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Barrick Reports Strong Q2 Earnings of $396 Million ($0.46 Per Share); Results Continue to Demonstrate Leverage to Gold Price

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

SECOND QUARTER REPORT 2007 - AUGUST 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

- The Company reported second quarter earnings of $396 million ($0.46 per share) and operating cash flow of $336 million ($0.39 per share), including an after-tax charge of $66 million for elimination of the remaining 0.5 million ounces of Corporate Gold Sales Contracts in April. Excluding this impact, adjusted earnings were $462 million ($0.54 per share)(1) and adjusted operating cash flow was $408 million ($0.47 per share)(1). Barrick is now selling all of its production from existing mines at prevailing market prices.

- Operating cash flow for the quarter was further impacted by the timing of a number of large tax payments for the current and prior year. Adjusted EBITDA was $812 million ($0.94 per share)(1), a 7% increase over the prior year period.

- Gold production in the second quarter was 1.96 million ounces at total cash costs of $345 per ounce(2), and copper production was 101 million pounds at total cash costs of $0.77 per pound. Barrick remains on track with its 2007 full year 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.

- A construction decision has been made on the Buzwagi project in Tanzania following approval by the Tanzanian government of the Environmental Impact Assessment in May. Buzwagi is expected to produce 250,000-260,000 ounces in the first five years at total cash costs of $270-$280 per ounce after a two year construction period. Significant progress was made during the quarter on Barrick's extensive project pipeline.

Barrick Gold Corporation reported Q2 production of 1.96 million ounces of gold at total cash costs of $345 per ounce compared to 2.09 million ounces produced at total cash costs of $280 per ounce for the prior-year period.

As a result of Barrick's decision in Q1 to fully eliminate its Corporate Gold Sales Contracts, net income was reduced by $66 million ($0.08 per share) on an after-tax basis in Q2. Consequently, the Company reported earnings of $396 million ($0.46 per share) and cash flow of $336 million ($0.39 per share). Operating cash flow was also impacted by the timing of a number of large tax payments during the quarter for the current and prior year.

Adjusted earnings of $462 million ($0.54 per share) compare to prior year adjusted net income of $459 million ($0.53 per share). Adjusted EBITDA of $812 million ($0.94 per share) compares to prior year adjusted EBITDA of $758 million ($0.88 per share).

"Our Q2 results are a clear demonstration of Barrick's ability to deliver superior earnings and cash flow leverage in this strong gold price environment", said Greg Wilkins, President and CEO. "The ability to capture spot prices, combined with our tight focus on cost control, is generating strong margins." The Company remains positive on the outlook for the gold market, which continues to be underpinned by supportive supply/demand fundamentals.

PRODUCTION AND COSTS

In Q2 2007, Barrick produced 1.96 million ounces of gold at total cash costs of $345 per ounce, highlighted by continued strong performance from our New Generation of Mines, particularly at Lagunas Norte. The realized gold price was $624 per ounce(3), 62% higher than the first quarter, including the impact of delivering into the hedge position in the first and second quarters. Barrick's operating mines are now fully unhedged and the Company is selling all of its production at spot prices.

The Company also produced 101 million pounds of copper at total cash costs of $0.77 per pound during Q2 2007 versus 100 million pounds at total cash costs of $0.76 per pound in the prior year quarter. The average realized price for copper sales in Q2 2007 was $3.43 per pound(3).

Due to mine sequencing this year, mainly at Goldstrike and Veladero, average processed grades are about 12% below reserve grade year-to-date, and this effect is anticipated to continue for the balance of the year, representing one of the major factors in the increase in 2007 cash costs over 2006. Over the next few years, the Company expects a trend back towards reserve grade to help mitigate other cash cost pressures.

The South American business unit generated another quarter of strong results, producing 0.46 million ounces of gold at total cash costs of $214 per ounce, including 0.29 million ounces from the Lagunas Norte mine in Peru at total cash costs of $91 per ounce. Year-to-date operating performance at Lagunas Norte has exceeded expectations; however, mining is expected to occur in lower grade areas of the pit in the second half, resulting in expected higher cash costs. Increased waste stripping at Veladero resulted in the processing of lower grade stockpiles, and production was also impacted by adverse winter weather conditions, which resulted in fewer tonnes placed on the pad. The Zaldivar mine in Chile continued to provide strong cash flow, producing 78 million pounds of copper at total cash costs of $0.67 per pound.

The North American business unit contributed 0.83 million ounces at total cash costs of $352 per ounce. The Goldstrike complex produced 0.44 million ounces at cash costs of $352 as mine sequencing accessed higher grade areas of the open pit and the underground operation returned to near expected levels after a transition to zone mining earlier in the year. The Company expects to process lower grade stockpiles at Goldstrike in the latter half of the year as the open pit begins a high waste stripping phase. The new Ruby Hill mine continued its smooth start-up, producing 38,000 ounces at total cash costs of $169 per ounce. Production from the Cortez JV was above plan on higher leached tons, while total cash costs were under plan at $337 per ounce. The Turquoise Ridge mine began obtaining electric power from Barrick's Western 102 plant on April 1, reducing its power costs in Q2.

The Australia-Pacific business unit produced 0.51 million ounces at $452 per ounce. Cash costs in this region were negatively impacted by the strength in the Australian dollar; however, the Company has fully hedged this currency for the balance of the year. The average hedged rate for this period of 0.75 is significantly below the current exchange rate. The region was also affected by a ground movement in February at the Kanowna underground which affected sequencing and grades in the current quarter, a slower than anticipated conversion to underground operations at Granny Smith from equipment delays and manpower shortages, and an 11 day interruption at Porgera from storm damage to three power transmission towers. Throughput at Porgera was also affected by residual power restrictions from damage to the Hides power station in December 2006. The Cowal mill was modified during the quarter to treat harder sulphide ore, resulting in lower recoveries. Performance from the Australia-Pacific unit is expected to improve in the second half with ramped up underground mining at Granny Smith, improved mill throughput at Cowal, completion of the West Wall cutback at Porgera and resolution of power issues that caused production interruptions in Papua New Guinea.

Production from the African business unit was 0.15 million ounces at total cash costs of $401 per ounce, reflecting continued effects of heavy rainfall in Tanzania in late 2006 and early 2007 that caused pit wall instability at North Mara and Tulawaka, and delayed commissioning of the CIL plant at Bulyanhulu (expected in Q3). Underground mining is expected to begin at Tulawaka in the third quarter, further extending the mine life, and a stronger second half is expected from North Mara with access to higher grade areas. In the longer term, lower cost hydro power is expected to reduce energy costs at North Mara once the mine site has access to national power.

PROJECTS UPDATE

At Cortez Hills, $31 million (100% basis) was spent in Q2 on procurement of open pit mining equipment, construction of the cross-valley dewatering pipeline and development of the twin declines, which have progressed to 3,995 meters. Advanced engineering and procurement activities are more than 80% complete. Completion of the Environmental Impact Statement is expected later this year, with a Record of Decision targeted in the first half of 2008, followed by a 15-month construction period.

At Pueblo Viejo, a new discovery was made during the quarter at Monte Oculto. In addition, $20 million (100% basis) was spent in Q2 to advance project design and engineering, exploration, community development programs and evaluation of electric power sources. Work continues on recovering zinc contained within the gold reserves. Condemnation drilling has been completed under the proposed plant area. Discussions with the Dominican government are ongoing regarding the government's relocation action plan, power, and water treatment.

At Pascua-Lama, work continues to conclude agreements with the governments of Chile and Argentina to resolve fiscal matters and cross-border approvals, and submission of documentation has begun to obtain required administrative and sectoral permits. A construction start is tied to the finalization of these outstanding agreements and approvals, the timing of which remains uncertain and beyond our control. Environmental approval for up to a 34MW power plant in Chile has been received; engineering and contract development is proceeding and is expected to be supplemented with a 20MW wind farm for which the environmental review is in process.

A construction decision has been made on the Buzwagi project in Tanzania following government approval of the EIA in May. Detailed engineering is on schedule and is approximately 30% complete. Procurement activities for mining equipment, crushers and process equipment are proceeding and contract negotiations are underway for earthworks, transport and logistics, steel fabrication and concrete placement. After a two-year construction period, Buzwagi is expected to produce 250,000-260,000 ounces at total cash costs of $270-$280 per ounce in the first five years.

At the Donlin Creek project in Alaska, the feasibility study is progressing on schedule to be completed by November 2007. A total of 80,000 meters of core drilling is planned for 2007, of which, approximately 36,500 meters was completed in the first half.

At the Kabanga JV in Tanzania, operator Xstrata is advancing a pre-feasibility study for completion by year end, with a 140,000 meter infill and exploration drill program approximately 50% complete and on plan. Mini-pilot plant testing has produced very encouraging preliminary results and additional testing is planned. A full feasibility study is expected to be completed in 2008.

A pre-feasibility study is well advanced at the near surface Sedibelo platinum project on the western limb of the Bushveld complex in South Africa and is expected to be completed by year end.

EXPLORATION UPDATE(4)

Barrick's 2007 exploration program is weighted towards resource additions and conversion at and around the mine sites while still maintaining a balanced portfolio in order to generate quality projects for the future.

At Cortez, 11 rigs were active and drilling continued on the Lower Zone, where an in fill and extensional drill program is underway to upgrade the current mineral inventory to a resource by year end. Results to date have confirmed the continuity and grade of mineralization and the 3,000 foot long zone remains open to the south and northwest. Planning has begun for underground drilling to commence in Q4. In addition, drill programs were underway to test other targets on the extensive Cortez property.

At Pueblo Viejo, 5 drill rigs were active and programs to test for extensions of mineralization were recently completed in the Monte Negro and Moore pit areas. At Monte Negro, a new zone of mineralization (Monte Oculto) was discovered northeast of the pit area in Q2. The mineralized body has been tested by 20 drill holes over an area of 500 x 300 meters. The Monte Oculto zone is deeper, open to the east and does not appear to connect with the Monte Negro orebody. An 11,000 meter follow up drill program is planned to further evaluate the extent of this mineralization. At West Moore, a 17,000 meter drill program has extended mineralization west of the pit and geological modeling is in progress.

A scoping study at Reko Diq and a resource update for the Western Porphyries are on schedule for completion in Q4 2007, and ongoing metallurgical test work has yielded promising recoveries. Definition drilling with 4 rigs is expected to upgrade the copper-gold resource at the Western Porphyries deposits by year end. The 69,000 meter program planned for 2007 is more than 80% complete and continues to confirm expected grades and continuity, and results from two deep test holes extend mineralization at depth. Greenfields exploration continues to demonstrate the district potential of the region.

CORPORATE DEVELOPMENT

The agreement to acquire an additional 20 per cent interest in the Porgera mine in Papua New Guinea from Emperor Mines Limited for $250 million in cash is expected to close in Q3. Barrick is entitled to the production and the economic benefit of the acquired interest from the effective date of April 1, 2007.

The Company sold its entire 13.6 million share position in NovaGold and approximately 14.1 million shares or 75% of Gold Fields shares acquired from the sale of the 50% interest in South Deep during the quarter for an after-tax gain of $30 million ($0.03 per share).

CORPORATE SOCIAL RESPONSIBILITY

Barrick plans to invest approximately $68 million in projects that will harness the advantages of clean energy and enhance existing power infrastructure. In Chile, the Company has submitted a proposal to build a $40 million, 20 megawatt state-of-the-art wind farm, located in the Punta Colorada area in the north. The project will help offset a fuel shortage and is consistent with the Chilean government's efforts to promote the development of renewable energy sources.

"The Punta Colorada wind farm project is an investment in the power of innovation, and is an energy initiative that reduces greenhouse gases while improving the efficiency of our mines," said Greg Wilkins.

In Tanzania, Barrick is financing a $28 million hydro-electric project to bring power to parts of the remote Mara region where the Company's North Mara mine is located. The project is a partnership between Barrick and the Tanzanian government, and is in line with the government's plan to bring electricity to 25 per cent of the population by 2010.

The Company is pleased to announce it has joined the Global Business Coalition (GBC) on HIV/AIDS, TB and Malaria, an alliance of 220 international companies leading the private sector fight against these three epidemics, and has implemented a range of multifaceted HIV/AIDS, TB and Malaria programs tailored to address local needs and priorities.

FINANCIAL POSITION

At June 30, 2007, Barrick continued to have the industry's strongest credit rating, with a cash balance of $2.6 billion and net debt of $0.6 billion. During the quarter, the Company repaid $649 million of maturing debt from existing cash balances and proceeds from the sale of investments. This strong liquidity enables the Company to fund its project pipeline without the need for equity dilution.

OUTLOOK

The Company maintains its full year production guidance of 8.1 - 8.4 million ounces of gold and 400 million pounds of copper and total cash costs of $335 - $350 per ounce for gold and $0.90 per pound for copper. Second half cash costs for gold are expected to be higher than for Q2 due to the planned mix of production, including waste-stripping at Goldstrike and Veladero, and lower grades at Lagunas Norte from mine sequencing. Waste stripping is expected to end in Q3 at Veladero, which will contribute to Q4 being a stronger production quarter with lower cash costs than Q3.

Barrick now expects its 2007 exploration expense to be about $185 million, project development expense to be about $230 million, capex in the range of $1,100-$1,500 million and its tax rate to be about 27%. Second half project development and exploration expenses are expected to be weighted in the third quarter.

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 stock exchanges.

(1) Net income, earnings per share, operating cash flow, operating cash flow per share, EBITDA and EBITDA per share, each excluding the impact of the elimination of the Corporate Gold Sales Contracts, are non-GAAP financial measures. For further information on these performance measures, see page 29-31 of the Company's MD&A.

(2) 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 32 to 34 of the Company's MD&A.

(3) Realized gold and copper prices represent revenues under US GAAP, adjusted for unrealized gains and losses on non-hedge gold and copper derivatives. For further information on this performance measure see page 31 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      Six months ended
                                             June 30,              June 30,
(in United States dollars)        -----------------------------------------
(Unaudited)                         2007         2006     2007         2006
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Operating Results
Gold production
 (thousands of ounces)(1)          1,957        2,085    3,986        4,041
Gold sold
 (thousands of ounces)(1)          2,006        1,998    4,127        3,938
Per ounce data
 Average spot gold price        $    667      $   627  $   658      $   590
 Average realized gold price(5)      624          603      502          562
 Total cash costs(2)                 345          280      329          282
 Amortization(3)                      98           73       90           78
 Total production costs              443          353      419          360
Copper production
 (millions of pounds)                101          100      201          172
Copper sold (millions of pounds)     106           98      197          177
Per pound data
 Average spot copper price      $   3.47      $  3.27  $  3.07      $  2.75
 Average realized copper
  price(6)                          3.43         3.41     3.13         2.92
 Total cash costs(2)                0.77         0.76     0.79         0.76
 Amortization(3)                    0.28         0.25     0.32         0.47
 Total production costs             1.05         1.01     1.11         1.23
---------------------------------------------------------------------------
Financial Results (millions)
Sales                           $  1,642      $ 1,532  $ 2,731      $ 2,720
Net income                           396          459      237          683
Operating cash flow                  336          658      499        1,043
Per Share Data (dollars)
 Net income (basic)                 0.46         0.53     0.27         0.83
 Net income (diluted)               0.45         0.53     0.27         0.82
 Operating cash flow (basic)        0.39         0.76     0.58         1.27
 Operating cash flow (diluted)      0.38         0.75     0.57         1.25
Weighted average basic common
 shares (millions)                   865          863      865          820
Weighted average diluted common
 shares (millions)(4)                877          878      877          835
---------------------------------------------------------------------------
                                                         As at        As at
                                                      June 30, December 31,
                                               ----------------------------
                                                          2007         2006
---------------------------------------------------------------------------
Financial Position (millions)
Cash and equivalents                                 $   2,584    $   3,043
Non-cash working capital                                 1,032          764
Long-term debt                                           3,181        3,244
Shareholders' equity                                    14,330       14,199
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(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. Gold production also includes an additional 20% share of
    production from the Porgera mine from April 1, 2007 onwards.
(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 pages 31 to 33. 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 prices represents gold and copper revenues under US GAAP,
    adjusted for unrealized gains and losses on non-hedge derivatives. For
    further information on this performance measure, refer to page 31.
Production and Cost Summary
                               Gold Production
                  (attributable ounces)(000's)    Total Cash Costs (US$/oz)
---------------------------------------------------------------------------
                            Three months ended           Three months ended
                                      June 30,                     June 30,
--------------------------------------------------    ---------------------
(Unaudited)                  2007      2006(1)            2007      2006(1)
--------------------------------------------------    ---------------------
North America                 826          821         $   352      $   294
South America                 461          461             214          170
Australia Pacific             511          564             452          306
Africa                        145          230             401          368
Other                          14            9             459          494
---------------------------------------------------------------------------
Total                       1,957        2,085         $   345      $   280
---------------------------------------------------------------------------
                               Gold Production
                  (attributable ounces)(000's)    Total Cash Costs (US$/oz)
---------------------------------------------------------------------------
                              Six months ended             Six months ended
                                      June 30,                     June 30,
--------------------------------------------------    ---------------------
(Unaudited)                  2007      2006(1)            2007      2006(1)
--------------------------------------------------    ---------------------
North America               1,612        1,673         $   352      $   292
South America               1,030          884             178          186
Australia Pacific           1,001        1,046             438          312
Africa                        323          419             357          365
Other                          20           19             453          422
---------------------------------------------------------------------------
Total                       3,986        4,041         $   329      $   282
---------------------------------------------------------------------------
                             Copper Production
              (attributable pounds) (Millions)    Total Cash Costs (US$/lb)
---------------------------------------------------------------------------
                            Three months ended           Three months ended
                                      June 30,                     June 30,
--------------------------------------------------    ---------------------
(Unaudited)                  2007      2006(1)            2007      2006(1)
--------------------------------------------------    ---------------------
South America                  78           82          $ 0.67       $ 0.61
Australia Pacific              23           18            1.35         1.46
---------------------------------------------------------------------------
Total                         101          100          $ 0.77       $ 0.76
---------------------------------------------------------------------------
                             Copper Production
              (attributable pounds) (Millions)    Total Cash Costs (US$/lb)
---------------------------------------------------------------------------
                              Six months ended             Six months ended
                                      June 30,                     June 30,
--------------------------------------------------    ---------------------
(Unaudited)                  2007      2006(1)            2007      2006(1)
--------------------------------------------------    ---------------------
South America                 158          142          $ 0.66       $ 0.60
Australia Pacific              43           30            1.44         1.41
---------------------------------------------------------------------------
Total                         201          172          $ 0.79       $ 0.76
---------------------------------------------------------------------------
                                       Total Gold Production Costs (US$/oz)
---------------------------------------------------------------------------
                                    Three months ended     Six months ended
                                              June 30,             June 30,
---------------------------------------------------------------------------
(Unaudited)                          2007      2006(1)    2007      2006(1)
---------------------------------------------------------------------------
 Direct mining costs at market
  foreign exchange rates           $  352       $  286  $  333       $  288
 Gains realized on currency and
  commodity hedge contracts          (21)         (12)    (18)         (12)
 By-product credits                  (12)         (19)    (13)         (18)
---------------------------------------------------------------------------
Cash operating costs                  319          255     302          258
 Royalties                             18           18      19           17
 Production taxes                       3            4       4            4
 Accretion and other costs              5            3       4            3
---------------------------------------------------------------------------
Total cash costs(2)                   345          280     329          282
 Amortization                          98           73      90           74
 Inventory purchase accounting
  adjustments                           -            -       -            4
---------------------------------------------------------------------------
Total production costs             $  443       $  353  $  419       $  360
---------------------------------------------------------------------------
                                     Total Copper Production Costs (US$/oz)
---------------------------------------------------------------------------
                                    Three months ended     Six months ended
                                              June 30,             June 30,
---------------------------------------------------------------------------
(Unaudited)                          2007      2006(1)    2007      2006(1)
---------------------------------------------------------------------------
Cash operating costs               $ 0.75       $ 0.75  $ 0.77       $ 0.74
 Royalties                           0.01         0.01    0.01         0.02
 Accretion                           0.01            -    0.01            -
---------------------------------------------------------------------------
Total cash costs(2)                  0.77         0.76    0.79         0.76
 Amortization                        0.28         0.13    0.28         0.13
 Inventory purchase accounting
  adjustments                           -         0.12    0.04         0.34
---------------------------------------------------------------------------
Total production costs             $ 1.05       $ 1.01  $ 1.11       $ 1.23
---------------------------------------------------------------------------
(1) Barrick's share of acquired Placer Dome mines' production and total
    cash costs for the period January 20, 2006 to June 30, 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 Second Quarter Report
    2007. For more information see pages 32 to 34 of the Company's MD&A.
Consolidated Statements of Income
Barrick Gold Corporation
(in millions of United States
 dollars, except per share data)    Three months ended     Six months ended
(Unaudited)                                   June 30,             June 30,
---------------------------------------------------------------------------
                                      2007        2006     2007        2006
---------------------------------------------------------------------------
Sales (notes 4 and 5)              $ 1,642     $ 1,532  $ 2,731     $ 2,720
Costs and expenses
Cost of sales (note 6)(1)              786         628    1,535       1,284
Amortization (note 4)                  231         160      439         325
Corporate administration                33          31       66          65
Exploration                             40          44       70          77
Project development expense
 (note 13)                              65          28      102          47
Other operating expenses (note 7A)      34          22       70          51
---------------------------------------------------------------------------
                                     1,189         913    2,282       1,849
---------------------------------------------------------------------------
Other (income) expense
Interest income                       (35)        (26)     (74)        (53)
Interest expense (note 15B)             27          34       63          49
Other income (note 7B)                (63)         (7)     (77)        (11)
Other expense (note 7C)                 22          14       23          17
---------------------------------------------------------------------------
                                      (49)          15     (65)           2
---------------------------------------------------------------------------
Income from continuing
 operations before income taxes
 and other items                       502         604      514         869
Income tax expense (note 8)          (121)       (131)    (268)       (175)
Non-controlling interests (note 2B)     11         (8)        8         (3)
Loss from equity accounted
 investees (note 11)                   (5)         (2)     (26)         (2)
---------------------------------------------------------------------------
Income from continuing operations      387         463      228         689
Discontinued operations
 Gain (loss) from discontinued
  operations (note 3D)                   9         (5)        9         (6)
 Income tax recovery                     -           1        -           -
---------------------------------------------------------------------------
Net income for the period          $   396     $   459  $   237     $   683
---------------------------------------------------------------------------
Earnings per share data
 (note 9):
Income from continuing
 operations
 Basic                             $ 0.45      $  0.54  $  0.26     $  0.84
 Diluted                           $ 0.44      $  0.53  $  0.26     $  0.83
Net income
 Basic                             $ 0.46      $  0.53  $  0.27     $  0.83
 Diluted                           $ 0.45      $  0.53  $  0.27     $  0.82
---------------------------------------------------------------------------
(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       Three months ended     Six months ended
 dollars) (Unaudited)                         June 30,             June 30,
---------------------------------------------------------------------------
                                      2007        2006     2007        2006
---------------------------------------------------------------------------
OPERATING ACTIVITIES
Net income for the period          $   396     $   459  $   237     $   683
Amortization (note 4)                  231         160      439         325
Income tax expense (note 8)            121         131      268         175
(Gain) loss on sale of investments
 (note 7B)                            (52)           -     (54)           1
Income taxes paid                    (219)        (56)    (348)        (92)
Other items (note 10)                (141)        (36)     (43)        (49)
---------------------------------------------------------------------------
Net cash provided by operating
 activities                            336         658      499       1,043
---------------------------------------------------------------------------
INVESTING ACTIVITIES
Property, plant and equipment
 Capital expenditures (note 4)       (230)       (289)    (478)       (534)
 Sales proceeds                          4           2       10           3
Acquisition of Placer Dome, net
 of cash acquired of $1,102              -           -        -       (160)
Available-for-sale securities
 Purchases                               -        (21)      (4)        (26)
 Sales proceeds                        508          15      511          19
Loans issued to joint venture
 partners (note 13A)                  (31)           -     (31)           -
Non-hedge derivative copper
 option premiums                         -           -     (23)           -
Other investing activities               -        (30)      (4)        (42)
---------------------------------------------------------------------------
Net cash provided by (used in)
 investing activities                  251       (323)     (19)       (740)
---------------------------------------------------------------------------
FINANCING ACTIVITIES
Capital stock
 Proceeds on exercise of
  stock options                         10          23       41          50
Long-term debt
 Proceeds                                -          51        -       1,092
 Repayments                          (649)       (872)    (658)       (874)
Dividends                            (130)        (96)    (130)        (96)
Settlement of derivative
 instruments acquired in Placer
 Dome acquisition                    (197)       (880)    (197)     (1,694)
Other financing activities               -         (2)        -         (4)
---------------------------------------------------------------------------
Net cash (used in) financing
 activities                          (966)     (1,776)    (944)     (1,526)
---------------------------------------------------------------------------
CASH FLOWS OF DISCONTINUED
 OPERATIONS
 Operating activities                    -           6        -          22
 Other investing activities              -        (18)        -        (43)
 Proceeds on sale of operations
  to Goldcorp                            -       1,641        -       1,641
 Financing activities                    -           -        -         (1)
---------------------------------------------------------------------------
                                         -       1,629        -       1,619
---------------------------------------------------------------------------
Effect of exchange rate changes
 on cash and equivalents                 4         (3)        5         (3)
---------------------------------------------------------------------------
Net increase (decrease) in cash
 and equivalents                     (375)         185    (459)         393
Cash and equivalents at beginning
 of period                           2,959       1,245    3,043       1,037
---------------------------------------------------------------------------
Cash and equivalents at end
 of period                         $ 2,584     $ 1,430  $ 2,584     $ 1,430
---------------------------------------------------------------------------
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          As at June 30,    As at December 31,
 dollars) (Unaudited)                            2007                  2006
---------------------------------------------------------------------------
ASSETS
Current assets
 Cash and equivalents                        $  2,584              $  3,043
 Accounts receivable                              244                   234
 Inventories (note 12)                            981                   931
 Other current assets                             694                   588
---------------------------------------------------------------------------
                                                4,503                 4,796
 Available for sale securities (note 11)          181                   646
 Equity method investments (note 11)              295                   327
 Property, plant and equipment (note 13)        8,456                 8,390
 Intangible assets                                 73                    75
 Goodwill (note 14)                             5,855                 5,855
 Other assets                                   1,431                 1,339
---------------------------------------------------------------------------
Total assets                                 $ 20,794              $ 21,428
---------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
 Accounts payable                            $    672              $    686
 Short term debt                                  256                   863
 Other current liabilities                        215                   303
---------------------------------------------------------------------------
                                                1,143                 1,852
 Long-term debt (note 15)                       3,181                 3,244
 Asset retirement obligations                     873                   843
 Deferred income tax liabilities                  830                   798
 Other liabilities                                375                   436
---------------------------------------------------------------------------
Total liabilities                               6,402                 7,173
---------------------------------------------------------------------------
Non-controlling interests                          62                    56
---------------------------------------------------------------------------
Shareholders' equity
 Capital stock (note 16)                       13,156                13,106
 Retained earnings                              1,081                   974
 Accumulated other comprehensive
  income (note 17)                                 93                   119
---------------------------------------------------------------------------
Total shareholders' equity                     14,330                14,199
---------------------------------------------------------------------------
Contingencies and commitments
 (notes 13 and 18)
---------------------------------------------------------------------------
Total liabilities and shareholders'
 equity                                      $ 20,794              $ 21,428
---------------------------------------------------------------------------
The accompanying notes are an integral part of these unaudited interim
consolidated financial statements.
Consolidated Statements of Shareholders' Equity
Barrick Gold Corporation
For the six months ended June 30
(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                          2           2
 Issued on acquisition of Placer Dome                         -         323
---------------------------------------------------------------------------
At June 30                                                  866         863
---------------------------------------------------------------------------
Common shares (dollars in millions)
At January 1                                           $ 13,106    $  4,222
 Issued on exercise of stock options                         41          48
 Issued on acquisition of Placer Dome                         -       8,761
 Options issued on acquisition of Placer Dome                 -          20
 Recognition of stock option expense                          9          13
---------------------------------------------------------------------------
At June 30                                             $ 13,156    $ 13,064
---------------------------------------------------------------------------
Retained earnings (deficit)
At January 1                                           $    974    $  (341)
 Net income                                                 237         683
 Dividends                                                (130)        (96)
---------------------------------------------------------------------------
At June 30                                             $  1,081    $    246
---------------------------------------------------------------------------
Accumulated other comprehensive income (loss)
 (note 17)                                             $     93    $   (52)
---------------------------------------------------------------------------
Total shareholders' equity at June 30                  $ 14,330    $ 13,258
---------------------------------------------------------------------------
Consolidated Statements of Comprehensive Income
Barrick Gold Corporation
(in millions of United States       Three months ended     Six months ended
 dollars) (Unaudited)                         June 30,             June 30,
---------------------------------------------------------------------------
                                      2007        2006     2007        2006
---------------------------------------------------------------------------
Net income                           $ 396       $ 459    $ 237       $ 683
Other comprehensive income (loss)
 net of tax (note 17)                 (33)           7     (26)        (21)
---------------------------------------------------------------------------
Comprehensive income                 $ 363       $ 466    $ 211       $ 662
---------------------------------------------------------------------------
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                 Toll-free throughout
Fax: (416) 861-0727                 North America: 1-800-387-0825
Toll-free within Canada and         Fax: (416) 643-5501
United States: 1-800-720-7415       Email: inquiries@cibcmellon.ca
Email: investor@barrick.com         Website: www.cibcmellon.com
Website: www.barrick.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
Deni Nicoski                        Vincent Borg
Vice President,                     Senior Vice President,
Investor Relations                  Corporate Communications
Tel: (416) 307-7410                 Tel: (416) 307-7477
Email: dnicoski@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; availability and increasing costs associated with mining inputs and labor; 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  $ 1,288.54 +6.62 +0.52% Volume: October 19, 2017
ABX NYSE  $ 16.20 +0.03 +0.15% Volume: 4,240,319 October 19, 2017
ABX TSX  $ 20.21 +0.05 +0.22% Volume: 675,218 October 19, 2017
Gold  $ 1,288.54 +6.62 +0.52% Volume: October 19, 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.

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