Barrick Reports First Quarter 2014 Results

NEWS RELEASE TRANSMITTED BY Marketwired 
FOR: Barrick Gold Corporation 
NYSE SYMBOL:  ABX
TSX SYMBOL:  ABX 
APRIL 30, 2014 
Barrick Reports First Quarter 2014 Results 
TORONTO, ONTARIO--(Marketwired - April 30, 2014) - Barrick Gold Corporation
(NYSE:ABX) (TSX:ABX) (Barrick or the company) today reported first quarter net
earnings of $88 million ($0.08 per share). Adjusted net earnings were $238
million ($0.20 per share). Operating cash flow and adjusted operating cash flow
was $585 million. 
/T/ 
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OPERATING HIGHLIGHTS AND                                                    
 GUIDANCE                                                                    
First Quarter        Revised       Original
Gold                                      2014  2014 Guidance  2014 Guidance
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Production (000s of ounces)              1,588                   6,000-6,500
All-in sustaining costs ($ per                                              
 ounce)                                    833                       920-980 
Copper                                                                      
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Production (millions of pounds)            104        410-440        470-500
C1 cash costs ($ per pound)               2.11                     1.90-2.10 
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TOTAL CAPITAL EXPENDITURES                                                  
 ($ millions)                              509                   2,400-2,700
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/T/ 
"Barrick is a considerably different company today than it was a year ago
- leaner, stronger and more financially flexible. Our first quarter all-in
sustaining costs of $833 per ounce, $100 per ounce below the prior year
quarter, demonstrate that our efforts to reduce costs are delivering tangible
results," said Jamie Sokalsky, Barrick's President and CEO. "We
continue to focus on assets that can generate the most attractive risk-adjusted
returns and free cash flow for Barrick and its shareholders, and we are
decisively addressing our under-performing operations. It's clear that
Barrick's optimized portfolio continues to deliver solid results, and we
are pursuing a number of opportunities in Nevada to unlock further value from
our high quality asset base." 
/T/ 
Operational Excellence is a Top Priority                                     
--  Maintaining 2014 gold production guidance and all-in sustaining cost 
(AISC) guidance, the lowest costs among the senior peer group 
--  Five core mines produced 0.94 million ounces of gold at an average AISC 
of $672 per ounce. These mines are expected to contribute about 60 
percent of total production in 2014 at an average AISC of $750-$800 per 
ounce 
--  On track to achieve run rate for targeted $500 million in annual savings 
by the end of 2014  
Further Progress on Portfolio Optimization                                   
--  Barrick continues to optimize its portfolio and lower costs. The company 
has divested non-core assets for a total consideration of over $1 
billion since July 2013, including the sale of the Kanowna and Plutonic 
mines in Australia and its 33 percent stake in the Marigold mine in 
Nevada in 2014 
--  Reduced equity interest in African Barrick Gold (ABG) by 10 percent 
during the quarter, capitalizing on the substantial improvement in ABG's 
share price in 2014 and creating additional liquidity in ABG 
--  Completing advanced scenario plans for a range of metal price 
environments, which will allow Barrick to respond and adapt quickly to 
changes in market conditions. Options under consideration include 
preserving cash, downsizing, closing, expanding or accelerating certain 
operations depending on market conditions. This will result in a more 
optimized portfolio that maximizes profitability in a lower metal price 
environment and better positions the company to capitalize on the 
strength of its asset base in the event of a price recovery  
Financial Flexibility                                                        
--  Cash and cash equivalents of $2.7 billion as at March 31, 2014 
--  Operating cash flow of $585 million in the first quarter of 2014 
--  $4.0 billion available under undrawn credit facility extended to January 
2019 
--  $300 million of debt maturing in the next two years, and approximately 
$1 billion due in the next four years  
/T/ 
FINANCIAL DISCUSSION 
First quarter 2014 adjusted net earnings were $238 million ($0.20 per share)(1)
compared to $923 million ($0.92 per share) in the prior year period. The
decrease primarily reflects the impact of lower metal prices and lower gold
sales volumes. Net earnings for the first quarter were $88 million ($0.08 per
share) compared to net earnings of $847 million ($0.85 per share) in the prior
year quarter.  
Significant adjusting items for the quarter include: 
/T/ 
--  $113 million in unrealized foreign currency translation losses 
--  $30 million in demobilization costs related to the ramp-down of Pascua-    Lama 
--  $18 million in realized and unrealized gains on non-hedge derivative 
instruments  
/T/ 
First quarter operating cash flow of $585 million compares to $1.09 billion in
the prior year period. The decrease primarily reflects lower net earnings,
partially offset by a decrease in income tax payments. Adjusted operating cash
flow of $585 million(1) compares to $1.16 billion in the prior year period. 
GOLDRUSH AND OTHER OPPORTUNITIES IN NEVADA 
Nevada is a cornerstone of Barrick's success, and a number of growth
opportunities are under consideration. The Goldrush project near the Cortez
mine is in the pre-feasibility stage and the study remains on schedule for
completion in mid-2015. The company is evaluating a number of development
options, including underground mining or a combination of both underground and
open pit mining. Recent drilling has encountered deep, very high grade
mineralization, including an intersection of 103 feet averaging 0.725 ounces
per ton, which continues to expand the size and grade potential to the north.
Barrick is assessing the feasibility of an exploration decline to better define
the existing resource and test for additional mineralization beyond the
northern extent of the deposit.  
At Cortez Hills, drilling in the Lower Zone is in the final stages of a program
to upgrade and expand the resource base. The Lower Zone is characterized by
strong and continuous ore zones. Following completion of the scoping study, a
pre-feasibility study to evaluate deeper mining below the currently permitted
level is expected to be completed by late 2015. Below this level, the Lower
Zone is mostly oxide and higher grade than the zones above. Drilling has yet to
determine the limits of the Lower Zone and further drilling is planned for the
second quarter. Results to date have met or exceeded expectations.  
Turquoise Ridge contains over 6.7 million ounces (100 percent basis) in
reserves at an average grade of 0.51 ounces per ton, the highest reserve grade
deposit in the company's operating portfolio. This exceptional reserve
base provides an excellent opportunity to both accelerate and expand
production, but the operation is currently restricted by haulage and
ventilation constraints. One option being considered is an additional shaft to
reduce haulage distances. This could increase production by 75 percent for five
to eight years. A pre-feasibility study on this scenario is expected to be
completed in late 2014. 
The Cortez District continues to yield promising exploration opportunities
beyond Goldrush. Barrick has earned a 70 percent interest in the Spring Valley
project approximately 60 miles west of Cortez by conducting exploration
drilling and scoping activities. The project has advanced to the
pre-feasibility stage and could potentially be a new stand-alone gold mine. The
company also recently secured the last remaining block of prospective land in
the Cortez District. In addition, it has the option to attain a 75 percent
interest in the Gold Ridge project, located just north of the Pipeline deposit
at Cortez, by completing a scoping study. This is an earlier stage opportunity
in a key district which has encouraging geological characteristics. 
PASCUA-LAMA RAMP-DOWN ON SCHEDULE 
During the fourth quarter of 2013, Barrick announced the temporary suspension
of construction at Pascua-Lama, except for activities required for
environmental and regulatory compliance. The ramp-down is on schedule for
completion by mid-2014 and the majority of demobilization has already occurred.
The company expects to incur costs of about $300 million(2) 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 to
facilitate more efficient execution and improved cost control. Barrick
continues to explore opportunities to improve the project's risk-adjusted
returns, including strategic partnerships or royalty and other income streaming
agreements. 
INDUSTRY-LEADING EXECUTIVE COMPENSATION PLAN IMPLEMENTED FOR 2014 
Barrick's new 2014 executive compensation program fundamentally aligns
compensation practices with the long-term interests of shareholders based on
the principle of pay-for-performance. Under the revised program, participating
executives will be assessed on their collective performance, as measured
against a transparent scorecard disclosed to shareholders in advance. The
company's long-term scorecard will assess participating executives on
eight performance measures including return on invested capital, dividends to
shareholders, capital project performance and free cash flow. Scores will be
published to shareholders at the end of each year, ensuring transparency.  
If earned, a majority of compensation awarded will be long-term in nature, and
paid out in units that ultimately convert into Barrick common shares. These
shares cannot be sold until a participating executive retires or leaves the
company. Shares will be purchased on behalf of participating executives on the
open market, resulting in no dilution to shareholders. The company has also
adopted new minimum share ownership requirements that are among the highest of
any Canadian public company and a Clawback Policy for incentive compensation
that goes beyond the yet-to-be implemented requirements of the US Dodd-Frank
Act. 
OPERATING RESULTS DISCUSSION 
Cortez 
Cortez is one of the lowest cost, long-life gold assets in the world and is
located in the stable and prospective jurisdiction of Nevada. The mine produced
0.23 million ounces at AISC of $648 per ounce in the first quarter on lower
grades and recoveries. Production in 2014 is forecast at 0.925-0.975 million
ounces. AISC are expected to be $750-$780 per ounce, reflecting lower
production and higher sustaining capital related to waste stripping for the
next phase of the Cortez Hills open pit.  
Goldstrike 
Goldstrike produced 0.26 million ounces in the first quarter at AISC of $755
per ounce, reflecting higher than anticipated open pit and underground grades.
The autoclave facility is undergoing modifications that will enable Goldstrike
to accelerate the cash flow from about 4.0 million stockpiled ounces through
the addition of a thiosulfate process. The modified autoclaves are forecast to
contribute an average of 0.350-0.450 million ounces of annual production at a
similar AISC to the overall operation in the first full five years following
implementation of this process. First production is on track for the fourth
quarter of 2014. Production at Goldstrike in 2014 is anticipated to be
0.865-0.915 million ounces at AISC of $920-$950 per ounce. In 2015, production
is expected to exceed 1.0 million ounces(3). 
Pueblo Viejo  
Barrick's 60 percent share of production from Pueblo Viejo in the first
quarter was 0.16 million ounces at AISC of $588 per ounce. The mine is on track
to reach full capacity in the first half of 2014 following completion of
debottlenecking modifications to the lime circuit. Barrick's share of
production in 2014 is anticipated to be 0.600-0.700 million ounces at AISC of
$510-$610 per ounce.  
Lagunas Norte  
Lagunas Norte produced 0.13 million ounces at AISC of $519 per ounce in the
first quarter, reflecting lower grades as anticipated in the mine plan.
Production for 2014 is forecast at 0.570-0.610 million ounces at AISC of
$640-$680 per ounce. 
Veladero 
Veladero produced 0.16 million ounces in the first quarter. AISC of $811 per
ounce benefited from lower costs for fuel and consumables and the devaluation
of the Argentine peso. Production in 2014 is anticipated to be 0.650-0.700
million ounces at AISC of $940-$990 per ounce.  
North America Portfolio 
Barrick's other North American mines consist of Bald Mountain, Round
Mountain, Turquoise Ridge, Golden Sunlight, Ruby Hill and Hemlo. This segment
produced 0.22 million ounces in the first quarter at AISC of $954 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 0.31 million ounces at AISC of $847 per ounce in the
first quarter. The Porgera mine contributed 0.11 million ounces at AISC of $955
per ounce. Production for Australia Pacific in 2014 is forecast at 1.000-1.080
million ounces. AISC in 2014 are expected to be $1,050-$1,100 per ounce.  
African Barrick Gold (ABG) 
First quarter attributable production from ABG was 0.12 million ounces at AISC
of $1,131 per ounce. Barrick's share of 2014 production from ABG is now
anticipated to be 0.430-0.460 million ounces, reflecting its lower equity
interest following the partial divestment in the first quarter. AISC for 2014
continue to be expected at $1,100-$1,175 per ounce.  
Global Copper 
Copper production in the first quarter was 104 million pounds at C1 cash costs
of $2.11 per pound. Lumwana contributed 51 million pounds at C1 cash costs of
$2.58 per pound, reflecting the effects of an extended and unusually heavy
rainy season. Subsequent to quarter end, a partial collapse of the terminal end
of the main conveyor occurred. The company is assessing the cause of the
failure, the extent of damage and the time to repair the conveyor in order to
resume production. Current estimates are that copper production is likely to
resume by the end of the third quarter. In the interim, mining will continue
and stockpiled ore will be processed once the plant re-starts. Barrick has
comprehensive property and business interruption insurance for Lumwana and
believes the incident will not have a material economic impact.  
The Zaldivar mine produced 53 million pounds in the first quarter at C1 cash
costs of $1.63 per pound. Production is anticipated to be lower in 2014
relative to 2013 on fewer tons mined and processed in line with the mine plan,
and due to lower recoveries related to processing a higher percentage of
secondary sulfide material. C1 cash costs in 2014 are expected to increase
relative to 2013 due to the impact of relatively stable fixed costs spread over
lower overall copper production. 
Copper production guidance for 2014 has been revised to 410-440 million pounds
to reflect the processing disruption at Lumwana. C1 cash cost guidance remains
unchanged at $1.90-$2.10 per pound.  
(1) Adjusted net earnings and adjusted net earnings per share, adjusted
operating cash flow, all-in sustaining costs per ounce, and C1 cash costs per
pound are non-GAAP financial performance measures with no standardized
definition under IFRS. See pages 36-41 of Barrick's First Quarter 2014
Report. 
(2) About 25 percent is expected to be capitalized. Actual expenditures will be
dependent on a number of factors, including environmental and regulatory
requirements. 
(3) Actual results will vary depending on how the ramp-up of the thiosulfate
project progresses. 
/T/ 
Key Statistics                                                              
Barrick Gold Corporation                                  Three months ended
(in United States dollars)                                         March 31, 
---------------------------------- 
2014                 2013
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Operating Results                                                           
Gold production (thousands of ounces)(1)          1,588                1,797
Gold sold (thousands of ounces)(1)                1,618                1,747
Per ounce data                                                              
 Average spot gold price                       $  1,293           $    1,632
 Average realized gold price(2)                   1,285                1,629
 Adjusted operating costs(2)                        582                  564
 All-in sustaining costs(2)                         833                  933
 All-in costs(2)                                    933                1,362
 Adjusted operating costs (on a co-product                                  
  basis)(2)                                         605                  593
 All-in sustaining costs (on a co-product                                   
  basis)(2)                                         856                  962
 All-in costs (on a co-product basis)(2)            956                1,391
Copper production (millions of pounds)              104                  127
Copper sold (millions of pounds)                    111                  115
Per pound data                                                              
 Average spot copper price                     $   3.19           $     3.60
 Average realized copper price(2)                  3.03                 3.56
 C1 cash costs(2)                                  2.11                 2.48
 Depreciation(3)                                   0.37                 0.35
 Other(4)                                          0.15                 0.04
 C3 fully allocated costs(2)                       2.63                 2.87
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Financial Results (millions)                                                
Revenues                                       $  2,632           $    3,399
Net income(5)                                        88                  847
Adjusted net earnings(2)                            238                  923
Operating cash flow                                 585                1,085
Adjusted operating cash flow(2)                     585                1,158
Per Share Data (dollars)                                                    
 Net earnings (basic)                              0.08                 0.85
 Adjusted net earnings (basic)(2)                  0.20                 0.92
 Net earnings (diluted)                            0.08                 0.85
Weighted average basic common shares                                        
 (millions)(6)                                    1,165                1,001
Weighted average diluted common shares                                      
 (millions)(6,7)                                  1,165                1,001
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As at                As at 
March 31,         December 31, 
---------------------------------- 
2014                 2013
----------------------------------------------------------------------------
Financial Position (millions)                                               
Cash and equivalents                           $  2,672           $    2,404
Non-cash working capital                          3,313                3,060
----------------------------------------------------------------------------
(1) Production includes African Barrick Gold ("ABG") on a 73.9% basis until  
February 28, 2014 and a 63.9% basis thereafter and Pueblo Viejo on a 60% 
basis, both of which reflect our equity share of production. Also        
includes production from Yilgarn South up to September 30, 2013,         
Plutonic up to January 31, 2014 and Kanowna up to March 1, 2014, the     
effective dates of sale of these assets. Sales include 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 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 earnings 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.                 
Production and Cost Summary                                                  
Gold Production                                       
(attributable ounces)      All-in sustaining costs(4)    
(000's)                       ($/oz)              
-------------------------- -------------------------------- 
Three months ended              Three months ended  
March 31,                       March 31,  
-------------------------- -------------------------------- 
2014                2013     2014                   2013 
------------------------------------------- --------------------------------
Gold                                                                        
 Goldstrike         262                 230  $   755             $      819 
 Cortez             227                 343      648                    404 
 Pueblo Viejo       159                  96      588                    860 
 Lagunas Norte      134                 145      519                    551 
 Veladero           158                 205      811                    684 
 North America                                                              
  Portfolio         223                 203      954                  1,244 
 Australia                                                                  
  Pacific(1)        305                 447      847                  1,076 
 African Barrick                                                            
  Gold(2)           118                 108    1,131                  1,577 
 Other(3)             2                  20    1,792                  1,482 
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Total             1,588               1,797  $   833             $      933 
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Copper Production                                      
(attributable pounds)                                    
(millions)              C1 Cash Costs(4) ($/lb)     
-------------------------- -------------------------------- 
Three months ended              Three months ended  
March 31,                       March 31,  
-------------------------- -------------------------------- 
2014                2013     2014                   2013 
----------------------------------------------------------------------------
Total               104                 127  $  2.11             $     2.48 
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/T/ 
/T/ 
Total Gold Production Costs    
($/oz)              
-------------------------------- 
Three months ended  
March 31,  
-------------------------------- 
2014                   2013 
----------------------------------------------------------------------------
 Direct mining costs before impact of                                       
  hedges at market foreign exchange rates    $   590             $      613 
 Gains realized on currency hedge and                                       
  commodity hedge/economic hedge contracts       (20)                   (50)
 Other(5)                                          -                    (14)
 By-product credits                              (23)                   (29)
 Royalties                                        35                     44 
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Adjusted operating costs(4)                      582                    564 
 Depreciation                                    195                    196 
 Other(5)                                          -                     14 
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Total production costs                       $   777             $      774 
----------------------------------------------------------------------------
Adjusted operating costs(4)                  $   582             $      564 
 General & administrative costs                   54                     47 
 Rehabilitation - accretion and                                             
  amortization (operating sites)                  21                     24 
 Mine on-site exploration and evaluation                                    
  costs                                            1                      5 
 Mine development expenditures                   117                    156 
 Sustaining capital expenditures                  58                    137 
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All-in sustaining costs(4)                   $   833             $      933 
----------------------------------------------------------------------------
All-in costs(4)                              $   933             $    1,362 
---------------------------------------------------------------------------- 
Total Copper Production Costs   
($/lb)              
-------------------------------- 
Three months ended  
March 31,  
-------------------------------- 
2014                   2013 
----------------------------------------------------------------------------
C1 cash costs(4)                             $  2.11             $     2.48 
Depreciation                                    0.37                   0.35 
Other(6)                                        0.15                   0.04 
----------------------------------------------------------------------------
C3 fully allocated costs(4)                  $  2.63             $     2.87 
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(1) Reflects production from Yilgarn South up to September 30, 2013,         
Plutonic up to January 31, 2014 and Kanowna up to March 1, 2014, the     
effective dates of sale of these assets.                                
(2) Figures relating to African Barrick Gold are presented on a 73.9% basis  
until February 28, 2014 and a 63.9% basis thereafter, which reflects our 
equity share of production.                                             
(3) Production and all-in sustaining costs include Pierina.                 
(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) Represents the Barrick Energy gross margin divided by equity ounces of   
gold sold. Barrick Energy was divested in the third quarter of 2013.    
(6) For a breakdown, see reconciliation of cost of sales to C1 cash costs    
and C3 fully allocated costs per pound in the Non-GAAP Financial         
Performance Measures section of the Company's MD&A.                      
Consolidated Statements of Income                                            
Barrick Gold Corporation                                 Three months ended 
(in millions of United States dollars, except per                           
 share data) (Unaudited)                                          March 31, 
---------------------------------------------------------------------------- 
2014         2013 
---------------------------------------------------------------------------- 
Revenue (notes 5 and 6)                              $   2,632    $   3,399 
----------------------------------------------------------------------------
Costs and expenses (income)                                                 
Cost of sales (notes 5 and 7)                            1,692        1,810 
General and administrative expenses (note 11)              103           98 
Exploration and evaluation (note 8)                         32           48 
Other expense (income) (note 10A)                          200           89 
Impairment charges (note 10B)                               12            5 
Gain on non-hedge derivatives (note 17D)                   (21)         (42)
----------------------------------------------------------------------------
Income before finance items and income taxes               614        1,391 
Finance items                                                               
Finance income                                               3            3 
Finance costs (note 12)                                   (201)        (108)
----------------------------------------------------------------------------
Income from continuing operations before income                             
 taxes                                                     416        1,286 
Income tax expense (note 13)                              (289)        (433)
----------------------------------------------------------------------------
Income from continuing operations                          127          853 
Income from discontinued operations                          -            8 
----------------------------------------------------------------------------
Net income                                           $     127    $     861 
----------------------------------------------------------------------------
Attributable to:                                                            
Equity holders of Barrick Gold Corporation           $      88    $     847 
Non-controlling interests (note 20)                  $      39    $      14 
---------------------------------------------------------------------------- 
Earnings per share data attributable to the equity                          
 holders of Barrick Gold Corporation (note 9)                               
Income from continuing operations                                           
 Basic                                               $    0.08    $    0.84 
 Diluted                                             $    0.08    $    0.84 
----------------------------------------------------------------------------
Income from discontinued operations                                         
 Basic                                               $       -    $    0.01 
 Diluted                                             $       -    $    0.01 
----------------------------------------------------------------------------
Net income                                                                  
 Basic                                               $    0.08    $    0.85 
 Diluted                                             $    0.08    $    0.85 
----------------------------------------------------------------------------
The notes to these unaudited interim financial statements, which are        
contained in the First Quarter Report 2014 available on our website are an  
integral part of these consolidated financial statements.                    
Consolidated Statements of Comprehensive Income                              
Barrick Gold Corporation                                 Three months ended 
(in millions of United States dollars) (Unaudited)                March 31, 
---------------------------------------------------------------------------- 
2014         2013 
----------------------------------------------------------------------------
Net income                                           $     127    $     861 
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 $nil and                          
 $2                                                         17           (8)
Realized (gains) losses and impairments on AFS                              
 financial securities, net of tax $nil and $nil              6           (2)
Unrealized gains (losses) on derivatives                                    
 designated as cash flow hedges, net of tax $4 and                          
 $3                                                         17           30 
Realized (gains) losses on derivatives designated                           
 as cash flow hedges, net of tax ($2) and $18              (25)         (75)
Currency translation adjustments, net of tax $nil                           
 and $nil                                                    3          (21)
----------------------------------------------------------------------------
Total other comprehensive income (loss)                     18          (76)
----------------------------------------------------------------------------
Total comprehensive income (loss)                    $     145    $     785 
----------------------------------------------------------------------------
Attributable to:                                                            
Equity holders of Barrick Gold Corporation                                  
 Continuing operations                               $     106    $     782 
 Discontinued operations                             $       -    $     (11)
Non-controlling interests                            $      39    $      14 
----------------------------------------------------------------------------
The notes to these unaudited interim financial statements, which are        
contained in the First Quarter Report 2014 available on our website are an  
integral part of these consolidated financial statements.                    
Consolidated Statements of Cash Flow                                         
Barrick Gold Corporation                                 Three months ended 
(in millions of United States dollars) (Unaudited)                March 31, 
---------------------------------------------------------------------------- 
2014         2013 
----------------------------------------------------------------------------
OPERATING ACTIVITIES                                                        
Net income from continuing operations                $     127    $     853 
Adjusted for the following items:                                           
 Depreciation                                              402          396 
 Finance costs                                             201          108 
 Impairment charges (note 10B)                              12            5 
 Income tax expense (note 13)                              289          433 
 (Increase) decrease in inventory                           42         (164)
 Gain on non-hedge derivatives                             (21)         (42)
 Gain on sale of long-lived assets/investments              (1)          (8)
 Other operating activities (note 14A)                    (241)        (165)
----------------------------------------------------------------------------
Operating cash flows before interest and income                             
 taxes                                                     810        1,416 
Interest paid                                              (76)         (47)
Income taxes paid                                         (149)        (320)
----------------------------------------------------------------------------
Net cash provided by operating activities from                              
 continuing operations                                     585        1,049 
Net cash provided by operating activities from                              
 discontinued operations                                     -           36 
----------------------------------------------------------------------------
Net cash provided by operating activities                  585        1,085 
----------------------------------------------------------------------------
INVESTING ACTIVITIES                                                        
Property, plant and equipment                                               
 Capital expenditures (note 5)                            (616)      (1,379)
 Sales proceeds                                             35            2 
Divestitures                                                80            - 
Investments sales                                           25           18 
Other investing activities (note 14B)                      (40)         (85)
----------------------------------------------------------------------------
Net cash used in investing activities from                                  
 continuing operations                                    (516)      (1,444)
Net cash used in investing activities from                                  
 discontinued operations                                     -          (45)
----------------------------------------------------------------------------
Net cash used in investing activities                     (516)      (1,489)
----------------------------------------------------------------------------
FINANCING ACTIVITIES                                                        
Proceeds on exercise of stock options                        -            1 
Proceeds from divestment of 10% of issued ordinary                          
 share capital of ABG                                      186            - 
Debt                                                                        
 Proceeds                                                  133        2,050 
 Repayments                                                (75)      (1,205)
Dividends                                                  (58)        (200)
Funding from non-controlling interests                       2           13 
Other financing activities (note 14C)                        -           (8)
----------------------------------------------------------------------------
Net cash provided by financing activities from                              
 continuing operations                                     188          651 
Net cash used in financing activities from                                  
 discontinued operations                                     -            - 
----------------------------------------------------------------------------
Net cash (used in) provided by financing                                    
 activities                                                188          651 
----------------------------------------------------------------------------
Effect of exchange rate changes on cash and                                 
 equivalents                                                (5)          (2)
----------------------------------------------------------------------------
Net increase in cash and equivalents                       252          245 
Cash and equivalents excluding assets classified                            
 as held for sale at the beginning of period             2,404        2,097 
Add: cash and equivalents of assets classified as                           
 held for sale at the beginning of period                   20            - 
----------------------------------------------------------------------------
Cash and equivalents at the end of period            $   2,676    $   2,342 
----------------------------------------------------------------------------
Less: cash and equivalents of assets classified as                          
 held for sale at the end of period                          4            - 
----------------------------------------------------------------------------
Cash and equivalents excluding assets classified                            
 as held for sale at the end of period               $   2,672    $   2,342 
----------------------------------------------------------------------------
The notes to these unaudited interim financial statements, which are        
contained in the First Quarter Report 2014 available on our website are an  
integral part of these consolidated financial statements.                    
Consolidated Balance Sheets                                                  
Barrick Gold Corporation                                                    
(in millions of United States dollars)                 As at          As at 
 (Unaudited)                                       March 31,   December 31, 
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2014           2013 
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ASSETS                                                                      
Current assets                                                              
 Cash and equivalents (note 17A)                 $     2,672  $       2,404 
 Accounts receivable                                     410            385 
 Inventories (note 15)                                 2,657          2,679 
 Other current assets                                    424            421 
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Total current assets (excluding assets                                      
 classified as held for sale)                          6,163          5,889 
 Assets classified as held for sale                       87            323 
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Total current assets                                   6,250          6,212  
Non-current assets                                                          
 Equity in investees                                      28             27 
 Other investments                                       114            120 
 Property, plant and equipment (note 16)              21,910         21,688 
 Goodwill                                              5,835          5,835 
 Intangible assets                                       312            320 
 Deferred income tax assets                              627            501 
 Non-current portion of inventory (note 15)            1,727          1,679 
 Other assets                                          1,007          1,066 
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Total assets                                     $    37,810  $      37,448 
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LIABILITIES AND EQUITY                                                      
Current liabilities                                                         
 Accounts payable                                $     1,871  $       2,165 
 Debt (note 17B)                                         180            179 
 Current income tax liabilities                          100             75 
 Other current liabilities                               322            303 
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Total current liabilities (excluding liabilities                            
 classified as held for sale)                          2,473          2,722 
 Liabilities classified as held for sale                  19            162 
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Total current liabilities                              2,492          2,884  
Non-current liabilities                                                     
 Debt (note 17B)                                      12,991         12,901 
 Provisions                                            2,500          2,428 
 Deferred income tax liabilities                       2,478          2,258 
 Other liabilities                                     1,073            976 
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Total liabilities                                     21,534         21,447 
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Equity                                                                      
 Capital stock (note 19)                              20,869         20,869 
 Deficit                                              (7,551)        (7,581)
 Accumulated other comprehensive loss                    (51)           (69)
 Other                                                   321            314 
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Total equity attributable to Barrick Gold                                   
 Corporation shareholders                             13,588         13,533 
 Non-controlling interests (note 20)                   2,688          2,468 
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Total equity                                          16,276         16,001 
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Contingencies and commitments (notes 15, 16 and                             
 21)                                                                        
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Total liabilities and equity                     $    37,810  $      37,448 
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The notes to these unaudited interim financial statements, which are        
contained in the First Quarter Report 2014 available on our website are an  
integral part of these consolidated financial statements.                    
Consolidated Statements of Changes in Equity                                 
---------------------------------------- 
Attributable to equity holders of the 
Barrick Gold Corporation                             company                
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Accumulated  
other 
(in millions of United        Common              Retained    comprehensive 
 States dollars)          Shares (in    Capital   earnings           income 
 (Unaudited)              thousands)      stock  (deficit)        (loss)(1) 
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At January 1, 2014         1,164,652 $   20,869 $   (7,581) $           (69)
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 Net income                        -          -         88                - 
 Total other                                                                
  comprehensive income             -          -          -               18 
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 Total comprehensive                                                        
  income                           -          -         88               18 
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 Transactions with                                                          
  owners                                                                    
  Dividends                        -          -        (58)               - 
  Issued on exercise of                                                      
stock options                  18          -          -                - 
  Recognized on                                                              
divestment of 10% of                                                      
African Barrick Gold            -          -          -                - 
  Funding from non-                                                          
controlling interests           -          -          -                - 
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 Total transactions with                                                    
  owners                          18          -        (58)               - 
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At March 31, 2014          1,164,670 $   20,869 $   (7,551) $           (51)
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At January 1, 2013         1,001,108 $   17,926 $    3,269  $           463 
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 Net income                        -          -        847                - 
 Total other                                                                
  comprehensive loss               -          -          -              (76)
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 Total comprehensive                                                        
  income (loss)                    -          -        847              (76)
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 Transactions with                                                          
  owners                                                                    
  Dividends                        -          -       (200)               - 
  Issued on exercise of                                                      
stock options                  44          1          -                - 
  Recognition of stock                                                       
option expense                  -          2          -                - 
  Funding from non-                                                          
controlling interests           -          -          -                - 
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 Total transactions with                                                    
  owners                          44          3       (200)               - 
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At March 31, 2013          1,001,152 $   17,929 $    3,916  $           387 
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Consolidated Statements of Changes in Equity                                 
--------------------------                           
Attributable to equity                            
Barrick Gold Corporation  holders of the company                            
--------------------------------------------------                           
Total equity                          
(in millions of United                attributable           Non-           
 States dollars)                                to    controlling     Total 
 (Unaudited)               Other(2)   shareholders      interests    equity 
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At January 1, 2014       $      314 $       13,533  $       2,468 $  16,001 
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 Net income                       -             88             39       127 
 Total other                                                                
  comprehensive income            -             18              -        18 
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 Total comprehensive                                                        
  income                          -            106             39       145 
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 Transactions with                                                          
  owners                                                                    
  Dividends                       -            (58)             -       (58)
  Issued on exercise of                                                      
stock options                  -              -              -         - 
  Recognized on                                                              
divestment of 10% of                                                      
African Barrick Gold           7              7            179       186 
  Funding from non-                                                          
controlling interests          -              -              2         2 
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 Total transactions with                                                    
  owners                          7            (51)           181       130 
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At March 31, 2014        $      321 $       13,588  $       2,688 $  16,276 
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At January 1, 2013       $      314 $       21,972  $       2,664 $  24,636 
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 Net income                       -            847             14       861 
 Total other                                                                
  comprehensive loss              -            (76)             -       (76)
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 Total comprehensive                                                        
  income (loss)                   -            771             14       785 
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 Transactions with                                                          
  owners                                                                    
  Dividends                       -           (200)             -      (200)
  Issued on exercise of                                                      
stock options                  -              1              -         1 
  Recognition of stock                                                       
option expense                 -              2              -         2 
  Funding from non-                                                          
controlling interests          -              -             13        13 
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 Total transactions with                                                    
  owners                          -           (197)            13      (184)
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At March 31, 2013        $      314 $       22,546  $       2,691 $  25,237 
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(1) Includes cumulative translation losses at March 31, 2014: $79 million    
(March 31, 2013: losses of $8 million).                                 
(2) Includes additional paid-in capital as at March 31, 2014: $283 million   
(December 31, 2013: $276 million; March 31, 2013: $276 million) and      
convertible borrowings - equity component as at March 31, 2014: $38      
million (December 31, 2013: $38 million; March 31, 2013: $38 million).  
The notes to these unaudited interim financial statements, which are        
 contained in the First Quarter Report 2014 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     
Suite 3700                               Montreal, Quebec, Canada H3B 3K3   
161 Bay Street, P.O. Box 212             or                                 
Toronto, Canada M5J 2S1                  American Stock Transfer & Trust     
Company, LLC                       
Tel: (416) 861-9911 Fax: (416) 861-0727  6201 - 15 Avenue                   
Toll-free throughout North America: 1-   Brooklyn, NY 11219                 
 800-720-7415                                                               
Email: investor@barrick.com              Tel: 1-800-387-0825                
Website: www.barrick.com                 Toll-free throughout North 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                                             
/T/ 
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION 
Certain information contained or incorporated by reference in this First
Quarter Report 2014, 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, copper
or certain other commodities (such as silver, diesel fuel and electricity);
changes in national and local government legislation, taxation, controls or
regulations and/or changes in the administration of laws, policies and
practices, expropriation or nationalization of property and political or
economic developments in Canada, the United States and other jurisdictions in
which the Company does or may carry on business in the future; failure to
comply with environmental and health and safety laws and regulations; timing of
receipt of, or failure to comply with, necessary permits and approvals;
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; operating or
technical difficulties in connection with mining or development activities; the
speculative nature of mineral exploration and development; risk of loss due to
acts of war, terrorism, sabotage and civil disturbances; fluctuations in the
currency markets; changes in U.S. dollar interest rates; risks arising from
holding derivative instruments; litigation; contests over title to properties,
particularly title to undeveloped properties, or over access to water, power
and other required infrastructure; business opportunities that may be presented
to, or pursued by, the company; our ability to successfully integrate
acquisitions or complete divestitures; employee relations; availability and
increased costs associated with mining inputs and labor; and the organization
of our previously held African gold operations and properties under a separate
listed company. In addition, there are risks and hazards associated with the
business of mineral exploration, development and mining, including
environmental hazards, industrial accidents, unusual or unexpected formations,
pressures, cave-ins, flooding and gold bullion, copper cathode or gold or
copper concentrate losses (and the risk of inadequate insurance, or inability
to obtain insurance, to cover these risks). Many of these uncertainties and
contingencies can affect our actual results and could cause actual results to
differ materially from those expressed or implied in any forward-looking
statements made by, or on behalf of, us. Readers are cautioned that
forward-looking statements are not guarantees of future performance. All of the
forward-looking statements made in this First Quarter Report 2014 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. 
-30-
FOR FURTHER INFORMATION PLEASE CONTACT: 
INVESTOR CONTACT: Amy Schwalm
Vice President, Investor Relations
(416) 307-7422
aschwalm@barrick.com
or
MEDIA CONTACT: Andy Lloyd
Vice President, Communications
(416) 307-7414
alloyd@barrick.com 
INDUSTRY:  Manufacturing and Production - Mining and Metals 
SUBJECT:  ERN 
-0-
-0- Apr/30/2014 10:30 GMT
 
 
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