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Barrick Reports Q1 2010 Financial and Operating Results

April 28, 2010

FIRST QUARTER REPORT 2010
Based on US GAAP and expressed in US dollars
April 28, 2010

Highlights

  • Reported Q1 net income was a record $758 million ($0.77 per share). Adjusted Q1 net income rose 149% to $741 million ($0.75 per share)(1) from $298 million ($0.34 per share) in Q1 2009, reflecting higher production and sales in conjunction with lower total cash costs and higher realized prices for both gold and copper. Operating cash flow more than tripled to a record $1.05 billion from $349 million in the same prior year period. 
  • Q1 gold production was up 19% to 2.08 million ounces at total cash costs of $442 per ounce or net cash costs of $342 per ounce(1), which were $42 per ounce and $62 per ounce below prior year period total cash costs and net cash costs, respectively. The Company is on track with its guidance to increase production in 2010 to 7.6-8.0 million ounces at lower total cash costs of $425-$455 per ounce or net cash costs of $345-$375 per ounce(2). 
  • The Cortez Hills project was completed during the quarter on time and budget and contributed strongly to Q1 results. The entire Cortez property continues to be on track to achieve its original production guidance of 1.08-1.12 million ounces of gold in 2010 at total cash costs of $295-$315 per ounce. In mid-April, the U.S. District Court issued a decision allowing mining to continue at Cortez Hills (subject to certain restrictions on ore transportation and dewatering) pending completion of a Supplemental Environmental Impact Statement. The Company anticipates a Record of Decision will be issued by the Bureau of Land Management by year-end, at which point it is expected that the operation will revert to its original scope. 
  • Construction of the Pueblo Viejo and Pascua-Lama projects is on schedule and expected to be in line with their respective pre-production capital budgets. At full capacity and combined with Cortez Hills, these projects are forecast to contribute about 2.4 million ounces(3) of annual production at low cash costs. 
  • Barrick completed its acquisition of an additional 25% interest in the Cerro Casale project in Chile during the quarter for consideration of approximately $474 million and now owns a 75% interest in and has control of one of the world's largest undeveloped gold-copper deposits. 
  • The initial public offering for African Barrick Gold plc ("ABG"), which holds Barrick's previously held African gold mining operations and exploration properties, closed in March and the shares of ABG were admitted to trading on the London Stock Exchange's main market for listed securities. Total net proceeds of the offering were $882 million. Barrick currently holds an approximate 74% interest in ABG. 
  • Barrick continues to maintain a strong financial position and the industry's only 'A' credit rating with quarter-end cash of $3.5 billion, an undrawn credit facility of $1.5 billion, robust operating cash flow and excellent access to debt markets.

Q1 production of 2.08 million ounces of gold was 19% higher at total cash costs of $442 per ounce which were 9% or $42 per ounce lower than the same prior year period, primarily due to strong performances from Lagunas Norte, Veladero and Cortez Hills. Net cash costs of $342 per ounce were 15% or $62 per ounce below the prior year period. The realized gold price for the quarter was $1,114 per ounce(4), $5 per ounce above the average spot price of $1,109 per ounce. Cash margins increased to 60% or $672 per ounce(4) from 47% or $431 per ounce in Q1 2009. Net cash margins increased to 69% or $772 per ounce(4) from 56% or $511 per ounce in the same prior year period.

Q1 adjusted net income rose 149% to $741 million ($0.75 per share), reflecting higher production and sales in conjunction with lower total cash costs and higher realized prices for both gold and copper, compared to adjusted net income of $298 million ($0.34 per share) in Q1 2009. Reported Q1 net income of $758 million ($0.77 per share) before net adjustments of $17 million was a Company record. Q1 operating cash flow more than tripled to a record $1.05 billion compared to $0.35 billion in the same period a year ago.

"We had a good start to the year with our operations performing well, and when combined with higher metal prices, the result was record earnings and operating cash flow for the quarter," said Aaron Regent, Barrick's President and CEO. "We are particularly pleased with the performance of our Cortez property. The Cortez Hills project was completed on time and budget, and the recent decision of the District Court in Nevada will allow it to continue operating. Cortez Hills is an impressive deposit and in 2010 the Cortez property will produce about 1.1 million ounces of gold at total cash costs of about $300 per ounce. We are also on track with the development of the other projects in our pipeline."

PRODUCTION AND COSTS

The North America region performed ahead of expectations in Q1, producing 0.73 million ounces at total cash costs of $519 per ounce on strong performances from Cortez and Goldstrike. The Cortez operation was ahead of plan with production of 0.28 million ounces at total cash costs of $346 per ounce on better than expected grades from Cortez Hills and Pipeline.

The Cortez Hills project was completed during the quarter in line with its $500 million pre-production capital budget, and is the seventh mine in five years which Barrick has delivered on time. The Cortez property is on track to meet original full year 2010 guidance of 1.08-1.12 million ounces at total cash costs of $295-$315 per ounce following a U.S. District Court decision allowing mining to continue while the Bureau of Land Management (BLM) completes a Supplemental Environmental Impact Study (SEIS) incorporating further study on three aspects identified in a 2009 ruling by the United States 9th Circuit Court of Appeals. As the Company proposed in its request for a tailored injunction, Barrick will not ship a portion of Cortez Hills ore off site for processing while the SEIS is prepared and made available for public comment. Mine dewatering during this period will also be limited to rates and volumes allowed under permits granted prior to the 2008 approval of the project. The third aspect of the SEIS concerns new modeling protocols that evolved while the Cortez Hills case was in litigation which the BLM will apply in assessing PM (particulate matter) 2.5 emissions. Barrick expects completion of the SEIS and a Record of Decision by the BLM to be issued by year-end, at which point the operation is expected to revert to its original scope.

The Goldstrike operation also performed ahead of expectations, contributing 0.28 million ounces at total cash costs of $581 per ounce on better than expected open pit and underground grades, and higher roaster throughput.

The South American business unit produced 0.66 million ounces at total cash costs of $200 per ounce in Q1. The Lagunas Norte mine exceeded plan, producing 0.33 million ounces at total cash costs of $147 per ounce on recovery of higher grade leach pad inventory. The Veladero mine produced 0.27 million ounces at total cash costs of $247 per ounce, reflecting mining of higher grades and the positive impact of the crusher expansion which reached full capacity of 85,000 tons per day in March.

The Australia Pacific business unit contributed production of 0.51 million ounces at total cash costs of $598 per ounce in Q1. The Porgera mine performed on plan with production of 0.15 million ounces at total cash costs of $493 per ounce.

Production from African Barrick Gold plc in Q1 was 0.18 million ounces at total cash costs of $616 per ounce(5) as the Buzwagi mine worked through an area of transition ore. ABG is on track with its previously announced full year guidance of 800,000-850,000 ounces (100% basis) of which 650,000-690,000 ounces is expected to be attributable to Barrick at total cash costs of $500-$550 per ounce(5).

Barrick expects to meet its full year copper production guidance of 340-365 million pounds at total cash costs of $1.10-$1.20 per pound. Q1 copper production was 100 million pounds at total cash costs of $1.05 per pound, which were 20% lower than the prior year period. The Company realized a copper price of $3.29 per pound in Q1, in line with the average spot price.

Utilizing option collar strategies, the Company has put in place floor protection on approximately 75% of expected copper production for the remainder of 2010 at an average price of $2.18 per pound and can fully participate in copper price upside on approximately 95% of expected remaining 2010 copper production to a maximum average price of $3.67 per pound. Approximately one-third of expected 2011 production is hedged through the use of collars with an average floor price of $3.00 per pound and an average ceiling price of $4.14 per pound.

Barrick's production base is underpinned by the industry's largest, fully unhedged gold reserves of 139.8 million ounces, plus measured and indicated gold resources of 61.8 million ounces and inferred gold resources of 31.6 million ounces(6).

PROJECTS UPDATE

Barrick's two projects in construction remain on schedule and in line with their respective capital budgets.

The Pueblo Viejo project in the Dominican Republic is advancing on schedule and in line with its $3.0 billion pre-production capital budget (100% basis), with overall construction nearly 20% complete and initial production anticipated in the fourth quarter of 2011. At the end of the first quarter, approximately two-thirds of the capital had been committed and engineering and procurement by major EPCM contractors was over 90% complete. Significant long lead time items such as the autoclaves and oxygen plant are on schedule, site preparation earthworks are essentially complete, and about 57,300 cubic meters of concrete or about 40% of the total have been poured. Barrick's 60% share of annual gold production in the first full five years of operation is expected to average 625,000-675,000 ounces at total cash costs of $250-$275 per ounce(7).

The Company is pleased to announce the signing of $1.035 billion (100%) in non-recourse(8) project financing for Pueblo Viejo subsequent to quarter end. The lending syndicate is comprised of international financial institutions including export credit agencies and commercial banks. The amount is divided into two tranches of $775 million and $260 million with tenors of 15 and 12 years, respectively, at attractive rates.

At the Pascua-Lama project on the border of Chile and Argentina, detailed engineering is approximately 95% complete and the project is on track to enter production in the first quarter of 2013. In Chile, the Barriales camp is about 50% complete, the crusher and workshop platforms have been cleared and mobilization of the tunneling contractor is moving ahead with access to the portal established. On the Argentina side, modules for the Amarillos camp are being fabricated off site and the early earthworks contractor has mobilized to site. The project remains in line with its pre-production capital budget of $2.8-$3.0 billion with approximately one-third of the capital committed. Average annual gold production is expected to be 750,000-800,000 ounces in the first full five years of operation at total cash costs of $20-$50 per ounce(9) assuming a silver price of $12 per ounce. For every $1 per ounce increase in the silver price, total cash costs are expected to decrease by about $35 per ounce over this period.

At the Cerro Casale project in Chile, the selection process is underway for an EPCM contractor to advance basic engineering. Pre-production capital is expected to be about $4.2 billion (100% basis) and Barrick's 75% share of average annual production is anticipated to be about 750,000-825,000 ounces of gold and 170-190 million pounds of copper in the first full five years of operation at total cash costs of about $240-$260 per ounce(10) assuming a copper price of $2.50 per pound. A $0.25 per pound change in the copper price would result in an approximate $50 per ounce impact on the expected total cash cost per ounce over this period.

CORPORATE DEVELOPMENT

Barrick completed its acquisition of an additional 25% interest in the Cerro Casale project in Chile from Kinross Gold Corporation ("Kinross") and now owns a 75% interest in and has control of one of the world's largest undeveloped gold-copper deposits. The Company acquired the additional 25% interest in the Cerro Casale project for consideration of approximately $474 million, comprised of $454 million cash and the elimination of a $20 million contingent obligation which was payable by Kinross to Barrick on a production decision.

The initial public offering for ABG closed in March and its shares were admitted to trading on the London Stock Exchange's main market for listed securities. On April 12, 2010, the overallotment option was partially exercised in respect of 5.8 million shares for net proceeds of $48 million to ABG, bringing total net proceeds of the offering to $882 million. Barrick currently holds a 73.9% equity interest in ABG.

FINANCIAL POSITION

At March 31, 2010, Barrick had the gold industry's highest credit rating, a cash balance of $3.5 billion, a $1.5 billion undrawn credit facility, and a net debt to total capitalization ratio of approximately 0.14. The Company is positioned to generate
significant operating cash flow in 2010 in what is expected to be a positive gold price environment.

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, total cash costs per ounce, and net cash costs per ounce are non-GAAP financial measures. See pages 32-37 of Barrick's First Quarter 2010 Report.

(2) Based on a copper price assumption of $3.25 per pound.

(3) 2.4 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, with the Cortez Complex including Pipeline.

(4) Realized price, cash margins and net cash margins are non-GAAP financial measures. See pages 32-37 of Barrick's First Quarter 2010 Report.

(5) US GAAP basis. ABG reports under an IFRS basis.

(6) 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. For a breakdown of reserves and resources by category and additional information relating to reserves and resources, see pages 23 to 33 of Barrick's 2009 Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

(7) Based on gold price and oil price assumptions of $950 per ounce and $75 per barrel, respectively.

(8) Subject to Pueblo Viejo meeting certain completion tests.

(9) Total cash costs are calculated net of silver credits assuming silver, gold, and oil prices of $12 per ounce, $950 per ounce, $75 per barrel, respectively.

(10) Based on gold price, copper price, and oil price assumptions of $950 per ounce, $2.50 per pound and $75 per barrel, respectively, and assuming a Chilean peso foreign exchange rate of 525:1.

 
 
 

Key Statistics

       
         
Barrick Gold Corporation    
(in United States dollars)   Three months ended March 31,
(Unaudited)   2010   2009
Operating Results        
Gold production (thousands of ounces)(1)   2,084   1,755
Gold sold (thousands of ounces)(1)   2,073   1,714
Per ounce data        
  Average spot gold price $ 1,109 $ 908
  Average realized gold price(2)  $ 1,114 $ 915
  Net cash costs(5)   342   404
  Total cash costs(3)   442   484
  Amortization and other(4)   122   111
  Copper credits   100   80
  Total production costs   564   595
Copper production (millions of pounds)   100   95
Copper sold (millions of pounds)   93   86
Per pound data        
  Average spot copper price $ 3.29 $ 1.56
  Average realized copper price(2)   3.29   2.93
  Total cash costs(3)   1.05   1.32
  Amortization and other(4)   0.20   0.24
  Total production costs   1.25   1.56
Financial Results (millions)        
Sales $ 2,561 $ 1,775
Net income   758   371
Adjusted net income(6)   741   298
Operating cash flow   1,051   349
Adjusted operating cash flow(7)   1,051   349
Per Share Data (dollars)        
  Net income (basic)   0.77   0.42
  Adjusted net income (basic)(6)   0.75   0.34
  Net income (diluted)   0.76   0.42
Weighted average basic common shares (millions)   984   873
Weighted average diluted common shares (millions)(8)   996   885
      As at
March 31,
  As at
December 31,
      2010   2009
Financial Position (millions)        
Cash and equivalents $ 3,468 $ 2,564
Non-cash working capital   591   655
Debt(9)   6,999   6,982
Equity   17,771   15,547
(1) Production includes equity gold ounces in Highland Gold        
(2) Realized price is a non-GAAP financial performance measure with no standard meaning under US GAAP. See page 36 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) Adjusted operating cash flow is a non-GAAP financial performance measure with no standard meaning under US GAAP. See page 33 of the Company's MD&A.  
(8) Fully diluted, includes dilutive effect of stock options and convertible debt.  
(9) Debt includes the current and long term portions of our outstanding debt instruments (2010: $6,344, 2009: $6,335) as well as the remaining settlement obligation attributable to the gold sales contracts (2010: $655, 2009: $647).
 
 

Production and Cost Summary

       
         
 
Gold Production
Total Cash Costs
 
 
(attributable ounces) (000's)
   
(US$/oz)
 
  Three months ended
March 31,
    Three months ended
March 31,
 
(Unaudited) 2010 2009     2010     2009  
North America(1) 729 735   $ 519   $ 498  
South America 659 396     200     291  
Australia Pacific 512 489     598     610  
African Barrick Gold 177 127     616     561  
Other 7 8     494     494  
Total 2,084 1,755   $ 442   $ 484  
           
 
Copper Production
   
Total Cash Costs
 
 
(attributable pounds) (Millions)
   
(US$/lb)
 
  Three months ended
March 31,
    Three months ended
March 31,
 
(Unaudited) 2010 2009     2010     2009  
South America 80 75   $ 1.05   $ 1.30  
Australia Pacific 20 20     1.06     1.48  
Total 100 95   $ 1.05   $ 1.32  
       
         
Total Gold Production Costs
 
         
(US$/oz)
 
          Three months ended
March 31,
 
(Unaudited)         2010     2009  
  Direct mining costs at market foreign exchange rates     $ 430   $ 413  
  (Gains) losses realized on currency hedge and commodity hedge/economic hedge contracts     (11 )   45  
  Adjustments to direct mining costs(3)         (5 )   1  
  By-product credits         (15 )   (8 )
  Copper credits         (100 )   (80 )
Cash operating costs, net basis         299     371  
  Royalties         34     27  
  Production taxes         9     6  
Net cash costs(2)         342     404  
  Copper credits         100     80  
Total cash costs(2)         442     484  
  Amortization         117     112  
  Adjustments to direct mining costs(3)         5     (1 )
Total production costs       $ 564   $ 595  
       
         
Total Copper Production Costs
 
         
(US$/lb)
 
          Three months ended
March 31,
 
(Unaudited)         2010     2009  
Cash operating costs       $ 1.03   $ 1.32  
  Royalties         0.02     -  
Total cash costs(2)         1.05     1.32  
  Amortization         0.20     0.24  
Total production costs       $ 1.25   $ 1.56  

(1) Production includes an additional 50% interest in Hemlo from January 1, 2009 onwards and 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 measures with no standard meaning under US GAAP. See page 33 of the Company's MD&A.
(3) Represents unrealized losses on non-hedge currency and commodity contracts and the impact of Barrick Energy.

 
 
 

Consolidated Statements of Income

 
Barrick Gold Corporation      
(in millions of United States dollars, except per share data) (Unaudited)         Three months ended
March 31,
 
    2010     2009  
   
Sales (notes 4 and 5) $ 2,561   $ 1,775  
Costs and expenses            
Cost of sales (notes 4 and 6)(1)   1,017     928  
Amortization and accretion (notes 4 and 14B)   295     255  
Corporate administration   32     35  
Exploration (note 7)   32     30  
Project development expense (note 7)   20     24  
Other expense (note 8A)   102     72  
    1,498     1,344  
Interest income   4     3  
Interest expense (note 15B)   (35 )   (2 )
Other income (note 8C)   33     4  
Write-down of investments (note 8B)   -     (1 )
    2     4  
Income from continuing operations before income taxes and other items   1,065     435  
Income tax expense (note 9)   (322 )   (37 )
Loss from equity investees (note 12)   (20 )   (28 )
Income from continuing operations before non-controlling interests   723     370  
Income from discontinued operations   35     3  
Income before non-controlling interests   758     373  
Non-controlling interests (note 20)   -     (2 )
Net income $ 758   $ 371  
Earnings per share data (note 10)            
Income from continuing operations            
  Basic $ 0.73   $ 0.42  
  Diluted $ 0.73   $ 0.42  
Income from discontinued operations            
  Basic $ 0.04   $ -  
  Diluted $ 0.03   $ -  
Net income            
  Basic $ 0.77   $ 0.42  
  Diluted $ 0.76   $ 0.42  
(1) Exclusive of amortization.

The notes to these unaudited interim consolidated financial statements, which are contained in the First Quarter Report 2010 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) (Unaudited)   Three months ended
March 31,
 
    2010     2009  
OPERATING ACTIVITIES            
Net income $ 758   $ 371  
Amortization and accretion (notes 4 and 14B)   295     255  
Impairment charges and write-down of investments (note 8B)   -     1  
Income tax expense (note 9)   322     37  
Income taxes paid   (101 )   (100 )
Net proceeds tax   (72 )   (18 )
Increase in inventory   (50 )   (76 )
Gain on sale/acquisition of long-lived assets (note 8C)   (33 )   (2 )
Income from discontinued operations   (35 )   (3 )
Operating cash flows of discontinued operations   (3 )   3  
Other items (note 11A)   (30 )   (119 )
Net cash provided by operating activities   1,051     349  
INVESTING ACTIVITIES            
Property, plant and equipment            
  Capital expenditures (note 4)   (630 )   (466 )
  Sales proceeds   5     3  
Acquisitions (note 3)   (447 )   -  
Investments            
  Purchases   (1 )   (2 )
Investing cash flows of discontinued operations   -     (4 )
Other investing activities (note 11B)   (18 )   (17 )
Net cash used in investing activities   (1,091 )   (486 )
FINANCING ACTIVITIES            
Capital stock            
  Proceeds on exercise of stock options   5     10  
Proceeds from public issuance of common shares by a subsidiary (note 3C)   834     -  
Long-term debt            
  Proceeds   -     805  
  Repayments   (6 )   (87 )
Funding from non-controlling interests   94     86  
Financing cash flows of discontinued operations   -     -  
Other financing activities (note 11C)   14     (7 )
Net cash provided by financing activities   941     807  
Effect of exchange rate changes on cash and equivalents   3     (3 )
Net increase in cash and equivalents   904     667  
Cash and equivalents at beginning of period (note 15A)   2,564     1,437  
Cash and equivalents at end of period (note 15A) $ 3,468   $ 2,104  

The notes to these unaudited interim consolidated financial statements, which are contained in the First Quarter Report 2010 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) (Unaudited)   As at March 31,     As at December 31,  
    2010     2009  
ASSETS            
Current assets            
  Cash and equivalents (note 15A) $ 3,468   $ 2,564  
  Accounts receivable   281     251  
  Inventories (note 13)   1,535     1,540  
  Other current assets   585     524  
  Assets of discontinued operations   62     59  
    5,931     4,938  
Non-current assets            
  Equity in investees (note 12A)   271     1,136  
  Other investments (note 12B)   90     92  
  Property, plant and equipment (note 14)   15,347     13,125  
  Goodwill   5,197     5,197  
  Intangible assets   71     66  
  Deferred income tax assets   930     949  
  Other assets   1,648     1,531  
  Assets of discontinued operations   38     41  
Total assets $ 29,523   $ 27,075  
LIABILITIES AND EQUITY            
Current liabilities            
  Accounts payable   1,295     1,221  
  Short-term debt   48     54  
  Other current liabilities   555     475  
  Liabilities of discontinued operations   22     23  
    1,920     1,773  
Non-current liabilities            
  Long-term debt (note 15B)   6,296     6,281  
  Asset retirement obligations   1,132     1,122  
  Deferred income tax liabilities   1,225     1,184  
  Other liabilities (note 17)   1,156     1,145  
  Liabilities of discontinued operations   23     23  
Total liabilities   11,752     11,528  
Equity            
  Capital stock (note 18)   17,396     17,390  
  Additional paid-in capital   213     -  
  Deficit   (1,624 )   (2,382 )
  Accumulated other comprehensive income (note 19)   134     55  
Total shareholders' equity   16,119     15,063  
  Non-controlling interests (note 20)   1,652     484  
Total equity   17,771     15,547  
Contingencies and commitments (notes 14 and 21)            
Total liabilities and equity $ 29,523   $ 27,075  

The notes to these unaudited interim consolidated financial statements, which are contained in the First Quarter Report 2010 available on our website, are an integral part of these consolidated financial statements.

 
 
 

Consolidated Statements of Equity

 
Barrick Gold Corporation
For the three months ended March 31 (in millions of United States dollars) (Unaudited)
    2010     2009  
Common shares (number in thousands)            
At January 1   984,328     872,739  
  Issued on exercise of stock options   191     221  
  Issued on redemption of exchangeable shares (note 18B)   -     267  
At March 31   984,519     873,227  
Common shares            
At January 1 $ 17,390   $ 13,372  
  Issued on exercise of stock options   5     11  
  Recognition of stock option expense   1     4  
At March 31   17,396     13,387  
Additional paid-in capital            
At January 1   -     -  
  Recognized on initial public offering of African Barrick Gold (note 3C)   213     -  
At March 31   213     -  
Retained earnings (deficit)            
At January 1   (2,382 )   2,261  
  Net income   758     371  
At March 31   (1,624 )   2,632  
Accumulated other comprehensive income (loss) (note 19)   134     (468 )
Total shareholders' equity   16,119     15,551  
Non-controlling interests (note 20)            
At January 1   484     182  
  Net income attributable to non-controlling interests   -     2  
  Funding from non-controlling interests   94     85  
  Other increase (decrease) in non-controlling interests   1,074     -  
At March 31   1,652     269  
Total equity at March 31 $ 17,771   $ 15,820  
 
 
 

Consolidated Statements of Comprehensive Income

 
Barrick Gold Corporation  
(in millions of United States dollars) (Unaudited)   Three months ended
March 31,
 
    2010   2009  
Net income $ 758 $ 371  
Other comprehensive income (loss), net of tax (note 19)   79   (112 )
Comprehensive income $ 837 $ 259  

The notes to these unaudited interim consolidated financial statements, which are contained in the First Quarter Report 2010 available on our website, are an integral part of these consolidated financial statements.

   
   
   
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Brookfield Place, TD Canada Trust Tower   P.O. Box 7010, Adelaide Street Postal Station
Suite 3700   Toronto, Canada M5C 2W9
161 Bay Street, P.O. Box 212   Tel: (416) 643-5500
Toronto, Canada M5J 2S1   Toll-free throughout North America: 1-800-387-0825
Tel: (416) 861-9911   Fax: (416) 643-5501
Fax: (416) 861-0727   Email: inquiries@cibcmellon.com
Toll-free throughout North America: 1-800-720-7415   Website: www.cibcmellon.com
Email: investor@barrick.com    
Website: www.barrick.com   BNY MELLON SHAREOWNER SERVICES
    480 Washington Blvd. – 27th Floor
SHARES LISTED   Jersey City, NJ 07310
ABX – The New York Stock Exchange   Tel: 1-800-589-9836
           The Toronto Stock Exchange   Fax: (201) 680-4665
    Email: shrrelations@mellon.com
    Website: www.melloninvestor.com
     
INVESTOR CONTACT   MEDIA CONTACT
Deni Nicoski   Vincent Borg
Vice President,
Investor Relations
  Executive Vice President,
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 contained in this First Quarter Report 2010, 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; 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.

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Gold  $ 1,282.15 +0.23 +0.02% Volume: October 18, 2017
ABX NYSE  $ 16.17 -0.05 -0.31% Volume: 6,209,003 October 18, 2017
ABX TSX  $ 20.16 -0.17 -0.84% Volume: 1,431,162 October 18, 2017
Gold  $ 1,282.15 +0.23 +0.02% Volume: October 18, 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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