Barrick Raises US$50 Million in Debt Securities for Lagunas Norte Project in Peru

April 15, 2005

TORONTO, Apr 15, 2005 (BUSINESS WIRE) -- All amounts in United States dollars

Barrick Gold Corporation (NYSE:ABX)(TSX:ABX)(LSE:BGD)(SWX:ABX)(BOURSE:ABX) announced today that its wholly owned subsidiary, Minera Barrick Misquichilca S.A. ("MBM"), has successfully completed the issuance of $50 million of debt securities in the Peruvian capital markets. The net proceeds from this offering will be used to partially fund the construction of Barrick's Lagunas Norte Project located in the Alto Chicama district.

Lagunas Norte is expected to be the second of Barrick's new generation of mines that will contribute to the targeted 40 percent increase in its production profile by 2007. (Tulawaka in Tanzania commenced production on March 15, 2005.) Lagunas Norte is expected to commence operations in the third quarter 2005 and produce 545,000 - 550,000 ounces of gold this year at a cash cost of $110 - $120 per ounce.

"Lagunas Norte will be Barrick's second Peruvian mine, and capitalizes on our experience and success at the Pierina Mine," said Igor Gonzales, Barrick's Regional Vice President, Peru. "We are pleased that the debt issue was so well received and oversubscribed by Peruvian investors."

The bonds are due in 2013, bear interest on a floating rate basis at six-month Libor +1.72%, trade on the Lima Stock Exchange and are solely the obligation of MBM. The sale of the bonds is under MBM's shelf prospectus that allows for the issuance of debt securities in an aggregate amount up to U.S.$150 million.

Barrick is building a new generation of mines around the globe and has the lowest total cash costs among the major gold producers. Its vision is to be the world's best gold company by finding, developing and producing quality reserves in a profitable and socially responsible manner. The Company's shares are traded on the Toronto, New York, London and Swiss stock exchanges and the Paris Bourse.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Barrick Gold Corporation (PARIS:ABX) (NYSE:ABX) (TSX:ABX) (Swiss:ABX) (LSE:BGD)

SOURCE: Barrick Gold Corporation

Barrick Gold Corporation
Vincent Borg
Vice President, Corporate Communications
(416) 307-7477
Fax: (416) 861-1509

Email Alerts

Email Address *
Mailing Lists *

Enter the code shown above.

By providing your e-mail address, you are consenting to receive press releases, quarterly and annual reports, presentations and other information concerning Barrick Gold Corporation and its affiliates and partners. You may withdraw your consent at any time using the unsubscribe link below.


Email Address:  *

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

En Español