news-details

Barrick Earns $0.29 Per Share ($0.40 Per Share Before Special Items)

October 30, 2008

TORONTO, ONTARIO -- (MARKET WIRE) -- 10/30/08 -- Barrick Gold Corporation (NYSE: ABX)(TSX: ABX) -

THIRD QUARTER REPORT - OCTOBER 30, 2008

Based on US GAAP and expressed in US dollars

For a full explanation of results, the financial statements and Management's Discussion & Analysis, full year guidance and mine statistics, please see the Company's website, www.barrick.com.

Highlights

- Barrick reported third quarter net income of $254 million ($0.29 per share) and operating cash flow of $542 million ($0.62 per share). Net income before special items of $97 million ($0.11 per share) was $351 million ($0.40 per share)(1) compared to $345 million ($0.40 per share) in the prior year period.

- Third quarter cash margins increased 28% to $406 per ounce from the same period a year ago. The Company continues to sell the gold industry's largest production into historically high market prices, realizing an average price of $872 per ounce.

- Gold production rose to 1.95 million ounces at total cash costs of $466 per ounce(2), and copper production was 87 million pounds at total cash costs of $1.60 per pound(2). As previously indicated, a stronger operating performance is expected in the last quarter of the year.

- The Company expects 2008 gold production to be within its original guidance range at 7.6-7.8 million ounces. Expected total cash costs for the year continue to be in the range of $425-$445 per ounce.

- Barrick's three most advanced projects are expected to produce about 1.9 million ounces(3) of average annual production at lower cash costs than the Company's current cost profile. Construction is 80% complete at the Buzwagi project in Tanzania with first gold expected in mid-2009. The Cortez Hills project in Nevada remains on track with an initial capital budget of about $500 million which is in line with the original estimate. Receipt of the Record of Decision (ROD) is anticipated before year-end and production is anticipated in the first half of 2010. At the Pueblo Viejo project in the Dominican Republic, significant progress has been made on the demolition of historical facilities and site preparation work.

- The Company completed a $1.25 billion bond offering in September. This transaction enhances the liquidity of the gold industry's highest rated balance sheet with a cash balance of over $1.7 billion and an un-drawn credit facility of $1.5 billion at quarter end.

Barrick Gold Corporation reported Q3 production of 1.95 million ounces of gold at a cash margin of $406 per ounce compared to 1.93 million ounces produced at a cash margin of $316 per ounce for the prior year period. The realized gold price increased by $191 per ounce to $872 per ounce, significantly outpacing increases in cash costs.

Barrick reported third quarter net income of $254 million ($0.29 per share) and operating cash flow of $542 million ($0.62 per share). Reported net income included special items of $97 million ($0.11 per share) for impairment charges relating to Barrick's interest in Highland Gold and certain other portfolio investments. Excluding these items, net income was $351 million ($0.40 per share) compared to net income of $345 million ($0.40 per share) in the prior year period. Q3 net income was also impacted by the timing of gold shipments, with gold production exceeding sales by 136,000 ounces for the quarter.

"While gold prices have been volatile in the face of a global credit crisis as investors have liquidated positions across all asset classes, we continue to be positive about the underlying fundamentals of the gold market and the long-term prospects of Barrick," said Peter Munk, Chairman and interim CEO. "The Company is well positioned to succeed in this challenging environment and continues to offer investors a unique opportunity to participate in the gold industry leader with the highest rated balance sheet, the largest production and reserves and a track record of generating strong earnings and cash flow."

PRODUCTION AND COSTS

The Company expects 2008 gold production to be within its original guidance range at 7.6-7.8 million ounces. Expected total cash costs for the year continue to be in the range of $425-$445 per ounce.

As previously indicated with second quarter results, total cash costs per ounce were higher this quarter, with more production coming from the North America and Australia Pacific regions and less production from the lower cost South America region. Higher production and lower cash costs are expected in the fourth quarter, compared to Q3.

The South American business unit produced 0.52 million ounces of gold in Q3 at total cash costs of $265 per ounce. The Lagunas Norte mine continued to deliver outstanding results, producing 0.35 million ounces of gold at total cash costs of only $126 per ounce. With year-to-date production of 0.85 million ounces at cash costs of $126 per ounce, the operation is on track to deliver over 1.0 million ounces in 2008 for the third straight year. Veladero's production of 94,000 ounces at higher cash costs was largely the result of sequencing through lower grade material during the quarter. Year-to-date production of 0.45 million ounces is almost a 50% increase from the prior year period as a result of higher grades, enhanced productivity and better equipment utilization and availability. A crusher expansion to increase throughput from 50,000 to 85,000 tonnes per day is underway and is expected to increase production capacity once completed in the second half of 2009.

The North American business unit increased production to 0.78 million ounces in Q3, largely due to the Goldstrike operation, at total cash costs of $499 per ounce. Goldstrike produced 0.46 million ounces at cash costs of $439 per ounce as a result of transitioning to higher grade ore now that the waste stripping phase is completed. Performance of the North America region is expected to improve further in Q4 with both the Goldstrike and Cortez operations expecting their strongest production quarters of the year.

Australia Pacific production of 0.50 million ounces increased largely as a result of higher production from Porgera, Kanowna, Kalgoorlie and Cowal. These higher production levels are expected to be sustained in Q4 but at lower cash costs than the $608 per ounce recorded in Q3. Improved performances are expected at a number of mines including Cowal where accelerated east wall remediation work remains on track to be completed in Q4, at which time higher grade ore is expected to be released.

Production from the African business unit was 0.14 million ounces in Q3 at total cash costs of $614 per ounce. The Bulyanhulu mine is expected to show improvement moving forward with the progressive ramp-up of underground development and training of the workforce following the illegal strike in late 2007.

Q3 copper production of 87 million pounds is expected to increase in Q4 as Zaldivar's remaining acid requirements for 2008 have been secured. Copper cash costs in Q3 reflect higher electricity and labor costs at Zaldivar, where new contracts came into effect in July. The recent decline in oil prices is expected to provide some relief from escalating energy prices. Barrick expects 2008 cash costs of about $1.25 per pound, which is in line with the original guidance range. The Company now expects 2008 production of 360-370 million pounds due to the effects from acid supply shortages earlier in the year. The Company is fully hedged for the rest of 2008 and for 2009 with an average floor price of just over $3.00 per pound.

PROJECTS UPDATE

Barrick's three most advanced projects are expected to contribute about 1.9 million ounces of average annual production in their first full five years at lower cash costs than the Company's current cost profile. Construction of the Buzwagi project in Tanzania is about 80% complete and within its pre-production capital budget of $400 million. First gold is anticipated on schedule in mid-2009.

In the Dominican Republic, the Pueblo Viejo project is about six months into an expected three and a half year construction period with significant progress being made on the demolition of historical facilities and site preparation work. The project is tracking within its $2.7 billion (100% basis) pre-production capital budget.

The Cortez Hills project in Nevada remains on track with an initial capital budget of about $500 million, which is in line with the original estimate. Approximately 60% of funds have been committed or spent and the receipt of the Record of Decision (ROD) is anticipated before year-end. Production is expected in the first half of 2010.

At Pascua-Lama, the majority of remaining key sectoral permits, including water rights, have been granted by the government of San Juan province in Argentina. Progress was also made on certain fiscal matters at the federal level in Argentina; however, the resolution of cross-border taxation between Chile and Argentina remains outstanding.

EXPLORATION(4)

Based on positive results from the drill program at the North High Grade Bullion zone discovery at Turquoise Ridge, the current 1,500 foot drift will be extended an additional 1,000 feet to further test the extent of the high grade mineralization outlined to date. Results from the current underground program continue to confirm the multi-million ounce potential of the zone.

CORPORATE DEVELOPMENT

Subsequent to quarter end, Barrick completed the sale of non-core royalties to Royal Gold for $150 million in cash and a significant reduction in future royalties payable to Royal Gold on the Crossroads deposit at Barrick's 100% owned Cortez property. The Company expects to record a pre-tax gain of about $165 million on the transaction in Q4.

Barrick acquired Cadence Energy Inc. and the Sturgeon Lake oil assets from Daylight Resources Trust for an expected combined cost of approximately Cdn$487 million. These transactions form part of a long-term strategy to economically hedge about 30% of the Company's current global oil usage at lower rates than currently available in the forward market.

CORPORATE SOCIAL RESPONSIBILITY

Barrick remains committed to a global strategy to help build sustainable, healthy communities. The Company is pleased to have been listed on the Dow Jones Sustainability Index (World) for the first time, ranking the company as a global leader in corporate social responsibility. The Company had previously been listed on the Dow Jones Sustainability Index (North America) and was included in the regional listing again this year.

FINANCIAL POSITION

At September 30, 2008, Barrick maintained the gold industry's only A-rated balance sheet, with a cash balance of $1.7 billion and net debt of $2.5 billion. In September, the Company issued $1.25 billion in long-term debt to repay amounts owing under its $1.5 billion credit facility, which is now fully available. "We are pleased to have completed the largest public financing in our history," said Jamie Sokalsky, Executive Vice President and Chief Financial Officer. "Our ability to raise this level of long-term debt at attractive rates in these difficult credit markets is a testament to our financial strength."

OUTLOOK

The continuation of lower input costs starting to be seen in the market place should help to mitigate the impact on margins in the future, assuming this trend continues. Oil prices have declined from a peak of $147 per barrel to the current levels below $70 per barrel. Energy costs comprise about 25% of the Company's total operating expenditures and recent price declines are expected to provide some relief from the unprecedented industry cost pressures experienced in 2008. There has also been recent moderation in certain other consumable costs such as sulfuric acid and steel grinding media. At the same time, while the gold price has recently experienced weakness, its underlying fundamentals and the long-term prospects for Barrick remain positive and are supported by the industry's highest rated balance sheet.

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 excluding special items is a non-GAAP measure. For further information on this measure, see pages 28-29 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. For further information on this performance measure, refer to pages 31-33 of the Company's MD&A.

(3) Average annual production for the first full five years.

(4) Barrick's exploration programs are designed and conducted under the supervision of Robert Krcmarov, Vice President, Global 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 U.S. Securities and Exchange Commission.

Key Statistics

                                Three months ended        Nine months ended
Barrick Gold Corporation              September 30,            September 30,
(in United States dollars)  ------------------------------------------------
(Unaudited)                     2008         2007         2008         2007
----------------------------------------------------------------------------
Operating Results
Gold production (thousands
 of ounces)(1)                 1,945        1,931        5,545        5,917
Gold sold (thousands of
 ounces)(1)                    1,809        1,886        5,404        6,013

Per ounce data
 Average spot gold price     $   872      $   680      $   897      $   666
 Average realized gold
  price(2),(3)                   872          681          895          558
 Total cash costs(4)             466          365          432          337
 Amortization and other(5)       134          126          116          107
 Total production costs          600          491          548          444
Copper production (millions
 of pounds)                       87           99          260          300
Copper sold (millions of
 pounds)                          85          111          262          308

Per pound data
 Average spot copper
  price                      $  3.49      $  3.50      $  3.61      $  3.22
 Average realized copper
  price(2),(3)                  3.49         3.38         3.56         3.22
 Total cash costs(4)            1.60         0.90         1.20         0.82
 Amortization and other(5)      0.38         0.29         0.37         0.32
 Total production costs         1.98         1.19         1.57         1.14
----------------------------------------------------------------------------

Financial Results (millions)
Sales                        $ 1,878      $ 1,684      $ 5,803      $ 4,415
Net income before special
 items(6)                        351          345        1,348        1,225
Net income                       254          345        1,253          582
Operating cash flow              542          557        1,767        1,056
Per Share Data (dollars)
 Net income before special
  items (basic)(6)              0.40         0.40         1.55         1.41
 Net income (basic)             0.29         0.40         1.44         0.67
 Net income (diluted)           0.29         0.39         1.42         0.67
 Operating cash flow
  (basic)                       0.62         0.64         2.03         1.22
 Operating cash flow
  (diluted)                     0.61         0.63         2.00         1.20
Weighted average basic
 common shares (millions)        872          867          872          866
Weighted average diluted
 common shares (millions)(7)     884          879          885          878
----------------------------------------------------------------------------



                                                         As at        As at
                                                  September 30, December 31,
                                                  --------------------------
                                                          2008         2007
----------------------------------------------------------------------------
Financial Position (millions)
Cash and equivalents                                  $  1,746     $  2,207
Non-cash working capital                                 1,122        1,029
Long-term debt                                           4,382        3,153
Shareholders' equity                                    16,160       15,256
----------------------------------------------------------------------------
(1) Production includes equity gold ounces in Highland Gold. Gold production
    also includes an additional 20% share of production from the Porgera
    mine and 40% share of production from the Cortez mine, from April 1,
    2007 and March 1, 2008 onwards, respectively.
(2) Calculated as consolidated gold sales divided by consolidated ounces
    sold or consolidated copper sales divided by consolidated pounds sold.
(3) Realized prices represents gold and copper revenues under US GAAP,
    adjusted for unrealized gains and losses on non-hedge derivatives and
    unrealized mark to market provisional price adjustments. For further
    information on this performance measure, refer to pages 30-31 of the
    Company's MD&A.
(4) Represents equity cost of goods sold plus royalties and production
    taxes, 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 31-33 of the Company's MD&A. Excludes
    amortization, accretion, unrealized non-hedge gains or losses and
    inventory purchase accounting adjustments.
(5) Represents equity amortization expense, unrealized gains on non-hedge
    currency and commodity contracts and inventory purchase accounting
    adjustments at the Company's producing mines, divided by equity
    ounces of gold sold or pounds of copper sold.
(6) In 2008, special items include impairment charges on our investment
    in Highland Gold and other investments in junior gold mining companies.
    The year-to-date amounts also include amounts previously recorded for
    Asset-Backed Commercial Paper. In 2007, amounts include the impact of
    deliveries into gold sales contracts and an equity loss in Highland
    Gold. For further information on this performance measure, refer to
    pages 29-30 of the Company's MD&A.
(7) Fully diluted, includes dilutive effect of stock options and
    convertible debt.



Production and Cost Summary

                             Gold                        Gold
                       Production                  Production
                    (attributable    Total Cash (attributable   Total Cash
                           ounces)        Costs        ounces)       Costs
                           (000's)        ($/oz)       (000's)       ($/oz)
----------------------------------------------------------------------------
                     Three months  Three months   Nine months   Nine months
                            ended         ended         ended         ended
                     September 30, September 30, September 30, September 30,
---------------------------------- ------------- ------------- -------------
(Unaudited)           2008   2007   2008   2007   2008   2007   2008   2007
---------------------------------- ------------- ------------- -------------
North America(1)       775    787  $ 499  $ 376  2,082  2,399  $ 498  $ 356
South America          522    429    265    213  1,599  1,459    243    185
Australia Pacific      503    558    608    467  1,410  1,559    524    445
Africa                 136    146    614    359    430    469    532    356
Other                    9     11    410    595     24     31    410    504
---------------------------------- ------------- ------------- -------------
Total                1,945  1,931  $ 466  $ 365  5,545  5,917  $ 432  $ 337
---------------------------------- ------------- ------------- -------------




                          Copper                      Copper
                      Production                  Production
                   (attributable    Total Cash (attributable     Total Cash
                          pounds)        Costs        pounds)         Costs
                       (millions)        ($/lb)    (millions)         ($/lb)
----------------------------------------------------------------------------
                    Three months  Three months   Nine months    Nine months
                           ended         ended         ended          ended
                    September 30, September 30, September 30,  September 30,
--------------------------------- ------------- ------------- --------------
(Unaudited)          2008   2007   2008   2007   2008   2007    2008   2007
--------------------------------- ------------- ------------- --------------
South America          64     80 $ 1.56 $ 0.69    205    238  $ 1.06 $ 0.67
Australia Pacific      23     19   1.76   1.45     55     62    1.69   1.43
----------------------------------------------------------------------------
Total                  87     99 $ 1.60 $ 0.90    260    300  $ 1.20 $ 0.82
----------------------------------------------------------------------------



                                          Total Gold Production Costs ($/oz)
----------------------------------------------------------------------------
                                                Three months    Nine months
                                                       ended          ended
                                                September 30,  September 30,
------------------------------------------------------------- --------------
(Unaudited)                                      2008   2007    2008   2007
------------------------------------------------------------- --------------
 Direct mining costs at market foreign
  exchange rates                                $ 483  $ 377   $ 452  $ 347
 Realized gains on currency and commodity
  hedge contracts                                 (39)   (25)    (37)   (21)
 By-product credits                                (9)   (10)    (15)   (12)
----------------------------------------------------------------------------
Cash operating costs                              435    342     400    314
 Royalties                                         26     20      28     19
 Production taxes                                   5      3       4      4
----------------------------------------------------------------------------
Total cash costs(2)                               466    365     432    337
 Amortization                                     112    126     112    106
 Unrealized losses on non-hedge currency
  and commodity contracts                          18      -       -      1
 Inventory purchase accounting
  adjustments and other                             4      -       4      -
----------------------------------------------------------------------------
Total production costs                          $ 600  $ 491   $ 548  $ 444
----------------------------------------------------------------------------



                                        Total Copper Production Costs ($/lb)
----------------------------------------------------------------------------
                                                Three months    Nine months
                                                       ended          ended
                                                September 30,  September 30,
------------------------------------------------------------- --------------
(Unaudited)                                      2008   2007    2008   2007
------------------------------------------------------------- --------------
Cash operating costs                           $ 1.58 $ 0.88  $ 1.18 $ 0.81
 Royalties                                       0.02   0.02    0.02   0.01
----------------------------------------------------------------------------
Total cash costs(2)                              1.60   0.90    1.20   0.82
 Amortization                                    0.38   0.29    0.37   0.32
----------------------------------------------------------------------------
Total production costs                         $ 1.98 $ 1.19  $ 1.57 $ 1.14
----------------------------------------------------------------------------
(1) Barrick's share of Cortez' production and total cash costs increased to
    100% effective March 1, 2008.
(2) Total cash costs per ounce/pound excludes amortization, accretion,
    unrealized gains on non-hedge currency and commodity contracts and
    inventory purchase accounting adjustments. Total cash costs per
    ounce/pound is a performance measure that is used throughout this
    Third Quarter Report 2008. For more information, see pages 31 to 33 of
    the Company's MD&A.



Consolidated Statements of Income

Barrick Gold Corporation                      Three months      Nine months
(in millions of United States dollars,               ended            ended
 except per share data) (Unaudited)           September 30,    September 30,
----------------------------------------------------------------------------
                                             2008     2007     2008    2007
----------------------------------------------------------------------------
Sales (notes 4 and 5)                     $ 1,878  $ 1,684  $ 5,803 $ 4,415
Costs and expenses
Cost of sales (notes 4 and 6)(1)            1,028      794    2,685   2,310
Amortization and accretion (notes 4
 and 14)                                      262      324      767     787
Corporate administration                       39       38      110     104
Exploration (notes 4 and 9)                    55       48      152     118
Project development expense (note 9)           41       49      171     151
Other expense (note 7A)                        74       50      163     128
----------------------------------------------------------------------------
                                            1,499    1,303    4,048   3,598
----------------------------------------------------------------------------
Interest income                                12       33       34     107
Interest expense (note 15B)                    (7)     (28)     (21)    (91)
Other income (note 7C)                         39       24      111      94
Impairment charges (note 7B)                 (112)      (3)    (153)     (6)
----------------------------------------------------------------------------
                                              (68)      26      (29)    104
----------------------------------------------------------------------------
Income before income taxes and other
 items                                        311      407    1,726     921
Income tax expense (note 8)                   (25)     (58)    (426)   (326)
Non-controlling interests (note 7D)           (10)       2      (18)     10
Loss from equity investees (note 12)          (22)      (6)     (29)    (32)
----------------------------------------------------------------------------
                                              254      345    1,253     573
Income from discontinued operations             -        -        -       9
Net income for the period                  $  254   $  345  $ 1,253  $  582
----------------------------------------------------------------------------
Earnings per share data (note 10):
Net income
 Basic                                     $ 0.29   $ 0.40  $  1.44  $ 0.67
 Diluted                                   $ 0.29   $ 0.39  $  1.42  $ 0.67
----------------------------------------------------------------------------
(1) Exclusive of amortization (note 4).

The notes to these unaudited interim consolidated financial statements,
which are contained in the Third Quarter Report 2008 available on our
website, are an integral part of these unaudited interim consolidated
financial statements.



Consolidated Statements of Cash Flow

Barrick Gold Corporation                     Three months       Nine months
(in millions of United States                       ended             ended
 dollars) (Unaudited)                        September 30,     September 30,
----------------------------------------------------------------------------
                                             2008    2007      2008    2007
----------------------------------------------------------------------------
OPERATING ACTIVITIES
Net income for the period                  $  254  $  345   $ 1,253  $  582
Amortization and accretion (notes 4 and 14)   262     324       767     787
Impairment charges (note 7B)                  112       3       153       6
Increase in inventory (note 13)              (167)    (92)     (406)   (174)
Other items (note 11)                          81     (23)        -    (145)
----------------------------------------------------------------------------
Net cash provided by operating activities     542     557     1,767   1,056
----------------------------------------------------------------------------
INVESTING ACTIVITIES
Property, plant and equipment
 Capital expenditures (note 4)               (571)   (249)   (1,162)   (727)
 Sales proceeds                                14      33        19      43
Acquisitions (note 3)                        (396)   (259)   (2,122)   (259)
Investments
 Purchases                                      -       -       (16)     (4)
 Sales proceeds                                19      38        76     549
Reclassification of asset-backed
 commercial paper                               -     (65)        -     (65)
Long-term supply contract (note 12)             -       -       (35)      -
Other investing activities                    (45)    (12)     (117)    (70)
----------------------------------------------------------------------------
Net cash used in investing activities        (979)   (514)   (3,357)   (533)
----------------------------------------------------------------------------
FINANCING ACTIVITIES
Capital stock
 Proceeds on exercise of stock options          1      81        71     122
Debt
 Proceeds                                   1,401       -     2,391       -
 Repayments                                (1,197)    (19)   (1,247)   (677)
Dividends                                       -       -      (174)   (130)
Settlement of derivative instruments
 acquired in Placer Dome acquisition            -       -         -    (197)
Funding from non-controlling interests         59       -        93       -
----------------------------------------------------------------------------
Net cash provided by (used in)
 financing activities                         264      62     1,134    (882)
----------------------------------------------------------------------------
Operating cash flows of discontinued
 operations                                     -      21         -      21
----------------------------------------------------------------------------
Effect of exchange rate changes on
 cash and equivalents                         (15)      8        (5)     13
----------------------------------------------------------------------------
Net increase (decrease) in cash and
 equivalents                                 (188)    134      (461)   (325)
Cash and equivalents at beginning of
 period                                     1,934   2,584     2,207   3,043
----------------------------------------------------------------------------
Cash and equivalents at end of period     $ 1,746 $ 2,718   $ 1,746 $ 2,718
----------------------------------------------------------------------------

The notes to these unaudited interim consolidated financial statements,
which are contained in the Third Quarter Report 2008 available on our
website, are an integral part of these unaudited interim consolidated
financial statements.



Consolidated Balance Sheets

Barrick Gold Corporation                             As at            As at
(in millions of United States dollars)        September 30,     December 31,
(Unaudited)                                           2008             2007
----------------------------------------------------------------------------
ASSETS
Current assets
 Cash and equivalents                             $  1,746         $  2,207
 Accounts receivable                                   238              256
 Inventories (note 13)                               1,409            1,129
 Other current assets                                  672              707
----------------------------------------------------------------------------
                                                     4,065            4,299

Non-current assets
 Investments (note 12)                                  66              142
 Equity method investments (note 12)                 1,057            1,074
 Property, plant and equipment (note 14)            11,230            8,596
 Goodwill                                            5,955            5,847
 Intangible assets                                      76               68
 Other assets                                        1,911            1,925
----------------------------------------------------------------------------
Total assets                                      $ 24,360         $ 21,951
----------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
 Accounts payable                                 $    989         $    808
 Short-term debt                                       200              233
 Other current liabilities                             208              255
----------------------------------------------------------------------------
                                                     1,397            1,296

Non-current liabilities
 Long-term debt (note 15)                            4,382            3,153
 Asset retirement obligations                          975              892
 Deferred income tax liabilities                       726              841
 Other liabilities                                     527              431
----------------------------------------------------------------------------
Total liabilities                                    8,007            6,613
----------------------------------------------------------------------------
Non-controlling interests                              193               82
----------------------------------------------------------------------------
Shareholders' equity
 Capital stock (note 17)                            13,356           13,273
 Retained earnings                                   2,904            1,832
 Accumulated other comprehensive income (loss)
  (note 18)                                           (100)             151
----------------------------------------------------------------------------
Total shareholders' equity                          16,160           15,256
----------------------------------------------------------------------------
Contingencies and commitments (notes 14 and 20)
----------------------------------------------------------------------------
Total liabilities and shareholders' equity        $ 24,360         $ 21,951
----------------------------------------------------------------------------

The notes to these unaudited interim consolidated financial statements,
which are contained in the Third Quarter Report 2008 available on our
website, are an integral part of these unaudited interim consolidated
financial statements.



Consolidated Statements of Shareholders' Equity

Barrick Gold Corporation
For the nine months ended September 30
(in millions of United States dollars)(Unaudited)
----------------------------------------------------------------------------
                                                      2008             2007
----------------------------------------------------------------------------
Common shares (number in millions)
At January 1                                           870              864
 Issued on exercise of stock options                     2                4
----------------------------------------------------------------------------
At September 30                                        872              868
----------------------------------------------------------------------------
Common shares (dollars in millions)
At January 1                                      $ 13,273         $ 13,106
 Issued on exercise of stock options                    71              122
 Recognition of stock option expense                    12               16
----------------------------------------------------------------------------
At September 30                                   $ 13,356         $ 13,244
----------------------------------------------------------------------------
Retained earnings
At January 1                                      $  1,832         $    974
 Net income                                          1,253              582
 Dividends                                            (174)            (130)
 Repurchase of preferred shares of a
  subsidiary (note 17)                                  (7)               -
----------------------------------------------------------------------------
At September 30                                   $  2,904         $  1,426
----------------------------------------------------------------------------
Accumulated other comprehensive income (loss)
 (note 18)                                        $   (100)        $    121
----------------------------------------------------------------------------
Total shareholders' equity at September 30        $ 16,160         $ 14,791
----------------------------------------------------------------------------



Consolidated Statements of Comprehensive Income

Barrick Gold Corporation                      Three months      Nine months
(in millions of United States dollars)               ended            ended
(Unaudited)                                   September 30,    September 30,
----------------------------------------------------------------------------
                                              2008    2007     2008    2007
----------------------------------------------------------------------------
Net income                                  $  254  $  345  $ 1,253  $  582
Other comprehensive income (loss),
 net of tax (note 18)                         (345)     28     (251)      2
----------------------------------------------------------------------------
Comprehensive income (loss)                 $  (91) $  373  $ 1,002  $  584
----------------------------------------------------------------------------

The notes to these unaudited interim consolidated financial statements,
which are contained in the Third Quarter Report 2008 available on our
website, are an integral part of these unaudited interim consolidated
financial statements.



CORPORATE OFFICE                    TRANSFER AGENTS AND REGISTRARS
Barrick Gold Corporation            CIBC Mellon Trust Company
Brookfield Place, TD Canada Trust   P.O. Box 7010,
Tower, 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.com
Email: investor@barrick.com         Website: www.cibcmellon.com
Website: www.barrick.com



SHARES LISTED                       BNY MELLON SHAREOWNER SERVICES
ABX - The Toronto Stock Exchange    480 Washington Blvd. - 27th Floor
      The New York Stock Exchange   Jersey City, NJ 07310
                                    Tel: 1-800-589-9836
                                    Fax: (201) 680-4665
                                    Email: shrrelations@mellon.com
                                    Website: www.melloninvestor.com

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained in this Third Quarter Report 2008, including any information as to our strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "will", "anticipate", "contemplate", "target", "plan", "continue', "budget", "may", "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: the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; changes in the worldwide price of gold, copper or certain other commodities (such as silver, fuel and electricity); fluctuations in currency markets; changes in U.S. dollar interest rates or gold lease rates; risks arising from holding derivative instruments; ability to successfully complete announced transactions and 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 obtaining necessary licenses and permits and diminishing quantities or grades of reserves; adverse changes in our credit rating, level of indebtedness and liquidity, contests over title to properties, particularly title to undeveloped properties; the risks involved in the exploration, development and mining business. Certain of these factors are discussed in greater detail in the Company's most recent Form 40-F/Annual Information Form on file with the U.S. 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:
INVESTOR CONTACT: Deni Nicoski
Vice President, Investor Relations
(416) 307-7410
Email: dnicoski@barrick.com

MEDIA CONTACT: Vincent Borg
Senior Vice President, Corporate Communications
(416) 307-7477
Email: vborg@barrick.com

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Gold  $ 1,289.03 +7.11 +0.55% Volume: October 19, 2017
ABX NYSE  $ 16.16 -0.01 -0.06% Volume: 4,338,654 October 19, 2017
ABX TSX  $ 20.17 +0.01 +0.03% Volume: 684,087 October 19, 2017
Gold  $ 1,289.03 +7.11 +0.55% 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.

World Gold Council MemberMember of ICMM

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