------------------------------------------------------------
(1) Includes equity gold ounces in Tulawaka and South Deep. Production also
    includes equity gold ounces in Highland Gold.
(2) Represents equity cost of goods sold plus royalties, production taxes
    and accretion expense, less by-product revenues, divided by equity
    ounces of gold sold or pounds of copper sold. For further information
    on this performance measure, refer to page 31. Excludes amortization
    and inventory purchase accounting adjustments.
(3) Represents equity amortization expense and inventory purchase
    accounting adjustments at the Company's producing mines divided by
    equity ounces of gold sold or pounds of copper sold.
(4) Fully diluted, includes dilutive effect of stock options and
    convertible debt.
(5) Calculated as consolidated gold sales divided by consolidated ounces
    sold.
Production and Cost Summary
                         Gold Production
            (attributable ounces) (000's)       Total Cash Costs (US$/oz)
            ---------------------------------------------------------------
             Three months      Year ended     Three months             Year
                    ended           ended            ended            ended
             December 31, December 31,(1)     December 31,  December 31,(1)
            ---------------------------------------------------------------
(Unaudited)  2006    2005   2006     2005     2006    2005    2006     2005
---------------------------------------------------------------------------
North
 America      933     795  3,372    2,863    $ 332   $ 245   $ 314    $ 244
South
 America      654     523  2,104    1,234      122     126     147      126
Australia
 Pacific      605     215  2,220      934      416     291     353      257
Africa        239     105    914      398      291     338     315      336
Other           9      10     33       31      514     314     481      303
---------------------------------------------------------------------------
Total       2,440   1,648  8,643    5,460    $ 287   $ 221   $ 282    $ 227
---------------------------------------------------------------------------
                   Copper Production
         (attributable pounds) (Millions)         Total Cash Costs (US$/lb)
         ------------------------------------------------------------------
             Three months      Year ended     Three months             Year
                    ended           ended            ended            ended
             December 31, December 31,(1)     December 31,  December 31,(1)
         ------------------------------------------------------------------
(Unaudited)  2006    2005   2006     2005     2006    2005    2006     2005
---------------------------------------------------------------------------
South
 America       86       -    308        -   $ 0.63       -  $ 0.62        -
Australia
 Pacific       14       -     59        -     1.77       -    1.53        -
---------------------------------------------------------------------------
Total         100       -    367        -   $ 0.82       -  $ 0.79        -
---------------------------------------------------------------------------
                                       Total Gold Production Costs (US$/oz)
                                    ---------------------------------------
                                             Three months              Year
                                                    ended             ended
                                             December 31,      December 31,
                                    ---------------------------------------
(Unaudited)                                 2006     2005     2006     2005
---------------------------------------------------------------------------
 Direct mining costs at market foreign
  exchange rates                           $ 281    $ 237    $ 285    $ 255
 Gains realized on currency and
  commodity hedge contracts                 (11)     (16)     (12)     (21)
 By-product credits                         (11)     (19)     (15)     (25)
---------------------------------------------------------------------------
Cash operating costs                         259      202      258      209
 Royalties                                    19       12       18       12
 Production taxes                              4        5        3        4
 Accretion and other costs                     5        2        3        2
---------------------------------------------------------------------------
Total cash costs(2)                          287      221      282      227
 Amortization                                 77       74       76       76
 Inventory purchase accounting
  adjustments                                  -        -        1        -
---------------------------------------------------------------------------
Total production costs                     $ 364    $ 295    $ 359    $ 303
---------------------------------------------------------------------------
                                     Total Copper Production Costs (US$/lb)
                                    ---------------------------------------
                                             Three months              Year
                                                    ended             ended
                                             December 31,      December 31,
                                    ---------------------------------------
(Unaudited)                                 2006     2005     2006     2005
---------------------------------------------------------------------------
Cash operating costs                      $ 0.80        -   $ 0.77        -
Royalties                                   0.01        -     0.01        -
Accretion                                   0.01        -     0.01        -
---------------------------------------------------------------------------
Total cash costs(2)                         0.82        -     0.79        -
 Amortization                               0.31        -     0.17        -
 Inventory purchase accounting
  adjustments                               0.26        -     0.26        -
---------------------------------------------------------------------------
Total production costs                    $ 1.39      $ -   $ 1.22      $ -
---------------------------------------------------------------------------
(1) Barrick's share of acquired Placer Dome mines' production and total
    cash costs for the period January 20, 2006 to December 31, 2006.
(2) Total cash costs per ounce/pound excludes amortization and inventory
    purchase accounting adjustments. Total cash costs per ounce/pound is
    a performance measure that is used throughout this Year End Report
    2006. For more information see pages 31 to 32 of the Company's MD&A.
Consolidated Statements of Income
Barrick Gold Corporation
For the years ended December 31,
(in millions of United States dollars, except per share data)
---------------------------------------------------------------------------
                                                  2006      2005       2004
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Sales (notes 4 and 5)                          $ 5,636   $ 2,350    $ 1,932
---------------------------------------------------------------------------
Costs and expenses
Cost of sales(1) (note 6)                        2,736     1,214      1,047
Amortization (note 4)                              735       427        452
Corporate administration                           142        71         71
Exploration (note 4)                               171       109         96
Project development expense                        119        32         45
Other operating expenses (note 7A)                 124        59         47
Impairment of long-lived assets (note 7B)           17         -        139
---------------------------------------------------------------------------
                                                 4,044     1,912      1,897
---------------------------------------------------------------------------
Interest income                                    101        38         25
Interest expense (note 19B)                      (126)       (7)       (19)
Other income (note 7C)                              89        49         49
Other expense (note 7D)                           (96)      (56)       (47)
---------------------------------------------------------------------------
                                                  (32)        24          8
---------------------------------------------------------------------------
Income from continuing operations before
 income taxes and other items                    1,560       462         43
Income tax (expense) recovery (note 8)           (348)      (60)        203
Non-controlling interests                            1       (1)          2
Equity in investees (note 11)                      (4)       (6)          -
---------------------------------------------------------------------------
Income from continuing operations                1,209       395        248
Discontinued operations (note 3B)
Income from discontinued operations                297         -          -
Income taxes                                         -         -          -
---------------------------------------------------------------------------
Income before cumulative effect of changes
 in accounting principles                        1,506       395        248
Cumulative effect of changes in accounting
 principles (note 2E)                                -         6          -
---------------------------------------------------------------------------
Net income for the year                        $ 1,506     $ 401      $ 248
---------------------------------------------------------------------------
Earnings per share data (note 9):
Income from continuing operations
 Basic                                          $ 1.44    $ 0.74     $ 0.47
 Diluted                                        $ 1.42    $ 0.73     $ 0.46
Net income
 Basic                                          $ 1.79    $ 0.75     $ 0.47
 Diluted                                        $ 1.77    $ 0.75     $ 0.46
---------------------------------------------------------------------------
(1) Exclusive of amortization (note 6).
The accompanying notes are an integral part of these consolidated financial
 statements.
Consolidated Statements of Cash Flow
Barrick Gold Corporation
For the years ended December 31,
(in millions of United States dollars)
---------------------------------------------------------------------------
                                                  2006      2005       2004
---------------------------------------------------------------------------
OPERATING ACTIVITIES
Net income                                     $ 1,506     $ 401      $ 248
Amortization (note 4)                              735       427        452
Deferred income taxes (notes 8 and 22)           (109)      (30)      (225)
Hedge losses on acquired gold hedge
 position (note 19C)                               165         -          -
Income from discontinued operations
 (note 3B)                                       (297)         -          -
Other items (note 10A)                             122      (72)         34
---------------------------------------------------------------------------
Net cash provided by operating activities        2,122       726        509
---------------------------------------------------------------------------
INVESTING ACTIVITIES
Property, plant and equipment
 Capital expenditures (note 4)                 (1,087)   (1,104)      (824)
 Sales proceeds                                      8         8         43
Acquisition of Placer Dome, net of cash
 acquired of $1,102 (note 3A)                    (160)         -          -
Other acquisitions, net of cash acquired
 of $8 million (note 3C)                          (45)         -          -
Acquisition of equity method investments
 (note 11)                                       (125)      (58)       (40)
Available-for-sale securities (note 11)
 Purchases                                       (245)      (31)        (7)
 Sales                                              46        10          9
Other investing activities                          15       (5)        (2)
---------------------------------------------------------------------------
Net cash used in investing activities          (1,593)   (1,180)      (821)
---------------------------------------------------------------------------
FINANCING ACTIVITIES
Capital stock
 Proceeds on exercise of stock options              74        92         49
 Dividends (note 23A)                            (191)     (118)      (118)
 Repurchased for cash (note 23A)                     -         -       (95)
Long-term debt (note 19B)
 Proceeds                                        2,189       179        973
 Repayments                                    (1,581)      (59)       (41)
Settlement of acquired derivative
 instrument liabilities (note 19C)             (1,840)         -          -
Other financing activities                           2       (1)       (28)
---------------------------------------------------------------------------
Net cash (used in) provided by financing
 activities                                    (1,347)        93        740
---------------------------------------------------------------------------
CASH FLOWS OF DISCONTINUED OPERATIONS
 (note 3B)
 Operating activities                               29         -          -
 Investing activities - proceeds on sale         2,850         -          -
 Other investing activities                       (62)         -          -
 Financing activities                               11         -          -
---------------------------------------------------------------------------
                                                 2,828         -          -
---------------------------------------------------------------------------
Effect of exchange rate changes on cash
 and equivalents                                   (4)         -          -
---------------------------------------------------------------------------
Net increase (decrease) in cash and
 equivalents                                     2,006     (361)        428
Cash and equivalents at beginning of
 year (note 19A)                                 1,037     1,398        970
---------------------------------------------------------------------------
Cash and equivalents at end of year
 (note 19A)                                    $ 3,043   $ 1,037    $ 1,398
---------------------------------------------------------------------------
The accompanying notes are an integral part of these consolidated financial
 statements.
Consolidated Balance Sheets
Barrick Gold Corporation
At December 31,
(in millions of United States dollars)
---------------------------------------------------------------------------
                                                           2006        2005
---------------------------------------------------------------------------
ASSETS
Current assets
 Cash and equivalents (note 19A)                        $ 3,043     $ 1,037
 Accounts receivable (note 13)                              234          54
 Inventories (note 12)                                      931         402
 Other current assets (note 13)                             588         255
---------------------------------------------------------------------------
                                                          4,796       1,748
Non-current assets
 Available-for-sale securities (note 11)                    646          62
 Equity method investments (note 11)                        327         138
 Property, plant and equipment (note 14)                  8,335       4,146
 Intangible assets (note 15)                                 75           -
 Goodwill (note 16)                                       5,855           -
 Other assets (note 17)                                   1,339         768
---------------------------------------------------------------------------
Total assets                                           $ 21,373     $ 6,862
---------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
 Accounts payable                                      $    686     $   386
 Short-term debt (note 19B)                                 863          80
 Other current liabilities (note 18)                        303          94
---------------------------------------------------------------------------
                                                          1,852         560
Non-current liabilities
 Long-term debt (note 19B)                                3,244       1,721
 Asset retirement obligations (note 20)                     843         409
 Deferred income tax liabilities (note 22)                  798         114
 Other liabilities (note 21)                                436         208
---------------------------------------------------------------------------
Total liabilities                                         7,173       3,012
---------------------------------------------------------------------------
Non-controlling interests                                     1           -
---------------------------------------------------------------------------
Shareholders' equity
 Capital stock (note 23)                                 13,106       4,222
 Retained earnings (deficit)                                974       (341)
 Accumulated other comprehensive income (loss)
 (note 24)                                                  119        (31)
---------------------------------------------------------------------------
Total shareholders' equity                               14,199       3,850
---------------------------------------------------------------------------
Contingencies and commitments (notes 14 and 27)
---------------------------------------------------------------------------
Total liabilities and shareholders' equity             $ 21,373     $ 6,862
---------------------------------------------------------------------------
The accompanying notes are an integral part of these consolidated financial
statements.
Consolidated Statements of Shareholders' Equity
Barrick Gold Corporation
For the years ended December 31,
(in millions of United States dollars)
---------------------------------------------------------------------------
                                                     2006     2005     2004
---------------------------------------------------------------------------
Common shares (number in millions)
At January 1                                         538      534      535
 Issued on exercise of stock options (note 25A)         3        4        3
 Issued on acquisition of Placer Dome                 323        -        -
 Repurchased (note 23A)                                  -        -      (4)
---------------------------------------------------------------------------
At December 31                                        864      538      534
---------------------------------------------------------------------------
Common shares
At January 1                                      $ 4,222  $ 4,129    4,115
 Issued on exercise of stock options (note 25A)        74       93       49
 Issued on acquisition of Placer Dome (note 3A)     8,761        -        -
 Repurchased (note 23A)                                 -        -     (35)
 Options issued on acquisition of Placer Dome
 (note 3A)                                             22        -        -
 Recognition of stock option expense (note 25A)        27        -        -
---------------------------------------------------------------------------
At December 31                                     13,106    4,222    4,129
---------------------------------------------------------------------------
Retained earnings (deficit)
At January 1                                        (341)    (624)    (694)
 Net income                                         1,506      401      248
 Dividends (note 23A)                               (191)    (118)    (118)
 Adjustment on repurchase of common shares
  (note 23A)                                            -        -     (60)
---------------------------------------------------------------------------
At December 31                                        974    (341)    (624)
---------------------------------------------------------------------------
Accumulated other comprehensive income (loss)
 (note 24)                                            119     (31)       69
---------------------------------------------------------------------------
Total shareholders' equity at December 31        $ 14,199  $ 3,850  $ 3,574
---------------------------------------------------------------------------
Consolidated Statements of Comprehensive Income
Barrick Gold Corporation
For the years ended December 31,
(in millions of United States dollars)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
                                                     2006     2005     2004
---------------------------------------------------------------------------
Net income                                        $ 1,506    $ 401    $ 248
Other comprehensive
income (loss), net of tax (note 24)                   150    (100)        9
---------------------------------------------------------------------------
Comprehensive income                              $ 1,656    $ 301    $ 257
---------------------------------------------------------------------------
The accompanying notes are an integral part of these consolidated financial
statements.
CORPORATE OFFICE                    TRANSFER AGENTS AND REGISTRARS
Barrick Gold Corporation            CIBC Mellon Trust Company
BCE Place, TD Canada Trust Tower,   P.O. Box 7010, Adelaide Street
Suite 3700                          Postal Station
161 Bay Street, P.O. Box 212        Toronto, Ontario M5C 2W9
Toronto, Canada M5J 2S1             Tel: (416) 643-5500
Tel: (416) 861-9911                 Toll-free throughout North America:
Fax: (416) 861-0727                 1-800-387-0825
Toll-free within Canada
 and United States: 1-800-720-7415  Fax: (416) 643-5501
Email: investor@barrick.com         Email: inquiries@cibcmellon.com
Website: www.barrick.com            Website: www.cibcmellon.com
SHARES LISTED                       Mellon Investor Services, L.L.C.
ABX - The Toronto Stock Exchange    480 Washington Blvd. - 27th Floor
      The New York Stock Exchange   Jersey City, NJ 07310
BGD - The London Stock Exchange     Tel: (201) 680-4971 Fax: (201) 680-4665
                                    Email: shrrelations@mellon.com
                                    Website: www.mellon-investor.com
INVESTOR CONTACT                    MEDIA CONTACT
James Mavor                         Vincent Borg
Vice President, Investor Relations  Senior Vice President, Corporate
                                     Communications
Tel: (416) 307-7463                 Tel: (416) 307-7477
Email: jmavor@barrick.com           Email: vborg@barrick.com

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information included in this Press Release, including any information as to our future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements". The words "expect", "will", "intend", "estimate" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Barrick to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: changes in the worldwide price of gold, copper or certain other commodities (such as silver, fuel and electricity) and other currencies; changes in U.S. dollar interest rates or gold lease rates; risks arising from holding derivative instruments; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; employee relations; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves, adverse changes in our credit rating, contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. These factors are discussed in greater detail in the Company's most recent Form 40-F/Annual Information Form on file with the US Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Contacts:
Barrick Gold Corporation
Vincent Borg
Senior Vice President, Corporate Communications
(416) 307-7477
(416) 861-1509 (FAX)
Email: vborg@barrick.com


SOURCE: Barrick Gold Corporation

mailto:vborg@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

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.

World Gold Council MemberMember of ICMM

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