news-details

Barrick Earns $492 Million ($0.56 Per Share): Cash Flow Rises 42% to $718 Million

July 30, 2009

TORONTO, ONTARIO -- (MARKET WIRE) -- 07/30/09 -- Barrick Gold Corporation (NYSE: ABX)(TSX: ABX) -

SECOND QUARTER REPORT 2009

Based on US GAAP and expressed in US dollars

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

Highlights

- Barrick Gold reported net income of $492 million ($0.56 per share) compared to $485 million ($0.56 per share) in Q2 2008. Adjusted net income of $431 million ($0.49 per share)(1) compares to $442 million ($0.51 per share) in the prior year period. Operating cash flow rose 42% to $718 million in the second quarter compared to $505 million in the same prior year period.

- Second quarter gold production of 1.87 million ounces at net cash costs of $360 per ounce or total cash costs of $452 per ounce(1) exceeded plan on strong performance from the North and South America regions. Barrick remains on track with its full year 2009 production guidance of 7.2-7.6 million ounces of gold at net cash costs of $360-$385 per ounce or total cash costs of $450-$475 per ounce.

- Production is expected to increase to approximately 7.7-8.1 million ounces in 2010 at lower total cash costs with the start-up of Cortez Hills.

- The go-ahead decision on construction of the Pascua-Lama gold-silver project during the quarter is a significant milestone for Barrick. Pascua-Lama is expected to produce about 750,000-800,000 ounces of gold per year at anticipated total cash costs of $20-$50 per ounce(2) in the first full five years of a +25 year mine life, making it one of the lowest cost gold mines in the world.

- The Buzwagi project in Tanzania poured its first gold in early May on schedule and in line with its construction budget, and is the first of a new generation of low cost mines that also includes Cortez Hills, Pueblo Viejo, and Pascua-Lama. At full capacity, these projects are expected to collectively contribute 2.6 million ounces of average annual production at lower cash costs than the current Company profile.

- Barrick continues to maintain a strong financial position with quarter-end cash of $2.0 billion, an undrawn credit facility of $1.5 billion and robust cash flow.

Q2 production of 1.87 million ounces of gold at net cash costs of $360 per ounce (applying credit for non-gold sales) or total cash costs of $452 per ounce was ahead of plan.

The realized gold price for the quarter was $931 per ounce(1), which was $9 higher than the average spot price of $922 per ounce. The Company reported second quarter net income of $492 million ($0.56 per share) compared to net income of $485 million ($0.56 per share) in the prior year period. Q2 adjusted net income of $431 million ($0.49 per share) compares to $442 million ($0.51 per share) in the prior year period. Lower adjusted net income reflects higher cost of sales, offset by higher sales revenue, and lower project development and exploration expenses.

Q2 2009 operating cash flow increased to $718 million compared to $505 million in Q2 2008 and reflects lower income tax payments as a result of the production mix and the use of tax loss carry forwards.

"Our portfolio of operations performed strongly in Q2, exceeding plan, and positioning us well to meet our production and cost targets for the year," said Aaron Regent, Barrick's President and CEO. "The go-ahead decision on Pascua-Lama during the quarter marks an important milestone for Barrick and our strategy of developing long life, low cost mines. Pascua-Lama is expected to be one of the industry's lowest cost gold operations and joins the world-class Cortez Hills and Pueblo Viejo projects in construction. Execution on this new generation of projects, combined with a favorable gold price outlook and our focus on cost management provides the foundation from which Barrick will continue to deliver shareholder value."

PRODUCTION AND COSTS

Q2 production of 1.87 million ounces at total cash costs of $452 per ounce exceeded plan as a result of strong operating performance from the North America and South America regions. The Company is on track with its full year production guidance of 7.2-7.6 million ounces of gold at net cash costs of $360-$385 per ounce or total cash costs of $450-$475 per ounce.

The North America region followed up a strong Q1 by delivering another quarter of results that exceeded plan with production of 0.77 million ounces at total cash costs of $484 per ounce. The result was largely driven by the Goldstrike operation, which produced 0.41 million ounces at total cash costs of $441 per ounce, as higher grade ore continued to be mined in the open pit and underground. Cortez contributed 0.12 million ounces at total cash costs of $542 per ounce. Further improvements to production and costs are anticipated at Cortez in the second half of the year with access to higher grade material.

The South America business unit also exceeded plan with production of 0.44 million ounces at total cash costs of $277 per ounce. The Lagunas Norte mine continued to deliver solid results in Q2 with production of 0.26 million ounces at total cash costs of $134 per ounce. Veladero's production of 0.11 million ounces at total cash costs of $534 per ounce was ahead of plan. Production and costs are expected to improve in the latter half of 2009 as Veladero sequences through higher grade ore and as a result of higher throughput resulting from the crusher expansion, which is on target for completion in Q3. The expansion is anticipated to increase processing capacity from 50,000 to 85,000 tons per day and is about 90% complete.

The Australia Pacific business unit produced 0.49 million ounces at total cash costs of $552 per ounce. Porgera, the region's largest operation, produced 0.14 million ounces at lower than planned total cash costs of $491 per ounce. The Kalgoorlie mine continued to access higher grade ore and benefit from improved performance of the mining fleet, resulting in better than planned production and total cash costs.

Production from the African business unit of 0.16 million ounces at total cash costs of $539 per ounce included production from the new Buzwagi mine which poured its first gold in May. "The project team is to be congratulated for delivering Buzwagi on time and in line with its construction budget," said Aaron Regent. "This is the sixth project to be constructed on time in the last six years." The mine produced about 36,000 ounces at total cash costs of $357 per ounce during the quarter and is expected to continue to ramp up production in the second half of the year. Buzwagi is anticipated to produce about 200,000 ounces of gold at total cash costs of about $335 per ounce in 2009.

The Company is on track with full year copper production guidance of 375-400 million pounds at total cash costs of $1.25-$1.35 per pound. Q2 copper production of 96 million pounds at total cash costs of $1.25 per pound was in line with plan. The Company benefited from its copper hedge position, realizing $3.18 per pound, $1.06 per pound higher than the average spot price.

Barrick's production base is underpinned by the industry's largest gold reserves of 138.5 million ounces(3).

PROJECTS UPDATE

Barrick's three projects in construction continue to progress on schedule and in line with their respective pre-production capital budgets. Together with Buzwagi, they are expected to contribute nearly 2.6 million ounces(4) of lower cost production once at full capacity. Production is expected to increase to 7.7-8.1 million ounces in 2010 with new production from Cortez Hills(5).

Construction of the Cortez Hills project in Nevada is approximately 60% complete and is on schedule and in line with its $500 million capital budget. Initial production continues to be anticipated in Q1 2010 assuming the satisfactory resolution of the pending litigation regarding the project. The Cortez property is expected to contribute one million ounces per year at total cash costs of $350-$400 per ounce in the first full five years once Cortez Hills is in operation.

The Pueblo Viejo project in the Dominican Republic is advancing in line with its pre-production capital budget of approximately $2.7 billion (100% basis)(6), and first gold continues to be expected in Q4 2011. Engineering and design is more than two-thirds complete and the fabrication of the autoclaves and oxygen plant is progressing on schedule. Barrick's 60% share of annual gold production in the first full five years of operation is anticipated to be 600,000-650,000 ounces per year at total cash costs of about $275-$300 per ounce. Pueblo Viejo is a long life asset with an expected mine life of over 25 years.

Barrick announced a construction decision on the Pascua-Lama project in early May. As of quarter-end, the mills, mining fleet, and other processing and earth-moving equipment have been ordered. The project team expects to mobilize to the site during the third quarter to install construction infrastructure, including additional camp facilities, and to begin upgrading the access road. Pascua-Lama is expected to produce about 750,000-800,000 ounces of gold and 35 million ounces of silver annually in its first full five years at anticipated total cash costs of $20-$50 per ounce, making it one of the lowest cost gold mines in the world. Commissioning is expected in late 2012 and initial production in the first quarter of 2013.

FINANCIAL POSITION

Barrick maintained a strong financial position during the quarter with the gold industry's highest credit rating, a cash balance of $2.0 billion, $1.5 billion in undrawn credit and net debt of $3.0 billion as at June 30, 2009.

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) Adjusted net income, net cash costs per ounce, total cash costs per ounce and realized price are non-GAAP financial measures. See pages 32-36 of the Company's MD&A.

(2) Total cash costs per ounce are calculated assuming a gold price of $800 per ounce and applying silver by-product credits assuming a silver price of $12 per ounce.

(3) Calculated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. For United States reporting purposes, Industry Guide 7 (under the Securities Exchange Act of 1934), as interpreted by the Staff of the SEC, applies different standards in order to classify mineralization as a reserve. Accordingly, for U.S. reporting purposes, Cerro Casale is classified as mineralized material and approximately 600,000 ounces of reserves for Pueblo Viejo (Barrick's 60% interest) are classified as mineralized material. For a breakdown of reserves and resources by category and additional information relating to reserves and resources, see pages 21-31 of Barrick's 2008 Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

(4) 2.6 million ounces of production is based on the estimated cumulative average annual production in the first full 5 years once all are at full capacity. Lower cost refers to total cash costs per ounce.

(5) In Q4 2008, a number of opponents of the Cortez Hills expansion filed suit in the U.S. District Court for the District of Nevada seeking to overturn the Bureau of Land Management's approval of the Cortez Hills project on environmental and religious grounds. The plaintiffs unsuccessfully sought to enjoin construction of the project pending consideration of their claims. The District Court's denial of the requested injunction is currently being appealed.

(6) Pre-production, followed by $0.3 billion to complete phased expansion from 18,000 tpd to 24,000 tpd.

Key Statistics

Barrick Gold Corporation           Three months ended      Six months ended
(in United States dollars)                    June 30,              June 30,
                                   -----------------------------------------
(Unaudited)                              2009    2008     2009         2008
----------------------------------------------------------------------------
Operating Results
Gold production (thousands of
 ounces)(1)                             1,866   1,857    3,621        3,600
Gold sold (thousands of ounces)(1)      1,882   1,866    3,596        3,595

Per ounce data
 Average spot gold price              $   922 $   896  $   915      $   910
 Average realized gold price(2)           931     898      923          913
 Net cash costs(5)                        360     326      378          289
 Total cash costs(3)                      452     434      467          415
 Amortization and other(4)                116     106      114          105
 Copper credits                            92     108       89          126
 Total production costs                   568     540      581          520

Copper production (millions of pounds)     96      87      191          174
Copper sold (millions of pounds)           90      78      176          176

Per pound data
 Average spot copper price            $  2.12 $  3.83  $  1.83      $  3.68
 Average realized copper price(2)        3.18    3.65     3.09         3.59
 Total cash costs(3)                     1.25    1.08     1.28         1.00
 Amortization and other(4)               0.21    0.36     0.23         0.36
 Total production costs                  1.46    1.44     1.51         1.36
----------------------------------------------------------------------------

Financial Results (millions)
Sales                                 $ 2,029 $ 1,967  $ 3,856      $ 3,925
Net income                                492     485      863          999
Adjusted net income(6)                    431     442      732          981
Operating cash flow                       718     505    1,067        1,223

Per Share Data (dollars)
 Net income (basic)                      0.56    0.56     0.99         1.15
 Adjusted net income (basic)(6)          0.49    0.51     0.84         1.13
 Net income (diluted)                    0.56    0.55     0.98         1.13

Weighted average basic common
 shares (millions)                        873     872      873          872
Weighted average diluted common
 shares (millions)(7)                     885     885      885          885
----------------------------------------------------------------------------



                                                         As at        As at
                                                       June 30, December 31,
                                                      --------- ------------
                                                          2009         2008
----------------------------------------------------------------------------
Financial Position (millions)
Cash and equivalents                                  $  2,038     $  1,437
Non-cash working capital                                   975        1,037
Long-term debt                                           5,126        4,556
Equity                                                  16,583       15,459
----------------------------------------------------------------------------
(1) Production includes equity gold ounces in Highland Gold. Production
    also includes an additional 40% share of production from the Cortez mine
    from March 1, 2008 onwards, an additional 50% interest in Hemlo from
    January 1, 2009 onwards and 100% of Storm from October 1, 2008 onwards.
(2) Realized price is a non-GAAP financial performance measure with no
    standard meaning under US GAAP. See page 35 of the Company's MD&A.
(3) Total cash costs is a non-GAAP financial performance measure with no
    standard meaning under US GAAP. See page 33 of the Company's MD&A.
(4) Represents equity amortization expense, unrealized losses 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.
(5) Net cash costs is a non-GAAP financial performance measure with no
    standard meaning under US GAAP. See page 33 of the Company's MD&A.
(6) Adjusted net income is a non-GAAP financial performance measure with
    no standard meaning under US GAAP. See page 32 of the Company's MD&A.
(7) Fully diluted, includes dilutive effect of stock options and
    convertible debt.



Production and Cost Summary

                           Gold Production
                   (attributable ounces) (000's)   Total Cash Costs (US$/oz)
                   ----------------------------- ---------------------------
                     Three months    Six months  Three months    Six months
                            ended         ended         ended         ended
                   --------------- ------------- ------------- -------------
                          June 30,      June 30,      June 30,      June 30,
                   --------------- ------------- ------------- -------------
(Unaudited)           2009   2008   2009   2008   2009   2008   2009   2008
---------------------------------- ------------- ------------- -------------
North America(1)       765    693  1,501  1,307  $ 484  $ 493  $ 491  $ 498
South America          442    536    838  1,077    277    270    283    233
Australia Pacific      488    471    977    906    552    520    580    481
Africa                 163    151    290    295    539    493    549    500
Other                    8      6     15     15    494    410    494    410
----------------------------------------------------------------------------
Total                1,866  1,857  3,621  3,600  $ 452  $ 434  $ 467  $ 415
----------------------------------------------------------------------------



                          Copper Production
                (attributable pounds) (Millions)   Total Cash Costs (US$/lb)
                   ----------------------------  ---------------------------
                     Three months    Six months  Three months    Six months
                            ended         ended         ended         ended
                   --------------- ------------  ------------- -------------
                          June 30,      June 30,      June 30,      June 30,
                   --------------- ------------  ------------- -------------
(Unaudited)           2009   2008   2009   2008   2009   2008   2009   2008
---------------------------------- ------------  ------------- -------------
South America           75     69    151    142 $ 1.27 $ 0.90 $ 1.29 $ 0.83
Australia Pacific       21     18     40     32   1.13   1.77   1.27   1.66
----------------------------------------------------------------------------
Total                   96     87    191    174 $ 1.25 $ 1.08 $ 1.28 $ 1.00
----------------------------------------------------------------------------



                                        Total Gold Production Costs (US$/oz)
                                       -------------------------------------
                                                 Three months    Six months
                                                        ended         ended
                                                      June 30,      June 30,
                                       ----------------------- -------------
(Unaudited)                                       2009   2008   2009   2008
-------------------------------------------------------------- -------------
 Direct mining costs at market foreign
  exchange rates                                 $ 407  $ 478  $ 410  $ 447
 (Gains) losses realized on currency
  hedge and commodity hedge/economic
  hedge contracts                                   17   (61)     30   (47)
 By-product credits                                (8)   (17)    (8)   (19)
 Copper credits                                   (92)  (108)   (89)  (126)
----------------------------------------------------------------------------
Cash operating costs, net basis                    324    292    343    255
 Royalties                                          30     30     29     29
 Production taxes                                    6      4      6      5
----------------------------------------------------------------------------
Net cash costs(2)                                  360    326    378    289
 Copper credits                                     92    108     89    126
----------------------------------------------------------------------------
Total cash costs(2)                                452    434    467    415
 Amortization                                      115    114    114    111
 Unrealized losses on non-hedge
  currency and commodity contracts                 (2)   (17)    (2)   (10)
 Inventory purchase accounting
  adjustments and other                              3      9      2      4
----------------------------------------------------------------------------
Total production costs                           $ 568  $ 540  $ 581  $ 520
----------------------------------------------------------------------------



                                      Total Copper Production Costs (US$/lb)
                                     ---------------------------------------
                                                 Three months    Six months
                                                        ended         ended
                                                      June 30,      June 30,
                                       ---------------------- --------------
(Unaudited)                                       2009   2008   2009   2008
------------------------------------------------------------- --------------
Cash operating costs                            $ 1.24 $ 1.06 $ 1.28 $ 0.99
 Royalties                                        0.01   0.02      -   0.01
----------------------------------------------------------------------------
Total cash costs(2)                               1.25   1.08   1.28   1.00
 Amortization                                     0.21   0.36   0.23   0.36
----------------------------------------------------------------------------
Total production costs                          $ 1.46 $ 1.44 $ 1.51 $ 1.36
----------------------------------------------------------------------------
(1) Barrick's share of Cortez production and total cash costs increased to
    100% effective March 1, 2008. Barrick's share of Storm production and
    total cash costs increased to 100% effective October 1, 2008.
    Production includes an additional 50% interest in Hemlo from January 1,
    2009 onwards. Barrick's share of Hemlo total cash costs increased to
    100% effective May 1, 2009.
(2) Total cash costs and net cash costs are non-GAAP financial performance
    measures with no standard meaning under US GAAP. See page 33 of the
    Company's MD&A.



Consolidated Statements of Income

Barrick Gold Corporation
(in millions of United States dollars, Three months ended  Six months ended
 except per share data) (Unaudited)               June 30,          June 30,
----------------------------------------------------------------------------
                                            2009     2008     2009     2008
----------------------------------------------------------------------------
Sales (notes 4 and 5)                    $ 2,029  $ 1,967  $ 3,856  $ 3,925
----------------------------------------------------------------------------
Costs and expenses
Cost of sales (notes 4 and 6)(1)             975      882    1,930    1,657
Amortization and accretion
 (notes 4 and 14)                            267      264      528      505
Corporate administration                      45       38       80       71
Exploration (notes 4 and 7)                   35       54       67       97
Project development expense (note 7)          14       83       38      129
Other expense (note 8A)                       60       50      135      104
----------------------------------------------------------------------------
                                           1,396    1,371    2,778    2,563
----------------------------------------------------------------------------
Interest income                                2        5        5       22
Interest expense (note 16B)                 (14)      (8)     (16)     (14)
Other income (note 8C)                        89       54       83       84
Write-down of investments (note 8B)            -        -      (1)     (39)
----------------------------------------------------------------------------
                                              77       51       71       53
----------------------------------------------------------------------------
Income before income taxes and other
 items                                       710      647    1,149    1,415
Income tax expense (note 9)                (198)    (148)    (236)    (401)
Loss from equity investees (note 12)        (20)      (9)     (48)      (7)
----------------------------------------------------------------------------
Income before non-controlling interests      492      490      865    1,007
Non-controlling interests (note 8D)            -      (5)      (2)      (8)
----------------------------------------------------------------------------
Net income                                $  492   $  485   $  863   $  999
----------------------------------------------------------------------------
Earnings per share data (note 10)
Net income
 Basic                                    $ 0.56   $ 0.56   $ 0.99   $ 1.15
 Diluted                                  $ 0.56   $ 0.55   $ 0.98   $ 1.13
----------------------------------------------------------------------------
(1) Exclusive of amortization.

The notes to these unaudited interim consolidated financial statements,
which are contained in the Second Quarter Report 2009 available on our
website, are an integral part of these consolidated financial statements.



Consolidated Statements of Cash Flow

Barrick Gold Corporation
(in millions of United States dollars, Three months ended  Six months ended
 except per share data) (Unaudited)               June 30,          June 30,
----------------------------------------------------------------------------
                                            2009     2008     2009     2008
----------------------------------------------------------------------------
OPERATING ACTIVITIES
Net income                               $   492  $   485  $   863  $   999
Amortization and accretion
 (notes 4 and 14)                            267      264      528      505
Income tax expense (note 9)                  198      148      236      401
Income taxes paid                          (120)    (230)    (220)    (357)
Increase in inventory                       (82)    (106)    (160)    (239)
Gain on sale/acquisition of long-lived
 assets (note 8C)                           (80)        -     (82)      (4)
Other items (note 11)                         43     (56)     (98)     (82)
----------------------------------------------------------------------------
Net cash provided by operating activities    718      505    1,067    1,223
----------------------------------------------------------------------------
INVESTING ACTIVITIES
Property, plant and equipment
 Capital expenditures (note 4)             (605)    (326)  (1,075)    (591)
 Sales proceeds                                4        1        7        5
Acquisitions (note 3)                       (48)      (4)     (48)  (1,726)
Investments (note 12)
 Purchases                                     -      (1)      (2)     (16)
 Sales                                         -       55        -       57
Decrease in restricted cash (note 16A)       113        -      113        -
Long-term supply contract                      -        -        -     (35)
Other investing activities                  (17)     (37)     (34)     (72)
----------------------------------------------------------------------------
Net cash used in investing activities      (553)    (312)  (1,039)  (2,378)
----------------------------------------------------------------------------
FINANCING ACTIVITIES
Capital stock
 Proceeds on exercise of stock options        11        -       21       70
Long-term debt (note 16B)
 Proceeds                                     62        -      867      990
 Repayments                                (206)     (45)    (293)     (50)
Dividends                                  (174)    (174)    (174)    (174)
Funding from non-controlling interests        60       26      146       36
Other financing activities                   (4)        -     (11)        -
----------------------------------------------------------------------------
Net cash provided by (used in)
 financing activities                      (251)    (193)      556      872
Effect of exchange rate changes on
 cash and equivalents                         20        3       17       10
----------------------------------------------------------------------------
Net increase (decrease) in cash
 and equivalents                            (66)        3      601    (273)
Cash and equivalents at beginning
 of period (note 16A)                      2,104    1,931    1,437    2,207
----------------------------------------------------------------------------
Cash and equivalents at end of
 period (note 16A)                       $ 2,038  $ 1,934  $ 2,038  $ 1,934
----------------------------------------------------------------------------

The notes to these unaudited interim consolidated financial statements,
which are contained in the Second Quarter Report 2009 available on our
website, are an integral part of these consolidated financial statements.



Consolidated Balance Sheets

Barrick Gold Corporation
(in millions of United States dollars,   As at June 30,   As at December 31,
 except per share data) (Unaudited)               2009                 2008
----------------------------------------------------------------------------
ASSETS
Current assets
 Cash and equivalents (note 16A)              $  2,038             $  1,437
 Accounts receivable                               233                  197
 Inventories (note 13)                           1,474                1,309
 Other current assets                              591                1,169
----------------------------------------------------------------------------
                                                 4,336                4,112

Non-current assets
 Investments (note 12)                           1,185                1,145
 Property, plant and equipment (note 14)        12,346               11,547
 Goodwill (note 15)                              5,260                5,280
 Intangible assets                                  75                   75
 Deferred income tax assets                        823                  869
 Other assets                                    1,306                1,133
----------------------------------------------------------------------------
Total assets                                  $ 25,331             $ 24,161
----------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
 Accounts payable                                  942                  970
 Short-term debt                                    67                  206
 Other current liabilities                         381                  668
----------------------------------------------------------------------------
                                                 1,390                1,844

Non-current liabilities
 Long-term debt (note 16B)                       5,059                4,350
 Asset retirement obligations                    1,032                  973
 Deferred income tax liabilities                   851                  754
 Other liabilities                                 416                  781
----------------------------------------------------------------------------
Total liabilities                                8,748                8,702
----------------------------------------------------------------------------
Equity
 Capital stock (note 18)                        13,403               13,372
 Retained earnings                               2,950                2,261
 Accumulated other comprehensive loss (note 19)   (96)                (356)
----------------------------------------------------------------------------
Total shareholders' equity                      16,257               15,277
 Non-controlling interests                         326                  182
----------------------------------------------------------------------------
Total equity                                    16,583               15,459
----------------------------------------------------------------------------
Contingencies and commitments
 (notes 14 and 20)
----------------------------------------------------------------------------
Total liabilities and equity                  $ 25,331             $ 24,161
----------------------------------------------------------------------------

The notes to these unaudited interim consolidated financial statements,
which are contained in the Second Quarter Report 2009 available on our
website, are an integral part of these consolidated financial statements.



Consolidated Statements of Equity

Barrick Gold Corporation
For the six months ended June 30 (in millions of United States dollars)
(Unaudited)
----------------------------------------------------------------------------
                                                            2009       2008
----------------------------------------------------------------------------
Common shares (number in millions)
At January 1                                                 873        870
 Issued on exercise of stock options                           1          2
----------------------------------------------------------------------------
At June 30                                                   874        872
----------------------------------------------------------------------------
Common shares
At January 1                                            $ 13,372   $ 13,273
 Issued on exercise of stock options                          21         70
 Recognition of stock option expense                          10          9
----------------------------------------------------------------------------
At June 30                                                13,403     13,352
----------------------------------------------------------------------------
Retained earnings
At January 1                                               2,261      1,832
 Net income                                                  863        999
 Dividends                                                 (174)      (174)
----------------------------------------------------------------------------
At June 30                                                 2,950      2,657
----------------------------------------------------------------------------
Accumulated other comprehensive income (loss) (note 19)     (96)        245
Total shareholders' equity                                 2,854      2,902
----------------------------------------------------------------------------
Non-controlling interests
At January 1                                                 182         82
 Net loss attributable to non-controlling interests          (2)        (8)
 Funding to non-controlling interests                        146         50
----------------------------------------------------------------------------
At June 30                                                   326        124
----------------------------------------------------------------------------
Total equity at June 30                                 $ 16,583   $ 16,378



Consolidated Statements of Comprehensive Income

Barrick Gold Corporation               Three months ended  Six months ended
(in millions of United States dollars)            June 30,          June 30,
(Unaudited)                                 2009     2008     2009     2008
----------------------------------------------------------------------------
Net income                                 $ 492    $ 485  $   863  $   999
Other comprehensive income, net of
 tax (note 19)                               372      228      260       94
----------------------------------------------------------------------------
Comprehensive income                       $ 864    $ 713  $ 1,123  $ 1,093
----------------------------------------------------------------------------

The notes to these unaudited interim consolidated financial statements,
which are contained in the Second Quarter Report 2009 available on our
website, are an integral part of these consolidated financial statements.



CORPORATE OFFICE                        TRANSFER AGENTS AND REGISTRARS
Barrick Gold Corporation                CIBC Mellon Trust Company
Brookfield Place, TD Canada Trust Tower P.O. Box 7010,
Suite 3700                              Adelaide Street Postal Station
161 Bay Street, P.O. Box 212            Toronto, Ontario M5C 2W9
Toronto, Canada M5J 2S1                 Tel: (416) 643-5500
Tel: (416) 861-9911 Fax: (416) 861-0727 Toll-free throughout
Toll-free within Canada and             North America: 1-800-387-0825
United States: 1-800-720-7415           Fax: (416) 643-5501
Email: investor@barrick.com             Email: inquiries@cibcmellon.com
Website: www.barrick.com                Website: www.cibcmellon.com

SHARES LISTED                           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 Second Quarter Report 2009, including any information as to our strategy, projects, 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 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; changes in costs and estimates associated with our projects; 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
Executive Vice President, Corporate Communications
(416) 307-7477
Email: vborg@barrick.com

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Gold  $ 1,290.55 +0.01 +0% Volume: October 19, 2017
ABX NYSE  $ 16.10 -0.07 -0.43% Volume: 8,167,518 October 19, 2017
ABX TSX  $ 20.11 -0.05 -0.25% Volume: 1,563,871 October 19, 2017
Gold  $ 1,290.55 +0.01 +0% 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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