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Barrick Reports Second Quarter 2013 Results

Barrick Reports Second Quarter 2013 Results 
Financial results are 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. 
- $8.7 billion in after-tax impairment charges, largely driven by
recent declines in metal prices 
- Strong operating results from gold and copper mines; 2013
production guidance maintained, cost guidance for both gold and
copper lowered 
- Reduced 2013 budgeted capital and costs by about $1.5 billion
during the second quarter and by about $2.0 billion in H1 2013 
- 2013 capital guidance reduced to $4.5-$5.0 billion from $5.7-$6.3
billion; cost of sales guidance reduced to $7.2-$7.8 billion from
$7.9-$8.4 billion 
- Lowered quarterly dividend to $0.05 per share 
TORONTO, ONTARIO -- (Marketwired) -- 08/01/13 -- Barrick Gold
Corporation (NYSE:ABX)(TSX:ABX) (Barrick or the "company") today
reported a second quarter net loss of $8.56 billion ($8.55 per
share), reflecting $8.7 billion in after-tax impairment charges
largely driven by significant decreases in long-term metal price
assumptions following the sharp declines in spot prices in the second
quarter. The total charge is comprised of: $5.1 billion for the
Pascua-Lama project, $2.3 billion in goodwill impairments and $1.3
billion in other asset impairment charges.  
Second quarter financial highlights include: 


 
--  Adjusted net earnings of $663 million ($0.66 per share)(1) 
--  Operating cash flow of $896 million 
--  Adjusted operating cash flow of $804 million(1) 
 
----------------------------------------------------------------------------
SECOND QUARTER 2013 OPERATING HIGHLIGHTS AND FULL YEAR 2013 GUIDANCE        
                                                                            
                                                       Current      Original
Gold                                     Q2 2013      Guidance      Guidance
----------------------------------------------------------------------------
                                                                            
Production (000s of ounces)                1,811   7,000-7,400   7,000-7,400
All-in sustaining costs ($ per ounce)(1)     919       900-975   1,000-1,100
Ad
justed operating costs ($ per                                             
 ounce)(1)                                   552       575-615       610-660
                                                                            
Copper                                                                      
----------------------------------------------------------------------------
Production (millions of pounds)              134       500-540       480-540
C1 cash costs ($ per pound)(1)              1.75     1.95-2.15     2.10-2.30
C3 fully allocated costs ($ per                                             
 pound)(1)                                  2.27     2.50-2.75     2.60-2.85
----------------------------------------------------------------------------

 
"We are pleased with our second quarter operating performance and our
improved 2013 guidance. These results reflect the high quality of
Barrick's portfolio of assets and our increasingly effective efforts
at controlling costs. We are disappointed with the impairment charges
for Pascua-Lama and other assets but are confident that these assets,
some with mine lives in excess of 25 years, will generate
substantially more economic benefits over time," said Jamie Sokalsky,
Barrick's President and CEO. 
"Over the past year, we have taken and are continuing to take a
series of steps to reduce costs as part of our disciplined capital
allocation framework, which allowed us to respond quickly to the new
metal price environment. We have reduced 2013 budgeted capital and
costs by about $2.0 billion which has offset the cash flow impact of
the drop in gold and copper prices that has occurred this year. We
have reduced all-in sustaining cost guidance by about $100 per ounce
this year from levels which are the lowest of our peers. The bulk of
our expected 2013 gold production is at all-in sustaining costs well
below current spot levels, and for those operations that are not
generating positive cash flow, we will change mine plans, suspend,
close or divest them.  
"We have sold Barrick Energy and are well advanced in a process to
divest certain Australian assets as part of our portfolio
optimization strategy. We are progressing the Pascua-Lama project by
extending the overall construction schedule over a longer period,
which substantially alleviates near-term capital spend, and we are
also working to meet regulatory requirements. We also termed out $3.0
billion of debt at attractive rates to reduce near-term maturities.
And finally, in light of the current environment, we have also made a
decision to lower the quarterly dividend to improve liquidity. We
recognize the importance of dividends to our shareholders, and it is
our goal to return more capital to investors in the future, but at
this time, this is the prudent course of action."  
POSITIONING BARRICK IN A LOWER METAL PRICE ENVIRONMENT 
High Quality Asset Base and Aggressive Cost Reductions Provide
Operational Flexibility 
Barrick's strategy prioritizes shareholder value creation by focusing
on maximizing risk-adjusted rates of return and free cash flow based
on the principle that returns will drive production, production will
not drive returns. In today's environment, Barrick has no plans to
build new mines. 
As part of our increased focus on disciplined capital allocation
adopted a year ago, we have reduced costs and improved cash flow,
initially cutting or deferring about $4.0 billion of previously
budgeted capital expenditures over a four year period, shelving
certain major projects and launching a portfolio optimization
process. 
Barrick's comprehensive cost reductions and high quality asset base
provide the company with significant operational flexibility. Its
superior group of five key mines - Cortez, Goldstrike, Pueblo Viejo,
Veladero and Lagunas Norte - are expected to generate some 60 percent
of 2013 production at average all-in sustaining costs (AISC) of
$650-$700 per ounce. An additional seven mines have AISC below $1,000
per ounce, bringing the total amount of expected 2013 production with
costs below this level to about 75 percent.  
Developing Plans to Maximize Cash Flow 
For the remaining operations with expected 2013 AISC above $1,000 per
ounce, we will either change mine plans, suspend, close or divest
these assets to improve cash flow. Actions currently being considered
as part of an ongoing process include: 


 
--  Bald Mountain (US) - mine plan changes to reduce the number of pits and
    focus on the most profitable ounces, while retaining the option to
    access other ore in the future 
--  Round Mountain and Marigold (US) - working with our joint venture
    partners to optimize mine plans 
--  Hemlo (Canada) - defer the open pit expansion and optimize the
    underground mine plan 
--  Porgera (Papua New Guinea) - evaluate mine plan changes and explore
    other alternatives 
--  Plutonic, Yilgarn South (Australia) - optimize the mine plans and/or
    divest 
--  African Barrick Gold (ABG) (Tanzania) - finalizing a detailed
    operational review to aggressively optimize mine plans and improve
    operations 
--  Pierina (Peru) - assessing closure options 

 
Under the direction of the new leadership appointed last year, a
turnaround team o
f functional experts and site management have been
working to improve operations and reduce costs at the Lumwana copper
mine. Lumwana delivered a substantially improved performance this
quarter. We have made changes to the mine plan to decrease costs and
maximize cash flow. The changes include a reduction to waste
stripping as a result of mine re-sequencing and significant labor
reductions, including termination of a major mining contractor. A
number of further business improvement initiatives continue to be
implemented at site to enhance the productivity of the core mining
fleet and build upon the cost reductions achieved so far. We continue
to see positive results from these actions, and the improvements at
Lumwana have allowed us to significantly improve 2013 copper cost
guidance. 
Long-Term Production Targets Will Be Aligned with Portfolio
Optimization and Mine Planning Changes  
We are developing mine plans to maximize cash flows at every mine.
The outcome of this process could have an impact on our year-end 2013
proven and probable reserves and expected future production levels;
however, where possible, we will maintain the option to access the
metal in the future. As a result of the schedule delay at
Pascua-Lama, expected mine plan changes to maximize cash flow and the
likelihood of further asset divestitures, we are no longer targeting
eight million ounces of gold production in 2016.  
2013 Guidance Improvements Reflect Ongoing Cost Reductions Totalling
$2.0 Billion in First Half 
Total reductions to budgeted capital and costs for 2013 of about $2.0
billion have offset the cash flow impact of the declines in metal
prices that have occurred this year. During the first quarter of
2013, Barrick reduced budgeted 2013 capital and costs by
approximately $500 million and lowered 2013 cost guidance for total
capex and exploration. In the second quarter, the company has
accelerated actions to improve cash flow. Operating cost reductions
also reflect the softening of input costs such as steel and tires, as
well as the weakening Australian dollar, and we continue to evaluate
additional ways to reduce costs. 
As a result of the strong measures taken in the second quarter alone,
reductions to budgeted 2013 capital expenditures and costs include
approximately: 


 
--  $600 million in operating costs; 
--  $200 million in sustaining, development and mine expansion capital; 
--  $600 million in project capital, primarily related to Pascua-Lama; and, 
--  $50 million in exploration and evaluation expenditures. 

 
In addition, the company has reduced its corporate office staff by
approximately 30 percent and made other significant job reductions at
regional locations. As part of the ongoing company-wide overhead and
operational review initiated in the first quarter, Barrick is also
evaluating further changes and cost reductions to make the
organization more efficient by simplifying the management structure
and placing a greater emphasis on clearly defined responsibilities
and accountabilities. 
FINANCIAL RESULTS DISCUSSION 
The second quarter net loss and adjusted net earnings of $8.56
billion ($8.55 per share) and $663 million ($0.66 per share),
respectively, compare to net earnings and adjusted net earnings of
$787 million ($0.79 per share) and $821 million ($0.82 per share),
respectively, in the same prior year period. The net loss reflects
after-tax impairment charges of $8.7 billion and a $0.5 billion loss
on the sale of Barrick Energy.  
The fair values in the impairment assessment were calculated as at
June 30 assuming metal prices that were influenced by only recent
spot price declines, yet which are then applied and held constant
over mine lives that in some instances are in excess of 25 years. As
a result of these significant price declines, we have revised our
gold, copper and silver price assumptions utilized for impairment
testing to $1,300 per ounce, $3.25 per pound and $23 per ounce,
respectively. We are confident our assets will generate substantially
more economic benefits over time for our shareholders than these
current valuation levels imply. Although Barrick does not rely on
higher prices to drive its business plans, we remain positive on long
term price fundamentals for these metals. With higher prices in the
future, we would reassess the fair value of our high quality,
long-life assets such as Pascua-Lama, and could potentially reverse
some of the impairment charges recorded.  
Significant adjusting items (net of tax and non-controlling interest
effects) for the quarter include: 


 
--  $5.1 billion in asset impairment charges against the carrying value of
    the Pascua-Lama project; 
--  $2.3 billion in goodwill impairments to the Global Copper, Australia
    Pacific, Capital Projects and ABG segments; 
--  $1.3 billion in other asset impairment charges, including $423 million
    for Buzwagi, $401 million for Jabal Sayid and $107 million for Kanowna;
    and, 
--  $0.5 billion loss related to the sale of Barrick Energy. 

 
Second quarter 2013 operating cash flow of $896 million compares to
$919 million in the second quarter of 2012. Adjusted operating cash
flow of $804 million removes the impact of the settlement of foreign
currency and commodity derivative contracts and non-recurring tax
payments, and compares to $919 million in the same prior year period.
Realized gold and copper prices for the quarter were $1,411 per ounce
and $3.28 per pound, respectively, both in line with the spot
averages. 
LIQUIDITY AND FINANCIAL FLEXIBILITY 
At June 30, Barrick had cash and equivalents of $2.4 billion and $4.0
billion available under its five-year credit facility. The company
generated strong operating cash flow of $2.0 billion in the first
half of 2013 and is on track to meet 2013 production guidance at
costs well below original guidance. Barrick's consolidated tangible
net worth at June 30 was $6.3 billion. In addition to the reductions
to budgeted 2013 capital and costs, Barrick further strengthened its
liquidity in the second quarter by terming out $3.0 billion in debt
at attractive interest rates to reduce near-term maturities. The
company has approximately only $1.8 billion of cumulative debt
maturing through to the end of 2015.  
Subsequent to the second quarter, the company divested Barrick Energy
for total consideration of $442 million, including cash of $394
million plus a royalty on certain assets valued at $48 million. The
proceeds will be recorded in the third quarter of 2013. In addition,
a process to divest certain Australian assets is well advanced, and
the company continues to actively pursue other portfolio optimization
opportunities, including the divestiture of other non-core assets.
The company's Board of Directors has reduced the quarterly dividend
to $0.05 per share as a further prudent step to improve liquidity.
The dividend is payable on September 16, 2013 to shareholders of
record at the close of business on August 30, 2013(2). 
OPERATING RESULTS DISCUSSION 
Second quarter 2013 gold production was 1.81 million ounces,
benefiting from strong performances at Cortez, Veladero and Lagunas
Norte. In June 2013, the World Gold Council (WGC) finalized its
definition of adjusted operating costs (previously called total cash
costs), all-in sustaining costs and all-in costs. Barrick has revised
its discl
osure to align with these definitions and is voluntarily
adopting the all-in cost measure. The manner in which the adjusted
operating cost measure is calculated has not been changed from the
total cash cost measure. The revised AISC measure is similar to our
prior measure with the exception of the classification of sustaining
capital; certain capital expenditures which had previously not been
reported as sustaining capital are now included in this category. The
all-in cost measure starts with AISC and adds non-sustaining capital
expenditures at new operations and existing operations which will
significantly increase production. For Barrick this consists
primarily of capital for the Pascua-Lama and Goldstrike thiosulphate
projects. For the second quarter, Barrick's adjusted operating costs,
AISC and all-in costs were $552 per ounce, $919 per ounce and $1,276
per ounce(3), respectively.  
North America Regional Business Unit  
North America produced 0.93 million ounces at AISC of $797 per ounce,
ahead of expectations. Barrick's 60 percent share of production from
the Pueblo Viejo mine was 0.12 million ounces at AISC of $635 per
ounce. Production at Pueblo Viejo increased from the first quarter of
2013 primarily due to higher tons processed as the mine ramps up to
full capacity, expected in the second half of this year. The new 215
megawatt power plant is expected to be commissioned on schedule in
the third quarter. Barrick's share of 2013 production from Pueblo
Viejo is anticipated to be 500,000-600,000 ounces at AISC of
$525-$575 per ounce. During the quarter, Pueblo Viejo Dominicana
Corporation reached an agreement in principle with the Government of
the Dominican Republic concerning amendments to the Pueblo Viejo
Special Lease Agreement (SLA). Discussions to finalize a Definitive
Agreement continue, but to date the parties have not concluded an
agreement. The proposed amendments will require the approval of the
Boards of Directors of Barrick and Goldcorp, the project lenders, and
the Congress of the Dominican Republic. The SLA will remain in effect
according to its present terms unless and until the Definitive
Agreement is executed and approved. The Government has reaffirmed its
support for this world class mine. 
The Cortez mine delivered a strong performance, producing 0.42
million ounces at AISC of $376 per ounce on higher grade oxide ore.
Goldstrike produced 0.19 million ounces at AISC of $1,226 per ounce,
reflecting processing of lower grade ore at the autoclave facility,
which is currently undergoing modifications to enable about 3.5
million ounces to be brought forward in the mine plan through the
thiosulphate project. The project is on track to enter production in
the third quarter of 2014 and contribute average annual production of
350,000-400,000 ounces over its first full five years of operation.
We expect production to increase and AISC to significantly decrease
at Goldstrike in the second half of 2013. 
We continue to expect full year production to be in the range of
3.55-3.70 million ounces and now expect AISC to be in the range of
$750-$800 per ounce, lower than our previous range of $820-$870 per
ounce. 
South America Regional Business Unit 
South America produced 0.30 million ounces at better than expected
AISC of $821 per ounce. The Veladero mine had a strong quarter,
contributing 0.14 million ounces at AISC of $768 per ounce on higher
silver recoveries. Lagunas Norte produced 0.13 million ounces at AISC
of $663 per ounce, reflecting positive grade reconciliations and a
build-up of ounces placed on the leach pad. The new carbon-in-column
plant at Lagunas Norte, which is designed to de-bottleneck ore feed
from the expanded leach pad to the Merrill Crowe plant, is on track
to start up in Q4.  
We continue to expect full year production to be in the range of
1.25-1.35 million ounces and AISC to be in the range of $875-$925 per
ounce. 
Australia Pacific Regional Business Unit 
Australia Pacific produced 0.47 million ounces at AISC of $1,033 per
ounce. Porgera, the region's largest mine, contributed 0.12 million
ounces at AISC of $1,306 per ounce.  
We continue to expect full year production to be in the range of
1.70-1.85 million ounces and now expect AISC to be in the range of
$1,100-$1,200 per ounce, lower than our previous range of
$1,200-$1,300 per ounce. 
African Barrick Gold plc 
Second quarter attributable production from ABG was 0.12 million
ounces at AISC of $1,416 per ounce. We continue to expect Barrick's
share of 2013 production from ABG to be 0.40-0.45 million ounces at
AISC of $1,550-$1,600 per ounce. Our AISC guidance does not take into
account the implementation of ABG's Operational Review. 
Global Copper Business Unit 
Copper production in Q2 was 134 million pounds at C1 cash costs of
$1.75 per pound and C3 fully allocated costs of $2.27 per pound.
Performance from the Lumwana mine improved significantly this quarter
with production of 65 million pounds at C1 cash costs of $1.96 per
pound, primarily due to changes to the mine plan and a number of
business improvement initiatives which continue to enhance
productivity. The improved costs in the second quarter primarily
reflect a major reduction in contract mining costs due to the
termination of one of the main mining contractors. The Zaldivar mine
produced 69 million pounds at C1 cash costs of $1.60 per pound.  
We now expect full year copper production to be 500-540 million
pounds, within our original guidance range of 480-540 million pounds,
at C1 cash costs of $1.95-$2.15 per pound and C3 fully allocated
costs of $2.50-$2.75 per pound, both lower than our previous ranges
of $2.10-$2.30 per pound and $2.60-$2.85 per pound, respectively. 
Utilizing option collar hedging strategies, the company has protected
the downside on approximately half of its 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(4). As of June 30, 60 million pounds of copper sales were
subject to final settlement at an average provisional price of $3.06
per pound.  
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(5), 676 million ounces of silver contained within the gold
reserves(5), and an anticipated 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
very low costs. While we recorded a significant impairment to this
asset in the second quarter, we fully expect this mine to be one of
the best in the world when in operation, and to contribute
substantial economic value to the company. Pascua-Lama has
significant value for Barrick shareholders and the project's host
jurisdictions of San Juan Province, Argentina and the Atacama Region
of Chile. We continue to work closely with the governments of both
countries to ensure Pascua-Lama is on the right path to deliver value
for all of our stakeholders. 
In the second quarter, the company received a resolution from Chile's
Superintendence of the Environment (Superintendencia del Medio
Ambiente or "SMA") that required completion of the project's water
management system in accordance with previously granted environmental
permits before other construction activities in Chile could resume.
Barrick is committed to operating at the highest environmental
standards at all of its operations around the world, including at
Pascua-Lama, and is working to meet all regulatory requirements at
the project. The company has submitted a compliance plan for approval
by Chilean regulatory authorities to complete the water management
system by the end of 2014, subject to regulatory approval of specific
permit applications. Following completion of the water management
system to the satisfaction of the SMA, we expect to be in a position
to resume construction in Chile, including pre-st
ripping. Under this
scenario, ore from Chile is expected to be available for processing
by mid-2016. In line with this timeframe and in light of materially
lower metal prices, the company has decided to re-sequence
construction of the process plant and other facilities in Argentina
to target production by this date.  
The decision to re-sequence the project, which entails a major
reduction in project staffing levels over the extended schedule, will
result in a significant deferral of planned capital spending in
2013-2014. Capital expenditures at Pascua-Lama over this period are
expected to be reduced by a total of $1.5-$1.8 billion(6). For 2013,
capital expenditures are expected to be reduced by approximately
$0.7-$0.8 billion (including $300 million in previously announced
deferrals) to approximately $1.8-$2.0 billion. Capital expenditures
in 2014 are expected to be reduced by approximately $0.8-$1.0 billion
to approximately $1.0-$1.2 billion. The company is targeting to
provide an updated total capital cost estimate for the project with
third quarter 2013 results which is expected to reflect an increase
from the latest capital cost estimate. This is subject to obtaining
greater clarity on timing of regulatory approvals and completing the
re-sequenced construction schedule. As of June 30, 2013,
approximately $5.4 billion had been spent on the project.  
Subsequent to the quarter end, the Copiapo Court of Appeals in Chile
issued its ruling on a constitutional rights protection action filed
in September 2012 on behalf of four indigenous communities, on the
basis of which a preliminary injunction suspending construction
activities had been granted in April 2013. In its ruling, the Court
stated that Barrick must complete construction of the water
management system in compliance with applicable environmental permits
to the satisfaction of the SMA before resuming construction
activities in Chile. The Court's ruling is consistent with the
earlier SMA resolution which Barrick has been implementing. The water
management design and construction scope has been awarded to Fluor,
who has already mobilized a team of industry experts to the site.  
Our Chief Operating Officer, Igor Gonzales, retired in the second
quarter and the company is in the process of a global search to fill
this position. In the interim, the Regional Presidents are reporting
directly to the CEO. Barrick thanks Igor for his significant
contributions to Barrick over the past 15 years. 


 
Key Statistics                                                              
                                                                            
Barrick Gold                                                                
 Corporation                  Three months ended            Six months ended
(in United States                                                           
 dollars)                               June 30,                    June 30,
                      ------------------------------------------------------
                                            2012                        2012
(Unaudited)                 2013   (restated)(7)        2013   (restated)(7)
----------------------------------------------------------------------------
Operating Results                                                           
Gold production                                                             
 (thousands of                                                              
 ounces)(1)                1,811           1,742       3,608           3,623
Gold sold (thousands                                                        
 of ounces)                1,815           1,690       3,562           3,473
Per ounce data                                                              
 Average spot gold                                                          
  price                $   1,415  $        1,609  $    1,523  $        1,651
 Average realized gold                                                      
  price(2)                 1,411           1,608       1,518           1,651
 Adjusted operating                                                         
  costs(2)                   552             591         558             568
 All-in sustaining                                                          
  costs(2)                   919           1,061         931           1,000
 All-in costs(2)           1,276           1,549       1,323           1,387
 Adjusted operating                                                         
  costs (on a co-                                                           
  product basis)(2)          580             610         587             587
 All-in sustaining                                                          
  costs (on a co-                                                           
  product basis)(2)          947           1,080         960           1,019
 All-in costs (on a                                                         
  co-product basis)(2)     1,304           1,568       1,352           1,406
Copper production                                                           
 (millions of pounds)        134             109         261             226
Copper sold (millions                                                       
 of pounds)                  135             116         250             234
Per pound data                                                              
 Average spot copper                                                        
  price                $    3.24  $         3.57  $     3.42  $         3.67
 Average realized                                                           
  copper price(2)           3.28            3.45        3.41            3.62
 C1 cash costs(2)           1.75            2.21        2.08            2.13
 Depreciation(3)            0.42            0.59        0.38            0.51
 Other(4)                   0.10           (0.02)       0.15            0.09
 C3 fully allocated                                                         
  costs(2)                  2.27            2.78        2.61            2.73
----------------------------------------------------------------------------
Financial Results                                                           
 (millions)                                                                 
Revenues               $   3,201  $        3,244  $    6,600  $        6,846
Net earnings (loss)(5)    (8,555)            787      (7,708)          1,826
Adjusted net                                                                
 earnings(2)                 663             821       1,586           1,917
Operating cash flow          896             919       1,992           2,293
Adjusted operating                                                          
 cash flow(2)                804             919       1,974           2,395
Per Share Data                                                              
 (dollars)                                                                  
 Net earnings (loss)                                                        
  (basic)                  (8.55)           0.79       (7.70)           1.83
 Adjusted net earnings                                                      
  (basic)(2)                0.66            0.82        1.58            1.92
 Net earnings (loss)                                                        
  (diluted)                (8.55)           0.79       (7.70)           1.83
Weighted average basic                                                      
 common shares                                                              
 (millions)                1,001           1,000       1,001           1,000
Weighted average                                                            
 diluted common shares                                                      
 (millions)(6)             1,001           1,001       1,001           1,001
---------------------------------------
-------------------------------------
                                                       As at           As at
                                                    June 30,    December 31,
                                                 ---------------------------
                                                                        2012
                                                        2013   (restated)(7)
----------------------------------------------------------------------------
Financial Position                                                          
 (millions)                                                                 
Cash and equivalents                              $    2,422  $        2,097
Non-cash working                                                            
 capital                                               3,415           2,884
----------------------------------------------------------------------------
(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 and      
    Pueblo Viejo on a 60% basis, both of which reflect our equity share of  
    production.                                                             
(2) Realized price, adjusted operating costs, all-in sustaining costs, all- 
    in 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)                                          
                    (000's)             All-in sustaining costs(4)($/oz)    
           ------------------------- -------------------------------------- 
           Three months   Six months                                        
                  ended        ended  Three months ended   Six months ended 
               June 30,     June 30,            June 30,           June 30, 
           ------------ ------------ ------------------- ------------------ 
(Unaudited)  2013  2012   2013  2012     2013       2012    2013       2012 
----------------------- ------------ ------------------- ------------------ 
Gold                                                                        
 North                                                                      
  America     928   854  1,800 1,742  $   797  $     894  $  789  $     850 
 South                                                                      
  America     296   327    666   778      821        929     765        773 
 Australia                                                                  
  Pacific     465   445    912   871    1,033      1,201   1,065      1,154 
 African                                                                    
  Barrick                                                                   
  Gold(1)     122   113    230   220    1,416      1,536   1,507      1,465 
 Other(2)       -     3      -    12        -          -       -          - 
--------------------------------------------------------------------------- 
Total       1,811 1,742  3,608 3,623  $   919  $   1,061  $  931  $   1,000 
                                                                            
--------------------------------------------------------------------------- 
                                                                            
               Copper Production                                            
             (attributable pounds)                                          
                  (millions)                  C1 Cash Costs ($/lb)          
           ------------------------ --------------------------------------- 
           Three months  Six months                                         
                  ended       ended  Three months ended    Six months ended 
               June 30,    June 30,            June 30,            June 30, 
           ------------ ----------- ------------------- ------------------- 
                                                   2012                2012 
                                             (restated)          (restated) 
(Unaudited)  2013  2012   2013 2012     2013        (6)     2013        (6) 
--------------------------------------------------------------------------- 
Total         134   109    261  226  $  1.75  $    2.21  $  2.08  $    2.13 
--------------------------------------------------------------------------- 
                                                                            
                                       Total Gold Production Costs ($/oz)   
                                    --------------------------------------- 
                                     Three months ended    Six months ended 
                                               June 30,            June 30, 
                                    ------------------- ------------------- 
                                                   2012                2012 
(Unaudited)                                  (restated)          (restated) 
                                        2013        (6)     2013        (6) 
------------------------------------------------------- ------------------- 
Direct mining costs at market                                               
 foreign exchange rates              $   602  $     620  $   608  $     607 
Gains realized on currency hedge                                            
 and commodity hedge/economic                                               
 hedge contracts                         (42)       (40)     (46)       (49)
Other(3)                                 (14)       (12)     (14)       (13)
By-product credits                       (27)       (18)     (28)       (17)
Royalties                                 33         41       38         40 
--------------------------------------------------------------------------- 
Adjusted operating costs(4)              552        591      558        568 
 Depreciation                            210        188      203        185 
 Other(3)                                 14         12       14         13 
--------------------------------------------------------------------------- 
Total production costs               $   776  $     791  $   775  $     766 
--------------------------------------------------------------------------- 
Adjusted operating costs(4)          $   552  $     591  $   558  $     568 
 General & administrative costs           37         59       44         59 
 Rehabilitation - accretion and                                             
  amortization                           
 19         21       22         20 
 Mine on-site exploration and                                               
  evaluation costs                         9         17        8         14 
 Mine development expenditures           173        173      164        166 
 Sustaining capital expenditures         129        200      135        173 
--------------------------------------------------------------------------- 
All-in sustaining costs(4)           $   919  $   1,061  $   931  $   1,000 
--------------------------------------------------------------------------- 
All-in costs(4)                      $ 1,276  $   1,549  $ 1,323  $   1,387 
--------------------------------------------------------------------------- 
                                                                            
                                      Total Copper Production Costs ($/lb)  
                                    --------------------------------------- 
                                     Three months ended    Six months ended 
                                               June 30,            June 30, 
                                    ------------------- ------------------- 
                                                   2012                2012 
                                             (restated)          (restated) 
(Unaudited)                             2013        (6)     2013        (6) 
------------------------------------------------------- ------------------- 
C1 cash costs(4)                     $  1.75  $    2.21  $  2.08  $    2.13 
Depreciation                            0.42       0.59     0.38       0.51 
Other(5)                                0.10      (0.02)    0.15       0.09 
--------------------------------------------------------------------------- 
C3 fully allocated costs(4)          $  2.27  $    2.78  $  2.61  $    2.73 
--------------------------------------------------------------------------- 
(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) Adjusted operating 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.           
(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       Three months ended          Six months ended 
(in millions of United                                                      
 States dollars, except                                                     
 per share data)                                                            
 (Unaudited)                             June 30,                  June 30, 
----------------------------------------------------------------------------
                              2013           2012       2013           2012 
                                      (restated -               (restated - 
                                         note 2B)                  note 2B) 
----------------------------------------------------------------------------
                                                                            
Revenue (notes 5 and 6)  $   3,201  $       3,244  $   6,600  $       6,846 
----------------------------------------------------------------------------
Costs and expenses                                                          
 (income)                                                                   
Cost of sales (notes 5                                                      
 and 7)                      1,832          1,729      3,642          3,439 
Corporate administration        43             57         88            105 
Exploration and                                                             
 evaluation (note 8)            58             85        106            156 
Other expense (income)                                                      
 (note 10A)                    204            124        346            198 
Impairment charges (note                                                    
 10B)                        9,327             28      9,332            122 
Loss from equity                                                            
 investees                       -              2          -              6 
Loss (gain) on non-hedge                                                    
 derivatives (note 18D)        (13)            34        (55)             - 
----------------------------------------------------------------------------
Income (loss) before                                                        
 finance items and                                                          
 income taxes               (8,250)         1,185     (6,859)         2,820 
Finance items                                                               
Finance income                   2              3          5              6 
Finance costs (note 11)       (161)           (51)      (269)           (97)
----------------------------------------------------------------------------
Income (loss) from                                                          
 continuing operations                                                      
 before income taxes        (8,409)         1,137     (7,123)         2,729 
Income tax recovery                                                         
 (expense) (note 12)           213           (336)      (220)          (873)
----------------------------------------------------------------------------
Income (loss) from                                                          
 continuing operations      (8,196)           801     (7,343)         1,856 
Loss from discontinued                                                      
 operations (note 4A)         (505)            (9)      (497)           (14)
----------------------------------------------------------------------------
Net income (loss)        $  (8,701) $         792  $  (7,840) $       1,842 
----------------------------------------------------------------------------
Attributable to:                                                            
Equity holders of                                                           
 Barrick Gold                                                               
 Corporation             $  (8,555) $         787  $  (7,708) $       1,826 
Non-controlling                                                             
 interests (note 21)     $    (146) $           5  $    (132) $          16 
----------------------------------------------------------------------------
                                                                            
Earnings per share data                                                     
 attributable to the                                                        
 equity holders of                                                          
 Barrick Gold                              
                                 
 Corporation (note 9)                                                       
Income (loss) from                                                          
 continuing operations                                                      
 Basic                   $   (8.04) $        0.80  $   (7.20) $        1.84 
 Diluted                 $   (8.04) $        0.80  $   (7.20) $        1.84 
----------------------------------------------------------------------------
Loss from discontinued                                                      
 operations                                                                 
 Basic                   $   (0.51) $       (0.01) $   (0.50) $       (0.01)
 Diluted                 $   (0.51) $       (0.01) $   (0.50) $       (0.01)
----------------------------------------------------------------------------
Net income (loss)                                                           
 Basic                   $   (8.55) $        0.79  $   (7.70) $        1.83 
 Diluted                 $   (8.55) $        0.79  $   (7.70) $        1.83 
----------------------------------------------------------------------------
                                                                            
The notes to these unaudited interim financial statements, which are        
contained in the Second Quarter Report 2013 available on our website are an 
integral part of these consolidated financial statements.                   
                                                                            
Consolidated Statements of Comprehensive Income                             
                                                                            
Barrick Gold Corporation       Three months ended          Six months ended 
(in millions of United                                                      
 States dollars)                                                            
 (Unaudited)                             June 30,                  June 30, 
----------------------------------------------------------------------------
                              2013           2012       2013           2012 
                                      (restated -               (restated - 
                                         note 2B)                  note 2B) 
----------------------------------------------------------------------------
Net income (loss)        $  (8,701) $         792  $  (7,840) $       1,842 
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, $4, $4                                                      
 and $3                        (18)           (38)       (26)           (37)
Realized (gains) losses                                                     
 and impairments on AFS                                                     
 financial securities,                                                      
 net of tax $2, $3, $2                                                      
 and $2                         13             27         11             28 
Unrealized gains                                                            
 (losses) on derivatives                                                    
 designated as cash flow                                                    
 hedges, net of tax $12,                                                    
 $1, $15 and $2                (85)            73        (55)            59 
Realized (gains) on                                                         
 derivatives designated                                                     
 as cash flow hedges,                                                       
 net of tax $23, $17,                                                       
 $41 and $45                  (107)           (78)      (182)          (159)
Currency translation                                                        
 adjustments, net of tax                                                    
 $nil, $nil, $nil and                                                       
 $nil                          (77)           (13)       (98)             1 
----------------------------------------------------------------------------
Total other                                                                 
 comprehensive loss           (274)           (29)      (350)          (108)
----------------------------------------------------------------------------
Total comprehensive                                                         
 income (loss)           $  (8,975) $         763  $  (8,190) $       1,734 
----------------------------------------------------------------------------
Attributable to:                                                            
Equity holders of                                                           
 Barrick Gold                                                               
 Corporation                                                                
 Continuing operations   $  (8,292) $         785  $  (7,510) $       1,721 
 Discontinued operations $    (537) $         (27) $    (548) $          (3)
 Non-controlling                                                            
  interests              $    (146) $           5  $    (132) $          16 
----------------------------------------------------------------------------
                                                                            
The notes to these unaudited interim financial statements, which are        
contained in the Second Quarter Report 2013 available on our website are an 
integral part of these consolidated financial statements.                   
                                                                            
Consolidated Statements of Cash Flow                                        
                                                                            
Barrick Gold Corporation       Three months ended          Six months ended 
(in millions of United                                                      
 States dollars)                                                            
 (Unaudited)                             June 30,                  June 30, 
----------------------------------------------------------------------------
                              2013           2012       2013           2012 
                                      (restated -               (restated - 
                                         note 2B)                  note 2B) 
----------------------------------------------------------------------------
OPERATING ACTIVITIES                                                        
Net income (loss) from                                                      
 continuing operations   $  (8,196) $         801  $  (7,343) $       1,856 
Adjusted for the                                                            
 following items:                                                           
 Depreciation                  453            388        849            761 
 Finance costs (excludes                                                    
  accretion)                   145             34        236             68 
 Impairment charges                          
                               
  (note 10B)                 9,327             28      9,332            122 
 Income tax expense                                                         
  (recovery) (note 12)        (213)           336        220            873 
 Increase in inventory         (69)          (100)      (233)          (182)
 Proceeds from                                                              
  settlement of hedge                                                       
  contracts                    219              -        219              - 
 (Gain) loss on non-                                                        
  hedge derivatives            (13)            34        (55)             - 
 (Gain) on sale of long-                                                    
  lived                                                                     
  assets/investments            (1)           (10)        (9)           (20)
 Other operating                                                            
  activities (note 13A)       (295)           (26)      (432)          (291)
----------------------------------------------------------------------------
Operating cash flows                                                        
 before interest and                                                        
 income taxes                1,357          1,485      2,784          3,187 
Interest paid                 (170)           (46)      (217)           (67)
Income taxes paid             (306)          (606)      (626)          (967)
----------------------------------------------------------------------------
Net cash provided by                                                        
 operating activities                                                       
 from continuing                                                            
 operations                    881            833      1,941          2,153 
Net cash provided by                                                        
 operating activities                                                       
 from discontinued                                                          
 operations                     15             86         51            140 
----------------------------------------------------------------------------
Net cash provided by                                                        
 operating activities          896            919      1,992          2,293 
----------------------------------------------------------------------------
INVESTING ACTIVITIES                                                        
Property, plant and                                                         
 equipment                                                                  
  Capital expenditures                                                      
   (note 5)                 (1,556)        (1,716)    (2,941)        (3,075)
  Sales proceeds                 1              9          3              9 
Acquisitions                     -            (15)         -            (15)
Investments                                                                 
  Sales                          -            130         18            167 
Other investing                                                             
 activities (note 13B)         (23)          (107)      (121)          (165)
----------------------------------------------------------------------------
Net cash used in                                                            
 investing activities                                                       
 from continuing                                                            
 operations                 (1,578)        (1,699)    (3,041)        (3,079)
Net cash used in                                                            
 investing activities                                                       
 from discontinued                                                          
 operations                    (12)           (17)       (57)           (73)
----------------------------------------------------------------------------
Net cash used in                                                            
 investing activities       (1,590)        (1,716)    (3,098)        (3,152)
----------------------------------------------------------------------------
FINANCING ACTIVITIES                                                        
Proceeds on exercise of                                                     
 stock options                   -              1          1              5 
Long-term debt                                                              
  Proceeds                   3,060          2,000      5,110          2,000 
  Repayments                (2,066)        (1,370)    (3,271)        (1,377)
Dividends                     (200)          (200)      (400)          (350)
Funding from non-                                                           
 controlling interests          19            118         32            258 
Other financing                                                             
 activities (note 13C)         (22)           (11)       (22)           (25)
----------------------------------------------------------------------------
Net cash provided by                                                        
 financing activities                                                       
 from continuing                                                            
 operations                    791            538      1,450            511 
Net cash used in                                                            
 financing activities                                                       
 from discontinued                                                          
 operations                      -            (69)         -            (69)
----------------------------------------------------------------------------
Net cash provided by                                                        
 financing activities          791            469      1,450            442 
----------------------------------------------------------------------------
Effect of exchange rate                                                     
 changes on cash and                                                        
 equivalents                    (9)            (4)       (11)             4 
----------------------------------------------------------------------------
Net increase (decrease)                                                     
 in cash and equivalents        88           (332)       333           (413)
Cash and equivalents at                                                     
 beginning of period                                                        
 (note 18A)                  2,342          2,668      2,097          2,749 
----------------------------------------------------------------------------
Cash and equivalents at                                                     
 end of period (note                                                        
 18A)                        2,430          2,336      2,430          2,336 
----------------------------------------------------------------------------
Less cash and                                                               
 equivalents of                                                             
 discontinued operations                                                    
 at end of period                8              -          8              - 
----------------------------------------------------------------------------
Cash and equivalents of                                                     
 continuing operations                                                      
 at end of period        $   2,422  $       2,336  $   2,422  $       2,336 
----------------------------------------------------------------------------
                                               
                             
The notes to these unaudited interim financial statements, which are        
contained in the Second 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)                                                                   
 (Unaudited)            As at June 30,  As at December 31,  As at January 1,
----------------------------------------------------------------------------
                                          2012 (restated -  2012 (restated -
                                  2013            note 2B)          note 2B)
----------------------------------------------------------------------------
ASSETS                                                                      
Current assets                                                              
 Cash and                                                                   
  equivalents (note                                                         
  18A)               $           2,422  $            2,097 $           2,749
 Accounts receivable               424                 449               426
 Inventories (note                                                          
  14)                            2,823               2,585             2,498
 Other current                                                              
  assets                           533                 626               876
----------------------------------------------------------------------------
Total current assets                                                        
 (excluding assets                                                          
 classified as held                                                         
 for sale)                       6,202               5,757             6,549
 Assets classified                                                          
  as held for sale                 551                   -                 -
----------------------------------------------------------------------------
Total current assets             6,753               5,757             6,549
                                                                            
Non-current assets                                                          
 Equity in investees                24                  20               341
 Other investments                  30                  78               161
 Property, plant and                                                        
  equipment (note                                                           
  15)                           23,082              29,277            29,076
 Goodwill (note 16)              6,478               8,837             9,626
 Intangible assets                 323                 453               569
 Deferred income tax                                                        
  assets                           483                 437               409
 Non-current portion                                                        
  of inventory (note                                                        
  14)                            1,542               1,555             1,153
 Other assets                    1,180               1,064             1,002
----------------------------------------------------------------------------
Total assets         $          39,895  $           47,478 $          48,886
----------------------------------------------------------------------------
LIABILITIES AND                                                             
 EQUITY                                                                     
Current liabilities                                                         
 Accounts payable    $           1,840  $            2,267 $           2,085
 Debt (note 18B)                 1,370               1,848               196
 Current income tax                                                         
  liabilities                      117                  41               306
 Other current                                                              
  liabilities                      367                 261               326
----------------------------------------------------------------------------
Total current                                                               
 liabilities                                                                
 (excluding                                                                 
 liabilities                                                                
 classified as held                                                         
 for sale)                       3,694               4,417             2,913
 Liabilities                                                                
  classified as held                                                        
  for sale                         129                   -                 -
----------------------------------------------------------------------------
Total current                                                               
 liabilities                     3,823               4,417             2,913
                                                                            
Non-current                                                                 
 liabilities                                                                
 Debt (note 18B)                14,423              12,095            13,173
 Provisions                      2,255               2,812             2,326
 Deferred income tax                                                        
  liabilities                    2,378               2,668             4,231
 Other liabilities                 945                 850               689
----------------------------------------------------------------------------
Total liabilities               23,824              22,842            23,332
----------------------------------------------------------------------------
Equity                                                                      
 Capital stock (note                                                        
  20)                           17,933              17,926            17,892
 Retained earnings                                                          
  (deficit)                     (4,839)              3,269             4,562
 Accumulated other                                                          
  comprehensive                                                             
  income                           113                 463               595
 Other                             314                 314               314
----------------------------------------------------------------------------
Total equity                                                                
 attributable to                                                            
 Barrick Gold                                                               
 Corporation                                                                
 shareholders                   13,521              21,972            23,363
 Non-controlling                                                            
  interests (note                                                           
  21)                            2,550               2,664             2,191
-------------------------------------------------
---------------------------
Total equity                    16,071              24,636            25,554
----------------------------------------------------------------------------
Contingencies and                                                           
 commitments (notes                                                         
 14, 15 and 22)                                                             
----------------------------------------------------------------------------
Total liabilities                                                           
 and equity          $          39,895  $           47,478 $          48,886
----------------------------------------------------------------------------
                                                                            
The notes to these unaudited interim financial statements, which are        
contained in the Second Quarter Report 2013 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 
(in millions of United      Common                                    other 
 States dollars)        Shares (in     Capital    Retained    comprehensive 
 (Unaudited)            thousands)       stock    earnings        income(1) 
----------------------------------------------------------------------------
At January 1, 2013                                                          
 (restated - note 2B)    1,001,108 $    17,926 $     3,269  $           463 
----------------------------------------------------------------------------
 Net income                      -           -      (7,708)               - 
 Total other                                                                
  comprehensive income                                                      
  (loss)                         -           -           -             (350)
----------------------------------------------------------------------------
 Total comprehensive                                                        
  income                         -           -      (7,708)            (350)
----------------------------------------------------------------------------
 Transactions with                                                          
  owners                                                                    
  Dividends                      -           -        (400)               - 
  Issued on exercise of                                                     
   stock options                44           1           -                - 
  Recognition of stock                                                      
   option expense                -           6           -                - 
  Funding from non-                                                         
   controlling interests         -           -           -                - 
  Other decrease in non-                                                    
   controlling interests         -           -           -                - 
----------------------------------------------------------------------------
 Total transactions with                                                    
  owners                        44           7        (400)               - 
----------------------------------------------------------------------------
At June 30, 2013         1,001,152 $    17,933 $    (4,839) $           113 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
At January 1, 2012                                                          
 (restated - note 2B)    1,000,423 $    17,892 $     4,562  $           595 
----------------------------------------------------------------------------
 Net income                      -           -       1,826                - 
 Total other                                                                
  comprehensive income           -           -           -             (108)
----------------------------------------------------------------------------
 Total comprehensive                                                        
  income                         -           -       1,826             (108)
----------------------------------------------------------------------------
 Transactions with                                                          
  owners                                                                    
  Dividends                      -           -        (350)               - 
  Issued on exercise of                                                     
   stock options               168           5           -                - 
  Recognition of stock                                                      
   option expense                -          10           -                - 
  Funding from non-                                                         
   controlling interests         -           -           -                - 
  Other decrease in non-                                                    
   controlling interests         -           -           -                - 
----------------------------------------------------------------------------
 Total transactions with                                                    
  owners                       168          15        (350)               - 
----------------------------------------------------------------------------
At June 30, 2012                                                            
 (restated - note 2B)    1,000,591 $    17,907 $     6,038  $           487 
----------------------------------------------------------------------------
 
Consolidated Statements of Changes in Equity                                
                                                                            
                                                                            
                        ----------------------------------------------------
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 January 1, 2013                                                          
 (restated - note 2B)    $      314 $       21,972  $       2,664  $ 24,636 
----------------------------------------------------------------------------
 Net income                       -         (7,708)          (132)   (7,840)
 Total other                                                                
  comprehensive income                                                      
  (loss)                          -           (350)             -      (350)
----------------------------------------------------------------------------
 Total comprehensive                             
                           
  income                          -         (8,058)          (132)   (8,190)
----------------------------------------------------------------------------
 Transactions with                                                          
  owners                                                                    
  Dividends                       -           (400)             -      (400)
  Issued on exercise of                                                     
   stock options                  -              1              -         1 
  Recognition of stock                                                      
   option expense                 -              6              -         6 
  Funding from non-                                                         
   controlling interests          -              -             32        32 
  Other decrease in non-                                                    
   controlling interests          -              -            (14)      (14)
----------------------------------------------------------------------------
 Total transactions with                                                    
  owners                          -           (393)            18      (375)
----------------------------------------------------------------------------
At June 30, 2013         $      314 $       13,521  $       2,550  $ 16,071 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
At January 1, 2012                                                          
 (restated - note 2B)    $      314 $       23,363  $       2,191  $ 25,554 
----------------------------------------------------------------------------
 Net income                       -          1,826             16     1,842 
 Total other                                                                
  comprehensive income            -           (108)             -      (108)
----------------------------------------------------------------------------
 Total comprehensive                                                        
  income                          -          1,718             16     1,734 
----------------------------------------------------------------------------
 Transactions with                                                          
  owners                                                                    
  Dividends                       -           (350)             -      (350)
  Issued on exercise of                                                     
   stock options                  -              5              -         5 
  Recognition of stock                                                      
   option expense                 -             10              -        10 
  Funding from non-                                                         
   controlling interests          -              -            258       258 
  Other decrease in non-                                                    
   controlling interests          -              -            (17)      (17)
----------------------------------------------------------------------------
 Total transactions with                                                    
  owners                          -           (335)           241       (94)
----------------------------------------------------------------------------
At June 30, 2012                                                            
 (restated - note 2B)    $      314 $       24,746  $       2,448  $ 27,194 
----------------------------------------------------------------------------
                                                                            
(1) Includes cumulative translation losses at June 30, 2013: $85 million    
    (June 30, 2012: $21 million).                                           
(2) Includes additional paid-in capital as at June 30, 2013: $276 million   
    (December 31, 2012: $276 million; June 30, 2012: $276 million) and      
    convertible borrowings - equity component as at June 30, 2013: $38      
    million (December 31, 2012: $38 million; June 30, 2012: $38 million).   
The notes to these unaudited interim financial statements, which are        
 contained in the Second 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, TD Canada Trust      c/o Canadian Stock Transfer Company  
 Tower                                  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 Fax: (416) 861-    or                                   
 0727                                                                       
Toll-free throughout North America:    American Stock Transfer & Trust      
 1-800-720-7415                         Company, LLC                        
Email: investor@barrick.com            6201 - 15 Avenue                     
Website: www.barrick.com               Brooklyn, NY   11219                 
                                       Tel: 1-800-387-0825                  
SHARES LISTED                          Toll-free throughout North America   
ABX - The New York Stock Exchange      Fax: 1-888-249-6189                  
The Toronto Stock Exchange             Email: inquiries@canstockta.com      
                                       Website: www.canstockta.com          

 
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION 
Certain information contained or incorporated by reference in this
Second Quarter Report 2013, 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", "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
developme
nt 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 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/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 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. 


 
(1)  Adjusted net earnings, adjusted net earnings per share, adjusted       
     operating cash flow, all-in sustaining costs per ounce, adjusted       
     operating 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. The World Gold Council's   
     adjusted operating cost measure was previously described as total cash 
     costs. See pages 45-48 of Barrick's Second Quarter 2013 Report.        
                                                                            
(2)  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.                                                          
                                                                            
(3)  All-in costs are a non-GAAP financial performance measure with no      
     standardized definition under IFRS. See pages 45-48 of Barrick's Second
     Quarter 2013 Report.                                                   
                                                                            
(4)  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.                                              
                                                                            
(5)  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.                                                   
                                                                            
(6)  Includes Pascua-Lama initial project capital plus infrastructure       
     capital.                                                               

Contacts:
INVESTOR CONTACT: Amy Schwalm
Vice President, Investor Relations
(416) 307-7422
aschwalm@barrick.com 
MEDIA CONTACT: Andy Lloyd
Vice President, Communications
(416) 307-7414
alloyd@barrick.com
 
 
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