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Marketwired
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Barrick Reports Second Quarter 2015 Results

TORONTO, ONTARIO -- (Marketwired) -- 08/05/15 -- Barrick Gold Corporation (NYSE: ABX)(TSX: ABX)

--  Company reported a net loss of $9 million ($0.01 per share) in the
    second quarter; adjusted net earnings were $60 million ($0.05 per
    share)(1).

--  Free cash flow was $26 million(1) and operating cash flow was $525
    million.

--  Production in the second quarter was 1.45 million ounces of gold at all-
    in sustaining costs (AISC) of $895 per ounce(1).

--  Full-year gold production is now expected to be 6.1-6.4 million ounces,
    reflecting the impact of asset sales.

--  All-in sustaining cost guidance for 2015 has been reduced to $840-$880
    per ounce.

--  Total debt reduced by approximately $250 million in first half.

--  $2.45 billion in asset sales and joint ventures announced to date.

--  Targeting $2 billion in reduced expenditures across the company by the
    end of 2016.

--  Capital and other expenditures reduced by $240 million in the second
    quarter.

--  Lowered quarterly dividend to two cents per share.

--  Scenario planning completed for gold prices down to $900 per ounce.

--  On track to achieve approximately $50 million in G&A cost savings in
    2015, exceeding original $30 million target for the year. Targeting $90
    million in annualized savings in 2016, up from original target of $70
    million.

--  Completed Preliminary Economic Assessments on projects with the
    potential to significantly extend mine life at Lagunas Norte and Pueblo
    Viejo.

Barrick Gold Corporation (NYSE: ABX)(TSX: ABX) (Barrick or the "company") reported a net loss of $9 million ($0.01 per share) for the second quarter, with adjusted net earnings of $60 million ($0.05 per share). Free cash flow was $26 million, compared to negative free cash flow of $128 million in the prior year period. Operating cash flow in the second quarter was $525 million. Second quarter adjusted EBITDA was $725 million(1). On an unadjusted basis, EBITDA was $690 million(1).

Gold production guidance for 2015 has been adjusted to 6.1-6.4 million ounces to reflect the impact of divestments, with production 55 percent weighted to the second half of the year. Costs are expected to be 10 percent lower in the second half of 2015. Full-year all-in sustaining cost guidance is $840-$880 per ounce, down from $860-$895 per ounce.

The implementation of a lean, decentralized operating model designed to maximize free cash flow and take costs out of the business has helped to mitigate the impact of recent gold price declines. We have cut $300 million in capital spending so far this year and are on track to achieve $90 million in reduced general and administrative (G&A) expenditures by 2016. We have also made significant progress on our debt reduction target. Our current focus is on improving productivity and reducing operating costs to ensure our business is robust enough to generate a 10-15 percent return on invested capital through the metal price cycle.

STRENGTHENING THE BALANCE SHEET

Earlier this year, we set a debt reduction target of $3 billion for 2015. Thus far, we have announced agreements representing $2.45 billion from asset sales, joint ventures and streaming. In addition, we have also retired approximately $250 million in debt using cash on hand in the first half of this year. Collectively, these actions represent $2.7 billion, or 90 percent of our target. Transactions announced to date include:

--  Sale of 100 percent of the Cowal mine for $550 million in cash, further
    focusing the geographic footprint of our portfolio by divesting the last
    Barrick-operated mine in Australia.

--  Sale of a 50 percent interest in Barrick (Niugini) Ltd. for $298 million
    in cash(2), establishing a long-term strategic partnership with China's
    Zijin Mining.

--  Sale of a 50 percent interest in the Zaldivar copper mine for $1.005
    billion in cash(2), realizing significant value from a non-core
    operation while maintaining a sizeable stake in this cash-generating
    asset. This transaction has also resulted in a new partnership with
    Antofagasta Plc, one of the world's leading copper companies, with
    significant opportunities to collaborate on potential projects in the
    future.

--  Streaming agreement on a portion of Barrick's share of gold and silver
    production from Pueblo Viejo for $610 million in cash(2), structured to
    maintain significant exposure to higher metal prices.

With a $4 billion undrawn credit facility and $2.1 billion in cash on hand at the end of the second quarter, we will continue to pursue our debt reduction target in a disciplined manner and will take only those actions that make sense for the business, on terms we consider favorable to our shareholders.

Additional asset divestments

Over the last several months, Barrick has received a number of proposals and expressions of interest relating to the proposed acquisition of various non-core assets in Nevada and Montana. Over the next several weeks, we intend to commence a formal process to sell Bald Mountain, Round Mountain (50 percent interest), Spring Valley (70 percent interest), Ruby Hill, Hilltop and Golden Sunlight. These assets represent an attractive portfolio of producing and development-stage assets in a politically stable and highly prospective region.

OPERATIONAL FOCUS

Our strategy is focused on maximizing free cash flow per share from a portfolio of high-quality gold assets in our core regions, underpinned by disciplined capital allocation and operational excellence. In the past six months, we have taken significant actions to improve our business plans, resulting in positive free cash flow in the second quarter. We remain focused on improving productivity and driving down costs to ensure we can continue to generate free cash flow in the current gold price environment.

Anticipating the potential for weaker gold prices in the second half of 2015, we challenged our leaders to cut spending by $1 billion. We have now increased this target. By the end of 2016, we are targeting $2 billion in reduced expenditures across the company. These reductions will come from operating expenses, capital spending and corporate overhead. We have identified $1.4 billion in potential opportunities to date. This will strengthen the resilience of our portfolio in a lower gold price environment, while positioning us to deliver stronger margins when gold prices recover.

These efforts are benefiting from the outcomes of our Value Realization reviews, which have now been completed for all operations. This process has identified concrete projects to maximize free cash flow, extend mine lives and lower costs. The reviews also support non-core asset sales by ensuring we understand the full value of every mine before proceeding with any divestiture. For details on key Value Realization opportunities identified at Lagunas Norte and Pueblo Viejo, please see Appendix 1 on page 9. For certain related risk factors, please see the cautionary statement on forward-looking information at the end of this press release.

We have also carried out a series of scenario planning exercises that detail actions we can take to optimize mine plans and increase flexibility in a lower gold price environment. These actions include:

--  Adjust life-of-mine plans to maximize short-term free cash flow
--  Place higher-cost operations on temporary care and maintenance
--  Defer stripping activities
--  Close or divest mines that do not meet capital allocation objectives
--  Increase cut-off grades
--  Reduce mining/processing rates
--  Further reduce G&A and exploration
--  Further reduce sustaining capital
--  Process higher-grade stockpiles

Capital Costs

As we continue to review all expenditures for 2015 and 2016, we are cancelling or deferring spending that does not meet our capital allocation objectives, which include, first and foremost, the ability to meet a hurdle rate of 15 percent. In the second quarter, we identified $240 million in reductions that have now been removed from our plans. Total capital expenditures for 2015 are now expected to be $1.6-$1.9 billion, 20 percent lower than in 2014.

Exploration expenditures are now expected to be $180-$220 million, a reduction of 17 percent from our original 2015 guidance. Sixty-five percent of our exploration budget is allocated to mine site exploration, with 35 percent directed at greenfield projects, primarily on our newest discovery Alturas and the El Indio belt.

Reductions identified in the second quarter include:

--  Sustaining capital reduced by $100 million to $1.4-$1.6 billion;

--  Expansion capital reduced by $50 million to $100-$150 million, driven by
    efficiencies and reductions at Turquoise Ridge, Cortez and Ruby Hill;

--  Project capital reduced by $50 million to $100-$150 million, primarily
    reflecting reductions at Pascua-Lama and Spring Valley; and

--  Exploration budget reduced by $40 million to $180-$220 million, focusing
    expenditures on our most promising opportunities where we see the
    highest potential returns.

G&A Expenses

We are focused on reducing costs and improving productivity across the entire business. Excluding severance and one-time costs, the company is on track to capture approximately $50 million in savings from reduced G&A expenditures and overhead costs in 2015, exceeding our original target of $30 million for the year. We expect to reach $90 million in annualized G&A savings by 2016.

FINANCIAL DISCUSSION

Second quarter 2015 adjusted net earnings were $60 million ($0.05 per share) compared to $159 million ($0.14 per share) in the prior year period. The net loss for the quarter was $9 million ($0.01 per share) compared to a net loss of $269 million ($0.23 per share) in the prior year quarter. Lower adjusted net earnings reflect lower gold sales and lower realized gold and copper prices compared to the prior year period. Significant adjusting items for the quarter (net of tax and non-controlling interest effects) include:

--  $22 million in impairment charges primarily related to power assets at
    Pueblo Viejo;

--  $30 million in unrealized foreign currency translation losses;

--  $17 million in costs related to the closure of our Perth office; and

--  A $15 million positive adjustment reflecting the impact of the increase
    in the discount rate used to calculate the provision for environmental
    remediation at closed mines.

Second quarter adjusted EBITDA was $725 million compared to $990 million in the prior year period. On an unadjusted basis, EBITDA was $690 million for the second quarter compared to $478 million in the prior year period. Operating cash flow was $525 million compared to $488 million in the prior year period. The company generated positive free cash flow of $26 million in the second quarter compared to an outflow of $128 million in the prior year period, reflecting higher operating cash flow and lower capital expenditures as a result of the company's continued emphasis on rigorous capital discipline.

The Board of Directors has decided to reduce the company's quarterly dividend by 60 percent, from five cents per share to two cents per share. The Board believes this reduction is a prudent measure to increase financial flexibility in light of current market conditions. The dividend will be paid on September 15, 2015 to shareholders of record at the close of business on August 31, 2015(3).

The Board has approved a Dividend Reinvestment Plan (the "DRIP"), which we intend to make available to eligible shareholders for the first time with payment of the above-mentioned dividend on September 15, 2015 to shareholders of record on August 31, 2015. The DRIP will allow registered or beneficial holders of Barrick's common shares who reside in Canada or the United States to reinvest cash dividends paid on their common shares in additional common shares at a discount to the average market price (as defined in the DRIP), currently set at three percent and subject to change at the discretion of the Board. Additional details about the DRIP and enrollment instructions will be provided at a later date.

OPERATING HIGHLIGHTS AND GUIDANCE

Reflecting the divestiture of Cowal and 50 percent of Barrick (Niugini) Ltd., 2015 gold production is now anticipated to be 6.1-6.4 million ounces at reduced AISC of $840-$880 per ounce. Production is 55 percent weighted to the second half of the year, primarily due to higher planned production at Goldstrike, Cortez and Pueblo Viejo. Third quarter AISC are expected to be lower than our AISC in the first half of the year, and fourth quarter AISC are expected to be significantly lower than the third quarter, driven largely by higher production at Goldstrike, Pueblo Viejo and Cortez in the second half of the year.

Total copper guidance for 2015 remains unchanged at 480-520 million pounds at C1 cash costs of $1.75-$2.00 per pound(3).

----------------------------------------------------------------------------

                                Second Quarter        Current       Original
Gold                                      2015  2015 Guidance  2015 Guidance
----------------------------------------------------------------------------
Production (000s of ounces)(5)           1,445    6,100-6,400    6,200-6,600
AISC ($per ounce)                          895        840-880        860-895
Cash costs ($per ounce)(4)                 624        600-640        600-640

Copper
----------------------------------------------------------------------------
Production (millions of pounds)            115        480-520        310-340
C1 cash costs ($per pound)                1.94      1.75-2.00      1.75-2.00

----------------------------------------------------------------------------
Total Capital Expenditures
 ($millions)(6)                            414    1,600-1,900    1,900-2,200
----------------------------------------------------------------------------

Cortez

The Cortez mine produced 193,000 ounces at AISC of $811 per ounce in the second quarter. Production benefited from positive grade reconciliations in the Cortez Hills open pit and improved underground productivity, as well as from some initial treatment of refractory ore through Goldstrike's thiosulfate (TCM) process. AISC were positively impacted by higher production, lower operating costs and lower sustaining capital. Production in 2015 is forecast to be 825,000-900,000 ounces at AISC of $760-$835 per ounce. Production in the second half is fourth-quarter weighted as the open pit transitions into higher-grade ore and as the ramp-up of the TCM circuit at Goldstrike allows for additional processing of refractory ore from Cortez.

Goldstrike

The Goldstrike mine contributed 206,000 ounces in the second quarter, in line with plan. AISC of $732 per ounce were better than expected on higher tonnes and grades from the underground operation, as well as lower sustaining capital. Grades and recoveries from the TCM circuit continue to be consistent with feasibility results. Several adjustments were implemented to improve the throughput of the circuit during the commissioning phase and the process is expected to ramp up on schedule this year. Production and AISC guidance for 2015 is 1.00-1.15 million ounces and $700-$800 per ounce. The third quarter is expected to be the stronger of the two remaining quarters on higher anticipated open pit grades.

Pueblo Viejo

Barrick's 60 percent share of production from Pueblo Viejo for the second quarter was 131,000 ounces at AISC of $682 per ounce. Production in the quarter was lower than planned due to lower gold recoveries, largely related to a higher proportion of carbonaceous ore. AISC were also impacted by lower silver recoveries associated with a temporary shutdown of the lime boil process during scheduled autoclave maintenance. Recent modifications to the lime boil are showing significantly improved silver recoveries and the first copper concentrate was shipped in the second quarter. Attributable production in 2015 is forecast to be 625,000-675,000 ounces at AISC of $540-$590 per ounce. Production is expected to be higher and costs lower in the fourth quarter compared to the third quarter on higher-expected grades, improved recoveries and better autoclave availability, as maintenance shutdowns were weighted to the first half of 2015.

Lagunas Norte

The Lagunas Norte mine contributed 155,000 ounces at AISC of $509 per ounce in the second quarter. Production was in line with expectations while AISC were better than plan on lower sustaining capital. Production in 2015 is anticipated to be 600,000-650,000 ounces at AISC of $600-$650 per ounce.

Veladero

The Veladero mine produced 151,000 ounces of gold in the second quarter, in line with plan. AISC of $961 per ounce benefited from higher than expected sales and lower sustaining capital. Production guidance for 2015 is 575,000-625,000 ounces at AISC of $950-$1,035 per ounce, with second half costs expected to be highest in the third quarter related to capitalized stripping and sustaining capital, as well as lower byproduct credits.

Turquoise Ridge

The Turquoise Ridge mine contributed 52,000 ounces (75 percent basis), in line with expectations. AISC of $780 per ounce reflect higher sustaining capital associated with the focus on growing production and improving ventilation. Costs are expected to be highest in the third quarter related to these efforts as well as to feasibility and detailed engineering work for the second shaft project. The mine is forecast to produce 175,000-200,000 ounces (75 percent basis) in 2015 at AISC of $775-$825 per ounce.

Porgera

The Porgera mine produced 118,000 ounces (95 percent basis), slightly below plan on lower open pit grades. AISC of $1,128 per ounce were lower than expected as a result of lower capitalized stripping costs due to fewer waste tonnes mined and lower sustaining capital. Reflecting the partial divestiture, attributable production in 2015 is now expected to be 400,000-450,000 ounces at AISC of $1,025-$1,125 per ounce.

Other Mines

Barrick's other mines - consisting of Bald Mountain, Round Mountain, Golden Sunlight, Ruby Hill, Hemlo, Cowal, KCGM and Pierina - contributed 320,000 ounces at AISC of $895 per ounce in the second quarter. An improved closure plan at Pierina is expected to contribute approximately 270,000 ounces over the next three-and-a-half years for minimal capital.

Acacia Mining

Barrick's share of second quarter production was 119,000 ounces at AISC of $1,149 per ounce. Attributable 2015 production from Acacia is anticipated to be 480,000-510,000 ounces at AISC of $1,050-$1,100 per ounce. Production will be weighted to the second half of 2015, driven by operational improvements and a planned ramp-up at Bulyanhulu.

Global Copper

Copper production in the second quarter was 115 million pounds at C1 cash costs of $1.94 per pound. For 2015, copper production is anticipated to be 480-520 million pounds at C1 cash costs of $1.75-$2.00 per pound.

Lumwana contributed 63 million pounds at C1 cash costs of $2.01 per pound in the second quarter, in line with expectations. The Zambian government has ratified amendments to the country's mining tax regime that replaced the recently-adopted 20 percent gross royalty on open pit mines with a nine percent royalty, and reintroduced a 30 percent corporate income tax and a 15 percent variable profits tax. Production is anticipated to be 250-270 million pounds at C1 cash costs of $1.90-$2.15 per pound in 2015.

Production of 52 million pounds at Zaldivar at C1 cash costs of $1.85 per pound in the second quarter was in line with plan. Production for 2015 is anticipated to be 230-250 million pounds at C1 cash costs of $1.65-$1.95 per pound.

At Jabal Sayid, first shipments of low-cost copper-in-concentrate are anticipated in early 2016. Once the mine reaches full production, the average annual output is expected to be 100 million pounds per year with the potential to increase to 130 million pounds.

APPENDIX 1 - Key Value Realization Initiatives at Barrick's Lagunas Norte and Pueblo Viejo Mines

Lagunas Norte

Refractory Material Mine Life Extension Project: Since it began operations in 2005, Lagunas Norte has outperformed production expectations and become one of our most profitable mines. In 2014, the mine produced 582,000 ounces of gold at all-in sustaining costs of $543 per ounce. In its early years, production peaked at more than one million ounces per year. To date, Lagunas Norte has operated as an oxide heap leach mine. The mine will transition from oxide ore into mixed oxide/refractory material as it approaches the end of its current mine life in 2018.

We have now completed a Preliminary Economic Assessment ("PEA") on a plan to extend the life of Lagunas Norte by approximately 12 years by mining the refractory material below the oxide ore body in the current pit. The refractory material cannot be economically processed using heap leaching due to low recoveries. The plan contemplates the installation of a new grinding-flotation-autoclave processing circuit to treat the refractory material.

Work has begun on a Pre-Feasibility Study ("PFS") to further assess the technical and financial viability of, and risks associated with, the project, which has the potential to add nearly two million ounces of measured and indicated gold resources that are not currently included in the mine's existing mineral reserves and resources. Based on the preliminary analysis completed to date, Barrick expects that approximately $500 million would be required to build the facilities necessary to treat the refractory material. The PEA for this initiative will be incorporated in an updated technical report prepared by Barrick's independent technical advisor, Roscoe Postle Associates Inc. ("RPA"), which Barrick intends to file within 45 days. We expect to complete the PFS on this opportunity by the end of 2015.

The table below summarizes the mineral resources associated with the Refractory Material Mine Life Extension Project that, except as otherwise noted, are not included in the mine's mineral resource statement as at December 31, 2014.

Gold Mineral Resources Associated with the Refractory Material Mine Life Extension Project(1, 2, 3, 4, 5)

Tonnes          Gold
                                               -----------------------------
                                                                    ounces
                               Category          (000s)     g/t      (000s)
----------------------------------------------------------------------------
  Within pit design(6)         Measured          1,203      2.60      100

                               Indicated         21,188     2.54     1,732
                        ----------------------------------------------------
                        Measured and Indicated   22,391     2.55     1,832

                               Inferred           314       1.92       19
----------------------------------------------------------------------------
Heap leach stockpile(7)        Indicated         5,300      2.29      391
----------------------------------------------------------------------------
Notes:
(1)     Mineral resources have been estimated as at December 31, 2014 based
        on a gold price of $1,400 per ounce. All estimates have been made in
        accordance with the standards of the Canadian Institute of Mining,
        Metallurgy and Petroleum in National Instrument 43-101.
(2)     Mineral resources that are not mineral reserves do not have
        demonstrated economic viability.
(3)     Gold cut-off grades ranged from 0.48 g/t to 1.00 g/t depending on
        the material type.
(4)     Gold recovery as a result of this initiative is expected to reach an
        average of 90 percent.
(5)     Numbers may not add due to rounding.
(6)     Includes 2.013 million tonnes of measured and indicated resources
        grading 1.15 g/t gold (74 thousand contained ounces of gold) that
        were previously reported in the mine's resource statement as at
        December 31, 2014.
(7)     This material is expected to be reclaimed from the existing leach
        facility and reprocessed through the new facility for this
        initiative.

The PEA for the Refractory Material Mine Life Extension Project is preliminary in nature and is based in part on inferred resources which are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

Pueblo Viejo

Expansion of Tailings Storage Capacity: Pueblo Viejo is one of the world's largest, lowest-cost gold mines. In 2014, Barrick's 60 percent share of production from the Pueblo Viejo mine was approximately 665,000 ounces of gold at all-in sustaining costs of $588 per ounce. As reported in the mine's resource statement as at December 31, 2014, in addition to existing reserves, Pueblo Viejo has approximately six million ounces of gold and 37 million ounces of silver in the measured and indicated resource category (Barrick's 60 percent share). A significant portion of these resources are not currently included in reserves due to tailings storage constraints. We have completed a PEA evaluating a plan to remove these constraints to tailings capacity, which if implemented could allow Barrick to significantly extend the life of the mine. Barrick expects to complete further engineering work and commission a PFS in the second half of 2016 to refine the technical and financial analysis for the increase in tailings storage capacity and confirm whether the measured and indicated resources described above can be brought into reserves.

Conversion of Power Plant and Lime Kilns to Natural Gas Fuel: Energy is one of the biggest cost drivers at any mining operation. We have completed a PFS on an initiative to reduce energy costs at Pueblo Viejo by converting the fuel supply for the Quisqueya I power plant that supplies electricity to the mine to natural gas from more expensive heavy fuel oil, and retrofitting the lime kilns to burn natural gas instead of diesel. The power plant was originally designed to operate on multiple fuel types, including natural gas. The PFS evaluated the delivery and use of liquid or compressed natural gas to the mine and power plant.

Barrick is currently engaged in negotiations regarding the supply of natural gas to the Quisqueya I power plant and the Pueblo Viejo mine. If a supply agreement is successfully negotiated, this initiative to transition to natural gas could be implemented as early as 2017. Barrick anticipates that the conversion of the power plant and lime kilns at the mine site will require only minimal capital investment by Pueblo Viejo and that all capital costs associated with the construction of the natural gas infrastructure including the necessary natural gas pipeline to the power plant would be borne by the natural gas supplier.

Qualified Persons

A Technical Report supporting the PEA for the "Refractory Material Mine Life Extension Project" at Lagunas Norte will be prepared in accordance with Form 43-101F1 and filed on SEDAR within 45 days of this news release. For further information with respect to the key assumptions, parameters and risks associated with the results of the PEA for the "Refractory Material Mine Life Extension Project" at Lagunas Norte, the mineral resource estimates included therein and other technical information with respect to that initiative, please refer to the Technical Report to be made available at www.sedar.com.

The following qualified persons, as that term is defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects, have prepared or supervised the preparation of their relevant portions of the technical information described above and, in the case of the PEA for the "Refractory Material Mine Life Extension Project" at Lagunas Norte, the related Technical Report to be filed:

--  Deborah McCombe, P.Geo., Principal Geologist (RPA)

--  Graham Clow, P.Eng., Principal Mining Engineer (RPA)

--  Kathleen Altman, P.E., Ph.D., Principal Metallurgist (RPA)

--  Richard Lambert, P.E., P.Eng., Principal Mining Engineer (RPA)

--  Rick Sims, Registered Member SME, Senior Director, Resources and
    Reserves (Barrick)

--  Steven Haggarty, P.Eng., Senior Director, Metallurgy (Barrick)

--  Patrick Garretson, Registered Member SME, Director, Life of Mine
    Planning (Barrick)



APPENDIX 2 - Detailed 2015 Operating and Capital Expenditure Guidance

----------------------------------------------------------------------------
GOLD PRODUCTION AND COSTS
                             Production
                            (millions of     AISC(7)  ($ per  Cash Costs(8)
                               ounces)          ounce)        ($ per ounce)
----------------------------------------------------------------------------
Cortez                       0.825-0.900        760-835          560-610
Goldstrike                   1.000-1.150        700-800          540-590
Pueblo Viejo (60%)           0.625-0.675        540-590          390-425
Lagunas Norte                0.600-0.650        600-650          350-400
Veladero                     0.575-0.625       950-1,035         580-630
----------------------------------------------------------------------------
Sub-total                    3.800-4.000        700-750          500-540
----------------------------------------------------------------------------
Porgera (95%)(9)             0.400-0.450      1,025-1,125        775-825
Acacia (63.9%)               0.480-0.510      1,050-1,100        695-725
KCGM (50%)                   0.315-0.330        915-940          775-800
Cowal                        0.120-0.150        740-775          630-655
Hemlo                        0.200-0.225        940-980          675-715
Turquoise Ridge (75%)        0.175-0.200        775-825          570-600
Round Mountain (50%)         0.170-0.190      1,180-1,205        875-900
Bald Mountain                0.170-0.195      1,060-1,100        560-600
Golden Sunlight              0.090-0.105      1,000-1,025        740-765
----------------------------------------------------------------------------
Total Gold                 6.100-6.400(10)      840-880          600-640
----------------------------------------------------------------------------

----------------------------------------------------------------------------
COPPER PRODUCTION AND COSTS
                             Production      C1 cash costs      C3 fully
                            (millions of     ($ per pound)      allocated
                               pounds)                          costs(11)
                                                              ($ per pound)
----------------------------------------------------------------------------
Zaldivar                       230-250         1.65-1.95        2.00-2.30
----------------------------------------------------------------------------
Lumwana                        250-270         1.90-2.15        2.65-2.95
----------------------------------------------------------------------------
Total Copper                   480-520         1.75-2.00        2.35-2.65
----------------------------------------------------------------------------

----------------------------------------------------------------------------
CAPITAL EXPENDITURES
                               ($ millions)
----------------------------------------------------------------------------
Mine site sustaining         1,400-1,600(12)
Mine site expansion              100-150
Projects                         100-150
----------------------------------------------------------------------------
Total                        1,600-1,900(12)
----------------------------------------------------------------------------

APPENDIX 3 - Outlook Assumptions and Economic Sensitivity Analysis

----------------------------------------------------------------------------
                 2015 Guidance Hypothetical  Impact on EBITDA(13)   FCF(13)
                   Assumption     Change     AISC(13)  (millions) (millions)
----------------------------------------------------------------------------
Gold revenue,
 net of          $1,100/oz(14)  +/- $100/oz     n/a       $330       $218
 royalties
Copper revenue,
 net of             $2.50/lb   +/- $0.50/lb     n/a       $133        $88
 royalties
----------------------------------------------------------------------------
Gold all-in
 sustaining
 costs
 Gold royalties
  & production     $1,100/oz      $100/oz     ($3)/oz      $10        $7
  taxes
 WTI crude oil
  price(15,16)      $60/bbl       $10/bbl     ($2)/oz      $7         $5
 Australian
  dollar
  exchange          0.80: 1       +10%        $1/oz      ($3)       ($2)
  rate(15)
 Australian
  dollar
  exchange          0.80: 1       -10%       ($1)/oz      $3         $2
  rate(15)
----------------------------------------------------------------------------
 Canadian dollar
  exchange          1.25: 1       +10%       ($2)/oz      $6         $4
  rate(15)
----------------------------------------------------------------------------
 Canadian dollar
  exchange          1.25: 1       -10%        $3/oz      ($10)      ($7)
  rate(15)
----------------------------------------------------------------------------
Copper C1 cash                               Impact on
 costs                                          C1
 WTI crude oil
  price(15,16)      $60/bbl       $10/bbl   ($0.01)/lb     $2         $1
 Chilean peso
  exchange          610: 1        +10%     ($0.01)/lb     $4         $3
  rate(15)
 Chilean peso
  exchange          610: 1        -10%      $0.05/lb     ($12)      ($8)
  rate(15)
----------------------------------------------------------------------------


(1)   All-in sustaining costs per ounce, adjusted net earnings and adjusted
      net earnings per share, free cash flow, adjusted EBITDA and EBITDA are
      non-GAAP financial performance measures with no standardized
      definition under IFRS. For further information and detailed
      reconciliations, please see pages 50-56 of Barrick's Second Quarter
      2015 Report.

(2)   Barrick has entered into agreements to sell 50 percent of its
      interests in Barrick (Niugini) Ltd. and Zaldivar, and to sell a gold-
      silver stream linked to its 60 percent interest in the Pueblo Viejo
      mine. These transactions are expected close in the third quarter, late
      2015, and early in the fourth quarter, respectively.

(3)   The declaration and payment of dividends is at the discretion of the
      Board of Directors and will depend on the company's financial results,
      cash requirements, future prospects and other factors deemed relevant
      by the Board.

(4)   Cash costs per ounce and C1 cash costs per pound are non-GAAP
      financial performance measures. See pages 50-56 of Barrick's Second
      Quarter 2015 Report.

(5)   Barrick's share.

(6)   Barrick's share on a 100 percent accrued basis.

(7)   All-in sustaining costs are calculated in accordance with the standard
      published by the World Gold Council ("WGC"). See page 52 of Barrick's
      Second Quarter 2015 Report for further details.

(8)   Cash costs reflect our equity share of unit production costs,
      including the impact of by-product credits, which is calculated in
      accordance with the standard published by the WGC. See page 52 of
      Barrick's Second Quarter 2015 Report for further details.

(9)   Production range adjusted for expected closing of the sale of 50
      percent of Barrick (Niugini) Ltd. to Zijin Mining which is expected to
      close in Q3 2015.

(10)  Operating unit guidance ranges reflect expectations at each individual
      operating unit, but do not add up to corporate-wide guidance range
      total.

(11)  C3 fully allocated costs per pound is a non-GAAP financial performance
      measure. See pages 50-56 of Barrick's Second Quarter 2015 Report.

(12)  We now expect minesite sustaining capital expenditures to be in the
      range of $1,400-$1,600 million and total capital expenditures to be in
      the range of $1,600-$1,900 million compared to our previous guidance
      ranges of $1,500-$1,700 million and $1,800-$2,100 million,
      respectively.

(13)  All-in sustaining costs per ounce, EBITDA and free cash flow are non-
      GAAP financial performance measures. See pages 50-56 of Barrick's
      Second Quarter 2015 Report.

(14)  Our outlook assumes an average gold price of $1,100 per ounce and a
      copper price of $2.50 per pound for the remainder of 2015.

(15)  Due to our hedging activities, which are reflected in these
      sensitivities, we are partially protected against changes in these
      factors.

(16)  Impact on EBITDA only reflects contracts that mature in 2015.

Key Statistics
Barrick Gold Corporation
(in United States dollars)
                                   Three months ended      Six months ended
                                             June 30,              June 30,
                                   -----------------------------------------
                                       2015      2014      2015        2014
----------------------------------------------------------------------------

Operating Results
Gold production (thousands of
 ounces)(1)                           1,445     1,485     2,835       3,073
Gold sold (thousands of ounces)(1)    1,466     1,516     2,851       3,134

Per ounce data
 Average spot gold price            $ 1,192   $ 1,288   $ 1,206   $   1,291
 Average realized gold price(2)       1,190     1,289     1,204       1,287
 Cash costs(2)                          624       594       640         588
 All-in sustaining costs(2)             895       865       918         849
 All-in costs(2)                        954       945       995         940
 Cash costs (on a co-product
  basis)(2)                             648       615       666         610
 All-in sustaining costs (on a co-
  product basis)(2)                     919       886       944         871
 All-in costs (on a co-product
  basis)(2)                             978       966     1,021         962

Copper production (millions of
 pounds)                                115        67       233         171
Copper sold (millions of pounds)        112        73       233         184

Per pound data
 Average spot copper price          $  2.74   $  3.08   $  2.69   $    3.14
 Average realized copper price(2)      2.66      3.17      2.60        3.08
 C1 cash costs(2)                      1.94      2.04      1.89        2.08
 Depreciation(3)                       0.24      0.37      0.27        0.37
 Other(4)                              0.32      0.11      0.26        0.14
 C3 fully allocated costs(2)           2.50      2.52      2.42        2.59
----------------------------------------------------------------------------

Financial Results (millions)
Revenues                            $ 2,231   $ 2,458   $ 4,476   $   5,105
Net income (loss)(5)                     (9)     (269)       48        (181)
Adjusted net earnings(2)                 60       159       122         397
Operating cash flow                     525       488       841       1,073
Free cash flow(2)                        26      (128)     (172)       (159)

Per Share Data (dollars)
 Net earnings (loss) (basic)          (0.01)    (0.23)     0.04       (0.16)
 Adjusted net earnings (basic)(2)      0.05      0.14      0.10        0.34
 Net earnings (loss) (diluted)        (0.01)    (0.23)     0.04       (0.16)

Weighted average basic and diluted
 common shares (millions)             1,165     1,165     1,165       1,165

----------------------------------------------------------------------------
                                                          As at       As at
                                                           June    December
                                                            30,         31,
                                                       ---------------------
                                                           2015        2014
----------------------------------------------------------------------------

Financial Position (millions)
Cash and equivalents                                    $ 2,122   $   2,699
Non-cash working capital                                  3,444       3,621
----------------------------------------------------------------------------
(1)  Production includes Acacia on a 73.9% basis until February 28, 2014 and
     a 63.9% basis thereafter and Pueblo Viejo on a 60% basis, both of which
     reflect our equity share of production. Also includes production from
     Plutonic up to January 31, 2014, Kanowna up to March 1, 2014 and
     Marigold up to April 4, 2014, the effective dates of sale of these
     assets. Sales include our equity share of gold sales from Acacia and
     Pueblo Viejo.
(2)  Realized price, cash costs, all-in sustaining costs, all-in costs, cash
     costs (on a co-product basis), all-in sustaining costs (on a co-product
     basis), all-in costs (on a co-product basis), C1 cash costs, C3 fully
     allocated costs, adjusted net earnings and free cash flow are non-GAAP
     financial performance measures with no standard definition under IFRS.
     Refer to the Non-GAAP Financial Performance Measures section of the
     Company's MD&A.
(3)  Represents equity depreciation expense divided by equity pounds of
     copper sold.
(4)  For a breakdown, see reconciliation of cost of sales to C1 cash costs
     and C3 fully allocated costs per pound in the Non-GAAP Financial
     Performance Measures section of the Company's MD&A.
(5)  Net income (loss) represents net income (loss) attributable to the
     equity holders of the Company.


Production and Cost Summary
                          Gold Production
                       (attributable ounces)    All-in sustaining costs(5)
                              (000's)                     ($/oz)
                     -------------------------------------------------------
                     Three months  Six months   Three months      Six months
                            ended       ended          ended           ended
                             June        June           June            June
                              30,         30,            30,             30,
                     -------------------------------------------------------
                       2015  2014  2015  2014    2015   2014    2015    2014
----------------------------------------------------------------------------
Gold
 Goldstrike             206   214   413   476  $  732 $  890  $  811  $  812
 Cortez                 193   217   326   444     811    759     877     711
 Pueblo Viejo(3)        131   161   266   320     682    601     673     599
 Lagunas Norte          155   115   333   249     509    593     483     552
 Veladero               151   189   300   347     961    740     978     768
 Turquoise Ridge         52    48   101   102     780    687     747     595
 Porgera                118   120   236   230   1,128  1,026   1,099   1,019
 Kalgoorlie              81    84   140   162     886    958   1,045     987
 Acacia(2)              119   114   235   232   1,149  1,105   1,133   1,118
 Other Mines -
  Gold(1)               231   221   475   507     883    994     899     982
 Other(4)                 8     2    10     4   1,297  2,794   1,627   2,267
----------------------------------------------------------------------------
Total                 1,445 1,485 2,835 3,073  $  895 $  865  $  918  $  849
----------------------------------------------------------------------------

                      Copper Production
                    (attributable pounds)
                          (millions)             C1 Cash Costs(5) ($/lb)
                 -----------------------------------------------------------
                  Three months    Six months    Three months      Six months
                         ended         ended           ended           ended
                          June          June            June            June
                           30,           30,             30,             30,
                 -----------------------------------------------------------
                   2015   2014   2015   2014    2015    2014    2015    2014
----------------------------------------------------------------------------
Lumwana              63     13    129     63  $ 2.01  $ 2.49  $ 1.95  $ 2.55
Zaldivar             52     54    104    108    1.85    1.85    1.81    1.76
----------------------------------------------------------------------------
Total               115     67    233    171  $ 1.94  $ 2.04  $ 1.89  $ 2.08
----------------------------------------------------------------------------

                                        Total Gold Production Costs ($/oz)
                                       -------------------------------------
                                       Three months ended  Six months ended
                                                 June 30,          June 30,
                                       -------------------------------------
                                           2015      2014     2015     2014
----------------------------------------------------------------------------
  Direct mining costs before impact of
   hedges at market foreign exchange
   rates                               $    601  $    600  $   618  $   595
  Losses (gains) realized on currency
   hedge and commodity hedge/economic
   hedge contracts                           15       (23)      14      (21)
  By-product credits                        (24)      (21)     (26)     (22)
  Royalties                                  32        38       34       36
----------------------------------------------------------------------------
Cash costs(5)                               624       594      640      588
  Depreciation                              231       202      234      199
----------------------------------------------------------------------------
Total production costs                 $    855  $    796  $   874  $   787
----------------------------------------------------------------------------
Cash costs(5)                          $    624  $    594  $   640  $   588
  General & administrative costs             38        43       39       49
  Rehabilitation - accretion and
   amortization (operating sites)            25        21       25       21
  Mine on-site exploration and
   evaluation costs                          10         4        7        3
  Mine development expenditures             112       117      116      117
  Sustaining capital expenditures            86        86       91       71
----------------------------------------------------------------------------
All-in sustaining costs(5)             $    895  $    865  $   918  $   849
----------------------------------------------------------------------------
All-in costs(5)                        $    954  $    945  $   995  $   940
----------------------------------------------------------------------------

Total Copper Production Costs ($/lb)
                                     ---------------------------------------
                                      Three months ended    Six months ended
                                                June 30,            June 30,
                                     ---------------------------------------
                                          2015      2014      2015      2014
----------------------------------------------------------------------------
C1 cash costs(5)                      $   1.94  $   2.04  $   1.89  $   2.08
Depreciation(6)                           0.24      0.37      0.27      0.37
Other(7)                                  0.32      0.11      0.26      0.14
----------------------------------------------------------------------------
C3 fully allocated costs(4)           $   2.50  $   2.52  $   2.42  $   2.59
----------------------------------------------------------------------------

(1)  Includes production from Plutonic up to January 31, 2014, Kanowna up to
     March 1, 2014 and Marigold up to April 4, 2014, the effective dates of
     sale of these assets.
(2)  Figures relating to Acacia are presented on a 73.9% basis until
     February 28, 2014 and a 63.9% basis thereafter, which reflects our
     equity share of production.
(3)  Reflects production from Pueblo Viejo on a 60% basis, which reflects
     our equity share of production.
(4)  Production and all-in sustaining costs include Pierina.
(5)  Cash costs, all-in sustaining costs, all-in costs, C1 cash costs and C3
     fully allocated costs are non-GAAP financial performance measures with
     no standard meaning under IFRS.  Refer to the Non-GAAP Financial
     Performance Measures section of the Company's MD&A.
(6)  Represents equity depreciation expense divided by equity pounds of
     copper sold.
(7)  For a breakdown, see reconciliation of cost of sales to C1 cash costs
     and C3 fully allocated costs per pound in the Non-GAAP Financial
     Performance Measures section of the Company's MD&A.


Consolidated Statements of Income
Barrick Gold Corporation
(in millions of United States dollars, except per share data)
(Unaudited)
                                     Three months ended    Six months ended
                                               June 30,            June 30,
----------------------------------------------------------------------------
                                         2015      2014      2015      2014
----------------------------------------------------------------------------

Revenue (notes 5 and 6)              $  2,231  $  2,458  $  4,476  $  5,105
----------------------------------------------------------------------------
Costs and expenses (income)
Cost of sales (notes 5 and 7)           1,689     1,631     3,397     3,350
General and administrative expenses        70        82       137       185
Exploration, evaluation and project
 expenses (note 8)                         97       105       183       205
Impairment charges (note 10B)              35       512        40       524
Loss on currency translation               33        31        31       110
Closed mine rehabilitation                (19)       27       (11)       49
Loss (gain) on non-hedge derivatives
 (note 18D)                                 8       (44)       11       (65)
Other expense (note 10A)                   32        17        14        36
----------------------------------------------------------------------------
Income before finance items and
 income taxes                        $    286  $     97  $    674  $    711
Finance items
Finance income                              2         3         4         6
Finance costs (note 11)                  (194)     (200)     (390)     (401)
----------------------------------------------------------------------------
Income (loss) before income taxes    $     94  $   (100) $    288  $    316
Income tax expense (note 12)             (103)     (123)     (208)     (412)
----------------------------------------------------------------------------
Net income (loss)                    $     (9) $   (223) $     80  $    (96)
----------------------------------------------------------------------------
Attributable to:
Equity holders of Barrick Gold
 Corporation                         $     (9) $   (269) $     48  $   (181)
Non-controlling interests (note 21)  $      -  $     46  $     32  $     85
----------------------------------------------------------------------------

Earnings (loss) per share data
 attributable to the equity holders
 of Barrick Gold Corporation (note
 9)
Net income (loss)
  Basic                              $  (0.01) $  (0.23) $   0.04  $  (0.16)
  Diluted                            $  (0.01) $  (0.23) $   0.04  $  (0.16)
----------------------------------------------------------------------------

The notes to these unaudited interim financial statements, which are
 contained in the Second Quarter Report 2015 available on our website are
 an integral part of these consolidated financial statements.


Consolidated Statements of Comprehensive Income
Barrick Gold Corporation
(in millions of United States dollars)
(Unaudited)
                                               Three months      Six months
                                                      ended           ended
                                                       June            June
                                                        30,             30,
----------------------------------------------------------------------------
                                              2015     2014    2015    2014
----------------------------------------------------------------------------
Net income (loss)                           $   (9)  $ (223)  $  80   $ (96)
Other comprehensive income (loss), net of
 taxes

Movement in equity investments fair value
 reserve:
Net unrealized change on equity
 investments, net of tax $nil, $nil, $nil
 and $nil                                       (6)       5     (11)     22
Net realized change on equity investments,
 net of tax $nil, $nil, $nil and $nil            1        3      18       7
Impairment losses on equity investments,
 net of tax $nil, $nil, $nil and $nil            -       14       -      16

Items that may be reclassified
 subsequently to profit or loss:
Unrealized gains (losses) on derivatives
 designated as cash flow hedges, net of
 tax ($13), ($3), $1 and $1                     24       13     (33)     28
Realized (gains) losses on derivatives
 designated as cash flow hedges, net of
 tax $1, $1, $nil and $1                        36      (31)     51     (54)
Currency translation adjustments, net of
 tax $nil, $nil, $nil and $nil                   2        4     (30)      7
----------------------------------------------------------------------------
Total other comprehensive income (loss)         57        8      (5)     26
----------------------------------------------------------------------------
Total comprehensive income (loss)           $   48   $ (215)  $  75   $ (70)
----------------------------------------------------------------------------
Attributable to:
Equity holders of Barrick Gold Corporation  $   48   $ (261)  $  43   $(155)
Non-controlling interests                   $    -   $   46   $  32   $  85
----------------------------------------------------------------------------

The notes to these unaudited interim financial statements, which are
 contained in the Second Quarter Report 2015 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    Six months ended
                                               June 30,            June 30,
----------------------------------------------------------------------------
                                         2015      2014      2015      2014
----------------------------------------------------------------------------
OPERATING ACTIVITIES
Net income (loss)                     $    (9)  $  (223)  $    80   $   (96)
Adjusted for the following items:
 Depreciation                             419       400       840       802
 Finance costs                            194       200       390       401
 Impairment charges (note 10B)             35       512        40       524
 Income tax expense (note 12)             103       123       208       412
 (Increase) decrease in inventory         (41)      (37)      (65)        5
 Loss (gain) on non-hedge
  derivatives                               8       (44)       11       (65)
 Gain on sale of long-lived assets         (2)      (22)      (26)      (23)
 Other operating activities (note
  13A)                                    121        16       (88)     (225)
----------------------------------------------------------------------------
Operating cash flows before interest
 and income taxes                         828       925     1,390     1,735
Interest paid                            (274)     (276)     (349)     (352)
Income taxes paid                         (29)     (161)     (200)     (310)
----------------------------------------------------------------------------
Net cash provided by operating
 activities                               525       488       841     1,073
----------------------------------------------------------------------------
INVESTING ACTIVITIES
Property, plant and equipment
 Capital expenditures (note 5)           (499)     (616)   (1,013)   (1,232)
 Sales proceeds                             7         2        19        37
Divestitures                                -        86         2       166
Investments sales                           -        27        33        52
Other investing activities (note
 13B)                                      (6)      (39)       (7)      (79)
----------------------------------------------------------------------------
Net cash used in investing
 activities                              (498)     (540)     (966)   (1,056)
----------------------------------------------------------------------------
FINANCING ACTIVITIES
Proceeds from divestment of 10% of
 issued ordinary share capital of
 Acacia                                     -         -         -       186
Debt
 Proceeds                                   3         -         5       133
 Repayments                               (88)      (18)     (272)      (93)
Dividends                                 (58)      (58)     (116)     (116)
Funding from non-controlling
 interests                                 21         -        22         2
Disbursements to non-controlling
 interests                                (20)        -       (64)        -
----------------------------------------------------------------------------
Net cash (used in) provided by
 financing activities                    (142)      (76)     (425)      112
----------------------------------------------------------------------------
Effect of exchange rate changes on
 cash and equivalents                      (1)        1        (7)       (4)
----------------------------------------------------------------------------
Net (decrease) increase in cash and
 equivalents                             (116)     (127)     (557)      125
Cash and equivalents excluding
 assets classified as held for sale
 at the beginning of period             2,258     2,672     2,699     2,404
Add: cash and equivalents of assets
 classified as held for sale at the
 beginning of period                        -         4         -        20
----------------------------------------------------------------------------
Cash and equivalents at the end of
 period                               $ 2,142   $ 2,549   $ 2,142   $ 2,549
----------------------------------------------------------------------------
Less: cash and equivalents of assets
 classified as held for sale at the
 end of period                             20         -        20         -
----------------------------------------------------------------------------
Cash and equivalents excluding
 assets classified as held for sale
 at the end of period                 $ 2,122   $ 2,549   $ 2,122   $ 2,549
----------------------------------------------------------------------------

The notes to these unaudited interim financial statements, which are
 contained in the Second Quarter Report 2015 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         As at
                                                     June 30,  December 31,
----------------------------------------------------------------------------
                                                         2015          2014
----------------------------------------------------------------------------
ASSETS
Current assets
  Cash and equivalents (note 18A)                 $     2,122   $     2,699
  Accounts receivable                                     354           418
  Inventories (note 15)                                 2,465         2,722
  Other current assets                                    335           311
----------------------------------------------------------------------------
Total current assets (excluding assets
 classified as held for sale)                     $     5,276   $     6,150
  Assets classified as held for sale (note 4A)          1,514             -
----------------------------------------------------------------------------
Total current assets                              $     6,790   $     6,150

Non-current assets
  Equity in investees (note 14)                           208           206
  Other investments                                        12            35
  Property, plant and equipment (note 16)              18,331        19,193
  Goodwill                                              4,291         4,426
  Intangible assets                                       305           308
  Deferred income tax assets                              687           674
  Non-current portion of inventory (note 15)            1,388         1,684
  Other assets                                          1,181         1,203
----------------------------------------------------------------------------
Total assets                                      $    33,193   $    33,879
----------------------------------------------------------------------------
LIABILITIES AND EQUITY
Current liabilities
  Accounts payable                                $     1,319   $     1,653
  Debt (note 18B)                                         462           333
  Current income tax liabilities                           24            84
  Other current liabilities                               409           490
----------------------------------------------------------------------------
Total current liabilities (excluding liabilities
 classified as held for sale)                     $     2,214   $     2,560
  Liabilities classified as held for sale (note
   4A)                                                    374             -
----------------------------------------------------------------------------
Total current liabilities                         $     2,588   $     2,560

Non-current liabilities
  Debt (note 18B)                                      12,361        12,748
  Provisions                                            2,347         2,561
  Deferred income tax liabilities                       2,069         2,036
  Other liabilities                                     1,056         1,112
----------------------------------------------------------------------------
Total liabilities                                 $    20,421   $    21,017
----------------------------------------------------------------------------
Equity
  Capital stock (note 20)                         $    20,865   $    20,864
  Deficit                                             (10,714)      (10,739)
  Accumulated other comprehensive loss                   (303)         (199)
  Other                                                   321           321
----------------------------------------------------------------------------
Total equity attributable to Barrick Gold
 Corporation shareholders                         $    10,169   $    10,247
  Non-controlling interests (note 21)                   2,603         2,615
----------------------------------------------------------------------------
Total equity                                      $    12,772   $    12,862
----------------------------------------------------------------------------
Contingencies and commitments (notes 15, 16 and
 22)
----------------------------------------------------------------------------
Total liabilities and equity                      $    33,193   $    33,879
----------------------------------------------------------------------------

The notes to these unaudited interim financial statements, which are
 contained in the Second Quarter Report 2015 available on our website are
 an integral part of these consolidated financial statements.

Consolidated Statements of Changes in Equity
                                    ----------------------------------------
Barrick Gold Corporation              Attributable to equity holders of the
                                                     company
----------------------------------------------------------------------------
                                                               Accumulated
                                                                     other
(in millions of United       Common                          comprehensive
 States dollars)         Shares (in   Capital     Retained          income
 (Unaudited)             thousands)     stock      deficit       (loss)(1)
----------------------------------------------------------------------------
At December 31, 2014      1,164,670  $ 20,864   $  (10,739)  $        (199)
----------------------------------------------------------------------------
 Impact of adopting IFRS
  9 on January 1, 2015
  (note 2B)                       -         -           99             (99)
----------------------------------------------------------------------------
At January 1, 2015
 (restated)               1,164,670  $ 20,864   $  (10,640)  $        (298)
----------------------------------------------------------------------------
 Net income                       -         -           48               -
 Total other
  comprehensive loss              -         -            -              (5)
----------------------------------------------------------------------------
 Total comprehensive
  income (loss)                   -         -           48              (5)
----------------------------------------------------------------------------
 Transactions with
  owners
  Dividends                       -         -         (116)              -
  Recognition of stock
   option expense                 -         1            -               -
  Funding from non-
   controlling interests          -         -            -               -
  Other decrease in non-
   controlling interest           -         -            -               -
  Other decreases                 -         -           (6)              -
----------------------------------------------------------------------------
 Total transactions with
  owners                          -         1         (122)              -
----------------------------------------------------------------------------
At June 30, 2015          1,164,670  $ 20,865   $  (10,714)  $        (303)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
At January 1, 2014        1,164,652  $ 20,869   $   (7,581)  $         (69)
----------------------------------------------------------------------------
 Net income (loss)                -         -         (181)              -
 Total other
  comprehensive income            -         -            -              26
----------------------------------------------------------------------------
 Total comprehensive
  income (loss)                   -         -         (181)             26
----------------------------------------------------------------------------
 Transactions with
  owners
  Dividends                       -         -         (116)              -
  Issued on exercise of
   stock options                 18         -            -               -
  Recognized on
   divestment of 10% of
   Acacia                         -         -            -               -
  Derecognition of stock
   option expense                 -        (7)           -               -
  Funding from non-
   controlling interests          -         -            -               -
----------------------------------------------------------------------------
 Total transactions with
  owners                         18        (7)        (116)              -
----------------------------------------------------------------------------
At June 30, 2014          1,164,670  $ 20,862   $   (7,878)  $         (43)
----------------------------------------------------------------------------


                        -------------------------
Barrick Gold Corporation  Attributable to equity
                          holders of the company
----------------------------------------------------------------------------
                                     Total equity
(in millions of United               attributable         Non-
 States dollars)                               to  controlling        Total
 (Unaudited)              Other(2)   shareholders    interests       equity
----------------------------------------------------------------------------
At December 31, 2014     $      321  $     10,247   $    2,615   $   12,862
----------------------------------------------------------------------------
 Impact of adopting IFRS
  9 on January 1, 2015
  (note 2B)                       -             -            -            -
----------------------------------------------------------------------------
At January 1, 2015
 (restated)              $      321  $     10,247   $    2,615   $   12,862
----------------------------------------------------------------------------
 Net income                       -            48           32           80
 Total other
  comprehensive loss              -            (5)           -           (5)
----------------------------------------------------------------------------
 Total comprehensive
  income (loss)                   -            43           32           75
----------------------------------------------------------------------------
 Transactions with
  owners
  Dividends                       -          (116)           -         (116)
  Recognition of stock
   option expense                 -             1            -            1
  Funding from non-
   controlling interests          -             -           22           22
  Other decrease in non-
   controlling interest           -             -          (66)         (66)
  Other decreases                 -            (6)           -           (6)
----------------------------------------------------------------------------
 Total transactions with
  owners                          -          (121)         (44)        (165)
----------------------------------------------------------------------------
At June 30, 2015         $      321  $     10,169   $    2,603   $   12,772
----------------------------------------------------------------------------

----------------------------------------------------------------------------
At January 1, 2014       $      314  $     13,533   $    2,468   $   16,001
----------------------------------------------------------------------------
 Net income (loss)                -          (181)          85          (96)
 Total other
  comprehensive income            -            26            -           26
----------------------------------------------------------------------------
 Total comprehensive
  income (loss)                   -          (155)          85          (70)
----------------------------------------------------------------------------
 Transactions with
  owners
  Dividends                       -          (116)           -         (116)
  Issued on exercise of
   stock options                  -             -            -            -
  Recognized on
   divestment of 10% of
   Acacia                         7             7          177          184
  Derecognition of stock
   option expense                 -            (7)           -           (7)
  Funding from non-
   controlling interests          -             -            2            2
----------------------------------------------------------------------------
 Total transactions with
  owners                          7          (116)         179           63
----------------------------------------------------------------------------
At June 30, 2014         $      321  $     13,262   $    2,732   $   15,994
----------------------------------------------------------------------------

(1) Includes cumulative translation losses at June 30, 2015: $152 million
(June 30, 2014: losses of $73 million).
(2) Includes additional paid-in capital as at June 30, 2015: $283 million
(December 31, 2014: $283 million; June 30, 2014: $283 million) and
convertible borrowings - equity component as at June 30, 2015: $38 million
(December 31, 2014: $38 million; June 30, 2014: $38 million).
The notes to these unaudited interim financial statements, which are
contained in the Second Quarter Report 2015 available on our website are an
integral part of these consolidated financial statements.


HEAD OFFICE                          TRANSFER AGENTS AND REGISTRARS

Barrick Gold Corporation             CST Trust Company
Brookfield Place                     P.O. Box 700, Postal Station B
TD Canada Trust Tower                Montreal, Quebec H3B 3K3
161 Bay Street, Suite 3700           or
Toronto, Ontario M5J 2S1             American Stock Transfer & Trust
                                     Company, LLC
Telephone: +1 416 861-9911           6201 - 15 Avenue
Toll-free: 1-800-720-7415            Brooklyn, New York 11219
Fax: +1 416 861-2492                 Telephone: 1-800-387-0825
Email: investor@barrick.com          Fax: 1-888-249-6189
Website: http://www.barrick.com/     Email: inquiries@canstockta.com
                                     Website: http://www.canstockta.com/
SHARES LISTED
ABX - The New York Stock Exchange
The Toronto Stock Exchange

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained or incorporated by reference in this Second Quarter 2015 Report, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intend", "project", "continue", "budget", "estimate", "potential", "may", "will", "can", "could" and similar expressions identify forward-looking statements. In particular, this Second Quarter Report 2015 contains forward-looking statements with respect to cash flow forecasts, projected capital, operating and exploration expenditure, targeted cost reductions, mine life and production rates, potential mineralization and metal or mineral recoveries, and information pertaining to Barrick's Value Realization project (including potential improvements to financial and operating performance and mine life at Barrick's Lagunas Norte and Pueblo Viejo mines that may result from certain Value Realization initiatives). Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the company in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements.

Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, liquefied natural gas and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation and exploration successes; risks associated with the fact that Value Realization initiatives are still in the early stages of evaluation and additional engineering and other analysis is required to fully assess their impact; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including disruptions in the maintenance or provision of required infrastructure and information technology systems; uncertainty whether some or all of the Value Realization initiatives will meet the company's capital allocation objectives; 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; adverse changes in our credit rating; the impact of inflation; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in Canada, the United States, Zambia and other jurisdictions in which the company does or may carry on business in the future; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; litigation; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the company; our ability to successfully integrate acquisitions or complete divestitures; increased costs and risks related to the potential impact of climate change; damage to the company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the company's handling of environmental matters or dealings with community groups, whether true or not; employee relations; availability and increased costs associated with mining inputs and labor; and the organization of our previously held African gold operations and properties under a separate listed company.

In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).

Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this Second Quarter 2015 Report are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements.

The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Contacts:
INVESTOR CONTACT:
Susan Muir
Senior Director, Investor Relations
(416) 307-5107
s.muir@barrick.com

MEDIA CONTACT:
Andy Lloyd
Senior Vice President, Communications
(416) 307-7414
alloyd@barrick.com

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