Barrick Reports First Quarter 2013 Results

Barrick Reports First Quarter 2013 Results 
TORONTO, ONTARIO -- (Marketwired) -- 04/24/13 --  
Based on IFRS and expressed in US dollars. For a full explanation of
results, the Financial Statements and Management Discussion &
Analysis, please see the company's website, www.barrick.com. 
Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (Barrick or the
"company") today reported strong first quarter 2013 financial and
operating results.  


 
--  Net earnings of $847 million ($0.85 per share). 
--  Adjusted net earnings of $923 million ($0.92 per share)(1). 
--  Operating cash flow of $1.09 billion. 
--  Adjusted operating cash flow of $1.16 billion(1). 
 
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FIRST QUARTER 2013 OPERATING HIGHLIGHTS AND FULL YEAR 2013 GUIDANCE        
                                                                           
                                           First                           
                                         Quarter         2013              
Gold                                        2013     Guidance (previous)   
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Production (000s of ounces)                1,797  7,000-7,400              
All-in sustaining costs ($ per                                             
 ounce)(1)                                   919    950-1,050 (1,000-1,100)
Total cash costs ($ per ounce)(1)            561      610-660              
                                                                           
Copper                                                                     
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Production (millions of pounds)              127      480-540              
C1 cash costs ($ per pound)(1)              2.46    2.10-2.30              
C3 fully allocated costs ($ per                                            
 pound)(1)                                  3.00    2.60-2.85              
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"Our high quality portfolio of mines combined with our sharp focus on
cost management has translated into strong quarterly financial and
operating results. It is very rewarding to see that our cost
reduction efforts have begun to take effect and are reflected in low
all-in sustaining costs of $919 per ounce and total cash costs of
only $561 per ounce this quarter. We have also further reduced total
capex, exploration and all-in sustaining cost guidance for the full
year," said Jamie Sokalsky, Barrick's President and CEO. "At
Pascua-Lama, we are working to address the environmental and other
regulatory requirements on the Chilean side of the project.
Concurrently, we are taking a hard look at evaluating all
alternatives in light of the uncertainties associated with the
suspension of construction in Chile. We are committed to a
disciplined approach to capital allocation, based on the principle
that returns will drive production, production will not drive
returns. While we remain positive on the long-term fundamentals for
gold and copper, we don't rely on higher metal prices to be the only
driver of shareholder returns." 
FINANCIAL RESULTS 
Net earnings and adjusted net earnings for the first quarter 2013 of
$847 million ($0.85 per share) and $923 million ($0.92 per share),
respectively, compared to net earnings and adjusted net earnings of
$1.04 billion ($1.04 per share) and $1.10 billion ($1.10 per share),
respectively, in the same prior year period. The decrease in net
earnings and adjusted net earnings was largely driven by lower
realized gold and copper prices, lower gold and copper sales volumes
and higher cost of sales applicable to gold and copper, partially
offset by lower income tax expense. 
Significant adjusting items (net of tax effects) for the quarter
include: 


 
--  $63 million in unrealized foreign currency translation losses on working
    capital balances; 
--  $30 million in other non-recurring expenses; and 
--  $17 million in unrealized gains on non-hedge derivative instruments. 

 
First quarter 2013 operating cash flow of $1.09 billion compares to
$1.37 billion in the first quarter of 2012. Adjusted operating cash
flow of $1.16 billion removes the impact of the Australian dollar
hedge settlement and compares to adjusted operating cash flow of
$1.48 billion in the same prior year period. 
OPERATING RESULTS  
First quarter 2013 gold production was 1.80 million ounces at all-in
sustaining and total cash costs of $919 per ounce and $561 per ounce,
respectively. All-in sustaining and total cash costs benefited from
strong performances at Goldstrike, Cortez, and Veladero. The company
reaffirms 2013 gold production guidance of 7.0-7.4 million ounces at
total cash costs of $610-$660 per ounce. Full year all-in sustaining
cost guidance has been reduced to $950-$1,050 per ounce from the
previous guidance of $1,000-$1,100 per ounce. 
North America Regional Business Unit  
North America produced 0.87 million ounces at all-in sustaining and
total cash costs of $770 per ounce and $487 per ounce, respectively.
Barrick's 60 percent share of production from the new Pueblo Viejo
mine was 96,000 ounces at total cash costs of $550 per ounce, after
achieving commercial production in January. The mine remains on track
to ramp up to full capacity in the second half of this year.
Barrick's share of average annual gold production in the first full
five years of operation is anticipated to be 0.625-0.675 million
ounces at all-in sustaining and total cash costs of $500-$600 per
ounce(2) and $300-$350 per ounce(2), respectively. 
The government of the Dominican Republic is asking Pueblo Viejo
Dominicana Corporation (jointly owned 60 percent by Barrick and 40
percent by Goldcorp) to accelerate and significantly increase its
share of the benefits from Pueblo Viejo. The company, while reserving
its rights under the Special Lease Agreement (SLA), which cannot be
unilaterally altered, continues to engage in dialogue with the
government in an effort to achieve a mutually acceptable outcome.  
The Cortez mine produced 0.34 million ounces at total cash costs of
$177 per ounce, largely reflecting better than anticipated grades.
Goldstrike produced 0.23 million ounces at total cash costs of $605
per ounce primarily as a result of higher than expected grades and
recoveries. 
We continue to expect full year 2013 production for North America to
be 3.55-3.70 million ounces at all-in sustaining and total cash costs
of $820-$870 per ounce and $495-$545 per ounce, respectively.  
South America Regional Business Unit 
South America produced 0.37 million ounces at all-in sustaining and
total cash costs of $638 per ounce and $405 per ounce, respectively.
Higher silver by-product credits at the Veladero mine and delays in
sustaining capital spend at Pierina and Veladero positively impacted
all-in sustaining costs.  
The Veladero mine contributed 0.21 million ounces at total cash costs
of $400 per ounce and Lagunas Norte produced 0.15 million ounces at
total cash costs of $333 per ounce. We continue to expect South
America to produce 1.25-1.35 million ounces in 2013 at all-in
sustaining and total cash costs of $875-$925 per ounce and $550-$600
per ounce, respectively. 
Australia Pacific Regional Business Unit 
Australia Pacific produced 0.45 million ounces at all-in sustaining
and total cash costs of $1,096 per ounce and $785 per ounce,
respectively. Porgera, the region's largest contributor, produced
0.12 million ounces at total cash costs of $934 per ounce, reflecting
the processing of lower cost stockpiles. 
We continue to expect full year 2013 production for Australia Pacific
to be 1.70-1.85 million ounces at all-in sustaining and total cash
costs of $1,200-$1,300 per ounce and $880-$950 per ounce,
respectively. 
African Barrick Gold plc 
First quarter attributable production from African Barrick Gold was
0.11 million ounces at all-in sustaining and total cash costs of
$1,561 per ounce and $931 per ounce. We continue to expect Barrick's
share of 2013 production from African Barrick Gold to be 0.40-0.45
million ounces at all-in sustaining and total cash costs of
$1,550-$1,600 per ounce and $925-$975 per ounce, respectively. 
Global Copper Business Unit 
Copper production was 127 million pounds at C1 cash costs of $2.46
per pound and C3 fully allocated costs of $3.00 per pound. Lumwana
produced 57 million pounds at C1 cash costs of $3.41 per pound and
Zaldivar produced 70 million pounds at C1 cash costs of $1.54 per
pound. We continue to expect 2013 copper production to be 480-540
million pounds at C1 cash costs of $2.10-$2.30 per pound and C3 fully
allocated costs at $2.60-$2.85 per pound. 
Utilizing option collar hedging strategies, the company has protected
the downside on approximately half of our remaining 2013 copper
production at an average floor price of $3.50 per pound and can
participate on the same amount up to an average price of $4.25 per
pound(3). 
PASCUA-LAMA PROJECT UPDATE 
Pascua-Lama is one of the world's largest gold and silver resources
with nearly 18 million ounces of proven and probable gold
reserves(4), 676 million ounces of silver contained within the gold
reserves(4), and an expected mine life of 25 years. It is expected to
produce an average of 800,000-850,000 ounces of gold and 35 million
ounces of silver in its first full five years of operation at all-in
sustaining and total cash costs of $50-$200 per ounce(5) and negative
$150 to $0 per ounce, respectively. 
During the fourth quarter of 2012, pre-stripping activities in Chile
were halted to address increased dust in the open pit area following
stronger than normal winds. The project has since strengthened dust
mitigation and control measures. Regulatory restrictions have also
been placed on the project due to the need to repair and improve
certain aspects of the water management system in Chile. Completion
of measures to address these aspects is targeted for first quarter
2014.  
On April 9, 2013, the Copiapo Court of Appeals in Chile granted a
request for a preliminary injunction to suspend construction
activities on the Chilean side of the project pending a hearing on a
constitutional rights action filed in September of 2012. The action
alleges noncompliance with the environmental requirements of the
project's Chilean environmental approval. Upon confirming the court
order, Barrick took immediate steps to suspend construction
activities in Chile, which includes work on the primary crusher and
the Chilean side of the tunnel that conveys ore from Chile to
Argentina. Activities determined to be necessary for environmental
protection are expected to continue, upon appropriate authorization
as contemplated by the Court. Construction in Argentina, where the
majority of Pascua-Lama's critical infrastructure is located,
including the process plant and tailings storage facility, has not
been affected. Until we have clarity on the regulatory and legal
aspects, we are unable to fully assess the impact on the capital
budget, operating costs and schedule of the project. The company is
at an early stage of evaluating an alternative development plan that
involves accelerating the development of another smaller pit in
Argentina in order to provide a source of ore for initial production.
This alternative could provide ore for about six months of production
during commissioning and ramp up, following which the mine plan would
be dependent on a continuous supply of Chilean ore. Therefore, if
resumption of construction activities in Chile, including the
pre-stripping, is delayed beyond late 2013, or if such development
alternative is determined not to be feasible, there could be a
significant change to the mine plan and an impact on the capital cost
and production schedule of the project. The company will continue to
evaluate all alternatives, in light of the uncertainties associated
with the legal and regulatory actions, and the current commodity
price environment, including the possibility of suspending the
project. 
As of March 31, 2013, approximately $4.8 billion had been spent.
During the quarter, the La Mesa substation in Chile was energized and
the southern portion of the 23Kv mine distribution loop completed. As
of that date, the tunnel was approximately 80 percent complete. In
Argentina, construction of the process plant facility advanced with
about 70 percent of structural steel erected; 65 percent of concrete
poured; and 55 percent of mass earthworks completed. 
DISCIPLINED CAPITAL ALLOCATION  
Barrick's strategy prioritizes shareholder value creation by focusing
on maximizing risk-adjusted rates of return and free cash flow. The
company has taken and will undertake the following steps to re-focus
the business and adhere to the principles of its disciplined capital
allocation framework based on the principle that returns will drive
production, production will not drive returns: 


 
--  The company has reduced its 2013 outlook in a number of key spending
    categories, largely driven by its sharp focus on cost control, which is
    an integral element of its disciplined approach to capital allocation.
    Barrick launched a company-wide overhead review in the first quarter of
    2013 and reduced overhead costs by over $100 million for the full year.
    We identified approximately $500 million of further reductions to
    expenditures and have announced revisions to full year 2013 guidance as
    follows: 
    --  total capex to $5.2-$5.7 billion from previous guidance of $5.7-$6.3
        billion;  
    --  all-in sustaining costs to $950-$1,050 per ounce from previous
        guidance of $1,000-$1,100 per ounce; and 
    --  exploration to $300-$340 million from previous guidance of $400-$440
        million. 
--  The company is pursuing opportunities to optimize our portfolio,
    including the potential sale of Barrick Energy, Kabanga and other non-
    core assets. 
--  In today's challenging environment, Barrick has no plans to build any
    new mines. 
--  The company continues to advance our rapidly expanding Goldrush deposit
    in Nevada. 
--  Barrick recalibrated long-term gold production to a higher quality, more
    profitable target of eight million ounces by 2016. 

 
Barrick's vision is to be the world's best gold mining company by
operating in a safe, profitable and responsible manner. Barrick's
shares are traded on the Toronto and New York stock exchanges. 
(1) Adjusted net earnings, adjusted net earnings per share, adjusted
operating cash flow, all-in sustaining costs per ounce, total cash
costs per ounce, C1 cash costs per pound, and C3 fully allocated
costs per pound are non-GAAP financial performance measures with no
standardized definition under IFRS. See pages 31-34 of Barrick's
First Quarter 2013 Report.  
(2) Based on first full five year average and gold and WTI oil price
assumptions of $1,700/oz and $90/bbl, respectively. Does not include
escalation for future inflation. 
(3) The realized price on all 2013 copper production is expected to
be reduced by approximately $0.04 per pound as a result of the net
premium paid on option hedging strategies. Our remaining copper
production is subject to market prices. 
(4) For a breakdown of reserves and resources by category and
additional information relating to reserves and resources, see pages
25-35 of Barrick's Form 40-F. 
(5) Based on gold, silver and WTI oil price assumptions of $1,700/oz,
$30/oz, and $90/bbl, respectively and assuming a Chilean Peso to US
dollar exchange rate of 475:1. Does not include escalation for future
inflation. It is too early to assess the impact of the construction
stoppage in Chile and the impact of any alternatives on the project's
capital cost estimate and schedule as well as the impact on the
average annual gold and silver production, all-in sustaining costs
and total cash costs over the first full five years of operation. 


 
Key Statistics                                                              
Barrick Gold Corporation                                  Three months ended
(in United States dollars)                                         March 31,
                                         -----------------------------------
                                                                        2012
(Unaudited)                                      2013          (restated)(7)
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Operating Results                                                           
Gold production (thousands of ounces)(1)        1,797                  1,881
Gold sold (thousands of ounces)                 1,747                  1,783
Per ounce data                                                              
  Average spot gold price                 $     1,632       $          1,691
  Average realized gold price(2)                1,629                  1,691
  Total cash costs(2)                             561                    540
  All-in sustaining costs(2)                      919                    909
                                                                            
Copper production (millions of pounds)            127                    117
Copper sold (millions of pounds)                  115                    119
Per pound data                                                              
  Average spot copper price               $      3.60       $           3.77
  Average realized copper price(2)               3.56                   3.78
  C1 cash costs(2)                               2.46                   2.04
  Depreciation(3)                                0.35                   0.44
  Other(4)                                       0.19                   0.20
  C3 fully allocated costs(2)                    3.00                   2.68
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Financial Results (millions)                                                
Revenues                                  $     3,437       $          3,644
Net earnings(5)                                   847                  1,039
Adjusted net earnings(2)                          923                  1,096
Operating cash flow                             1,085                  1,374
Adjusted operating cash flow(2)                 1,158                  1,476
Per Share Data (dollars)                                                    
  Net earnings (basic)                           0.85                   1.04
  Adjusted net earnings (basic)(2)               0.92                   1.10
  Net earnings (diluted)                         0.85                   1.04
Weighted average basic common shares                                  
      
 (millions)                                     1,001                  1,000
Weighted average diluted common shares                                      
 (millions)(6)                                  1,001                  1,002
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                                                As at                  As at
                                            March 31,           December 31,
                                         -----------------------------------
                                                 2013     2012 (restated)(7)
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Financial Position (millions)                                               
Cash and equivalents                      $     2,342       $          2,097
Non-cash working capital                        3,263                  2,884
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(1) Production includes our equity share of gold production at Highland Gold
    up to April 26, 2012, the effective date of our sale of Highland Gold.  
    Production also includes African Barrick Gold on a 73.9% basis, which   
    reflects our equity share of production.                                
(2) Realized price, total cash costs, all-in sustaining costs, C1 cash      
    costs, C3 fully allocated costs, adjusted net earnings and adjusted     
    operating 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 ounces of gold 
    sold or 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 earnings represents net income attributable to the equity holders of
    the Company.                                                            
(6) Fully diluted includes dilutive effect of stock options.                
(7) Balances related to 2012 have been restated to reflect the impact of the
    adoption of new accounting pronouncements. See note 2B of the interim   
    consolidated financial statements.                                      
                                                                            
                                                                            
Production and Cost Summary                                                 
                            Gold Production                                 
                      (attributable ounces)       All-in sustaining costs(4)
                                    (000's)                           ($/oz)
                   ------------------------  -------------------------------
                         Three months ended               Three months ended
                                  March 31,                        March 31,
                   ------------------------  -------------------------------
(Unaudited)          2013              2012      2013                2012(6)
-------------------------------------------  -------------------------------
Gold                                                                        
 North America        872               888   $   770    $               782
 South America        370               451       638                    615
 Australia Pacific    447               426     1,096                  1,107
 African Barrick                                                            
  Gold(1)             108               107     1,561                  1,438
 Other(2)               -       
          9         -                      -
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Total               1,797             1,881   $   919    $               909
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                           Copper Production                                
                       (attributable pounds)                                
                                  (Millions)            C1 Cash Costs ($/lb)
                    ------------------------ -------------------------------
                          Three months ended              Three months ended
                                   March 31,                       March 31,
                    ------------------------ -------------------------------
(Unaudited)           2013              2012     2013     2012 (Restated)(6)
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Total                  127               117  $  2.46    $              2.04
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                                         Total Gold Production Costs ($/oz) 
                                      --------------------------------------
                                                         Three months ended 
                                                                  March 31, 
                                      --------------------------------------
(Unaudited)                                    2013      2012 (Restated)(6) 
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  Direct mining costs at market                                             
   foreign exchange rates               $       610     $               588 
  Gains realized on currency hedge and                                      
   commodity hedge/economic hedge                                           
   contracts                                    (50)                    (57)
  Other(3)                                      (14)                    (14)
  By-product credits                            (29)                    (17)
  Royalties                                      44                      40 
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Total cash costs(4)                             561                     540 
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  General & administrative costs                 44                      52 
  Rehabilitation - accretion and                                            
   amortization                                  26                      21 
  Mine on-site exploration and                                              
   evaluation costs                              11                      12 
  Mine development expenditures                 156                     158 
  Sustaining capital expenditures               121                     126 
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All-in sustaining costs(4)              $       919     $               909 
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                                       Total Copper Production Costs ($/lb) 
                                      --------------------------------------
                                                         Three months ended 
                                                                  March 31, 
                                      --------------------------------------
(Unaudited)                                    2013      2012 (Restated)(6) 
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C1 cash costs(4)                        $      2.46     $              2.04 
Depreciation                                   0.35                    0.44 
Other(5)                                       0.19                    0.20 
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C3 fully allocated costs(4)             $      3.00     $              2.68 
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(1) Figures relating to African Barrick Gold are presented on a 73.9% basis,
    which reflects our equity share of production.                          
(2) Includes our equity share of gold production at Highland Gold up to     
    April 26, 2012, the effective date of our sale of Highland Gold.        
(3) Represents the Barrick Energy gross margin divided by equity ounces of  
    gold sold.                                                              
(4) Total cash costs, all-in sustaining 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.                                 
(5) 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.                     
(6) Balances related to 2012 have been restated to reflect the impact of the
    adoption of new accounting pronouncements. See note 2B of the interim   
    consolidated financial statements.                                      
                                                                            
                                                                            
Consolidated Statements of Income                                           
              
                                                              
Barrick Gold Corporation                                                    
(in millions of United States                                               
 dollars, except per share data)                         Three months ended 
(Unaudited)                                                       March 31, 
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                                            2013                       2012 
                                                                (restated - 
                                                                   note 2B) 
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Revenue (notes 4 and 5)              $     3,437      $               3,644 
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Costs and expenses (income)                                                 
Cost of sales (notes 4 and 6)              1,844                      1,753 
Corporate administration                      45                         48 
Exploration and evaluation (note 7)           54                         73 
Other expense (note 9A)                      166                        117 
Impairment charges (note 9B)                   5                         94 
Other income (note 9C)                       (21)                       (41)
Loss from equity investees                     -                          4 
(Gain) on non-hedge derivatives                                             
 (note 16D)                                  (42)                       (34)
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Income before finance items and                                             
 income taxes                              1,386                      1,630 
Finance items                     
                                          
Finance income                                 3                          3 
Finance costs (note 10)                     (108)                       (48)
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Income before income taxes                 1,281                      1,585 
Income tax expense (note 11)                (420)                      (535)
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Net income                           $       861      $               1,050 
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Attributable to:                                                            
Equity holders of Barrick Gold                                              
 Corporation                         $       847      $               1,039 
Non-controlling interests (note 19)  $        14      $                  11 
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Earnings per share data attributable                                        
 to the equity holders of Barrick                                           
 Gold Corporation (note 8)                                                  
Net income                                                                  
  Basic                              $      0.85      $                1.04 
  Diluted                            $      0.85      $                1.04 
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The notes to these unaudited interim financial statements, which are        
contained in the First Quarter Report 2013 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)                   Three months ended 
(Unaudited)                                                       March 31, 
----------------------------------------------------------------------------
                                             2013                      2012 
                                                                (restated - 
                                                                   note 2B) 
----------------------------------------------------------------------------
Net income                                $   861     $               1,050 
Other comprehensive income (loss), net of                                   
 taxes                                                                      
Items that may be reclassified                                              
 subsequently to profit or loss:                                            
Unrealized gains (losses) on available-                                     
 for-sale ("AFS") financial securities,                                     
 net of tax $2, $nil                           (8)                        2 
Realized (gains) losses and impairments                                     
 on AFS financial securities, net of tax                                    
 $nil, $nil                                    (2)                        - 
Unrealized gains (losses) on derivatives                                    
 designated as cash flow hedges, net of                                     
 tax $3, $2                                    30                       (15)
Realized (gains) on derivatives                                             
 designated as cash flow hedges, net of                                     
 tax $18, $29                                 (75)                      (80)
Currency translation adjustments, net of                                    
 tax $nil, $nil                               (21)                       14 
                                                                            
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Total other comprehensive loss                (76)                      (79)
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Total comprehensive income                $   785     $                 971 
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Attributable to:                                                            
Equity holders of Barrick Gold                                              
 Corporation                              $   771     $                 960 
Non-controlling interests                 $    14     $                  11 
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The notes to these unaudited interim financial statements, which are        
contained in the First Quarter Report 2013 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)                   Three months ended 
(Unaudited)                                                       March 31, 
----------------
------------------------------------------------------------
                                             2013          2012 (restated - 
                                                                   note 2B) 
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OPERATING ACTIVITIES                                                        
Net income                                $   861     $               1,050 
Adjusted for the following items:                                           
  Depreciation                                415                       399 
  Finance costs (excludes accretion)           91                        35 
  Impairment charges (note 9B)                  5                        94 
  Income tax expense (note 11)                420                       535 
  Increase in inventory                      (171)                      (82)
  (Gain) on non-hedge derivatives             (42)                      (34)
  (Gain) on sale of long-lived                                              
   assets/investments                          (8)                      (10)
  Other operating activities (note 12A)      (119)                     (231)
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Operating cash flows before interest and                                    
 income taxes                               1,452                     1,756 
Interest paid                                 (47)                      (21)
Income taxes paid                            (320)                     (361)
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Net cash provided by operating activities   1,085                     1,374 
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INVESTING ACTIVITIES                                                        
Property, plant and equipment                                               
  Capital expenditures (note 4)     
       (1,430)                   (1,415)
  Sales proceeds                                2                         - 
Investments                                                                 
  Sales                                        18                        37 
Other investing activities (note 12B)         (79)                      (58)
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Net cash used in investing activities      (1,489)                   (1,436)
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FINANCING ACTIVITIES                                                        
Proceeds on exercise of stock options           1                         4 
Long-term debt                                                              
  Proceeds                                  2,050                         - 
  Repayments                               (1,205)                       (7)
Dividends                                    (200)                     (150)
Funding from non-controlling interests         13                       140 
Other financing activities (note 12C)          (8)                      (14)
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Net cash provided by (used in) financing                                    
 activities                                   651                       (27)
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Effect of exchange rate changes on cash                                     
 and equivalents                               (2)                        8 
----------------------------------------------------------------------------
Net increase (decrease) in cash and                                         
 equivalents                                  245                       (81)
Cash and equivalents at beginning of                                        
 period (note 16A)                          2,097                     2,749 
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Cash and equivalents at end of period                                       
 (note 16A)                               $ 2,342     $               2,668 
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The notes to these unaudited interim financial statements, which are        
contained in the First Quarter Report 2013 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)                                As at          As at          As at
(Unaudited)                          March 31,   December 31,     January 1,
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                                               2012 (restated 2012 (restated
                                          2013     - note 2B)     - note 2B)
----------------------------------------------------------------------------
ASSETS                                                                      
Current assets                                                              
  Cash and equivalents (note                                                
   16A)                         $        2,342 $        2,097 $        2,749
  Accounts receivable                      380            449            426
  Inventories (note 13)                  2,809          2,585          2,498
  Other current assets                     675            626            876
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Total current assets                     6,206          5,757          6,549
                                                                            
Non-current assets                                                          
  Equity in investees                       20             20            341
  Other investments                         50             78            161
  Property, plant and equipment                                             
   (note 14)                            30,172         29,277         29,076
  Goodwill (note 15)                     8,835          8,837          9,626
  Intangible assets                        453            453            569
  Deferred income tax assets               488            437            409
  Non-current portion of                                                    
   inventory (note 13)                   1,584          1,555          1,153
  Other assets                           1,189          1,064          1,002
----------------------------------------------------------------------------
Total assets                    $       48,997 $       47,478 $       48,886
----------------------------------------------------------------------------
LIABILITIES AND EQUITY                                                      
Current liabilities                                                         
  Accounts payable              $        2,202 $        2,267 $        2,085
  Debt (note 16B)                          694          1,848            196
  Current income tax                                                        
   liabilities                              37             41            306
  Other current liabilities                240            261            326
----------------------------------------------------------------------------
Total current liabilities                3,173          4,417          2,913
                  
                                                          
Non-current liabilities                                                     
  Debt (note 16B)                       14,104         12,095         13,173
  Provisions                             2,765          2,812          2,326
  Deferred income tax                                                       
   liabilities                           2,873          2,668          4,231
  Other liabilities                        845            850            689
----------------------------------------------------------------------------
Total liabilities                       23,760         22,842         23,332
----------------------------------------------------------------------------
Equity                                                                      
  Capital stock (note 18)               17,929         17,926         17,892
  Retained earnings                      3,916          3,269          4,562
  Accumulated other                                                         
   comprehensive income                    387            463            595
  Other                                    314            314            314
----------------------------------------------------------------------------
Total equity attributable to                                                
 Barrick Gold Corporation                                                   
 shareholders                           22,546         21,972         23,363
  Non-controlling interests                                                 
   (note 19)                             2,691          2,664          2,191
----------------------------------------------------------------------------
Total equity                            25,237         24,636         25,554
----------------------------------------------------------------------------
Contingencies and commitments                                               
 (notes 13, 14 and 20)                                                      
----------------------------------------------------------------------------
Total liabilities and equity    $       48,997 $       47,478 $       48,886
----------------------------------------------------------------------------
                                                                            
The notes to these unaudited interim financial statements, which are        
contained in the First Quarter Report 2013 available on our website are an  
integral part of these consolidated financial statements.                   
                                                                            
                                                                            
Consolidated Statements of Changes in Equity                                
                                                                            
                                 -------------------------------------------
Barrick Gold                         Attributable to equity holders of the  
 Corporation                                        company                 
----------------------------------------------------------------------------
                                                                            
(in millions of                                                 Accumulated 
 United States                                                        other 
 dollars)           Common Shares    Capital      Retained    comprehensive 
 (Unaudited)       (in thousands)      stock      earnings        income(1) 
----------------------------------------------------------------------------
At January 1, 2013                                                          
 (restated - note                                                           
 2B)                    1,001,108 $   17,926 $       3,269  $           463 
----------------------------------------------------------------------------
 Net income                     -          -           847                - 
 Total other                                                                
  comprehensive                                                             
  income (loss)                 -          -             -              (76)
----------------------------------------------------------------------------
 Total                                                                      
  comprehensive                                                             
  income                        -          -           847              (76)
----------------------------------------------------------------------------
 Transactions with                                                          
  owners                                                                    
  Dividends                     -          -          (200)               - 
  Issued on                                                                 
   exercise of                                                              
   stock options               44          1             -                - 
  Recognition of                                                            
   stock option                                                             
   expense                      -          2             -                - 
  Funding from                                                              
   non-controlling                                                          
   interests                    -          -             -                - 
----------------------------------------------------------------------------
 Total                                                                      
  transactions                                                              
  with owners                  44          3          (200)               - 
----------------------------------------------------------------------------
At March 31, 2013       1,001,152 $   17,929 $       3,916  $           387 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
At January 1, 2012                                                          
 (restated - note                                                           
 2B)                    1,000,423 $   17,892 $       4,562  $           595 
----------------------------------------------------------------------------
 Net income                     -          -         1,039                - 
 Total other                                                                
  comprehensive                                                             
  income                        -          -             -              (79)
----------------------------------------------------------------------------
 Total                                                                      
  comprehensive                                                             
  income                        -          -         1,039              (79)
----------------------------------------------------------------------------
 Transactions with                                                          
  owners                                                                    
  Dividends                     -          -          (150)               - 
  Issued on                                                                 
   exercise of                                                              
   stock options              124          4             -                - 
  Recognition of                                                            
   stock option                                                             
   expense                      -          3             -                - 
  Funding from                                                              
   non-controlling  
                                                        
   interests                    -          -             -                - 
  Other decrease                                                            
   in non-                                                                  
   controlling                                                              
   interests                    -          -             -                - 
----------------------------------------------------------------------------
 Total                                                                      
  transactions                                                              
  with owners                 124          7          (150)               - 
----------------------------------------------------------------------------
At March 31, 2012                                                           
 (restated - note                                                           
 2B)                    1,000,547 $   17,899 $       5,451  $           516 
----------------------------------------------------------------------------
 
                                                                            
                  ----------------------------                              
Barrick Gold         Attributable to equity                                 
 Corporation         holders of the company                                 
----------------------------------------------                              
                                                                            
(in millions of                  Total equity                               
 United States                   attributable           Non-                
 dollars)                                  to    controlling                
 (Unaudited)           Other(2)  shareholders      interests   Total equity 
----------------------------------------------------------------------------
At January 1, 2013                    
                                      
 (restated - note                                                           
 2B)               $        314 $      21,972  $       2,664  $      24,636 
----------------------------------------------------------------------------
 Net income                   -           847             14            861 
 Total other                                                                
  comprehensive                                                             
  income (loss)               -           (76)             -            (76)
----------------------------------------------------------------------------
 Total                                                                      
  comprehensive                                                             
  income                      -           771             14            785 
----------------------------------------------------------------------------
 Transactions with                                                          
  owners                                                                    
  Dividends                   -          (200)             -           (200)
  Issued on                                                                 
   exercise of                                                              
   stock options              -             1              -              1 
  Recognition of                                                            
   stock option                                                             
   expense                    -             2              -              2 
  Funding from                                                              
   non-controlling                                                          
   interests                  -             -             13             13 
----------------------------------------------------------------------------
 Total                                                                      
  transactions                                                              
  with owners                 -          (197)            13           (184)
----------------------------------------------------------------------------
At March 31, 2013  $        314 $      22,546  $       2,691  $      25,237 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
At January 1, 2012                                                          
 (restated - note                                                           
 2B)               $        314 $      23,363  $       2,191  $      25,554 
----------------------------------------------------------------------------
 Net income                   -         1,039             11          1,050 
 Total other                                                                
  comprehensive                                                             
  income                      -           (79)             -            (79)
----------------------------------------------------------------------------
 Total                                                                      
  comprehensive                                                             
  income                      -           960             11            971 
----------------------------------------------------------------------------
 Transactions with                                                          
  owners                                                                    
  Dividends                   -          (150)             -           (150)
  Issued on                                                                 
   exercise of                                                              
   stock options              -             4              -              4 
  Recognition of                                                            
   stock option                                                             
   expense                    -             3              -              3 
  Funding from                                                              
   non-controlling                                                          
   interests                  -             -            140            140 
  Other decrease                                                            
   in non-                                                                  
   controlling                                                              
   interests                  -             -             (3)            (3)
----------------------------------------------------------------------------
 Total                                                                      
  transactions                                                              
  with owners                 -          (143)           137             (6)
----------------------------------------------------------------------------
At March 31, 2012                                                           
 (restated - note                                                           
 2B)               $        314 $      24,180  $       2,339  $      26,519 
----------------------------------------------------------------------------
                                                                            
(1) Includes cumulative translation losses at March 31, 2013: $8 million    
    (March 31, 2012: $8 million).                                           
(2) Includes additional paid-in capital as at March 31, 2013: $276 million  
    (December 31, 2012: $276 million; March 31, 2012: $276 million) and     
    convertible borrowings - equity component as at March 31, 2013: $38     
    million (December 31, 2012: $38 million; March 31, 2012: $38 million).  
                    
                                                        
The notes to these unaudited interim financial statements, which are        
 contained in the First Quarter Report 2013 available on our website are an 
 integral part of these consolidated financial statements.                  
                                                                          
                                                                          
CORPORATE OFFICE                     TRANSFER AGENTS AND REGISTRARS       
Barrick Gold Corporation             CIBC Mellon Trust Company            
Brookfield Place,                    c/o Canadian Stock                   
TD Canada Trust Tower                Transfer Company Inc.,               
Suite 3700                           as administrative agent              
161 Bay Street, P.O. Box 212         P.O. Box 700, Postal Station B       
Toronto, Canada M5J 2S1              Montreal, Quebec, Canada H3B 3K3     
Tel: (416) 861-9911                  or American Stock Transfer           
Fax: (416) 861-0727                  & Trust Company, LLC                 
Toll-free throughout North America:  6201 - 15 Avenue                     
1-800-720-7415                       Brooklyn, NY 11219                   
Email: investor@barrick.com          Tel: 1-800-387-0825                  
Website: http://www.barrick.com/     Toll-free throughout North America   
                                     Fax: (416) 643-5501                  
SHARES LISTED                        or 1-888-249-6189                    
ABX - The New York Stock Exchange    Email: inquiries@canstockta.com      
The Toronto Stock Exchange           Website: http://www.canstockta.com/  

 
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION 
Certain information contained or incorporated by reference in this
First Quarter Report 2013, including any information as to our
strategy, projects, plans or future financial or operating
performance, constitutes "forward-looking statements". Al
l
statements, other than statements of historical fact, are
forward-looking statements. The words "believe", "expect",
"anticipate", "contemplate", "target", "plan", "intend", "continue",
"budget", "estimate", "may", "will", "schedule" 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 the company, 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 and copper or
certain other commodities (such as silver, diesel fuel and
electricity); changes in national and local government legislation,
taxation, controls, regulations, expropriation or nationalization of
property and political or economic developments in Canada, the United
States and other jurisdictions in which the company does or may carry
on business in the future; diminishing quantities or grades of
reserves; increased costs, delays, suspensions and technical
challenges associated with the construction of capital projects; 
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; fluctuations in the currency markets;
operating or technical difficulties in connection with mining or
development activities; the speculative nature of mineral exploration
and development, including the risks of obtaining necessary licenses
and permits; contests over title to properties, particularly title to
undeveloped properties; risk of loss due to acts of war, terrorism,
sabotage and civil disturbances; changes in U.S. dollar interest
rates; risks arising from holding derivative instruments; litigation;
business opportunities that may be presented to, or pursued by, the
company; our ability to successfully integrate acquisitions or
complete divestitures; 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 or copper cathode 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 First Quarter Report 2013 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: Greg Panagos
Senior Vice President
Investor Relations and Communications
(416) 309-2943
gpanagos@barrick.com 
MEDIA CONTACT: Andy Lloyd
Director, Media Relations
(416) 307-7414
alloyd@barrick.com
 
 
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