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Annual Report

On January 1, 2019, a new Barrick was born out of the merger between Barrick Gold Corporation and Randgold Resources.

The merger created a sector-leading gold company which owned five of the industry’s Top 10 Tier One A Tier One Gold Asset is a mine with a stated life in excess of 10 years, annual production of at least 500,000oz of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve. gold assets  Cortez and Goldstrike in Nevada USA (both 100%), Loulo-Gounkoto in Mali (80%), Kibali in the Democratic Republic of Congo (45%) and Pueblo Viejo in the Dominican Republic (60%)  as well as two with Tier One potential  Turquoise Ridge and the Goldrush/Fourmile project, both in Nevada USA.

On July 1, 2019, Barrick combined its Nevada assets with those of Newmont to create Nevada Gold Mines (61.5% owned and operated by Barrick) resulting in Turquoise Ridge becoming the sixth Tier One mine in the Barrick portfolio. And in September it bought out the minority shareholders in Acacia and took over the management of its Tanzanian assets.

2019: A Year Of Delivery

BEST ASSETS

Barrick already operates six Tier One gold assets. Continuing brownfields exploration is designed to support and where possible to extend the production rate as well as the Life of Mine.

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BEST PEOPLE

Barrick’s policy of employing host country nationals and upskilling them to world-class operational and managerial standards has equipped the company with a workforce and management team ranking among the finest in the global mining industry.

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BEST RETURNS

Since the announcement of the merger with Randgold Resources, Barrick’s share price increased by 78% — outperforming its peers, comparable indices and spot gold. At the same time, Barrick has improved its cashflow, increased its dividend three times in 2019 and almost halved its net debt.

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John L Thornton

MESSAGE FROM THE EXECUTIVE CHAIRMAN

I am very pleased to report that under the leadership of Mark Bristow, the new Barrick has made enormous progress in a year of intense activity.

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MESSAGE FROM THE PRESIDENT AND CHIEF EXECUTIVE OFFICER

It is gratifying to report not only that we have delivered a strong, expectation-exceeding performance, but also that we have made significant progress towards our goal of becoming the world’s most valued gold company.

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Mark Bristow
Graham Shuttleworth

FINANCIAL REVIEW

Four quarters of consistently solid operational performance resulted in a strong set of financial results for the year in every respect.

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GOLD MARKET OVERVIEW

The gold price had a strong and sustained positive performance in 2019 on the back of increasing investor interest.

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Gold bars
North America

NORTH AMERICA

The formation, integration and operational delivery at Nevada Gold Mines was the crowning achievement for North America in 2019.

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LATIN AMERICA & ASIA PACIFIC

2019 was a transformational year in the newly formed region, where Barrick’s new operating model was implemented with immediate positive results.

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Latin America and Asia Pacific
Africa and Middle East

AFRICA & MIDDLE EAST

Africa is the world’s largest gold producer with 22% of global production and Barrick’s assets on the continent continue to be a significant contributor to its free cash flow.

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RESERVES & RESOURCES

Barrick’s reserves and resources for 2019 shows an attributable gold mineral reserve increase of approximately 15% in ounces at a 8% higher grade after depletion from mining.

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Reserves & Resources
John L. Thornton

EXPLORATION

Successful exploration is the lifeline to any mining company, being to mining what R&D is to the pharmaceutical industry.

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SUSTAINABILITY REVIEW

We recognize that we must be a trusted long-term partner to be sustainable — and we must be sustainable to be successful.

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Sustainability Review

Shareholders may receive a copy of Barrick’s audited financial statements without charge, upon request, to Barrick’s Investor Relations Department, Brookfield Place, TD Canada Trust Tower, 161 Bay St., Suite 3700, Toronto, Ontario, Canada M5J 2S1 or to investor@barrick.com.