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Barrick Reports Q4 2011 Financial and Operating Results

February 16, 2012

TORONTO, February 16, 2012 — Based on IFRS and expressed in US dollars

Highlights

Financial and Operating Results

  • Reported net earnings for Q4 were $959 million ( $0.96 per share) compared to $961 million ( $0.97 per share) in the prior year period. Adjusted net earnings rose 15% to $1.17 billion ( $1.17 per share)(1) from $1.02 billion ( $1.02 per share) in the prior year period, primarily reflecting higher realized gold prices and higher copper sales volumes. Q4 operating cash flow increased 41% to $1.22 billion and adjusted operating cash flow was $1.30 billion (1). Gold cash margins increased 25% to $1,159 per ounce(1) in Q4 from $928 per ounce in the prior year period and net cash margins rose 18% to $1,282 per ounce(1) from $1,090 per ounce in the prior year period.

  • Full year adjusted net earnings increased 33% from $3.52 billion in the prior year to $4.67 billion ( $4.67 per share), demonstrating the Company's strong gold price leverage, and translating to a higher return on equity of 22%(1) from 20% in 2010. Adjusted operating cash flow rose 8% to $5.68 billion from $5.24 billion in the prior year. Reported net earnings and operating cash flow in 2011 increased 25% and 16% to $4.48 billion ( $4.49 per share) and $5.32 billion , respectively, compared to the prior year, and were Company records.

  • Q4 gold production of 1.81 million ounces at total cash costs of $505 per ounce(1) or net cash costs of $382 per ounce(1) included a strong performance from the North America region. Full year gold production of 7.68 million ounces at total cash costs of $460 per ounce met original guidance while net cash costs of $339 per ounce were below original guidance. Copper production of 451 million pounds in 2011 also met guidance at total cash costs of $1.75 per pound(1), which were slightly above guidance.

  • 2012 gold production is anticipated to be 7.3-7.8 million ounces at total cash costs of $520-$560 per ounce or net cash costs of $400-$450 per ounce(2), positioning Barrick as one of the lowest cost senior gold producers. Copper production for 2012 is expected to be 550-600 million pounds at total cash costs of $1.90-$2.20 per pound.

Investing in and Developing High Return Projects

  • The world-class Pueblo Viejo and Pascua-Lama projects are on track to enter production in mid-2012 and mid-2013, respectively. These two mines are expected to contribute about 1.5 million ounces(3) of low cost annual production and provide combined annual average EBITDA of about $2.5 billion (4) to Barrick in their first full five years.

Replacing Gold Reserves and Increasing Copper Reserves through Exploration and Selective Acquisitions

  • Barrick replaced proven and probable gold reserves to an industry-leading 139.9 million ounces(5) in 2011. Our focused exploration program is yielding excellent results, including the high grade Red Hill/Goldrush greenfield discovery in Nevada. Copper reserves nearly doubled from 6.5 billion pounds to 12.7 billion pounds(5), measured and indicated copper resources rose 17% to 15.3 billion pounds and inferred copper resources increased 117% to 19.9 billion pounds(5) with the addition of Lumwana and Jabal Sayid.

Returning Capital to Shareholders

  • Consistent with Barrick's practice of paying a progressive dividend, the Company increased its quarterly dividend by 25% to $0.15 per share during 2011, representing more than a 170%(6) increase in capital returned to shareholders in the last five years, or a 22% annual compound growth rate over this period.

FINANCIAL AND OPERATING RESULTS

Q4 production was 1.81 million ounces of gold at total and net cash costs of $505 per ounce and $382 per ounce, respectively. Full year production of 7.68 million ounces at total cash costs of $460 per ounce met original guidance as Barrick's high quality portfolio and effective cost management programs enabled the Company to deliver on its operating targets for the ninth successive year. Net cash costs of $339 per ounce for the year were below original guidance. The realized gold price for the quarter was $1,664 per ounce(7), 22% higher than the same prior year period. Q4 cash margins increased 25% to $1,159 per ounce from $928 per ounce in the comparable prior year period and net cash margins rose 18% to $1,282 per ounce from $1,090 per ounce in the same prior year period.

Q4 adjusted net earnings rose 15% to $1.17 billion ($1.17 per share), compared to $1.02 billion ($1.02 per share) in the same prior year period, primarily reflecting higher realized gold prices and higher copper sales volumes. Reported Q4 net earnings of $0.96 billion ($0.96 per share) include the after-tax impact of $153 million in impairment charges, mainly related to redundant power assets and investment portfolio write-downs, as well as a one-time withholding tax charge of about $75 million on repatriation of funds out of the U.S.

Q4 operating cash flow was up 41% to $1.22 billion from the same prior year period. Adjusted operating cash flow of $1.30 billion in Q4 compares to $1.52 billion in the same prior year period and adjusts for the one-time withholding tax payment.

Full year adjusted net earnings rose 33% from the same prior year period to $4.67 billion ($4.67 per share) and translated to a 22% return on equity, up from 20% in 2010. Adjusted operating cash flow increased 8% to $5.68 billion from 2010. Full year reported net earnings and operating cash flow of $4.48 billion ($4.49 per share) and $5.32 billion, respectively, were Company records.

"2011 was an excellent year for Barrick," said Aaron Regent, President and CEO. "We met our production and cost targets, enabling us to maximize the benefits of higher gold prices and realize record earnings and cash flow. We advanced our world-class projects, Pueblo Viejo and Pascua-Lama, which are scheduled to begin contributing low cost ounces in 2012 and 2013. We replaced our reserves, and our growing high grade gold discovery in Nevada, Red Hill/Goldrush, clearly demonstrates the value that a focused and disciplined exploration program can create. We added two quality copper mines to our portfolio and significantly expanded the copper reserves and resources at Lumwana. Finally, we continue to strengthen and be recognized for our CSR practices which are a critical component of our success."

PRODUCTION AND COSTS

The North America business unit performed above plan, producing 0.76 million ounces at total cash costs of $498 per ounce in Q4 on strong performances from Cortez and Goldstrike. The Cortez property contributed 0.28 million ounces at total cash costs of $331 per ounce for the quarter on higher tonnage from the open pit. With full year production of 1.42 million ounces at total cash costs of $245 per ounce, Cortez is one of the world's largest and lowest cost gold mines, and the property also has excellent upside exploration potential. Production in 2012 is anticipated to be 1.20-1.25 million ounces at total cash costs of $300-$350 per ounce, reflecting a higher proportion of underground ounces and lower open pit grades as part of planned mine sequencing.

The Goldstrike operation also performed well, producing 0.25 million ounces at total cash costs of $570 per ounce in Q4, primarily due to more underground tons and higher open pit grades than anticipated. Production in 2012 is expected to be 1.25-1.30 million ounces as the open pit moves back into a higher ore phase. Full year 2012 production for the North America business unit is forecast to be 3.425-3.600 million ounces at total cash costs of $475-$525 per ounce.

The South America business unit performed on plan, with production of 0.45 million ounces at total cash costs of $357 per ounce in Q4. The Veladero mine contributed 0.23 million ounces at total cash costs of $355 per ounce in Q4 and 0.96 million ounces at total cash costs of $353 per ounce for 2011. Lagunas Norte produced 0.18 million ounces in Q4 at total cash costs of $268 per ounce. Production from South America in 2012 is expected to be 1.550-1.700 million ounces at total cash costs of $430-$480 per ounce, primarily due to lower grades at Veladero and lower grades and recoveries at Lagunas Norte as anticipated in their mine plans.

The Australia Pacific business unit produced 0.49 million ounces at total cash costs of $677 per ounce in Q4. The Porgera mine, the region's largest operation, produced 0.12 million ounces at total cash costs of $679 per ounce. Australia Pacific is expected to produce 1.800-1.950 million ounces in 2012 at total cash costs of $700-$750 per ounce, primarily reflecting higher power costs for Porgera.

Attributable production from African Barrick Gold plc (ABG) in Q4 was 0.12 million ounces at total cash costs of $779 per ounce. Barrick's share of 2012 production is expected to be 0.500-0.535 million ounces at total cash costs of $790-$860 per ounce.

Q4 copper production of 143 million pounds at total cash costs of $1.99 per pound included 60 million pounds from the Lumwana mine at total cash costs of $2.47 per pound. Lumwana is expected to produce 230-260 million pounds of copper in 2012 at total cash costs of $2.40-$2.75 per pound. Cash costs in 2012 reflect mining of lower grade areas of the current Malundwe pit and as mining transitions to the initial lower grade benches of the Chimiwungo deposit, which starts to produce during the second half, as well as higher costs related to labor and royalties. The Chimiwungo deposit has three lodes, one of which is significantly thicker than Malundwe as shown by recent exploration drill results over the eastern shoot, consequently we expect more flexibility in managing the mined grade going forward. The Zaldivar mine in Chile produced 83 million pounds at total cash costs of $1.65 per pound in Q4 and is expected to produce approximately 285-300 million pounds of copper at total cash costs of $1.45-$1.75 per pound in 2012. The Company has put floor protection in place on approximately half of total anticipated 2012 copper production at an average floor price of about $3.75 per pound(8) and can fully participate in copper price upside.

Approximately 60% of Barrick's consolidated production costs are denominated in US dollars. The Company's largest single currency exposure is the Australian dollar/US dollar exchange rate. Barrick is fully hedged on its Australian operating expenditures in 2012 and is about 70% hedged on expected 2013 Australian operating expenditures at effective average rates of $0.81 and $0.74, respectively, and also has additional coverage for 2014-2016 at levels substantially below current rates.

The Company has also mitigated the impact of higher oil prices through the use of financial contracts and production from Barrick Energy such that a $10 change in WTI crude oil prices would impact 2012 total cash costs by less than $1 per ounce. The Barrick Energy contribution, along with the financial contracts, provides hedge protection for approximately 80% of expected 2012 fuel consumption. Production from Barrick Energy is expected to continue to provide long term natural offsets to changes in energy prices.

INCREASING GOLD AND COPPER RESERVES AND RESOURCES THROUGH EXPLORATION(9) AND SELECTIVE ACQUISITIONS

Barrick replaced proven and probable gold reserves to an industry-leading 139.9 million ounces at the end of 2011, based on a $1,200 per ounce gold price, and also has measured and indicated gold resources of 80.4 million ounces and inferred gold resources of 40.2 million ounces(5), based on a $1,400 per ounce gold price. With the addition of Lumwana and Jabal Sayid, copper reserves nearly doubled from 6.5 billion pounds to 12.7 billion pounds(5), measured and indicated copper resources rose 17% to 15.3 billion pounds and inferred copper resources increased 117% to 19.9 billion pounds(5), based on a $2.75 per pound copper price and a $3.25 per pound copper price, respectively. At Lumwana, reserves grew 9% to 4.9 billion pounds and inferred resources nearly doubled from 5.5 billion pounds to 10.7 billion pounds(5). In addition, 2.1 billion pounds were added in the measured and indicated category(5), and the Chimiwungo deposit remains open to the east and south.

As a result of exploration success in 2011, the 2012 exploration budget is $450-$490 million, of which approximately 40% will be capitalized. The budget is weighted towards near-term resource additions and conversion at existing mines while still providing support for earlier stage exploration in operating districts and other emerging areas. North America is expected to be allocated about 45% of the total budget, the majority of which is targeted for Nevada. About 20% is expected to be spent in the Australia Pacific business unit and about 20% is targeted for copper in Zambia. Approximately 10% will be allocated to the South America business unit, with the remainder being African Barrick Gold.

In Nevada, recent drilling continues to grow the potential at Red Hill/Goldrush. At Red Hill, a resource of 1.27 million ounces was calculated in the indicated category and 3.30 million ounces in the inferred category(5), and the resource remains open in multiple directions. Step-out holes have intersected mineralization a further 2,800 feet north beyond the initial 2010 resource as well as extended mineralization at least 1,000 feet to the southwest. Highlights of major step-out drilling include 90 feet at 0.15 ounces per ton (opt), 120 feet at 0.32 opt, 20 feet at 1.18 opt, and 110 feet at 0.12 opt. Infill drilling between the deposits has shown that Red Hill and Goldrush merge into a single deposit. A small portion of the Goldrush deposit had sufficient drill density to report an initial inferred resource of 2.45 million ounces(5). The step-out drilling continues to suggest a high likelihood of major resource expansion. A total of 468,000 feet of drilling ($64 million) is planned at Red Hill/Goldrush in 2012 to test the full extent of the mineralized system and further expand and upgrade the resource base and a scoping study has commenced.

At Lumwana, activity has been ramped up with 17 drill rigs on the property focusing on resource definition drilling at Chimiwungo to convert inferred resources into the indicated category and step-out drilling to the south and east to extend the mineralization. Drilling to date has confirmed the thickened eastern shoot of Chimiwungo and selected highlights include 44 meters grading 1.00% copper, 44 meters at 1.07%, 41 meters at 0.80%, 37 meters at 0.91% and 20 meters at 1.60%. In addition to these strong results within the resource area, drilling further to the east is intersecting shallower than expected mineralization. A prefeasibility study on an expansion that could potentially double processing rates at Lumwana is expected to be completed by year end 2012.

INVESTING IN AND DEVELOPING HIGH RETURN PROJECTS IN CONSTRUCTION

Barrick has targeted growth in production to approximately nine million ounces of gold by 2016(10), driven largely by Pueblo Viejo and Pascua-Lama. Total cash costs per ounce are expected to benefit from these two large, low cost projects as they come on stream in 2012 and 2013, respectively. These two high quality mines are expected to contribute about 1.5 million ounces(11) of average annual production and have a significant positive impact on Barrick's overall total cash costs.

At the Pueblo Viejo project in the Dominican Republic, first production continues to be expected in mid-2012 and overall construction is currently about 90% complete. At the end of Q4, approximately 85% of the expected total mine construction capital of $3.6-$3.8 billion(12) (100% basis) or $2.2-$2.3 billion (Barrick's 60% share) had been committed. About 13 million tonnes of ore, representing approximately 1.4 million contained gold ounces, has been stockpiled to date. Construction of the tailings facility progressed during Q4 with the receipt of approvals to re-commence construction. The oxygen plant is expected to undergo pre-commissioning testing in Q1 2012, with the first two autoclaves undergoing pre-commissioning in Q2 2012. Construction of the transmission line connecting the site to the national power grid was completed during Q4 2011, and the inter-connect to the grid has been achieved. As part of a longer-term, optimized power solution for Pueblo Viejo, the Company has started early works to construct a dual fuel power plant at an estimated incremental cost of approximately $300 million (100% basis). The power plant would commence operations utilizing heavy fuel oil, but have the ability to subsequently transition to lower cost liquid natural gas. The new plant is expected to provide lower cost, long term power to the project.

Pueblo Viejo is expected to contribute approximately 100,000-125,000 ounces to Barrick at total cash costs of $400-$500 per ounce(13) in 2012 as it ramps up to full production in 2013. 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 $300-$350 per ounce(12).

At the Pascua-Lama project, approximately 55% of the previously announced pre-production capital of $4.7-$5.0 billion(14) has been committed and first production is expected in mid-2013. The project is being impacted by labor and commodity cost pressures as a result of inflation, competition for skilled labor, the impact of increased Argentinean customs restrictions on equipment procurement and lower than expected labor productivity.

In Chile, earthworks were about 95% complete at the end of Q4, and in Argentina, earthworks construction was approximately 65% complete at year end. Approximately 40% of the concrete has been poured at the processing facilities in Argentina and about 15% of the structural steel has been erected to date. Occupancy of the construction camps in Chile and Argentina continues to ramp up with 6,500 beds available by the end of 2011. The camps are expected to reach their full capacity of 10,000 beds in mid-2012. Average annual gold production from Pascua-Lama is expected to be 800,000-850,000 ounces in the first full five years of operation at negative total cash costs of $225-$275 per ounce(14) based on a silver price of $25 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.

Overall construction of the Jabal Sayid copper project in Saudi Arabia was about 75% complete at the end of Q4. Subject to receipt of final approvals, the operation is expected to enter production in the second half of 2012 at total construction capital of approximately $400 million, of which 85% had been committed at the end of Q4. Underground mine development for first ore production and concrete works was completed in Q4 and bulk earthworks were about 90% complete. Jabal Sayid is expected to produce 35-45 million pounds of copper in 2012 at total cash costs of $2.15-$2.50 per pound(15). Average annual production from Lodes 2 and 4 is expected to be 100-130 million pounds over the first full five years of operation at total cash costs of $1.50-$1.70 per pound. Results from recent drilling beneath Lode 4 demonstrate that the width of mineralization towards the base of the current resource model had been underestimated by lack of drilling. In addition to the previous intercept of 111 meters grading 2.67% copper, recent drilling has intersected 119 meters at 1.2% copper. This area will be the focus of ongoing drilling and resource/reserve upgrades and additions in 2012.

PROJECTS IN FEASIBILITY

At the Cerro Casale project in Chile, basic engineering was completed on schedule in Q4. The EIA permitting process is anticipated to be completed by the end of 2012, after which Barrick will consider a construction decision, commencement of detailed engineering and sectoral permitting. Ongoing consultation with the government, local communities and indigenous groups is continuing in parallel with permitting.

Barrick's 75% share of average annual production is anticipated to be 750,000-825,000 ounces of gold and 190-210 million pounds of copper in the first full five years of operation at total cash costs of $200-$250 per ounce(16). Estimated total mine construction capital is approximately $6.0 billion (100% basis)(16, 17).

At the 50%-owned Donlin Gold project in Alaska, the revised feasibility study, which includes updated costs and the utilization of natural gas, has been completed and acceptance of the study by the Board of Donlin Gold LLC is expected in the first half of 2012. Mine construction capital is expected to be approximately $6.7 billion (100% basis)(18), which includes a natural gas pipeline that is anticipated to lower long term power costs and offer a better environmental and operational solution for power connection to the site. Permitting is expected to commence following approval by the Board of the revised feasibility study. Donlin Gold is anticipated to produce about 1.5 million ounces of gold annually (100% basis) in its first full five years of operation.

At the 75%-owned Turquoise Ridge mine in Nevada, work is advancing on the potential to develop a large scale open pit in order to mine the lower grade halo around the high grade underground ore, which could significantly increase annual production. Work in 2012 will focus on resource conversion, mine planning, environmental data collection, geotechnical and hydrologic evaluation, metallurgical and trade-off studies for processing as part of the prefeasibility study which is expected to be completed by the end of 2012. Twelve drill rigs are currently active on the property and the focus of open pit drilling is on upgrading resources. Additionally, surface drilling has intersected new mineralization, particularly in the shallower south area of the planned pit, which could positively impact economics. Underground drilling is also yielding strong results, intersecting higher grades than expected in some areas, and zones are open up-dip and to the northwest.

Scoping work has been completed on the Lagunas Norte deep sulfide potential and the project is undergoing metallurgical and geotechnical work as part of a prefeasibility study which is anticipated to be completed by year end 2012. A scoping study has also been completed on the Zaldivar deep sulfides and a prefeasibility study is expected by year end 2012.

FINANCIAL STRENGTH

At December 31, 2011, Barrick remained in a strong financial position with the gold industry's only 'A' credit rating, a quarter-end cash balance of $2.7 billion, and 2011 adjusted operating cash flow of $5.7 billion. The Company's existing $2.0 billion revolving credit facility was replaced with a new five-year, $4.0 billion revolving credit facility in January, 2012, of which $3.0 billion remains available. Barrick's financial strength positions the Company well to continue investing in its project pipeline, maintain a progressive dividend and pursue other value-enhancing opportunities. Consistent with Barrick's practice of paying a progressive dividend, the Company increased its quarterly dividend by 25% to $0.15 per share during 2011, representing a 170% increase in capital returned to shareholders in the last five years, or a 22% annual compound growth rate over this period.

CORPORATE SOCIAL RESPONSIBILITY

Barrick continues to be recognized for its strong Corporate Social Responsibility culture and was awarded the Best Practice of CSR Award for 2011 by IR Magazine. In 2011, the Company was listed for the fourth consecutive year on the Dow Jones Sustainability World Index and is also the only Canadian mining company to be ranked as one of the world's top 100 sustainable companies by NASDAQ.

BOARD APPOINTMENT

Barrick's Board of Directors has appointed a new board member, John Thornton . Mr. Thornton is a Professor and Director of the Global Leadership Program and Chairman of the Advisory Board at the Tsinghua University School of Economics and Management in Beijing. He is also Chairman of the Board of Trustees of the Brookings Institution, a director of HSBC Holdings plc and a director and non-executive Chairman of HSBC North America Holdings Inc., as well as past President and board member of the Goldman Sachs Group.

OUTLOOK AND GUIDANCE

The Company expects 2012 gold production to be in the range of 7.3-7.8 million ounces on lower expected grades and production at Cortez and Veladero. Total cash costs of $520-$560 per ounce or net cash costs of $400-$450 per ounce for 2012 principally reflect a change in the production mix, smaller amounts of capitalized waste stripping and higher labor and other inflationary costs. Barrick continues to be well positioned in the lower third of the global gold cost curve based on the high quality of its reserves, its active input cost management, focus on best practices and supply chain initiatives.

Copper production is expected to increase to 550-600 million pounds in 2012. Total cash costs of $1.90-$2.20 per pound anticipated for 2012 reflect a full year of production from Lumwana, higher sulfuric acid costs in Chile, higher royalties in Zambia and the second half start up of Jabal Sayid.

Capital project expenditures for 2012 are expected to be in the range of $2.60-$2.75 billion(19) primarily related to construction activities at Pueblo Viejo and Pascua-Lama. Open pit and underground mine development, which includes capitalized waste stripping, is anticipated to be $850-$925 million and mine site expansion capital is expected to be $850-$925 million, including expenditures on development projects at Lagunas Norte, Cortez, Turquoise Ridge, Pueblo Viejo, Goldstrike and Lumwana. Mine site sustaining capital expenditures are expected to be $1.20-$1.30 billion, reflecting a full year of expenditures at Lumwana and the inclusion of sustaining capital for Pueblo Viejo.

 

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.

 

Outlook Assumptions and Economic Sensitivity Analysis

                                                    Impact on      Impact on
                  2012 Guidance   Hypothetical     Total Cash         EBITDA
                     Assumption         Change          Costs     (millions)
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Gold revenue       $1,700/oz(1)         $50/oz            n/a    $375 - $400
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Copper
 revenue(2)         $3.50/lb(1)       $0.25/lb            n/a            $72
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Gold total cash
 costs
 Gold price
  effect on
  royalties           $1,700/oz         $50/oz       $1.25/oz            $10
 WTI crude oil
  price(3)             $100/bbl        $10/bbl       $0.25/oz             $2
 Australian
  dollar
  exchange
  rate(3)                 1 : 1            10%          $0/oz             $0
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Copper total
 cash costs
 WTI crude oil
  price(3)             $100/bbl        $10/bbl       $0.02/lb            $11
 Chilean peso
  exchange
  rate(3)               500 : 1            10%          $0/lb             $0
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(1) Barrick has assumed a gold price of $1,700 per ounce and copper price of
 $3.50/lb, which are consistent with current market prices. This assumption
 does not represent a forecast of what we expect gold or copper prices to
 average in 2012.
(2) Barrick has put in place floor protection on approximately half of its
 expected copper production for 2012 at an average floor price of $3.75 per
 pound and can fully participate in copper price upside. At prices above
 $3.75 per pound, the impact on EBITDA of a $0.25/lb change in the copper
 price is approximately $140 million.
(3) Due to hedging activities we are largely protected against changes in
 these factors.

(1) Adjusted net earnings, adjusted operating cash flow, EBITDA, return on equity, total cash costs per ounce, total cash costs per pound, net cash costs, total cash margins and net cash margins per ounce/pound are non-GAAP financial measures. See pages 72-79 of Barrick's Year-End 2011 Report.

(2) Based on an assumed realized copper price of $3.50 per pound for 2012.

(3) approx. 1.5 million ounces of production is based on the estimated cumulative average annual production in the first full five years once both mines are at full capacity.

(4) Based on a $1,600 per ounce gold price, a $30 per ounce silver price and a $100/bbl oil price and estimated average annual production in the first full five years once both mines are at full capacity.

(5) 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, approximately 2.15 million ounces of reserves at Pueblo Viejo (Barrick's 60% interest) is classified as mineralized material. For a breakdown of reserves and resources by category and additional information relating to reserves and resources, see pages 161-166 of Barrick's 2011 Year-End Report.

(6) Calculated based on converting the 2006 semi-annual dividend of 11 cents per share to a quarterly dividend.

(7) Realized price per ounce is a non-GAAP financial measure. See pages 72-79 of Barrick's 2011 Year-End Report.

(8) The realized price on 2012 production is expected to be reduced by $0.13/lb as a result of the net premium paid on this position.

(9) Barrick's exploration programs are designed and conducted under the supervision of Robert Krcmarov, Senior 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.

(10) The target of 9 Moz of annual production by 2016 reflects a current assessment of the expected production and timeline to complete and commission Barrick's projects currently in construction (Pueblo Viejo and Pascua-Lama) and the Company's current assessment of existing mine site opportunities, some of which are sensitive to metal price and various capital and input cost assumptions.

(11) Based on the estimated cumulative average annual production in the first full five years once both are at full capacity.

(12) Based on gold and oil price assumptions of $1,300/oz and $100/bbl, respectively.

(13) Based on 2012 gold and oil price assumptions of $1,700/oz and $100/bbl, respectively. The 2012 total cash cost estimate is dependent on the rate at which production ramps up after commercial levels of production are achieved. A change in the efficiency of the ramp up could have a significant impact on this estimate.

(14) Based on gold, silver and oil price assumptions of $1,300/oz, $25/oz, and $100/bbl, respectively and assuming a Chilean peso f/x rate of 475:1.

(15) Based on 2012 copper and gold price assumptions of $3.50/lb and $1,700/oz, respectively. The 2012 total cash cost estimate is dependent on the rate at which production ramps up after commercial levels of production are achieved. A change in the efficiency of the ramp up could have a significant impact on this estimate.

(16) Based on gold, copper and oil price assumptions of $1,300/oz, $3.25/lb and $100/bbl, respectively and assuming a Chilean peso f/x rate of 475:1.

(17) Based on Q2 2011 prices and does not include escalation for inflation.

(18) Based on Q2 2011 prices and does not include escalation for inflation.

(19) Represents Barrick's share of expenditures and includes capitalized interest of about $350-$375 million.

Key Statistics

Barrick Gold Corporation
(in United States              Three months ended       Twelve months ended
 dollars)                            December 31,              December 31,
(Unaudited)                     2011         2010         2011         2010
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Operating Results
Gold production
 (thousands of ounces)(1)      1,814        1,700        7,676        7,765
Gold sold (thousands of
 ounces)                       1,865        1,831        7,550        7,742
Per ounce data
 Average spot gold price $     1,688  $     1,367  $     1,572  $     1,225
 Average realized gold
  price(2)                     1,664        1,368        1,578        1,228
 Net cash costs(2)               382          278          339          293
 Total cash costs(2)             505          440          460          409
 Depreciation(3)                 168          127          154          136
 Other(4)                         17           11           16            7
 Total production costs          690          578          630          552
 Copper credits                  123          162          121          116
Copper production
 (millions of pounds)            143           82          451          368
Copper sold (millions of
 pounds)                         135          103          444          391
Per pound data
 Average spot copper
  price                  $      3.40  $      3.92  $      4.00  $      3.42
 Average realized copper
  price(2)                      3.69         3.99         3.82         3.41
 Total cash costs(2)            1.99         1.08         1.75         1.10
 Depreciation(3)                0.48         0.23         0.38         0.23
 Total production costs         2.47         1.31         2.13         1.33
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Financial Results
 (millions)
Revenues                 $     3,789  $     3,011  $    14,312  $    11,001
Net earnings(5)                  959          961        4,484        3,582
Adjusted net earnings(2)       1,166        1,018        4,666        3,517
EBITDA(2)                      1,998        1,770        8,376        6,521
Operating cash flow            1,224          866        5,315        4,585
Adjusted operating cash
 flow(2)                       1,299        1,522        5,680        5,241
Per Share Data (dollars)
 Net earnings (basic)           0.96         0.97         4.49         3.63
 Adjusted net earnings
  (basic)(2)                    1.17         1.02         4.67         3.56
 Net earnings (diluted)         0.96         0.96         4.48         3.59
Weighted average basic
 common shares (millions)      1,000          995          999          987
Weighted average diluted
 common shares
 (millions)(6)                 1,002        1,000        1,001          997
Return on equity(2)               20%          22%          22%          20%
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                                                         As at        As at
                                                  December 31, December 31,
                                                  --------------------------
                                                          2011         2010
----------------------------------------------------------------------------
Financial Position
 (millions)
Cash and equivalents                               $     2,745  $     3,968
Non-cash working capital                                 2,335        1,695
Adjusted debt(2)                                        13,058        6,392
Net debt(2)                                             10,320        2,427
Average shareholders'
 equity                                                 21,418       17,352
----------------------------------------------------------------------------
(1)Production includes our equity share of gold production at Highland Gold.

(2)Realized price, net cash costs, total cash costs, adjusted net earnings,
EBITDA, adjusted operating cash flow, adjusted debt, net debt and return on
equity are non-GAAP financial performance measures with no standard
definition under IFRS. See pages 72 - 79 of the Company's MD&A.

(3)Represents equity amortization expense divided by equity ounces of gold
sold or pounds of copper sold.

(4)Represents the Barrick Energy gross margin divided by equity ounces of
gold sold.

(5)Net earnings represents net income attributable to the equity holders of
the Company.

(6)Fully diluted includes dilutive effect of stock options and convertible
debt.



Production and Cost Summary

                             Gold Production
                       (attributable ounces)
                                     (000's)     Total Cash Costs ($/oz)
                   ------------------------- -------------------------------
                   Three months                 Three months
                          ended   Year ended           ended      Year ended
                   December 31, December 31,    December 31,    December 31,
                   ------------ ------------ --------------- ---------------
(Unaudited)          2011  2010   2011  2010    2011    2010    2011    2010
-------------------------------------------- --------------- ---------------
 North America        761   697  3,382 3,110 $   498 $   437 $   426 $   429
 South America        446   377  1,872 2,120     357     251     358     208
 Australia Pacific    485   485  1,879 1,939     677     602     621     576
 African Barrick
  Gold(3)             118   133    509   564     779     622     692     570
 Other                  4     8     34    32     475     494     475     494
----------------------------------------------------------------------------
Total               1,814 1,700  7,676 7,765 $   505 $   440 $   460 $   409
----------------------------------------------------------------------------

                           Copper Production
                       (attributable pounds)
                                  (Millions)      Total Cash Costs ($/lb)
                   -------------------------  ------------------------------
                   Three months                 Three months
                          ended   Year ended           ended      Year ended
                   December 31, December 31,    December 31,    December 31,
                   ------------ ------------ --------------- ---------------
(Unaudited)          2011  2010   2011  2010    2011    2010    2011    2010
----------------------------------------------------------------------------
Total                 143    82    451   368 $  1.99 $  1.08 $  1.75 $  1.10
----------------------------------------------------------------------------

                                               Total Gold Production Costs
                                                         ($/oz)
                                            --------------------------------
                                                Three months
                                                       ended      Year ended
                                                December 31,    December 31,
                                            ---------------- ---------------
(Unaudited)                                     2011    2010    2011    2010
------------------------------------------------------------ ---------------
 Direct mining costs at market
  foreign exchange rates                     $   549 $   464 $   506 $   412
 Gains realized on currency hedge and
  commodity hedge/economic hedge contracts      (53)    (34)    (53)    (16)
 Other(2)                                       (17)    (11)    (16)     (7)
 By-product credits                             (18)    (20)    (18)    (15)
 Copper credits                                (123)   (162)   (121)   (116)
----------------------------------------------------------------------------
Cash operating
 costs, net basis                                338     237     298     258
 Royalties                                        44      41      41      35
----------------------------------------------------------------------------
Net cash costs(1)                                382     278     339     293
 Copper credits                                  123     162     121     116
----------------------------------------------------------------------------
Total cash costs(1)                              505     440     460     409
 Depreciation                                    168     127     154     136
 Other(2)                                         17      11      16       7
----------------------------------------------------------------------------
Total production
 costs                                       $   690 $   578 $   630 $   552
----------------------------------------------------------------------------

                                              Total Copper Production Costs
                                                         ($/lb)
                                            --------------------------------
                                                Three months
                                                       ended      Year ended
                                                December 31,    December 31,
                                             --------------- ---------------
(Unaudited)                                     2011    2010    2011    2010
------------------------------------------------------------ ---------------
Cash operating
 costs                                       $  1.97 $  1.06 $  1.71 $  1.08
 Royalties                                      0.02    0.02    0.04    0.02
----------------------------------------------------------------------------
Total cash costs(1)                             1.99    1.08    1.75    1.10
 Depreciation                                   0.48    0.23    0.38    0.23
----------------------------------------------------------------------------
Total production
 costs                                       $  2.47 $  1.31 $  2.13 $  1.33
----------------------------------------------------------------------------
(1) Total cash costs and net cash costs are non-GAAP financial performance
measures with no standard meaning under IFRS. See page 74 of the Company's
MD&A.

(2) Represents the Barrick Energy gross margin divided by equity ounces of
gold sold.

(3) Figures relating to African Barrick Gold are presented on a 100% basis
up to March 31, 2010 and a 73.9% basis thereafter, which reflects our equity
share of production.



Consolidated Statements of Income

Barrick Gold Corporation
For the years ended December 31 (in millions of
 United States dollars, except per share data)            2011         2010
----------------------------------------------------------------------------
Revenue (notes 5 and 6)                            $    14,312  $    11,001
----------------------------------------------------------------------------
Costs and expenses
Cost of sales (notes 5 and 7)                            6,316        5,162
Corporate administration                                   166          156
Exploration and evaluation (notes 5 and 8)                 346          229
Other expense (note 9a)                                    576          455
Impairment charges (reversals) (note 9b)                   235          (73)
----------------------------------------------------------------------------
                                                         7,639        5,929
Other income (note 9c)                                     248          116
Income (loss) from equity investees (note 14a)               8          (24)
Gain on non-hedge derivatives (note 22e)                    81           69
----------------------------------------------------------------------------
Income before finance items and income taxes             7,010        5,233
Finance items (note 12)
Finance income                                              13           14
Finance costs                                             (199)        (180)
----------------------------------------------------------------------------
Income before income taxes                               6,824        5,067
Income tax expense (note 10)                            (2,287)      (1,561)
----------------------------------------------------------------------------
Income from continuing operations                        4,537        3,506
Income from discontinued operations (note 4g)                -          124
----------------------------------------------------------------------------
Net income                                         $     4,537  $     3,630
----------------------------------------------------------------------------
Attributable to:
Equity holders of Barrick Gold Corporation         $     4,484  $     3,582
Non-controlling interests (note 29)                $        53  $        48
----------------------------------------------------------------------------
                                                         4,537        3,630
Earnings per share data attributable to the equity
 holders of Barrick Gold Corporation (note 11)
Income from continuing operations
  Basic                                            $      4.49  $      3.50
  Diluted                                          $      4.48  $      3.47
----------------------------------------------------------------------------
Income from discontinued operations
  Basic                                            $         -  $      0.13
  Diluted                                          $         -  $      0.12
----------------------------------------------------------------------------
Net income
  Basic                                            $      4.49  $      3.63
  Diluted                                          $      4.48  $      3.59
----------------------------------------------------------------------------

The notes to these unaudited consolidated financial statements, which are
contained in the Fourth quarter and Year-end report, available on our
website, are an integral part of these consolidated financial statements.



Consolidated Statements of Comprehensive Income

Barrick Gold Corporation
For the years ended December 31 (in millions of
 United States dollars, except per share data)            2011         2010
----------------------------------------------------------------------------
Net income                                         $     4,537  $     3,630
Other comprehensive income, net of taxes
Unrealized gains (losses) on available-for-sale
 ("AFS") financial securities, net of tax $9, $5           (91)          64
Realized (gains) losses and impairments on AFS
 financial securities, net of tax $5, $1                    36          (11)
Unrealized gains on derivative investments
 designated as cash flow hedges, net of tax $41,           370          518
 $131
Realized (gains) on derivative investments
 designated as cash flow hedges, net of tax $93,          (413)         (88)
 $22
Actuarial (losses) on post employment benefit
 obligations, net of tax $13, $nil                         (22)          (2)
Currency translation adjustments gain (loss), net
 of tax $nil, $nil                                         (36)          14
----------------------------------------------------------------------------
Total other comprehensive income (loss)                   (156)         495
----------------------------------------------------------------------------
Total comprehensive income                         $     4,381  $     4,125
----------------------------------------------------------------------------
Attributable to:
Equity holders of Barrick Gold Corporation         $     4,328  $     4,077
Non-controlling interests                          $        53  $        48
----------------------------------------------------------------------------

The notes to these unaudited consolidated financial statements, which are
contained in the Fourth quarter and Year-end report, available on our
website, are an integral part of these consolidated financial statements.



Consolidated Statements of Cash Flow

Barrick Gold Corporation
For the years ended December 31 (in millions of
 United States dollars)                                   2011         2010
----------------------------------------------------------------------------
OPERATING ACTIVITIES
Net income                                         $     4,537  $     3,630
Adjustments for the following items:
 Depreciation                                            1,419        1,212
 Accretion                                                  52           21
Impairment charges (reversals) (note 9b)                   235          (73)
Income tax expense (note 10)                             2,287        1,561
Increase in inventory                                     (708)        (381)
Gain on sale/acquisition of long-lived
 assets/investments                                       (229)         (79)
Other operating activities (note 13a)                     (173)        (421)
----------------------------------------------------------------------------
Operating cash flows before interest and income
 taxes                                                   7,420        5,470
Gross interest paid                                       (137)        (153)
Income taxes paid                                       (1,968)        (732)
----------------------------------------------------------------------------
Net cash provided by operating activities                5,315        4,585
----------------------------------------------------------------------------
INVESTING ACTIVITIES
Property, plant and equipment
  Capital expenditures (note 5)                         (4,973)      (3,778)
  Sales proceeds                                            48           61
Acquisitions (note 4)                                   (7,677)        (813)
Investments
  Purchases                                                (72)         (61)
  Sales                                                     80           15
Other investing activities (note 13b)                     (233)         (54)
----------------------------------------------------------------------------
Net cash used in investing activities                  (12,827)      (4,630)
----------------------------------------------------------------------------
FINANCING ACTIVITIES
Proceeds on exercise of stock options                       57          127
Proceeds from public issuance of common shares by
 a subsidiary (note 4e)                                      -          884
Long-term debt
 Proceeds                                                6,648          782
 Repayments                                               (380)        (149)
Dividends                                                 (509)        (436)
Funding from non-controlling interests                     403          114
Deposit on silver sale agreement (note 26)                 138          137
Other financing activities (note 13c)                      (66)         (25)
----------------------------------------------------------------------------
Net cash provided by financing activities                6,291        1,434
----------------------------------------------------------------------------
Effect of exchange rate changes on cash and
 equivalents                                                (2)          15
----------------------------------------------------------------------------
Net increase (decrease) in cash and equivalents         (1,223)       1,404
Cash and equivalents at beginning of year (note
 22a)                                                    3,968        2,564
----------------------------------------------------------------------------
Cash and equivalents at the end of year (note 22a) $     2,745  $     3,968
----------------------------------------------------------------------------

The notes to these unaudited consolidated financial statements, which are
contained in the Fourth quarter and Year-end report, available on our
website, are an integral part of these consolidated financial statements.



Consolidated Balance Sheets

Barrick Gold Corporation                  As at         As at         As at
(in millions of                     December 31   December 31     January 1
 United States dollars)                    2011          2010          2010
----------------------------------------------------------------------------
ASSETS
Current assets
 Cash and equivalents (note 22a)  $       2,745 $       3,968 $       2,564
 Accounts receivable (note 16)              426           370           259
 Inventories (note 15)                    2,498         1,798         1,488
 Other current assets (note 16)             876           935           518
----------------------------------------------------------------------------
Total current assets (excluding
 assets classified as held for
 sale)                                    6,545         7,071         4,829
 Assets classified as held for
  sale                                        -             -           100
----------------------------------------------------------------------------
Total current assets                      6,545         7,071         4,929

Non-current assets
 Equity in investees (note 14a)             440           396         1,124
 Other investments (note 14b)               161           171            62
 Property, plant and equipment
  (note 17)                              28,979        17,890        13,378
 Goodwill (note 18a)                      9,626         6,096         5,197
 Intangible assets (note 18b)               569           475           275
 Deferred income tax assets (note
  27)                                       409           625           601
 Non-current portion of inventory
  (note 15)                               1,153         1,040           709
 Other assets (note 19)                   1,002           873           649
----------------------------------------------------------------------------
Total assets                      $      48,884 $      34,637 $      26,924
----------------------------------------------------------------------------
LIABILITIES AND EQUITY
Current liabilities
 Accounts payable (note 20)               2,083         1,511         1,221
 Debt (note 22b)                            196            14            54
 Current income tax liabilities             306           550           104
 Other current liabilities (note
  21)                                       326           416           366
----------------------------------------------------------------------------
Total current liabilities
 (excluding liabilities
 classified as held for sale)             2,911         2,491         1,745
 Liabilities classified as held
  for sale                                    -             -            49
----------------------------------------------------------------------------
Total current liabilities                 2,911         2,491         1,794

Non-current liabilities
 Debt (note 22b)                         13,173         6,624         6,124
 Provisions (note 24)                     2,326         1,768         1,408
 Deferred income tax liabilities
  (note 27)                               4,231         1,971           960
 Other liabilities (note 26)                689           566           884
----------------------------------------------------------------------------
Total liabilities                        23,330        13,420        11,170
----------------------------------------------------------------------------
Equity
Capital stock (note 28)                  17,892        17,820        17,392
Retained earnings (deficit)               4,562           609        (2,535)
Accumulated other comprehensive
 income                                     595           729           232
Other                                       314           314           143
----------------------------------------------------------------------------
Total equity attributable to
 Barrick Gold Corporation
 shareholders                            23,363        19,472        15,232
 Non-controlling interests (note
  29)                                     2,191         1,745           522
----------------------------------------------------------------------------
Total equity                             25,554        21,217        15,754
----------------------------------------------------------------------------
Contingencies and commitments
 (notes 17 and 33)
----------------------------------------------------------------------------
Total liabilities and equity      $      48,884 $      34,637 $      26,924
----------------------------------------------------------------------------

The notes to these unaudited consolidated financial statements, which are
contained in the Fourth quarter and Year-end report, available on our
website, are an integral part of these consolidated financial statements.


Consolidated Statements of Changes in Equity

                                          Attributable to equity holders of
Barrick Gold Corporation                            the company
                                        ------------------------------------

                                                                Accumulated
                                                     Retained         other
(in millions of United    Common Shares    Capital   earnings comprehensive
States dollars)           (in thousands)     stock   (deficit) income (loss)
----------------------------------------------------------------------------
At January 1, 2011              998,500   $ 17,820      $ 609         $ 729
----------------------------------------------------------------------------
 Net income                           -          -      4,484             -
 Total other
  comprehensive income
  (loss)                              -          -        (22)         (134)
----------------------------------------------------------------------------
 Total comprehensive
  income                        998,500        $ -    $ 4,462        $ (134)
----------------------------------------------------------------------------
 Transactions with
  owners
 Dividends                            -          -       (509)            -
 Issued on exercise of
  stock options                   1,923         57          -             -
 Recognition of stock
  option expense                      -         15          -             -
 Funding from non-
  controlling interests               -          -          -             -
 Other decrease in non-
  controlling interests               -          -          -             -
----------------------------------------------------------------------------
 Total transactions with
  owners                          1,923       $ 72     $ (509)          $ -
----------------------------------------------------------------------------
At December 31, 2011          1,000,423   $ 17,892    $ 4,562         $ 595
----------------------------------------------------------------------------

At January 1, 2010              984,328   $ 17,392   $ (2,535)        $ 232
----------------------------------------------------------------------------
 Net income                           -          -      3,582             -
 Total other
  comprehensive income
  (loss)                              -          -         (2)          497
----------------------------------------------------------------------------
 Total comprehensive
  income                         984,328       $ -    $ 3,580         $ 497
----------------------------------------------------------------------------
 Transactions with
  owners
 Dividends                             -         -       (436)            -
 Issued on conversion of
  debentures                       9,381       294          -             -
 Issued on exercise of
  stock options                    4,791       127          -             -
 Recognition of stock
  option expense                       -         7          -             -
 Recognized on initial
  public offering of
  African Barrick Gold
  (note 4e)                            -         -          -             -
 Funding from non-
  controlling interests                -         -          -             -
 Other increase in non-
  controlling interests                -         -          -             -
----------------------------------------------------------------------------
 Total transactions with
  owners                          14,172     $ 428     $ (436)          $ -
----------------------------------------------------------------------------
At December 31, 2010             998,500  $ 17,820     $  609         $ 729
----------------------------------------------------------------------------


                              Attributable to equity
                              holders of the company
                             -----------------------

                                        Total equity
                                        attributable        Non-
(in millions of United                            to controlling      Total
 States dollars)              Other(1)  shareholders   interests     equity
----------------------------------------------------------------------------
At January 1, 2011              $ 314       $ 19,472     $ 1,745   $ 21,217
----------------------------------------------------------------------------
 Net income                         -          4,484          53      4,537
 Total other
  comprehensive income
  (loss)                            -           (156)          -       (156)
----------------------------------------------------------------------------
 Total comprehensive
  income                          $ -        $ 4,328        $ 53    $ 4,381
----------------------------------------------------------------------------
 Transactions with
  owners
 Dividends                          -           (509)          -       (509)
 Issued on exercise of
  stock options                     -             57           -         57
 Recognition of stock
  option expense                    -             15           -         15
 Funding from non-
  controlling interests             -              -         403        403
 Other decrease in non-
  controlling interests             -              -         (10)       (10)
----------------------------------------------------------------------------
 Total transactions with
  owners                        $   -       $   (437)    $   393      $ (44)
----------------------------------------------------------------------------
At December 31, 2011            $ 314       $ 23,363     $ 2,191   $ 25,554
----------------------------------------------------------------------------

At January 1, 2010              $ 143       $ 15,232     $   522   $ 15,754
----------------------------------------------------------------------------
 Net income                         -          3,582          48      3,630
 Total other
  comprehensive income
  (loss)                            -            495           -        495
----------------------------------------------------------------------------
 Total comprehensive
  income                        $   -        $ 4,077      $   48    $ 4,125
----------------------------------------------------------------------------
 Transactions with
  owners                                           -
 Dividends                          -           (436)          -       (436)
 Issued on conversion of
  debentures                        -            294           -        294
 Issued on exercise of
  stock options                     -            127           -        127
 Recognition of stock
  option expense                    -              7           -          7
 Recognized on initial
  public offering of
  African Barrick Gold
  (note 4e)                       171            171           -        171
 Funding from non-
  controlling interests             -              -         114        114
 Other increase in non-
  controlling interests             -              -       1,061      1,061
----------------------------------------------------------------------------
 Total transactions with
  owners                        $ 171          $ 163     $ 1,175    $ 1,338
----------------------------------------------------------------------------
At December 31, 2010            $ 314       $ 19,472     $ 1,745   $ 21,217
----------------------------------------------------------------------------

(1) Includes additional paid-in capital as at December 31, 2011: $276
    million (December 31, 2010: $276 million; January 1, 2010: $ nil) and
    convertible borrowings - equity component as at December 31, 2011: $38
    million (December 31, 2010: $38 million; January 1, 2010: $143 million).



The notes to these unaudited consolidated financial statements, which are
contained in the Fourth quarter and Year-end report, available on our
website, are an integral part of these consolidated financial statements.

 

CORPORATE OFFICE
Barrick Gold Corporation
Brookfield Place, TD Canada Trust Tower
Suite 3700
161 Bay Street, P.O. Box 212
Toronto, Canada M5J 2S1
Tel: (416) 861-9911 Fax: (416) 861-0727
Toll-free throughout North America: 1-800-720-7415
Email: investor@barrick.com  
Website: www.barrick.com  

SHARES LISTED
ABX – The New York Stock Exchange
The Toronto Stock Exchange

 

TRANSFER AGENTS AND REGISTRARS
CIBC Mellon Trust Company*
P.O. Box 700, Postal Station B
Toronto, Canada M5C 2W9
or
American Stock Transfer & Trust Company, LLC
6201 – 15 Avenue
Brooklyn, NY 11219

Tel: 1-800-387-0825
Toll-free throughout North America
Fax: (416) 643-5501
Email: inquiries@canstockta.com
Website: www.canstockta.com

*Effective November 2010, shareholder records are maintained by Canadian Stock Transfer (“CST”) as
administrative agent for CIBC Mellon Trust Company.

     
INVESTOR CONTACT
Deni Nicoski
Vice President, Investor Relations
Tel: (416) 307-7410
Email: dnicoski@barrick.com  
  MEDIA CONTACT
Andy Lloyd
Senior Manager, Communications
Tel: (416) 307-7414
Email: alloyd@barrick.com

 

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained in this Fourth Quarter and Year-End Report 2011, 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; the ability of the Company to complete or successfully integrate an announced acquisition proposal; legislative, political or economic developments in the jurisdictions in which the Company carries on business, including Zambia and Saudi Arabia; 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 organization of our previously held African gold operations under a separate listed entity; 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  $ 1,254.94 -1.53 -0.12% Volume: December 13, 2017
ABX NYSE  $ 14.11 +0.47 +3.45% Volume: 15,858,712 December 13, 2017
ABX TSX  $ 18.13 +0.58 +3.31% Volume: 4,224,021 December 13, 2017
Gold  $ 1,254.94 -1.53 -0.12% Volume: December 13, 2017

Our vision is the generation of wealth through responsible mining — wealth for our owners, our people, and the countries and communities with which we partner.

World Gold Council MemberMember of ICMM

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