news-details

Barrick Produces 2 Million Ounces of Gold at $313 per Ounce; Corporate Gold Sales Contracts Fully Eliminated

May 01, 2007
TORONTO, ONTARIO, May 01, 2007 (MARKET WIRE via COMTEX News Network) -- Barrick Gold Corporation (NYSE: ABX)(TSX: ABX)(LSE: BGD) -

FIRST QUARTER REPORT 2007 - MAY 1, 2007

Based on US GAAP and expressed in US dollars

For a full explanation of results, the Financial Statements and Management Discussion & Analysis, full-year guidance at significant mines, and mine statistics, please see the Company's website, www.barrick.com.

Highlights

- Gold production was 2.0 million ounces at total cash costs of $313 per ounce(1), and copper production was 100 million pounds at total cash costs of $0.81 per pound. Barrick is on track with its 2007 guidance of producing 8.1 to 8.4 million ounces of gold at total cash costs of $335 to $350 per ounce and 400 million pounds of copper at total cash costs of about $0.90 per pound.

- As previously announced, all Corporate Gold Sales Contracts have been eliminated and as of May 1, 2007 the Company can sell all of its production from existing operations at spot prices.

- The Company reported a net loss of $159 million ($0.18 per share) and operating cash flow of $163 million ($0.19 per share). Adjusted earnings of $398 million ($0.45 per share)(2), and adjusted operating cash flow of $727 million ($0.83 per share)(2) reflect the financial impact of $557 million ($0.63 per share) that resulted from the elimination of the Corporate Gold Sales Contracts.

- Barrick advanced its project pipeline, including commissioning the Ruby Hill mine, its fifth mine to commence operations in two years.

- Subsequent to Q1, Barrick entered into an agreement to acquire an additional 20% interest in the Porgera mine from Emperor Mines Limited for cash consideration of approximately US$250 million. Barrick will be entitled to the production and the economic benefit of the additional interest from the effective date of April 1, 2007.

Barrick Gold Corporation reported first quarter production of 2.03 million ounces of gold at total cash costs of $313 per ounce compared to 1.96 million ounces produced at total cash costs of $285 per ounce for the prior-year period.

As a result of Barrick's decision to eliminate its Corporate Gold Sales Contracts, the Company's net income was reduced by $557 million ($0.63 per share) on an after tax basis. Consequently, the Company reported a net loss of $159 million ($0.18 per share) and operating cash flow of $163 million ($0.19 per share). Excluding the impact of the elimination of the Corporate Gold Sales Contracts, adjusted earnings of $398 million ($0.45 per share) and adjusted operating cash flow of $727 million ($0.83 per share) compare to prior year adjusted results of $263 million ($0.33 per share) and $425 million ($0.54 per share), respectively.

"The Company's portfolio of mines had a strong start in 2007", said Greg Wilkins, President and CEO. "Going forward, our operating mines are completely unhedged, able to sell production at spot prices and thereby enjoy expanded margins in this strong gold price environment."

PRODUCTION AND COSTS

In first quarter 2007, Barrick produced 2.03 million ounces of gold at total cash costs of $313 per ounce, and benefited from good performances at its New Generation of Mines, including Lagunas Norte, Veladero and Cowal.

The Company produced 100 million pounds of copper at total cash costs of $0.81 per pound during the first quarter 2007 versus 72 million pounds at total cash costs of $0.77 per pound in the prior year quarter. The average realized price for copper sales in Q1 2007 was $2.77 per pound(3), 8 cents higher than the average spot price, and was enhanced by prices secured from the Copper-Linked Notes.

The North American business unit produced 0.8 million ounces at total cash costs of $352 per ounce. Production is lower year-over-year due to the expected impact of mine sequencing at Goldstrike resulting in the processing of lower grade material. The Ruby Hill mine in Nevada, Barrick's fifth mine to open in the last two years, commenced operations in February. Construction costs were $66 million and were below budget by 10%.

The first quarter benefited from a strong contribution from the South American business unit, which produced 0.6 million ounces of gold at total cash costs of $145 per ounce. Lagunas Norte continues to deliver strong results and produced 0.3 million ounces of gold at a total cash cost of $90 per ounce in the first quarter. The Veladero mine produced 0.2 million ounces at total cash costs of $127 per ounce and benefited from higher recovery rates. The Zaldivar mine in Chile produced 80 million pounds of copper at total cash costs of $0.65 per pound, and had higher leach recoveries than the prior year period due to higher oxide levels.

The Australia-Pacific business unit produced 0.5 million ounces at $426 per ounce. The Porgera mine was adversely impacted by power limitations which curtailed production levels. Electrical facilities have been repaired and operations have returned to normal levels. There was also a slower ramp up of underground production at the Granny Smith mine that resulted in lower grades being processed for the quarter. The Cowal mine in Australia completed its first year of operation, and production has increased as it processed softer oxide ore.

Production from the African business unit was 0.2 million ounces at total cash costs of $328 per ounce, and was impacted by heavy rainfall at Tulawaka and the processing of lower grade ore at Bulyanhulu. Production at North Mara was impacted by a pit wall failure that has resulted in a change to the mine plan. The shortfall in production at North Mara for the quarter is expected to be recouped by year-end.

The Company is on track to meet its full year production guidance of 8.1 - 8.4 million ounces of gold and 400 million pounds of copper. Total cash costs of $313 per ounce of gold in the first quarter 2007 are below full year guidance due to mine sequencing at Lagunas Norte, Veladero and Goldstrike. For the full year, total cash costs are expected to be $335 - $350 per ounce for gold, and $0.90 per pound for copper.

PROJECTS UPDATE

At Cortez Hills, advance engineering and procurement activities are more than 50% complete and early infrastructure design is proceeding on schedule. Delivery of mining equipment continues to plan. The cross valley dewatering pipeline is complete and the freshwater pipeline is ready for testing. Decline development has advanced approximately 3,400 meters to date and is proceeding ahead of schedule. EIA approval continues to be targeted for early 2008 followed by a 15 month construction period.

At Pascua-Lama, mining and plant designs continue to be optimized and engineering efforts continue in support of securing sectoral permits. Work continues to conclude agreements with the Chile and Argentine governments on cross border tax matters.

At Pueblo Viejo, EIA approval for the mine site and facilities was received in the first quarter. Work is continuing to finalize the process and flowsheets for zinc, copper and silver recovery in addition to gold production. Plant designs are being optimized, including expansion potential, consistent with recent exploration success. The 2007 drill program continues to find additional mineralization. Recent results include intercepts in a new area on the north-east edge of the Monte Negro pit, which is open to the north, east and south.

At Buzwagi, the fiscal stability agreement was received in February, and approval of the EIA is expected in the second quarter. Detailed engineering is proceeding on plan and is approximately 18% complete and procurement of mining and processing equipment is underway.

At the Donlin Creek project the feasibility study is progressing according to schedule for completion prior to November 12, 2007.

The Scoping study has commenced for Reko Diq and is expected to be completed in the last quarter of 2007. The test work program has commenced to determine a process flowsheet. The drill program continues with 69,000 meters planned to upgrade the resource at the Western Porphyries in 2007. Over 18,000 meters have been drilled to date, and results continue to confirm the expected grade and continuity of the copper-gold mineralization. In addition, results from two deep test holes suggest excellent potential to extend the mineralization at depth.

EXPLORATION UPDATE(4)

Barrick's 2007 exploration budget is $170 million, which is weighted towards resource additions and reserve conversion at and around minesites. With approximately 40% of the total budget to be spent in North America, Barrick's primary focus remains Nevada where over 30 drill rigs were active this quarter.

At the Cortez property, drill programs are directed at the Cortez Pits and the Cortez Hills Lower Zone in order to expand and upgrade the mineral inventory to resource status. Step out drilling along the 3,000 feet of strike length in the Lower Zone continues to expand the zone to the south.

Resource definition drill programs are underway at Goldstrike, to further evaluate the potential of the mineralization defined at Deep North Post and Banshee.

Drift development is underway at Turquoise Ridge in preparation for a drill program to commence in the second quarter to test the High Grade Bullion zone. The objective of the drill program is to upgrade the current inferred resource.

At Bald Mountain, exploration drilling during the first quarter is focused on evaluating the potential for pit expansion at Top/Sage Flats and Saga/Bida as well as testing additional targets on the property.

In Tanzania, three rigs are currently testing the mineralization at the Gokona Deeps target beneath the Gokona pit. The 2007 program is testing the down plunge extension of the new zone outlined last year.

CORPORATE DEVELOPMENT

In April 2007, the Company announced it had entered into an agreement to acquire an additional 20 per cent interest in the Porgera mine in Papua New Guinea from Emperor Mines Limited for an acquisition price of approximately US$250 million in cash. Barrick will be entitled to the production and the economic benefit of the acquired interest from the effective date of April 1, 2007. The agreement is subject to certain conditions, including the receipt of regulatory approvals from Papua New Guinea, and is expected to close in the third quarter. The Company is currently in discussions regarding the possible sale of up to a 5 per cent interest to its joint venture partner, Mineral Resources Enga Limited, for the proportionate acquisition cost paid by Barrick.

CORPORATE SOCIAL RESPONSIBILITY

On January 12, 2007, Barrick entered into a formal agreement with World Vision to work together to improve the lives of children and their families in the communities where Barrick operates. The Company committed US$1.3 million for the first community development project generated from the agreement to develop nutrition, education and employment skills programs that will benefit people living in communities of the Alto Chicama District of northern Peru, surrounding Barrick's Lagunas Norte mine. Barrick has released its 2006 Responsibility Report, a summary of the company's social, environmental, health and safety programs, and it is now available on the Company's website at www.barrick.com. This marks the fifth anniversary of the annual report highlighting the Company's global commitment to responsible mining.

FINANCIAL POSITION

During the quarter, the Company has entered into a transaction where it can further participate in higher copper prices up to US$3.58 per pound, while maintaining a floor price of US$3.08 per pound, on the remaining 253 million pounds of copper in the Copper-Linked Notes.

At March 31, 2007, the Company had the strongest credit rating in the gold industry with a cash balance of $3.0 billion and net debt of $1.1 billion. Subsequent to quarter end, the Company has repaid $500 million of maturing debt from existing cash balances and proceeds from the sale of investments.

The Company incurred an after-tax opportunity cost of $68 million ($0.08 per share) in April 2007 relating to the elimination of the Corporate Gold Sales Contracts.

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 and New York exchanges.

(1) Total cash costs per ounce/pound is defined as cost of sales divided by ounces of gold sold or pounds of copper sold. Total cash costs per ounce/pound exclude amortization expense and inventory purchase accounting adjustments. For further information on this operating performance measure see pages 14 to 16 of the Company's MD&A.

(2) Net income, earnings per share, operating cash flow and operating cash flow per share, each excluding the impact of the elimination of the Corporate Gold Sales Contracts, are non-GAAP financial measures. Such non-GAAP financial measures do not have any standardized meaning prescribed by US GAAP and are therefore unlikely to be comparable to similar measures presented by other issuers. Management uses these measures internally. The use of these measures enables management to better assess performance trends. Management understands that a number of investors and others who follow the Company's performance assess performance in this way. Barrick's elimination of all its remaining Corporate Gold Sales Contracts in the current quarter, resulted in an unusually large opportunity cost of $557 million. Management believes that these measures better reflect Barrick's performance for the current period and are a better indication of its expected performance in future periods. Barrick management's budgeting, operational and capital investment decisions are based on production being sold at an assumed spot price, rather than the price under the Corporate Gold Sales Contracts. The presentation of this performance measure enables investors to understand performance based on selling gold production at spot market prices, which is the method expected from second quarter 2007 onwards. The following table reconciles these non-GAAP measures to the most directly comparable US GAAP measure.

Non-GAAP Financial Measures
---------------------------------------------------------------------------
For the three months ended March 31
($ millions, except for per share amounts)             2007            2006
---------------------------------------------------------------------------
Net income (loss)                                     ($159)           $224
Impact of elimination of Corporate Gold
 Sales Contracts                                        557              39

                                                   ------------------------
Adjusted earnings                                      $398            $263
                                                   ------------------------
                                                   ------------------------
Earnings (loss) per share                            ($0.18)          $0.29
Impact of elimination of Corporate Gold
 Sales Contracts                                       0.63            0.04
                                                   ------------------------
Adjusted earnings per share                           $0.45           $0.33
                                                   ------------------------
                                                   ------------------------
Operating cash flow                                    $163            $385
Impact of elimination of Corporate Gold
 Sales Contracts                                        564              40
                                                   ------------------------
Adjusted operating cash flow                           $727            $425
                                                   ------------------------
                                                   ------------------------
Operating cash flow per share                         $0.19           $0.49
Impact of elimination of Corporate Gold
 Sales Contracts                                       0.64            0.05
                                                   ------------------------
Adjusted operating cash flow per share                $0.83           $0.54
                                                   ------------------------

(3) Realized copper prices represents copper revenues under US GAAP, adjusted for unrealized gains and losses on non-hedge copper derivatives. For further information on this performance measure see page 14 of the Company's MD&A.

(4) Barrick's exploration programs are designed and conducted under the supervision of Robert Krcmarov, Vice President, Exploration of Barrick. For information on the geology, exploration activities generally, and drilling and analysis procedures on Barrick's material properties, see Barrick's most recent Annual Information Form/Form 40-F on file with Canadian provincial securities regulatory authorities and the US Securities and Exchange Commission.

Key Statistics
                                                         Three months ended
(in United States dollars)                                        March 31,
                                             ------------------------------
(Unaudited)                                          2007              2006
---------------------------------------------------------------------------
Operating Results
Gold production (thousands of ounces)(1)            2,029             1,956
Gold sold (thousands of ounces)(1)                  2,121             1,940
Per ounce data
 Average spot gold price                         $    650          $    554
 Average realized gold price(5)                       386               533
 Total cash costs(2)                                  313               285
 Amortization(3)                                       82                82
 Total production costs                               395               367
Copper production (millions of pounds)                100                72
Copper sold (millions of pounds)                       91                79
Per pound data
 Average spot copper price                       $   2.69          $   2.24
 Average realized copper price(6)                    2.77              2.31
 Total cash costs(2)                                 0.81              0.77
 Amortization(3)                                     0.38              0.72
 Total production costs                              1.19              1.49
---------------------------------------------------------------------------
Financial Results (millions)
Sales                                            $  1,089          $  1,188
Net income (loss)                                   (159)               224
Operating cash flow                                   163               385
Per Share Data (dollars)
 Net income (loss) (diluted)                       (0.18)              0.29
 Operating cash flow (diluted)                       0.19              0.49
Weighted average diluted common shares
 (millions)(4)                                        877               789
---------------------------------------------------------------------------
                                                     As at            As at
                                                 March 31,     December 31,
                                             ------------------------------
                                                      2007             2006
---------------------------------------------------------------------------
Financial Position (millions)
Cash and equivalents                              $  2,959         $  3,043
Non-cash working capital                               724              764
Long-term debt                                       3,238            3,244
Shareholders' equity                                14,083           14,199
---------------------------------------------------------------------------
(1) Includes equity gold ounces in Tulawaka for 2006 and 2007 and South
    Deep for 2006 only. 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 14. 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 total gold sales divided by total ounces sold.
(6) Realized copper prices represent copper revenues under US GAAP,
    adjusted for unrealized gains and losses on non-hedge copper
    derivatives. For further information on this performance measure,
    refer to page 14.
Production and Cost Summary
                                 Gold Production
                   (attributable ounces) (000's)  Total Cash Costs (US$/oz)
---------------------------------------------------------------------------
                              Three months ended         Three months ended
                                       March 31,                  March 31,
------------------------------------------------ --------------------------
(Unaudited)                       2007   2006(1)             2007   2006(1)
------------------------------------------------ --------------------------
North America                      786       852            $ 352     $ 290
South America                      569       423              145       200
Australia Pacific                  490       482              426       318
Africa                             178       189              328       362
Other                                6        10              316       355
---------------------------------------------------------------------------
Total                            2,029     1,956            $ 313     $ 285
---------------------------------------------------------------------------
                               Copper Production
                (attributable pounds) (Millions)  Total Cash Costs (US$/lb)
---------------------------------------------------------------------------
                              Three months ended         Three months ended
                                       March 31,                  March 31,
------------------------------------------------ --------------------------
(Unaudited)                       2007   2006(1)             2007   2006(1)
------------------------------------------------ --------------------------
South America                       80        60           $ 0.65    $ 0.60
Australia Pacific                   20        12             1.50      1.37
---------------------------------------------------------------------------
Total                              100        72           $ 0.81    $ 0.77
---------------------------------------------------------------------------
                                       Total Gold Production Costs (US$/oz)
---------------------------------------------------------------------------
                                                         Three months ended
                                                                  March 31,
---------------------------------------------------------------------------
(Unaudited)                                                  2007   2006(1)
---------------------------------------------------------------------------
 Direct mining costs at market foreign exchange rates       $ 316     $ 290
 Gains realized on currency and commodity hedge contracts    (16)      (11)
 By-product credits                                          (14)      (18)
---------------------------------------------------------------------------
Cash operating costs                                          286       261
 Royalties                                                     19        17
 Production taxes                                               4         4
 Accretion and other costs                                      4         3
---------------------------------------------------------------------------
Total cash costs(2)                                           313       285
 Amortization                                                  82        76
 Inventory purchase accounting adjustments                      -         6
---------------------------------------------------------------------------
Total production costs                                      $ 395     $ 367
---------------------------------------------------------------------------
                                     Total Copper Production Costs (US$/lb)
---------------------------------------------------------------------------
                                                         Three months ended
                                                                  March 31,
---------------------------------------------------------------------------
(Unaudited)                                                  2007   2006(1)
---------------------------------------------------------------------------
Cash operating costs                                       $ 0.79    $ 0.75
 Royalties                                                   0.01      0.02
 Accretion                                                   0.01         -
---------------------------------------------------------------------------
Total cash costs(2)                                          0.81      0.77
 Amortization                                                0.29      0.12
 Inventory purchase accounting adjustments                   0.09      0.60
---------------------------------------------------------------------------
Total production costs                                     $ 1.19    $ 1.49
---------------------------------------------------------------------------
(1) Barrick's share of acquired Placer Dome mines' production and total
    cash costs for the period January 20, 2006 to March 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 First Quarter Report
    2007. For more information see pages 14 to 16 of the Company's MD&A.
Consolidated Statements of Income
Barrick Gold Corporation
(in millions of United States dollars,                   Three months ended
 except per share data) (Unaudited)                               March 31,
---------------------------------------------------------------------------
                                                     2007              2006
---------------------------------------------------------------------------
Sales (notes 4 and 5)                             $ 1,089           $ 1,188
Costs and expenses
Cost of sales (note 6)(1)                             749               656
Amortization (note 4)                                 208               165
Corporate administration                               33                34
Exploration                                            30                33
Project development expense                            37                19
Other operating expenses (note 7A)                     36                29
---------------------------------------------------------------------------
                                                    1,093               936
---------------------------------------------------------------------------
Other (income) expense
Interest income                                      (39)              (27)
Interest expense (note 14A)                            36                15
Other income (note 7B)                               (18)               (6)
Other expense (note 7C)                                 5                 5
---------------------------------------------------------------------------
                                                     (16)              (13)
---------------------------------------------------------------------------
Income from continuing operations before
 income taxes and other items                          12               265
Income tax expense (note 8)                         (147)              (44)
Non-controlling interests                             (3)                 5
Loss from equity accounted investees (note 11)       (21)                 -
---------------------------------------------------------------------------
Income (loss) from continuing operations            (159)               226
Discontinued operations
 Loss from discontinued operations                      -               (1)
 Income tax expense                                     -               (1)
---------------------------------------------------------------------------
Net income (loss) for the period                  $ (159)             $ 224
---------------------------------------------------------------------------
Earnings (loss) per share data (note 9):
Income (loss) from continuing operations
 Basic                                           $ (0.18)            $ 0.29
 Diluted                                         $ (0.18)            $ 0.29
Net income (loss)
 Basic                                           $ (0.18)            $ 0.29
 Diluted                                         $ (0.18)            $ 0.29
---------------------------------------------------------------------------
(1) Exclusive of amortization (note 4).
The accompanying notes are an integral part of these unaudited interim
consolidated financial statements.
Consolidated Statements of Cash Flow
Barrick Gold Corporation
(in millions of United States dollars)                   Three months ended
(Unaudited)                                                       March 31,
---------------------------------------------------------------------------
                                                     2007              2006
---------------------------------------------------------------------------
OPERATING ACTIVITIES
Net income (loss) for the period                  $ (159)             $ 224
Amortization (note 4)                                 208               165
Deferred income tax expense (recovery) (note 8)        28              (43)
Other items (note 10)                                  86                39
---------------------------------------------------------------------------
Net cash provided by operating activities             163               385
---------------------------------------------------------------------------
INVESTING ACTIVITIES
Property, plant and equipment
 Capital expenditures (note 4)                      (248)             (245)
 Sales proceeds                                         6                 1
Acquisition of Placer Dome, net of cash
 acquired of $1,102                                     -             (160)
Available-for-sale securities
 Purchases                                            (4)               (5)
 Sales proceeds                                         3                 4
Dividend income                                         2                 -
Non-hedge derivative copper option premiums          (23)                 -
Other investing activities                            (6)              (12)
---------------------------------------------------------------------------
Net cash used in investing activities               (270)             (417)
---------------------------------------------------------------------------
FINANCING ACTIVITIES
Capital stock
 Proceeds on exercise of stock options                 31                27
Long-term debt
 Proceeds                                               -             1,041
 Repayments                                           (9)               (2)
Settlement of derivative instruments acquired
 in Placer Dome acquisition                             -             (814)
Distributions to non-controlling interests              -               (2)
---------------------------------------------------------------------------
Net cash provided by financing activities              22               250
---------------------------------------------------------------------------
CASH FLOWS OF DISCONTINUED OPERATIONS
 Operating activities                                   -                16
 Investing activities                                   -              (25)
 Financing activities                                   -               (1)
---------------------------------------------------------------------------
                                                        -              (10)
---------------------------------------------------------------------------
Effect of exchange rate changes on cash
 and equivalents                                        1                 -
---------------------------------------------------------------------------
Net increase (decrease) in cash and equivalents      (84)               208
Cash and equivalents at beginning of period         3,043             1,037
---------------------------------------------------------------------------
Cash and equivalents at end of period             $ 2,959           $ 1,245
---------------------------------------------------------------------------
The accompanying notes are an integral part of these unaudited interim
consolidated financial statements.
Consolidated Balance Sheets
Barrick Gold Corporation
(in millions of United States dollars)   As at March 31, As at December 31,
(Unaudited)                                         2007               2006
---------------------------------------------------------------------------
ASSETS
Current assets
 Cash and equivalents                           $  2,959           $  3,043
 Accounts receivable                                 211                234
 Inventories (note 12)                               946                931
 Other current assets                                645                588
---------------------------------------------------------------------------
                                                   4,761              4,796
 Available for sale securities (note 11)             688                646
 Equity method investments (note 11)                 307                327
 Property, plant and equipment (note 13)           8,381              8,335
 Intangible assets                                    74                 75
 Goodwill                                          5,855              5,855
 Other assets                                      1,420              1,339
---------------------------------------------------------------------------
Total assets                                    $ 21,486           $ 21,373
---------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
 Accounts payable                               $    738           $    686
 Short term debt                                     861                863
 Other current liabilities                           340                303
---------------------------------------------------------------------------
                                                   1,939              1,852
 Long-term debt (note 14)                          3,238              3,244
 Asset retirement obligations                        868                843
 Deferred income tax liabilities                     849                798
 Other liabilities                                   506                436
---------------------------------------------------------------------------
Total liabilities                                  7,400              7,173
---------------------------------------------------------------------------
Non-controlling interests                              3                  1
---------------------------------------------------------------------------
Shareholders' equity
 Capital stock (note 15)                          13,142             13,106
 Retained earnings                                   815                974
 Accumulated other comprehensive income              126                119
---------------------------------------------------------------------------
Total shareholders' equity                        14,083             14,199
---------------------------------------------------------------------------
Contingencies and commitments (notes 13 and 17)
---------------------------------------------------------------------------
Total liabilities and shareholders' equity      $ 21,486           $ 21,373
---------------------------------------------------------------------------
The accompanying notes are an integral part of these unaudited interim
consolidated financial statements.
Consolidated Statements of Shareholders' Equity
Barrick Gold Corporation
For the three months ended March 31
(in millions of United States dollars) (Unaudited)
---------------------------------------------------------------------------
                                                    2007               2006
---------------------------------------------------------------------------
Common shares (number in millions)
At January 1                                         864                538
 Issued on exercise of stock options                   1                  1
 Issued on acquisition of Placer Dome                  -                323
---------------------------------------------------------------------------
At March 31                                          865                862
---------------------------------------------------------------------------
Common shares (dollars in millions)
At January 1                                    $ 13,106           $  4,222
 Issued on exercise of stock options                  31                 27
 Issued on acquisition of Placer Dome                  -              8,761
 Options issued on acquisition of Placer Dome          -                 20
 Recognition of stock option expense                   5                  7
---------------------------------------------------------------------------
At March 31                                     $ 13,142           $ 13,037
---------------------------------------------------------------------------
Retained earnings (deficit)
At January 1                                    $    974           $  (341)
 Net income (loss)                                 (159)                224
---------------------------------------------------------------------------
At March 31                                     $    815           $  (117)
---------------------------------------------------------------------------
Accumulated other comprehensive income (loss)
 (note 16)                                      $    126           $   (59)
---------------------------------------------------------------------------
Total shareholders' equity at March 31          $ 14,083           $ 12,861
---------------------------------------------------------------------------
Consolidated Statements of Comprehensive Income
Barrick Gold Corporation                                 Three months ended
(in millions of United States dollars) (Unaudited)                March 31,
---------------------------------------------------------------------------
                                                    2007               2006
---------------------------------------------------------------------------
Net income (loss)                               $  (159)            $   224
Other comprehensive income (loss) net of tax
 (note 16)                                             7               (28)
---------------------------------------------------------------------------
Comprehensive income (loss)                     $  (152)            $   196
---------------------------------------------------------------------------
The accompanying notes are an integral part of these unaudited interim
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,
 Suite 3700                               Adelaide Street 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 Fax: (416) 861-0727   Toll-free throughout
Toll-free within Canada                    North America: 1-800-387-0825
 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
                                          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,
Tel: (416) 307-7463                        Corporate Communications
Email: jmavor@barrick.com                 Tel: (416) 307-7477
                                          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; availability and increasing costs associated with mining inputs and labour; 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

Email Alerts

Email Address *
Mailing Lists *


 
Enter the code shown above.

By providing your e-mail address, you are consenting to receive press releases, quarterly and annual reports, presentations and other information concerning Barrick Gold Corporation and its affiliates and partners. You may withdraw your consent at any time using the unsubscribe link below.

Unsubscribe

Email Address:  *
Gold  $ 1,242.90 -2.25 -0.18% 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  $ 1,242.90 -2.25 -0.18% 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

En Español