Barrick Reports Fourth Quarter and Full Year 2013 Results

Barrick Reports Fourth Quarter and Full Year 2013 Results 
TORONTO, ONTARIO -- (Marketwired) -- 02/13/14 -- Barrick Gold
Corporation (NYSE:ABX)(TSX:ABX) (Barrick or the company) today
reported a fourth quarter net loss of $2.83 billion ($2.61 per
share), including after-tax impairment charges of $2.82 billion.
Adjusted net earnings were $0.41 billion ($0.37 per share). Operating
cash flow was $1.02 billion and adjusted operating cash flow was
$1.09 billion. 
For the full year 2013, Barrick reported a net loss of $10.37 billion
($10.14 per share), including after-tax impairment charges of $11.54
billion. Adjusted net earnings were $2.57 billion ($2.51 per share).
Operating cash flow of $4.24 billion and adjusted operating cash flow
of $4.36 billion reflect the underlying strength of the company's
high-quality mining operations. 


 
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OPERATING HIGHLIGHTS AND GUIDANCE                                           
                                              2013 Actuals                  
                                          --------------------              
                                              Fourth      Full          2014
Gold                                         Quarter      Year      Guidance
----------------------------------------------------------------------------
Production (000s of ounces)                    1,713     7,166   6,000-6,500
All-in sustaining costs ($ per ounce)            899       915       920-980
                                                                            
Copper                                                                      
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Production (millions of pounds)                  139       539       470-500
C1 cash costs ($ per pound)                     1.81      1.92     1.90-2.10
                                                                            
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TOTAL CAPITAL EXPENDITURES ($ millions)        1,294     5,000   2,400-2,700
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"The disciplined capital allocation framework that we adopt
ed in
mid-2012 has been at the core of every decision we've made in the
last year and half, and has put us in a much stronger position to
deal with the challenging gold price environment our industry is
facing today. Under a comprehensive plan to strengthen the company,
we have become a leaner, more agile organization, better protected
against further downside price risk and well positioned to take
advantage of attractive investment opportunities going forward," said
Jamie Sokalsky, Barrick's President and CEO. "We have increased our
focus on free cash flow and risk-adjusted returns, and successfully
executed on our key priorities, which include operational excellence,
a stronger balance sheet and the ongoing optimization of our asset
portfolio. This required decisive action, including the temporary
suspension of Pascua-Lama, and an even greater focus on generating
higher returns even if that means producing fewer ounces. These were
the right decisions for our shareholders and for the company, and we
are now seeing the tangible benefits of our efforts."  
Operational Excellence is a Top Priority  


 
--  Met improved gold and copper operating guidance for 2013 
--  Maintained the lowest all-in sustaining costs (AISC)(1) of our peer
    group in 2013 and expect to retain this position in 2014 
--  Significantly improved Lumwana's performance in 2013 and expect to
    reduce costs further in 2014 
-
-  Five core mines met expectations in 2013, producing about 4.0 million
    ounces or 55 percent of total production at AISC of $668 per ounce;
    these mines are expected to produce about 60 percent of total production
    in 2014 at AISC of $750-$800 per ounce 
--  Implemented a flatter, more streamlined organizational model that
    supports operational excellence; appointed Jim Gowans as Chief Operating
    Officer in December 2013, an experienced executive who brings four
    decades of global mining operations experience to Barrick 
--  Reduced 2013 general and administrative costs 
--  Targeting $500 million in annual cost savings from the new operating
    model, reduced procurement costs and other initiatives 

 
Strengthened Balance Sheet and Financial Flexibility 


 
--  Termed out $3.0 billion in debt in the second quarter of 2013 
--  Reduced 2013 capital and operating costs by about $2.0 billion 
--  Improved near-term cash flow through temporary suspension of Pascua-Lama
--  Raised $3.0 billion in a bought equity deal in the fourth quarter of
    2013 to repay debt, reducing maturities over the next four years to $1.0
    billion 

 
Continued Progress on Portfolio Optimization 


 
--  In the last six months, announced agreements to divest Barrick Energy,
    six high-cost, non-core mines and other assets for a total consideration
    of almost $1.0 billion 
--  Completed mine plans and reserve estimates using a conservative gold
    price assumption of $1,100 per ounce in order to prioritize profitable
    production and returns, while retaining the option to access the metal
    in the future when prices and returns improve 

 
"2013 was a tough year for Barrick by any measure, but with a renewed
focus on capital discipline and operational excellence across the
board, we have reset our focus and revitalized the company's
prospects," Mr. Sokalsky said. "We will not veer from this course,
which has delivered solid results, reduced costs and improved
financial flexibility." 
FINANCIAL DISCUSSION 
Fourth quarter 2013 adjusted net earnings were $0.41 billion ($0.37
per share)(1) compared to $1.16 billion ($1.16 per share) in the
prior-year period. The decrease reflects lower realized gold and
copper prices and a decline in gold and copper sales volumes. The net
loss for the fourth quarter was $2.83 billion ($2.61 per share)
compared to a net loss of $3.01 billion ($3.01 per share) in the
prior-year quarter. Significant adjusting items for the quarter
include: 


 
--  $2.82 billion in impairment charges, primarily related to Pascua-Lama,
    Porgera, Veladero and the Australia Pacific gold segment; and 
--  $176 million in suspension-related costs at Pascua-Lama. 

 
The company recorded an impairment charge for the Pascua-Lama project
of $896 million(2)
 due to the decision to temporarily suspend
construction in the fourth quarter. At the Porgera mine, the company
recorded an impairment charge of $595 million based on changes to the
mine plan to focus primarily on higher grade underground ore. As a
result, Porgera's estimated mine life has decreased from 13 years to
nine years. Lower gold price assumptions and the impact of sustained
inflationary pressures on operating and capital costs led to a
reduction of reserves and life-of-mine production at the Veladero
mine in Argentina, resulting in an impairment charge of $300 million.
At Jabal Sayid, the annual update to the life-of-mine plan showed a
decrease in net present value. In addition, the project's fair value
was impacted by a delay in first production. As a result, the company
recorded an impairment charge of $303 million. As part of its annual
goodwill impairment test, the company recognized a goodwill
impairment charge of $551 million for its Australia Pacific gold
segment, primarily related to the lower estimated fair value of
Porgera.  
Fourth quarter operating cash flow of $1.02 billion compares to $1.85
billion in the prior-year period. The decline reflects lower realized
gold and copper prices and increased income tax payments. Adjusted
operating cash flow of $1.09 billion(3) compares to $1.93 billion in
the prior-year period and removes the impact of foreign currency and
commodity derivative contract settlements.  
RESERVES AND RESOURCES 
Barrick calculated its reserves for 2013 using a conservative gold
price assumption of $1,100 per ounce, compared to $1,500 per ounce in
2012. While this is well below the company's outlook for the gold
price and below current spot prices, it reflects Barrick's focus on
producing profitable ounces with a solid rate of return and the
ability to generate free cash flow. Gold reserves declined to 104.1
million ounces(4) at the end of 2013 from 140.2 million ounces at the
end of 2012. Excluding ounces mined and processed in 2013 and
divestitures, all of these ounces have transferred to resources,
preserving the option to access them in the future at higher gold
prices.  
The 26 percent decline in reserves breaks down as follows
(approximations): 


 
Percentage                                                                  
----------------------------------------------------------------------------
13         - conservative gold price assumption of $1,100 per ounce         
6          - ounces mined and processed in 2013                             
4          - ounces that are economic at $1,100 per ounce, but do not meet  
           hurdle rates of return on invested capital                       
2          - ounces no longer economic due to increased costs               
2          - divestitures of non-core, high-cost mines as part of the       
           company's portfolio optimization strategy                        
(1)        - additions                                                      

 
Measured and indicated gold resources increased to 99.4 million
ounces at the end of 2013 from 83.0 million ounces at the end of
2012. Resources were calculated based on a gold price assumption of
$1,500 per ounce compared to $1,650 per ounce for 2012. Inferred gold
resources decreased to 31.9 million ounces at the end of 2013 from
35.6 million ounces at the end of 2012. 
Copper reserves increased slightly to 14.0 billion pounds based on a
copper price assumption of $3.00 per pound. Measured and indicated
copper resources decreased to 6.9 billion pounds from 10.3 billion
pounds at the end of 2012 based on a copper price assumption of $3.50
per pound, primarily as a result of further optimization of the
Lumwana mine plan. Inferred copper resources decreased to 0.2 billion
pounds from 0.5 billion pounds at the end of 2012.  
2014
 OUTLOOK  
Barrick's 2014 gold cost guidance is the lowest among senior
producers, with AISC expected to be $920-$980 per ounce and adjusted
operating costs projected to be $590-$640 per ounce.  
The company anticipates 2014 gold production of 6.0-6.5 million
ounces. Lower production in 2014 reflects the company's strategy to
maximize free cash flow and returns over ounces, the divestment of
high-cost, short-life mines, lower production from Cortez, and the
decision to close Pierina. These declines will be partially offset by
an increase in production at Pueblo Viejo.  
Detailed 2014 operating guidance, based on the company's new
operating model, and capital expenditure guidance is as follows: 


 
----------------------------------------------------------------------------
GOLD PRODUCTION AND COSTS                                                   
                              Production                      Adj. Operating
                            (millions of              AISC             Costs
                                 ounces)     ($ per ounce)     ($ per ounce)
----------------------------------------------------------------------------
Cortez                       0.925-0.975           750-780           350-380
Goldstrike                   0.865-0.915           920-950          
 600-640
Pueblo Viejo                 0.600-0.700           510-610           385-445
Lagunas Norte                0.570-0.610           640-680           390-430
Veladero                     0.650-0.700           940-990           620-670
----------------------------------------------------------------------------
Sub-total                    3.800-4.000           750-800           450-500
----------------------------------------------------------------------------
North America - Other        0.795-0.845       1,075-1,100           780-805
Australia Pacific            1.000-1.080       1,050-1,100           825-875
African Barrick Gold         0.480-0.510       1,100-1,175           740-790
----------------------------------------------------------------------------
Total Gold                6.000-6.500(5)           920-980           590-640
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
COPPER PRODUCTION AND COSTS                                                 
                            Production                              C3 fully
                          (millions of  C1 cash costs(6)  allocated costs(6)
                               pounds)     ($ per pound)       ($ per pound)
----------------------------------------------------------------------------
Total Copper                   470-500         1.90-2.10           2.50-2.75
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CAPITAL EXPENDITURES                                                        
                          ($ millions)                                      
----------------------------------------------------------------------------
Mine site sustaining       2,000-2,200                                      
Mine site expansion            300-375                                      
Projects                       100-125                                      
----------------------------------------------------------------------------
Total                      2,400-2,700                                      
----------------------------------------------------------------------------

 
Total capital expenditures are expected to decrease by approximately
50 percent in 2014 to $2.40-$2.70 billion, a reduction of
approximately $2.5 billion compared to 2013. The lower expenditures
reflect the temporary suspension of construction at Pascua-Lama and
lower mine site sustaining and expansion capital requirements. The
2014 exploration budget of $200-$240 million(7) remains focused on
high quality, priority projects. About 50 percent of the budget is
allocated to Nevada, the majority of which is targeted for the
Goldrush project, where measured and indicated resources increased by
1.6 million ounces to 10.0 million ounces at the end of 2013.
Inferred resources at Goldrush were 5.6 million ounces at the end of
2013. 
The company anticipates higher finance costs of $800-$825 million in
2014 as a result of the decision to temporarily suspend Pascua-Lama,
where interest will no longer be capitalized.  
Barrick's effective income tax rate in 2014 is expected to be about
50 percent based on an average gold price of $1,300 per ounce. Please
refer to the Management Discussion and Analysis for a full
description of factors impacting the company's 2014 income tax rate. 
PASCUA-LAMA UPDATE 
During the fourth quarter of 2013, Barrick announced the temporary
suspension of construction at its Pascua-Lama project, except for
those activities required for environmental and regulatory
compliance. The ramp-down is on schedule for completion by mid-2014.
The company expects to incur costs of about $300 million(8) this year
for the ramp-down and environmental and social obligations. A
decision to restart development will depend on improved economics and
reduced uncertainty related to legal and regulatory requirements.
Remaining development will take place in distinct stages with
specific work programs and budgets. This approach will facilitate
more efficient planning and execution and improved cost control. In
the interim, Barrick will explore opportunities to improve the
project's risk-adjusted returns, including strategic partnerships or
royalty and other income streaming agreements. The company will
preserve the option to resume development of this asset, which has a
mine life of 25 years.  
CORPORATE GOVERNANCE AND EXECUTIVE COMPENSATION 
In December, 2013, Barrick announced that its Founder and Chairman,
Peter Munk, would retire as Chairman and step down from the Board of
Directors at the company's 2014 Annual General Meeting (AGM). John
Thornton, currently Co-Chairman, will become Chairman following the
2014 AGM.  
In addition, Howard Beck and Brian Mulroney will not stand for
re-election as Directors at the 2014 AGM. The Board has nominated
four new Independent Directors to stand for election at the company's
upcoming AGM: Ned Goodman, Nancy Lockhart, David Naylor and Ernie
Thrasher.  
Barrick also announced it will implement a new executive compensation
plan in 2014 that is fully aligned with the principle of
pay-for-performance, and further links compensation with the
long-term interests of shareholders. The company has consulted
extensively with shareholders in the development of this plan and
continues to do so. Details will be announced in the management proxy
circular prior to the AGM. 
OPERATING RESULTS DISCUSSION 
Cortez 
The Cortez mine produced 0.24 million ounces at AISC of $498 per
ounce in the fourth quarter. Even with lower production anticipated
in 2014, Cortez remains one of the largest and most attractive gold
assets in the world, and a cornerstone operation for Barrick. As
anticipated in the mine plan, production this year is expected to be
0.925-0.975 million ounces, primarily due to a decrease in ore
grades. AISC are expected to increase to $750-$780 per ounce in 2014
as a result of lower production and higher sustaining capital related
to waste stripping for the Cortez Hills open pit.  
Goldstrike 
In the fourth quarter, Goldstrike produced 0.24 million ounces at
AISC of $770 per ounce. The autoclave facility is undergoing
modifications that will enable Golds
trike to bring forward about 4.0
million ounces of production. The total construction cost for this
project is $585 million. Expansion capital expenditures related to
the project are expected to be $245 million in 2014. First production
from the modified autoclaves is anticipated in the fourth quarter of
2014. The modified autoclaves are expected to contribute about
0.350-0.450 million ounces of annual production in their first full
five years of operation. Goldstrike is expected to produce
0.865-0.915 million ounces in 2014 at AISC of $920-$950 per ounce.
Production is anticipated to increase to above 1.0 million ounces in
2015 with a full year of operations from the modified autoclaves(9). 
Pueblo Viejo  
Barrick's 60 percent share of production from Pueblo Viejo in the
fourth quarter was 0.16 million ounces at AISC of $720 per ounce. The
mine is expected to reach full capacity in the first half of 2014
following completion of modifications to the lime circuit. Barrick's
share of production in 2014 is expected to be 0.600-0.700 million
ounces at AISC of $510-$610 per ounce. The lower anticipated AISC are
based on higher production, higher by-product credits and lower power
costs following the commissioning of the 215 megawatt power plant in
the third quarter of 2013. 
Lagunas Norte  
Lagunas Norte produced 0.20 million ounces at AISC of $613 per ounce
in the fourth quarter. In 2014, the mine is expected to produce
0.570-0.610 million ounces, processing more ore tons at lower grades
compared to 2013. The increase in ore tons is mainly due to higher
fleet availability following the transfer of equipment from the
Pierina mine. Anticipated AISC of $640-$680 per ounce in 2014
primarily reflect higher fuel and labor costs related to the increase
in tonnage, and an increase in power costs due to a full year of
operations at the carbon-in-column plant. 
Veladero 
Veladero produced 0.14 million ounces at AISC of $969 per ounce in
the fourth quarter. Veladero is anticipated to produce 0.650-0.700
million ounces in 2014, reflecting increased recovery of leached
ounces and higher grades from the Argenta and Filo Federico pits(10).
Higher expected AISC of $940-$990 per ounce in 2014 are primarily
impacted by lower silver by-product credits, local inflation and the
foreign exchange rate of the Argentine peso. 
North America - Other 
Barrick's other North American mines consist of Bald Mountain, Round
Mountain, Turquoise Ridge, Golden Sunlight, Ruby Hill and Hemlo. This
segment produced 0.23 million ounces in the fourth quarter at AISC of
$1,195 per ounce and is anticipated to produce 0.795-0.845 million
ounces in 2014 at AISC of $1,075-$1,100 per ounce. 
Australia Pacific  
Australia Pacific produced 0.36 million ounces at AISC of $966 per
ounce in the fourth quarter. Porgera contributed 0.13 million ounces
at AISC of $1,350 per ounce. Due to the sale of four mines and the
announced divestiture of Kanowna, 2014 production is expected to
decline to 1.000-1.080 million ounces in 2014. AISC in 2014 are
expected to increase to $1,050-$1,100 per ounce, primarily due to
expensing of waste removal costs at Porgera, and higher open pit
mining costs at Cowal and Kalgoorlie.  
African Barrick Gold (ABG) 
Fourth quarter attributable production from ABG was 0.12 million
ounces at AISC of $1,171 per ounce. Full year attributable production
for 2014 is expected to be 0.480-0.510 million ounces at AISC of
$1,100-$1,175 per ounce. Production in 2014 is anticipated to be
higher than 2013 due to higher grades at Bulyanhulu and Buzwagi, as
well as the commissioning of the new carbon-in-leach plant at
Bulyanhulu, which is scheduled to commence production in May. The
improved cost outlook reflects the impact of ABG's operational
review, lower sustaining capital costs and reduced corporate overhead
costs. 
Global Copper 
Copper production in the fourth quarter was 139 million pounds at C1
cash costs of $1.81 per pound and C3 fully allocated costs of $2.33
per pound. Lumwana contributed 67 million pounds at C1 cash costs of
$2.04 per pound. Production at Lumwana in 2014 is expected to be
similar to 2013 at slightly lower C1 cash costs. The mine is pursuing
a number of initiatives to further improve on cost reductions
achieved to date. 
The Zaldivar mine produced 72 million pounds in the fourth quarter at
C1 cash costs of $1.62 per pound. Production at Zaldivar is
anticipated to decrease in 2014 with fewer ore tons mined and
processed in line with the mine plan. Production will also be
impacted by lower recoveries as the mine processes a higher
percentage of secondary sulfide material. C1 cash costs are expected
to increase as a result of the impact of lower production on unit
costs. 


 
(1)  All-in sustaining costs per ounce, adjusted net earnings and adjusted  
     net earnings per share are non-GAAP financial performance measures. See
     pages 63-72 of Barrick's Fourth Quarter 2013 Report.                   
(2)  $5.1 billion in after-tax impairment charges for Pascua-Lama were      
     recorded in the second quarter of 2013, mainly driven by declining     
     metal prices.                                                          
(3)  Adjusted operating cash flow is a non-GAAP financial performance       
     measure.  See pages 63-72 of Barrick's Fourth Quarter 2013 report.     
(4)  Calculated in accordance with National Instrument 43-101 as required by
     Canadian securities regulatory authorities. For a breakdown, see pages 
     155-160 of Barrick's Fourth Quarter 2013 Report.                       
(5)  Operating unit guidance ranges reflect expectations at each individual 
     operating unit, but do not add up to corporate-wide guidance range     
     total.                                                                 
(6)  C1 cash costs per pound and C3 fully allocated costs per pound are non-
     GAAP financial performance measures. See pages 63-72 of Barrick's      
     Fourth Quarter 2013 Report.                                            
(7)  15% expected to be capitalized. Barrick's exploration programs are     
     designed and conducted under the supervision of Robert Krcmarov, Senior
     Vice President, Global Exploration of Barrick.                         
(8)  About 25% is expected to be capitalized. Actual expenditures will be   
     dependent on a number of factors, including environmental and          
     regulatory requirements.                                               
(9)  Actual results will vary depending on how the ramp-up progresses.      
(10) Guidance for Veladero in 2014 assumes the receipt of necessary permit  
     amendments. See page 26 of the MD&A.                                   
                                                                            
Key Statistics                                                              
Barrick Gold Corporation                                                    
(in United States           Three months ended          Twelve months ended 
 dollars)                         December 31,                 December 31, 
                     -------------------------------------------------------
                                          2012                         2012 
(Unaudited)               2013   (restated)(8)         2013   (restated)(8) 
----------------------------------------------------------------------------
Operating Results                                                           
Gold production                                                             
 (thousands of                                                              
 ounces)(1)              1,713           2,019        7,166           7,421 
Gold sold (thousands                                                        
 of ounces)(1)           1,829           2
,027        7,174           7,292 
Per ounce data                                                              
  Average spot gold                                                         
   price             $   1,276  $        1,722  $     1,411  $        1,669 
  Average realized                                                          
   gold price(2)         1,272           1,714        1,407           1,669 
  Adjusted operating                                                        
   costs(2)                573             547          566             563 
  All-in sustaining                                                         
   costs(2)                899           1,048          915           1,014 
  All-in costs(2)        1,317           1,433        1,282           1,404 
  Adjusted operating                                                        
   costs (on a co-                                                          
   product basis)(2)       592             564          589             580 
  All-in sustaining                                                         
   costs (on a co-                                                          
   product basis)(2)       918           1,065          938           1,031 
  All-in costs (on a                                                        
   co-product                                                               
   basis)(2)             1,336           1,450        1,305           1,421 
Copper production                                                           
 (millions of pounds)      139             130          539             468 
Copper sold (millions                                                       
 of pounds)                134             154          519             472 
Per pound data                                                              
  Average spot copper                                                       
   price             $    3.24  $         3.59  $      3.32  $         3.61 
  Average realized                                                          
   copper price(2)        3.34            3.54         3.39            3.57 
  C1 cash costs(2)        1.81            1.93         1.92            2.05 
  Depreciation(3)         0.37            0.48         0.35            0.54 
  Other(4)                0.15            0.52         0.15            0.26 
  C3 fully allocated                                                        
   costs(2)               2.33            2.93         2.42            2.85 
----------------------------------------------------------------------------
Financial Results                                                           
 (millions)                                                                 
Revenues             $   2,926  $        4,149  $    12,511  $       14,394 
Net loss(5)             (2,830)         (3,013)     (10,366)           (538)
Adjusted net                                                                
 earnings(2)               406           1,157        2,569           3,954 
Operating cash flow      1,016           1,845        4,239           5,983 
Adjusted operating                                                          
 cash flow(2)            1,085           1,925        4,359           5,700 
Per Share Data                                                              
 (dollars)                                                                  
  Net loss (basic)       (2.61)          (3.01)      (10.14)          (0.54)
  Adjusted net                                                              
   earnings                                                                 
   (basic)(2)             0.37            1.16         2.51            3.95 
  Net loss (diluted)     (2.61)          (3.01)      (10.14)          (0.54)
Weighted average                                                            
 basic common shares                                                        
 (millions)(6)           1,085           1,001        1,022           1,001 
Weighted average                                                            
 diluted common                                                             
 shares                                                                     
 (millions)(6,7)         1,085           1,001        1,022           1,001 
----------------------------------------------------------------------------
                                                      As at           As at 
                                               December 31,    December 31, 
                                               -----------------------------
                                                                       2012 
                                                       2013   (restated)(8) 
----------------------------------------------------------------------------
Financial Position                                                          
 (millions)                                                                 
Cash and equivalents                            $     2,404  $        2,097 
Non-cash working                                                            
 capital                                              3,060           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 ("ABG") on a 73.9% basis  
    and Pueblo Viejo on a 60% basis, both of which reflect our equity share 
    of production. Also includes production from Yilgarn South up to        
    September 30, 2013, the effective date of sale of Yilgarn South assets. 
    Sales includes our equity share of gold sales from ABG and Pueblo Viejo.
(2) Realized price, adjusted operating costs, all-in sustaining costs, all- 
    in costs, adjusted operating costs (on a co-product basis), all-in      
    sustaining costs (on a co-product basis), all-in costs (on a co-product 
    basis), C1 cash costs, C3 fully allocated costs, adjusted net earnings  
    and 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 loss represents net loss attributable to the equity holders of the  
    Company.
                                                                
(6) Reflects 163.5 million shares issued on November 14, 2013.              
(7) Fully diluted includes dilutive effect of stock options.                
(8) Balances related to 2012 have been restated to reflect the impact of the
    adoption of new accounting pronouncements. See note 2y of the           
    consolidated financial statements.                                      

 
Production and Cost Summary 


 
                                                                     
                       Gold Production (attributable ounces) (000's) 
                       --------------------------------------------- 
                           Three months ended    Twelve months ended 
                                 December 31,           December 31, 
                       ---------------------- ---------------------- 
(Unaudited)                2013          2012     2013          2012 
--------------------------------------------- ---------------------- 
Gold                                                                 
  Goldstrike                242           330      892         1,174 
  Cortez                    244           346    1,337         1,370 
  Pueblo Viejo(1)           157            65      488            67 
  Lagunas Norte             195           214      606           754 
  Veladero                  142           222      641           766 
  North America - Other     231           215      858           883 
  Australia Pacific(2)      364           470    1,773         1,822 
  African Barrick                                                    
   Gold(3)                  122           134      474           463 
  Other(4)                   16            23       97           122 
---------------------------------------------------------------------
Total                     1,713         2,019    7,166         7,421 
---------------------------------------------------------------------
 
                                                                            
                                 All-in sustaining costs(5) ($/oz)          
                       -----------------------------------------------------
                               Three months ended        Twelve months ended
                                     December 31,               December 31,
                       -------------------------- --------------------------
(Unaudited)                  2013            2012       2013            2012
------------------------------------------------- --------------------------
Gold                                                                        
  Goldstrike            $     770 $           708  $     901 $           802
  Cortez                      498             649        433             608
  Pueblo Viejo(1)             720               -        735               -
  Lagunas Norte               613             557        627             565
  Veladero                    969             811        833             760
  North America - Other     1,195           1,273      1,235           1,181
  Australia Pacific(2)        966           1,217        994           1,128
  African Barrick                                                           
   Gold(3)                  1,171           1,675      1,362           1,585
  Other(4)                     57             133         65             112
----------------------------------------------------------------------------
Total                   $     899 $         1,048  $     915 $         1,014
----------------------------------------------------------------------------
 

 
                                                                         
                                 Copper Production (attributable pounds) 
                                                              (millions) 
                       ------------------------------------------------- 
                             Three months ended      Twelve months ended 
                                   December 31,             December 31, 
                       ------------------------ ------------------------ 
(Unaudited)                  2013          2012       2013          2012 
-------------------------------------------------------------------------
Total                         139           130        539           468 
-------------------------------------------------------------------------
 
                                                                            
                                        C1 Cash Costs(5)($/lb)              
                       -----------------------------------------------------
                               Three months ended        Twelve months ended
                                     December 31,               December 31,
                       -------------------------- --------------------------
                              
               2012                       2012
(Unaudited)                  2013   (restated)(8)       2013   (restated)(8)
----------------------------------------------------------------------------
Total                   $    1.81 $          1.93  $    1.92 $          2.05
----------------------------------------------------------------------------
                                                                            
                                Total Gold Production Costs ($/oz)          
                     -------------------------------------------------------
                             Three months ended         Twelve months ended 
                                   December 31,                December 31, 
                     --------------------------- ---------------------------
                                           2012                        2012 
(Unaudited)               2013    (restated)(8)       2013    (restated)(8) 
------------------------------------------------ ---------------------------
  Direct mining costs                                                       
   before impact of                                                         
   hedges at market                                                         
   foreign exchange                                                         
   rates              $    597  $           586   $    604  $           599 
  Gains realized on                                                         
   currency hedge and                                                       
   commodity                                                                
   hedge/economic                                                           
   hedge contracts         (34)             (58)       (41)             (51)
  Other(6)                   -              (12)        (8)             (12)
  By-product credits       (19)             (17)       (23)             (17)
  Royalties                 29               48         34               44 
----------------------------------------------------------------------------
Adjusted operating                                                          
 costs(5)                  573              547        566              563 
  Depreciation             146              207        190              192 
  Other(6)                   -               12          8               12 
----------------------------------------------------------------------------
Total production                                                            
 costs                $    719  $           766   $    764  $           767 
----------------------------------------------------------------------------
Adjusted operating                                                          
 costs(5)             $    573  $           547   $    566  $           563 
  General &                                                                 
   administrative                                                           
   costs                    34               61         42               60 
  Rehabilitation -                                                          
   accretion and                                                            
   amortization             17               17         19               18 
  Mine on-site                                                              
   exploration and                                                          
   evaluation costs          9               17          8               16 
  Mine development                                                          
   expenditures            129              174        154              168 
  Sustaining capital                                                        
   expenditures            137              232        126              189 
----------------------------------------------------------------------------
All-in sustaining                                                     
      
 costs(5)             $    899  $         1,048   $    915  $         1,014 
----------------------------------------------------------------------------
All-in costs(5)       $  1,317  $         1,433   $  1,282  $         1,404 
----------------------------------------------------------------------------
                                                                            
                               Total Copper Production Costs ($/lb)         
                     -------------------------------------------------------
                             Three months ended         Twelve months ended 
                                   December 31,                December 31, 
                     --------------------------- ---------------------------
                                           2012                        2012 
(Unaudited)               2013    (restated)(8)       2013    (restated)(8) 
------------------------------------------------ ---------------------------
C1 cash costs(5)      $   1.81  $          1.93   $   1.92  $          2.05 
Depreciation              0.37             0.48       0.35             0.54 
Other(7)                  0.15             0.52       0.15             0.26 
----------------------------------------------------------------------------
C3 fully allocated                                                          
 costs(5)             $   2.33  $          2.93   $   2.42  $          2.85 
----------------------------------------------------------------------------
(1) All-in sustaining costs for 2012 for Pueblo Viejo is nil as commercial  
    production was not achieved until January 2013.                         
(2) Reflects Yilgarn South up to September 30, 2013, the effective date of  
    sale of Yilgarn South assets.                                           
(3) Figures relating to African Barrick Gold are presented on a 73.9% basis,
    which reflects our equity share of production.                          
(4) Production figures include Pierina and our equity share of gold         
    production at Highland Gold up to April 26, 2012, the effective date of 
    our sale of Highland Gold. All-in sustaining costs include Pierina and  
    other general and administrative costs divided by equity ounces of gold 
    sold.                                                                   
(5) 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.           
(6) Represents the Barrick Energy gross margin divided by equity ounces of  
    gold sold.                                                              
(7) For a breakdown, see reconciliation of cost of sales to C1 cash costs   
    and C3 fully allocated costs per pound in the Non-Gaap Financial        
    Performance Measures section of the Company's MD&A.                     
(8) Balances related to 2012 have been restated to reflect the impact of the
    adoption of new accounting pronouncements. See note 2y of the           
    consolidated financial statements.                                      

 
Consolidated Statements of Income 


 
Barrick Gold Corporation                                                    
                                                                            
For the years ended December 31 (in millions            2013           2012 
 of United States dollars, except per share                     (restated - 
 data)                                                             note 2y) 
----------------------------------------------------------------------------
Revenue (notes 5 and 6)                        $      12,511  $      14,394 
----------------------------------------------------------------------------
Costs and expenses                                         
                 
Cost of sales (notes 5 and 7)                          7,243          7,257 
General and administrative expenses (note 10)            390            503 
Exploration and evaluation (notes 5 and 8)               208            359 
Other expense (income) (note 9a)                         878            303 
Impairment charges (note 9b)                          12,687          6,294 
Loss from equity investees (note 15a)                      -             12 
Gain on non-hedge derivatives (note 24e)                 (76)           (31)
----------------------------------------------------------------------------
Loss before finance items and income taxes            (8,819)          (303)
Finance items                                                               
Finance income                                             9             11 
Finance costs (note 13)                                 (657)          (174)
----------------------------------------------------------------------------
Loss before income taxes                              (9,467)          (466)
Income tax (expense) recovery (note 11)                 (630)           102 
----------------------------------------------------------------------------
Loss from continuing operations                      (10,097)          (364)
Loss from discontinued operations (note 4b)             (506)          (185)
----------------------------------------------------------------------------
Net loss                                       $     (10,603) $        (549)
----------------------------------------------------------------------------
Attributable to:                                                            
Equity holders of Barrick Gold Corporation     $    (10,366)  $        (538)
Non-controlling interests (note 31)            $       (237)  $         (11)
----------------------------------------------------------------------------
                                                                            
Earnings per share data attributable to the                                 
 equity holders of Barrick Gold Corporation                                 
 (note 12)                                                                  
Loss from continuing operations                                             
  Basic                                        $       (9.65) $       (0.35)
  Diluted                                      $       (9.65) $       (0.35)
----------------------------------------------------------------------------
Loss from discontinued operations                                           
  Basic                                        $       (0.49) $       (0.19)
  Diluted                                      $       (0.49) $       (0.19)
----------------------------------------------------------------------------
Net loss                                                                    
  Basic                                        $      (10.14) $       (0.54)
  Diluted                                      $      (10.14) $       (0.54)
----------------------------------------------------------------------------

 
The notes to these unaudited consolidated financial statements, which
are contained in the Fourth quarter and Year-end report, available on
our website, are an integral part of these consolidated financial
statements. 
Consolidated Statements of Comprehensive Income 


 
Barrick Gold Corporation                                                    
                                                                            
                                                        2013           2012 
For the years ended December 31 (in millions                    (restated - 
 of United States dollars)                                         note 2y) 
----------------------------------------------------------------------------
Net loss                                       $     (10,603) $        (549)
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 $6, $6                                            (68)           (37)
  Realized (gains) losses and impairments on                                
   AFS financial securities, net of tax ($3),                               
   ($6)                                                   17             34 
  Unrealized gains (losses) on derivative                                   
   investments designated as cash flow hedges,                              
   net of tax ($7), ($20)                                (63)           167 
  Realized (gains) losses on derivative                                     
   investments designated as cash flow hedges,                              
   net of tax $73, $96                                  (325)          (331)
  Currency translation adjustments gain                                     
   (loss), net of tax $nil, $nil                         (93)            35 
Items that will not be reclassified to profit                               
 or loss:                                                                   
  Remeasurement gains (losses) of post-                                     
   employment benefit obligations, net of tax                               
   ($13), $3                                              24             (5)
----------------------------------------------------------------------------
Total other comprehensive loss                          (508)          (137)
----------------------------------------------------------------------------
Total comprehensive loss                       $     (11,111) $ 
       (686)
----------------------------------------------------------------------------
Attributable to:                                                            
Equity holders of Barrick Gold Corporation                                  
  Continuing operations                        $     (10,337) $        (525)
  Discontinued operations                      $        (537) $        (149)
Non-controlling interests                      $        (237) $         (12)
----------------------------------------------------------------------------

 
The notes to these unaudited consolidated financial statements, which
are contained in the Fourth quarter and Year-end report, available on
our website, are an integral part of these consolidated financial
statements. 
Consolidated Statements of Cash Flow 


 
Barrick Gold Corporation                                                    
                                                                            
                                                        2013           2012 
For the years ended December 31 (in millions                    (restated - 
 of United States dollars)                                         note 2y) 
----------------------------------------------------------------------------
OPERATING ACTIVITIES                                                        
Net loss                                       $     (10,097) $        (364)
Adjustments for the following items:                                        
  Depreciation                                         1,732          1,651 
  Finance costs (excludes accretion)                     589            121 
  Impairment charges (note 9b)                        12,687          6,294 
  Income tax expense (recovery) (note 11)                630           (102)
  Increase in inventory                                 (352)          (360)
  Proceeds from settlement of hedge contracts            219            450 
  Gain on non-hedge derivatives (note 24e)               (76)           (31)
  Gain on sale of long-lived                                                
   assets/investments                                    (41)           (18)
  Other operating activities (note 14a)                  669           (283)
----------------------------------------------------------------------------
Operating cash flows before interest and                                    
 income taxes                                          5,960          7,358 
Interest paid                                           (662)          (118)
Income taxes paid                                     (1,109)        (1,459)
----------------------------------------------------------------------------
Net cash provided by operating activities from                              
 continuing operations                                 4,189          5,781 
----------------------------------------------------------------------------
Net cash provided by operating activities from                              
 discontinued operations                                  50            202 
----------------------------------------------------------------------------
Net cash provided by operating activities              4,239          5,983 
----------------------------------------------------------------------------
INVESTING ACTIVITIES                                                        
Property, plant and equipment                                               
  Capital expenditures (note 5)                       (5,501)        (6,773)
  Sales proceeds                                          50             18 
Acquisitions                                               -            (37)
Divestitures (note 4)                                    522              - 
Investment sales                                          18            168 
Other investing activities (note 14b)                   (262)          (311)
----------------------------------------------------------------------------
Net cash used in investing activities from                                  
 continuing operations                                (5,173)        (6,935)
----------------------------------------------------------------------------
Net cash used in investing activities from                                  
 discontinued operations                                 (64)          (130)
----------------------------------------------------------------------------
Net cash used in investing activities                 (5,237)        (7,065)
----------------------------------------------------------------------------
FINANCING ACTIVITIES                                                        
Capital stock                                                               
  Proceeds on exercise of stock options                    1             18 
  Proceeds on common share offering (note 30)          2,910              - 
Debt (note 24b)                                                             
  Proceeds                                             5,414          2,000 
  Repayments                                          (6,412)        (1,393)
Dividends (note 30)                                     (508)          (750)
Funding from non-controlling interests (note                                
 31)                                                      55            505 
Deposit on silver sale agreement (note 28)                 -            137 
Other financing activities (note 14c)                   (118)           (25)
----------------------------------------------------------------------------
Net cash provided by financing activities from                              
 continuing operations                                 1,342            492 
----------------------------------------------------------------------------
Net cash used in financing activities from                                  
 discontinued operations                                   -            (69)
--
--------------------------------------------------------------------------
Net cash provided by financing activities              1,342            423 
----------------------------------------------------------------------------
Effect of exchange rate changes on cash and                                 
 equivalents                                             (17)             7 
----------------------------------------------------------------------------
Net increase (decrease) in cash and                                         
 equivalents                                             327           (652)
Cash and equivalents at beginning of year                                   
 (note 24a)                                            2,097          2,749 
----------------------------------------------------------------------------
Cash and equivalents at the end of year (note                               
 24a)                                          $       2,424  $       2,097 
----------------------------------------------------------------------------
Less cash and equivalents of assets classified                              
 as held for sale at the end of year                      20              - 
----------------------------------------------------------------------------
Cash and equivalents excluding assets                                       
 classified as held for sale at the end of                                  
 year                                          $       2,404  $       2,097 
----------------------------------------------------------------------------

 
The notes to these unaudited consolidated financial statements, which
are contained in the Fourth quarter and Year-end report, available on
our website, are an integral part of these consolidated financial
statements. 
Consolidated Balance Sheets 


 
Barrick Gold Corporation                                                    
                                                       As at     
      As at
                                                December 31,      January 1,
                                      As at             2012            2012
(in millions of United         December 31,      (restated -     (restated -
 States dollars)                       2013         note 2y)        note 2y)
----------------------------------------------------------------------------
ASSETS                                                                      
Current assets                                                              
  Cash and equivalents                                                      
   (note 24a)               $         2,404  $         2,097 $         2,749
  Accounts receivable (note                                                 
   17)                                  385              449             426
  Inventories (note 16)               2,679            2,585           2,498
  Other current assets                                                      
   (note 17)                            421              626             876
----------------------------------------------------------------------------
Total current assets                                                        
 (excluding assets                                                          
 classified as held for                                                     
 sale)                                5,889            5,757           6,549
  Assets classified as held                                                 
   for sale                             323                -               -
----------------------------------------------------------------------------
Total current assets                  6,212            5,757           6,549
                                                                            
Non-current assets                                                          
  Equity in investees (note                                                 
   15a)                                  27               20             341
  Other investments (note                                                   
   15b)                                 120               78             161
  Property, plant and                                                       
   equipment (note 18)               21,688           29,277          29,076
  Goodwill (note 19a)                 5,835            8,837           9,626
  Intangible assets (note                                                   
   19b)                                 320              453             569
  Deferred income tax                                                       
   assets (note 29)                     501              437             409
  Non-current portion of                                                    
   inventory (note 16)                1,679            1,555           1,153
  Other assets (note 21)              1,066            1,064           1,002
----------------------------------------------------------------------------
Total assets                $        37,448  $        47,478 $        48,886
----------------------------------------------------------------------------
LIABILITIES AND EQUITY                                                      
Current liabilities                                                         
  Accounts payable (note                                                    
   22)                                2,165            2,267           2,085
  Debt (note 24b)                       179            1,848             196
  Current income tax                                                        
   liabilities                           75               41             306
  Other current liabilities                                                 
   (note 23)                            303              261             326
----------------------------------------------------------------------------
Total current liabilities                                                   
 (excluding liabilities                                                     
 classified as held for                                                     
 sale)                                2,722            4,417           2,913
  Liabilities classified as                                                 
   held for sale                        162                -               -
----------------------------------------------------------------------------
Total current liabilities             2,884            4,417           2,913
                                                                            
Non-current liabilities                                                     
  Debt (note 24b)                    12,901           12,095          13,173
  Provisions (note 26)                2,428            2,812           2,326
  Deferred income tax                                                       
   liabilities (note 29)              2,258            2,668           4,231
  Other liabilities (note                                                   
   28)                                  976              850             689
----------------------------------------------------------------------------
Total liabilities                    21,447           22,842          23,332
----------------------------------------------------------------------------
Equity                                                                      
Capital stock (note 30)              20,869           17,926          17,892
Retained earnings (deficit)          (7,581)           3,269           4,562
Accumulated other                                                           
 comprehensive income                   (69)             463             595
Other                                   314              314             314
----------------------------------------------------------------------------
Total equity attributable                                                   
 to Barrick Gold                                                            
 Corporation shareholders            13,533           21,972          23,363
  Non-controlling interests                                                 
   (note 31)                          2,468            2,664           2,191
----------------------------------------------------------------------------
Total equity                         16,001           24,636          25,554
----------------------------------------------------------------------------
Contingencies and                                                           
 commitments (notes 16, 18                                                  
 and 35)                                                                    
----------------------------------------------------------------------------
Total liabilities and                                                       
 equity                     $        37,448  $        47,478 $        48,886
----------------------------------------------------------------------------

 
The notes to these unaudited consolidated financial statements, which
are contained in the Fourth quarter and Year-end report, available on
our website, are an integral part of these consolidated financial
statements. 
Consolidated Statements of Changes in Equity 


 
                                  ------------------------------------------
Barrick Gold                         Attributable to equity holders of the  
 Corporation                                        company                 
----------------------------------------------------------------------------
                                                                Accumulated 
                                                                      other 
(in millions of             Common                            comprehensive 
 United States          Shares (in    Capital      Retained          income 
 dollars)      
         thousands)      stock      earnings       (loss)(1) 
----------------------------------------------------------------------------
At January 1, 2013                                                          
 (restated - note 2y)    1,001,108 $   17,926 $       3,269  $          463 
----------------------------------------------------------------------------
  Net loss                       -          -       (10,366)              - 
  Total other                                                               
   comprehensive                                                            
   income (loss)                 -          -            24            (532)
----------------------------------------------------------------------------
  Total comprehensive                                                       
   loss                          - $        - $     (10,342) $         (532)
----------------------------------------------------------------------------
  Transactions with                                                         
   owners                                                                   
    Dividends                    -          -          (508)              - 
    Issued on public                                                        
     equity offering       163,500      2,934             -               - 
    Issued on                                                               
     exercise of                                                            
     stock options              44          1             -               - 
    Recognition of                                                          
     stock option                                                           
     expense                     -          8             -               - 
    Funding from non-                                                       
     controlling                                                            
     interests                   -          -             -               - 
    Other decrease in                                                       
     non-controlling                                                        
     interests                   -          -             -               - 
----------------------------------------------------------------------------
  Total transactions                                                        
   with owners             163,544 $    2,943 $        (508) $            - 
----------------------------------------------------------------------------
At December 31, 2013     1,164,652 $   20,869 $      (7,581) $          (69)
----------------------------------------------------------------------------
                                                                            
At January 1, 2012                                                          
 (restated - note 2y)    1,000,423 $   17,892 $       4,562  $          595 
----------------------------------------------------------------------------
  Net loss                       -          -          (538)              - 
  Total other                                                               
   comprehensive loss            -          -            (5)           (132)
----------------------------------------------------------------------------
  Total comprehensive                                                       
   loss                          - $        - $        (543) $         (132)
----------------------------------------------------------------------------
  Transactions with                                                         
   owners                                                                   
    Dividends                    -          -          (750)              - 
    Issued on                                                               
     exercise of                                                            
     stock options             685         18             -               - 
    Recognition of                                                          
     stock option                                                           
     expense                     -         16             -               - 
    Funding from non-                                                       
     controlling                                                            
     interests                   -          -             -               - 
    Other decrease in                                                       
     non-controlling                                                        
     interests                   -          -             -               - 
----------------------------------------------------------------------------
  Total transactions                                                        
   with owners                 685 $       34 $        (750) $            - 
----------------------------------------------------------------------------
At December 31, 2012                                                        
 (restated - note 2y)    1,001,108 $   17,926 $       3,269  $          463 
----------------------------------------------------------------------------
 
                     ----------------------------                           
Barrick Gold            Attributable to equity                              
 Corporation            holders of the company                              
----------------------------------------------------------------------------
(in millions of                      Total equity          Non-             
 United States                    attributable to   controlling       Total 
 dollars)              Other(2)      shareholders     interests      equity 
----------------------------------------------------------------------------
At January 1, 2013                                                          
 (restated - note 2y) $     314 $          21,972  $      2,664  $   24,636 
----------------------------------------------------------------------------
  Net loss                    -           (10,366)         (237)    (10,603)
  Total other                                                               
   comprehensive                                                            
   income (loss)              -              (508)            -       (508) 
-----------------------------
-----------------------------------------------
  Total comprehensive                                                       
   loss               $       - $         (10,874) $       (237) $  (11,111)
----------------------------------------------------------------------------
  Transactions with                                                         
   owners                                                                   
    Dividends                 -              (508)            -        (508)
    Issued on public                                                        
     equity offering          -             2,934             -       2,934 
    Issued on                                                               
     exercise of                                                            
     stock options            -                 1             -           1 
    Recognition of                                                          
     stock option                                                           
     expense                  -                 8             -           8 
    Funding from non-                                                       
     controlling                                                            
     interests                -                 -            55          55 
    Other decrease in                                                       
     non-controlling                                                        
     interests                -                 -           (14)        (14)
----------------------------------------------------------------------------
  Total transactions                                                        
   with owners        $       - $           2,435  $         41  $    2,476 
----------------------------------------------------------------------------
At December 31, 2013  $     314 $          13,533  $      2,468  $   16,001 
----------------------------------------------------------------------------
                                                                            
At January 1, 2012                                                          
 (restated - note 2y) $     314 $          23,363  $      2,191  $   25,554 
----------------------------------------------------------------------------
  Net loss                    -              (538)          (11)       (549)
  Total other                                                               
   comprehensive loss         -              (137)            -        (137)
----------------------------------------------------------------------------
  Total comprehensive                                                       
   loss               $       - $            (675) $        (11) $     (686)
----------------------------------------------------------------------------
  Transactions with                                                         
   owners                                                                   
    Dividends                 -              (750)            -        (750)
    Issued on                                                               
     exercise of                                                            
     stock options            -                18             -          18 
    Recognition of                                                          
     stock option                                                           
     expense                  -                16             -          16 
    Funding from non-                                                       
     controlling                                                            
     interests                -                 -           505         505 
    Other decrease in                                                       
     non-controlling                                                        
     interests                -                 -           (21)        (21)
----------------------------------------------------------------------------
  Total transactions                                                        
   with owners        $       - $            (716) $        484  $     (232)
----------------------------------------------------------------------------
At December 31, 2012                                                        
 (restated - note 2y) $     314 $          21,972  $      2,664  $   24,636 
----------------------------------------------------------------------------
 

 
(1) Includes cumulative translation adjustments as at December 31, 2013: $80
    million loss (2012: $13 million).                                       
(2) Includes additional paid-in capital as at December 31, 2013: $276       
    million (December 31, 2012: $276 million) and convertible borrowings -  
    equity component as at December 31, 2013: $38 million (December 31,     
    2012: $38 million).                                                     

 
The notes to these unaudited consolidated financial statements, which
are contained in the Fourth quarter and Year-end report, available on
our website, are an integral part of these consolidated financial
statements. 


 
CORPORATE OFFICE                             TRANSFER AGENTS AND REGISTRARS 
Barrick Gold Corporation                     CST Trust Company              
Brookfield Place, TD Canada Trust Tower      P.O. Box 700, Postal Station B 
                                             Montreal, Quebec, Canada H3B   
Suite 3700                                   3K3                            
161 Bay Street, P.O. Box 212                 or                             
                                             American Stock Transfer & Trust
Toronto, Canada M5J 2S1                      Company, LLC                   
Tel: (416) 861-9911  Fax: (416) 861-0727     6201 - 15 Avenue               
Toll-free throughout North America: 1-800-                                  
720-7415                                     Brooklyn, NY 11219             
Email: investor@barrick.com                  Tel: 1-800-387-0825            
                                             Toll-free throughout North     
Website: www.barrick.com                     America                        
                                             Fax: 1-888-249-6189            
SHARES LISTED                                Email: inquiries@canstockta.com
ABX - The New York Stock Exchange            Website: www.canstockta.com    
      The Toronto Stock Exchange                                            

 
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION 
Certain information contained or incorporated by reference in this
Fourth Quarter and Year-End 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 State
s and
other jurisdictions in which the company does or may carry on
business in the future; diminishing quantities or grades of reserves;
increased costs, delays, suspensions and technical challenges
associated with the construction of capital projects; the impact of
global liquidity and credit availability on the timing of cash flows
and the values of assets and liabilities based on projected future
cash flows; adverse changes in our credit rating; the impact of
inflation; fluctuations in the currency markets; operating or
technical difficulties in connection with mining or development
activities; the speculative nature of mineral exploration and
development, including the risks of obtaining necessary licenses and
permits; contests over title to properties, particularly title to
undeveloped properties; risk of loss due to acts of war, terrorism,
sabotage and civil disturbances; changes in U.S. dollar interest
rates; risks arising from holding derivative instruments; litigation;
business opportunities that may be presented to, or pursued by, the
company; our ability to successfully integrate acquisitions or
complete divestitures; employee relations; availability and increased
costs associated with mining inputs and labor; and; the organization
of our 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 Fourth Quarter and Year-End
Report 2013 are qualified by these cautionary statements. Specific
reference is made to the most recent Form 40-F/Annual Information
Form on file with the SEC and Canadian provincial securities
regulatory authorities for a discussion of some of the factors
underlying forward-looking statements. 
The company disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
applicable law.
Contacts:
INVESTOR CONTACT: 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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