Barrick Reports Second Quarter 2014 Results

Barrick Reports Second Quarter 2014 Results 
TORONTO, ONTARIO -- (Marketwired) -- 07/30/14 --   Barrick Gold
Corporation (NYSE: ABX)(TSX: ABX) (Barrick or the company) today
reported a second quarter net loss of $269 million ($0.23 per share).
Adjusted net earnings of $159 million ($0.14 per share) include an
impairment charge of $514 million related to the Jabal Sayid copper
project. Operating cash flow and adjusted operating cash flow was
$488 million.  


 
 
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OPERATING HIGHLIGHTS AND GUIDANCE                                           
 
                                Second Quarter        Revised       Previous
Gold                                      2014  2014 Guidance  2014 Guidance
----------------------------------------------------------------------------
Production (000s of ounces)              1,485                   6,000-6,500
All-in sustaining costs ($ per                                              
 ounce)                                    865        900-940        920-980
Adjusted operating costs ($ per                                             
 ounce)                                    594        580-630        590-640
 
Copper                                                                      
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Production (millions of pounds)             67                       410-440
C1 cash costs ($ per pound)               2.04                     1.90-2.10
 
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TOTAL CAPITAL EXPENDITURES ($                                               
 millions)                                 502    2,200-2,500    2,400-2,700
----------------------------------------------------------------------------

"Second quarter all-in sustaining costs of $865 per ounce in a lower
production quarter clearly demonstrate our ongoing and relentless
focus on company-wide cost management," said outgoing President and
CEO, Jamie Sokalsky. "The commitment by our mine managers to cost
reduction and capital efficiency has allowed us to lower our mid-year
operating and capital cost guidance for the second year in a row." 
"Going forward, we will build on the momentum we have today," said
Co-President Kelvin Dushnisky. "Barrick will continue to focus on
maximizing free cash flow and risk-adjusted returns, with a more
nimble and entrepreneurial structure focused on developing internal
and external partnerships that reflect the original DNA of the
company."  
"Barrick has some of the best assets in the gold industry and our
operations are delivering strong results," added Co-President Jim
Gowans. "We still see a lot of opportunities to surface additional
value and improve efficiency across our portfolio as we pursue true
operational excellence."  
Operational Excellence is a Top Priority  


 
 
--  Reduced 2014 all-in sustaining cost (AISC) guidance to $900-$940 per
    ounce(1) and adjusted operating cost guidance to $580-$630 per ounce(1) 
--  Reduced 2014 capital expenditure guidance range by $200 million to $2.2-
    $2.5 billion from $2.4-$2.7 billion 
--  Maintaining 2014 gold production guidance of 6.0-6.5 million ounces 
--  Copper guidance unchanged at 410-440 million pounds and C1 cash costs of
    $1.90-$2.10 per pound(1) 
--  Five cornerstone mines produced 0.896 million ounces of gold at average
    AISC of $730 per ounce in the second quarter; these mines are
    anticipated to contribute about 60 percent of total production in 2014
    at average AISC of $750-$800 per ounce 

Progress on Portfolio Optimization  


 
 
--  Since 2012, reduced the number of mines from 27 to 19 and divested non-
    core assets for proceeds in excess of $1.3 billion, the majority of
    which has been used to reduce debt 
--  Ongoing process to further optimize the portfolio and reduce costs will
    focus on the delta between current and optimal performance and determine
    the quickest way to close this gap 
--  In July 2014, reached an agreement to form a 50/50 joint venture with a
    local partner, Saudi Arabian Mining Company (Ma'aden), to operate the
    Jabal Sayid copper project and advance production from this first
    quartile cost operation 

Improving Financial Flexibility 


 
 
--  Increasing cash flow generation through capital and operating cost
    reductions 
--  Cash and cash equivalents of $2.5 billion at June 30, 2014 
--  Operating cash flow of $488 million in the second quarter of 2014 
--  $4.0 billion available under undrawn credit facility 
--  $0.3 billion of debt maturing through 2015 and approximately $1 billion
    due through 2017 

New Executive Management Structure to Accelerate Initiatives and Foster
Partnership Culture 


 
 
--  Unveiled an executive management structure to respond to the distinct
    demands and challenges of the mining industry in today's environment 
--  Structure places a greater emphasis on operational excellence, and
    acceleration of portfolio optimization and cost reduction initiatives,
    while fostering a partnership culture 
--  Two Co-Presidents appointed to execute on operating plans and strategic
    priorities: Kelvin Dushnisky, formerly Senior Executive Vice President
    responsible for Corporate and Government Affairs and Chairman of African
    Barrick Gold plc, and Jim Gowans, formerly Executive Vice President and
    Chief Operating Officer 
--  Emphasizes the critical importance of joint responsibility and
    accountability for the management of operations and Barrick's key
    relationships with host governments and local communities that afford
    the company its license to operate; the Co-Presidents are responsible
    for the seamless execution of both functions at all times 
--  Ammar Al-Joundi, formerly Executive Vice President and Chief Financial
    Officer, has been promoted to Senior Executive Vice President and Chief
    Financial Officer, and will work with the Chairman on the development
    and execution of strategy 
--  Darian Rich, formerly Senior Vice President, Human Resources, has been
    promoted to Executive Vice President, Talent Management, reflecting the
    critical requirement that any company seeking to be the leader in its
    field must attract, retain and develop exceptional people 
--  Current President and Chief Executive Officer Jamie Sokalsky to step
    down effective September 15, 2014 

Two New Independent Directors Appointed 


 
 
--  The Board of Directors has appointed Mr. J. Michael Evans, former Vice
    Chairman of Goldman Sachs and Mr. Brian Greenspun, former Chairman and
    CEO of Greenspun Media Group and a prominent Nevada business leader, to
    serve as independent directors on Barrick's Board. See the Appendix on
    page 8 for additional biographical details. 

FINANCIAL DISCUSSION 
Second quarter 2014 adjusted net earnings were $159 million ($0.14
per share)(2) compared to $663 million ($0.66 per share) in the prior
year period. The decrease was primarily due to lower realized gold
and copper prices and lower gold and copper sales volumes. The net
loss for the second quarter was $269 million ($0.23 per share)
compared to a net loss of $8.56 billion ($8.55 per share) in the
prior year quarter.  
Significant adjusting items for the quarter include: 


 
 
--  $514 million impairment charge relating to the Jabal Sayid project,
    consisting of goodwill and asset impairment charges of $316 million and
    $198 million, respectively 
--  $34 million in unrealized gains on non-hedge derivative instruments 
--  $24 million in gains on sale of assets 
--  $31 million in unrealized foreign currency translation losses 

Second quarter operating cash flow of $488 million compares to $907
million in the prior year period. The decrease primarily reflects
lower gross margin. Adjusted operating cash flow of $488 million(2)
compares to $815 million in the prior year period. 
GOLDRUSH AND OTHER OPPORTUNITIES IN NEVADA 
Barrick continues to focus its exploration and growth efforts on
Nevada. It is one of the most stable jurisdictions in the world and
the company has a strong track record of proving up reserves in the
region. Approximately 50 percent of Barrick's 2014 exploration
budget(3) is allocated to Nevada with a large majority to be used to
advance Goldrush, the only significant green-field discovery by a
major gold producer in the past five years. Beyond Goldrush, Barrick
has several other growth opportunities and projects in Nevada near
its top tier mines, including Cortez and Goldstrike, with the
potential to exceed company risk-adjusted return hurdles.   
The Goldrush project is located about six kilometers from the Cortez
mine. It is currently 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 underground and open pit mining. Infill
drilling is confirming continuity of high grade mineralization and
supporting an underground mining scenario. During the second quarter,
Barrick submitted a permit application for an exploration decline,
which will help to better define the existing resource and allow the
company to test for additional mineralization beyond the northern end
of the deposit. 
At Cortez, drilling in the Lower Zone is in the final stages of a
program to upgrade and expand the resources. The Lower Zone is
characterized by strong and continuous ore zones. 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 recent drilling
results have met or exceeded expectations. Based on these results,
the Lower Zone exploration drift will be extended another 500 feet to
the south in early 2015 to enable further step-out drilling. 
During the second quarter, an Environmental Impact Assessment and
Plan of Operations were approved for the 60-percent owned South
Arturo project, another near-mine discovery which is located
approximately eight kilometers northwest of Goldstrike. South Arturo
has 1.7 million ounces(4) in reserves, 2.4 million ounces(4) of
measured and indicated resources and 0.4 million ounces(4) of
inferred resources (100 percent basis). Barrick plans to start
development in late 2015 and mine the high grade, high return portion
of the resource (approximately 0.44 million ounces on a 100 percent
basis) in 2016 and 2017. The bulk of the ore will be processed
through Goldstrike's refractory facilities. Due to its high grade,
near surface nature, the project is expected to have lower capital
development and operating costs than Goldstrike.  
Turquoise Ridge contains over 6.7 million ounces (100 percent basis)
in reserves at an average grade of 0.51 ounces per ton, and is the
highest reserve grade deposit in the company's operating portfolio.
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. 
PASCUA-LAMA RAMP-DOWN COMPLETE 
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
process has been completed on schedule and budget and the mine is now
on care and maintenance. The company expects to incur costs of
approximately $300 million(5) this year, in-line with original
guidance, related to the ramp-down, care and maintenance activities
and social and environmental obligations. 
A decision to restart development will depend on improved economics
and reduced uncertainty related to legal and regulatory requirements.
To improve execution and cost control, remaining development will
take place in distinct stages with specific work programs and
budgets. Barrick continues to explore opportunities to improve the
project's risk-adjusted returns, including strategic partnerships or
royalty and other income streaming agreements.  
During the second quarter, Barrick signed a Memorandum of
Understanding (MoU) with a group of 15 Diaguita indigenous
communities and associations in Chile's Huasco province. The MoU
marks a first step in establishing dialogue and working to build
trust with members of this important stakeholder group. As part of
the MoU, Barrick will make technical and environmental information
about the Pascua-Lama project available to the communities and
provide financial resources and materials required to support
analysis of this information. 
OPERATING RESULTS DISCUSSION 
Cortez  
The Cortez mine produced 0.22 million ounces at AISC of $754 per
ounce in the second quarter. Production was impacted by negative
grade reconciliations from mining in the GAP area; however, this
shortfall is expected to be partially recovered in the second half of
the year with a contribution of higher grade ounces from the Cortez
Hills open pit. As a result, 2014 production is expected to be at the
low end of the guidance range of 0.925-0.975 million ounces and AISC
are expected to be at the high end of the range of $750-$780 per
ounce.  
Goldstrike 
Goldstrike produced 0.21 million ounces in the second quarter at AISC
of $886 per ounce. Costs benefited from higher than expected
production on higher grades and recoveries from the open pit
operation, and lower capital stripping related to ongoing
optimization of the mine plan. 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
patented 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 for 2014 is expected to be at the high end of the guidance
range of 0.865-0.915 million ounces and AISC at the low end of the
range of $920-$950 per ounce. In 2015, production is expected to
exceed 1.0 million ounces(6) with contributions from the modified
autoclaves. 
Pueblo Viejo  
Barrick's 60 percent share of production from Pueblo Viejo in the
second quarter was 0.16 million ounces at AISC of $587 per ounce. The
autoclaves have achieved targeted and sustainable run rates but will
undergo some planned downtime related to scheduled maintenance in the
second half of the year. Production for 2014 is expected to be in the
range of 0.600-0.700 million ounces and AISC to be at the high end of
the range of $510-$610 per ounce as a result of higher sustaining
capital expenditures, primarily due to an increase in capitalized
stripping costs. 
Lagunas Norte 
Lagunas Norte produced 0.12 million ounces at AISC of $593 per ounce
in the second quarter. Production was impacted by a construction
delay on the new Phase 5 area of the leach pad, which resulted in ore
being placed at higher levels of the existing leach pad. Higher
grades are anticipated in the second half of the year, as well as
faster recoveries from the new leach pad area which is expected to be
in operation in the third quarter. Production for 2014 is expected to
be at high end of the guidance range of 0.570-0.610 million ounces
and AISC at the low end of the range of $640-$680 per ounce. 
Veladero 
The Veladero mine had a strong quarter, producing 0.19 million ounces
at AISC of $740 per ounce. Costs benefited from higher silver credits
in the first half of the year. AISC are expected to be higher in the
second half of the year primarily due to the timing of sustaining
capital expenditures and also from lower silver credits as ore will
be sourced mainly from a different pit. Production in 2014 is
anticipated to be at the high end of the guidance range of
0.650-0.700 million ounces and AISC at the low end of the range 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 0.21 million ounces in the second quarter at AISC of
$973 per ounce and is anticipated to produce 0.795-0.845 million
ounces in 2014 at the low end of the AISC guidance range of
$1,075-$1,100 per ounce.  
Australia Pacific  
Australia Pacific produced 0.27 million ounces at AISC of $856 per
ounce in the second quarter. The Porgera mine contributed 0.12
million ounces at AISC of $959 per ounce. The KCGM and Cowal
operations contributed strong results on higher grades and
recoveries, and higher throughput, respectively. Production for
Australia Pacific in 2014 is forecast at the high end of the guidance
range of 1.000-1.080 million ounces and AISC at the low end of the
range of $1,050-$1,100 per ounce.  
African Barrick Gold (ABG)  
Second quarter attributable production from ABG was 0.11 million
ounces at AISC of $1,105 per ounce, demonstrating continued
operational improvements. Barrick's share of 2014 production from ABG
is anticipated to be above the high end of the guidance range of
0.430-0.460 million ounces and AISC at the low end of the range of
$1,100-$1,175 per ounce. 
Global Copper  
Copper production in the second quarter was 67 million pounds at C1
cash costs of $2.04 per pound. Lumwana contributed 12 million pounds
at C1 cash costs of $2.49 per pound, reflecting a partial collapse of
the main conveyor in mid-April which suspended processing activities.
The conveyor was repaired and normal plant operations resumed in
July, ahead of schedule. The Zaldivar mine produced 55 million pounds
in the second quarter at C1 cash costs of $1.83 per pound.  
Copper guidance for 2014 continues to be expected at 410-440 million
pounds and C1 cash costs of $1.90-$2.10 per pound.  
In July, Barrick reached an agreement to form a joint venture with
Saudi Arabian Mining Company (Ma'aden) to operate the Jabal Sayid
copper project. The transaction is expected to close in the fourth
quarter of 2014. First production is expected in late 2015 with
average annual output of 100-130 million pounds of copper in
concentrate at first quartile C1 cash costs during its first full
five years of operation.  
APPENDIX - Board Appointment Details 
Mr. J. Michael Evans, New York, New York 
J. Michael Evans served as Vice Chairman of Goldman Sachs from
February 2008 until his retirement in December 2013. Mr. Evans was
chairman of the firm's Asia operations from 2004 to 2013 and was the
global head of Growth Markets from January 2011 to December 2013. He
joined Goldman Sachs in 1993 and held various leadership positions
within the firm's securities business, including global head of
equity capital markets. Mr. Evans is also a nominee to the Board of
Directors of Alibaba Group Holding Ltd., the board of which will be
established in conjunction with the company's initial public
offering. He was born in Toronto, Canada and received a bachelor's
degree in politics from Princeton University in 1981. Mr. Evans won a
gold medal for Canada at the 1984 summer Olympics in men's eight
rowing. 
Mr. Brian Greenspun, Las Vegas, Nevada 
Brian Greenspun is a prominent Nevada businessman with strong
relationships across the state's business and political community. As
Chairman and CEO of the Greenspun Media Group from 1989 to 2010, he
built a small family newspaper business into a diversified group of
companies spanning publishing, cable television, internet and real
estate. He is also Publisher and Editor of the Las Vegas Sun and an
active supporter of youth programs and public education in Nevada.
Mr. Greenspun was appointed by President Bill Clinton to the White
House Commission on Small Business in the early 1990s. He was also a
member of the Board of Directors of the Tribune Company from 2009 to
2012. Mr. Greenspun holds both a B.A. and a Law degree from
Georgetown University. 
(1) All-in sustaining costs per ounce, adjusted operating costs per
ounce, and C1 cash costs per pound are non-GAAP financial performance
measures with no standardized definition under IFRS. See pages 46-51
of Barrick's Second Quarter 2014 Report. 
(2) Adjusted net earnings, adjusted net earnings per share and
adjusted operating cash flow are non-GAAP financial performance
measures with no standardized definition under IFRS. See pages 46-51
of Barrick's Second Quarter 2014 Report. 
(3) Barrick's exploration programs are designed and conducted under
the supervision of Robert Krcmarov, Senior Vice President, Global
Exploration of Barrick. 
(4) For a breakdown of reserves and resources by category and
additional information relating to reserves and resources, see pages
27-37 of Barrick's 2013 Form 40-F. 
(5) About 25 percent is expected to be capitalized. Actual
expenditures will be dependent on a number of factors, including
environmental and regulatory requirements. 
(6) Actual results may vary depending on how the ramp-up of the
thiosulfate project progresses. 


 
 
Key Statistics                                                              
Barrick Gold Corporation     Three months ended            Six months ended 
(in United States dollars)             June 30,                    June 30, 
                          --------------------------------------------------
                                2014       2013        2014            2013 
----------------------------------------------------------------------------
Operating Results                                                           
Gold production (thousands                                                  
 of ounces)(1)                 1,485      1,811       3,073           3,608 
Gold sold (thousands of                                                     
 ounces)(1)                    1,516      1,815       3,134           3,562 
Per ounce data                                                              
 Average spot gold price    $  1,288   $  1,415     $ 1,291        $  1,523 
 Average realized gold                                                      
  price(2)                     1,289      1,411       1,287           1,518 
 Adjusted operating                                                         
  costs(2)                       594        552         588             558 
 All-in sustaining                                                          
  costs(2)                       865        910         849             922 
 All-in costs(2)                 945      1,267         940           1,314 
 Adjusted operating costs                                                   
  (on a co-product                                                          
  basis)(2)                      615        579         610             586 
 All-in sustaining costs                                                    
  (on a co-product                                                          
  basis)(2)                      886        937         871             950 
 All-in costs (on a co-                                                     
  product basis)(2)              966      1,294         962           1,342 
Copper production                                                           
 (millions of pounds)             67        134         171             261 
Copper sold (millions of                                                    
 pounds)                          73        135         184             250 
Per pound data                                                              
 Average spot copper price  $   3.08   $   3.24     $  3.14        $   3.42 
 Average realized copper                                                    
  price(2)                      3.17       3.28        3.08            3.41 
 C1 cash costs(2)               2.04       1.75        2.08            2.08 
 Depreciation(3)                0.37       0.42        0.37            0.38 
 Other(4)                       0.11       0.10        0.14            0.15 
 C3 fully allocated                                                         
  costs(2)                      2.52       2.27        2.59            2.61 
----------------------------------------------------------------------------
Financial Results                                                           
 (millions)                                                                 
Revenues                    $  2,432   $  3,201     $ 5,064        $  6,600 
Net loss(5)                     (269)    (8,555)       (181)         (7,708)
Adjusted net earnings(2)         159        663         397           1,586 
Operating cash flow              488        907       1,073           1,992 
Adjusted operating cash                                                     
 flow(2)                         488        815       1,073           1,974 
Per Share Data (dollars)                                                    
 Net loss (basic)              (0.23)     (8.55)      (0.16)          (7.70)
 Adjusted net earnings                                                      
  (basic)(2)                    0.14       0.66        0.34            1.58 
 Net loss (diluted)            (0.23)     (8.55)      (0.16)          (7.70)
Weighted average basic                                                      
 common shares (millions)      1,165      1,001       1,165           1,001 
Weighted average diluted                                                    
 common shares                                                              
 (millions)(6)                 1,165      1,001       1,165           1,001 
----------------------------------------------------------------------------
                                                      As at           As at 
                                                   June 30,    December 31, 
                                                ----------------------------
                                                       2014            2013 
----------------------------------------------------------------------------
Financial Position                                                          
 (millions)                                                                 
Cash and equivalents                                $ 2,549        $  2,404 
Non-cash working capital                              3,492           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, Kanowna up to March 1, 2014 and        
    Marigold up to April 4, 2014, the effective dates of sale of these      
    assets. Sales include our equity share of gold sales from 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 loss represents net loss attributable to the equity holders of the  
    Company.                                                                
(6) Fully diluted includes dilutive effect of stock options.                
 
Production and Cost Summary                                                 
                       Gold Production                                      
                 (attributable ounces)                                      
                               (000's)     All-in sustaining costs(5) ($/oz)
             ------------------------- -------------------------------------
             Three months   Six months      Three months                    
                    ended        ended             ended   Six months ended 
                 June 30,     June 30,          June 30,           June 30, 
             ------------ ------------ ------------------ ------------------
               2014  2013   2014  2013     2014     2013      2014     2013 
------------------------- ------------ ------------------ ------------------
Gold                                                                        
 Goldstrike     214   187    476   417  $   886  $ 1,226   $   808  $   994 
 Cortez         217   417    444   760      754      376       706      392 
 Pueblo Viejo   161   122    320   218      587      635       587      725 
 Lagunas                                                                    
  Norte         115   131    249   276      593      663       552      604 
 Veladero       189   140    347   345      740      768       768      724 
 North                                                                      
  America                                                                   
  Portfolio(1)  205   202    428   405      973    1,258       963    1,253
 Australia                                                                  
  Pacific(2)    268   465    573   912      856    1,016       850    1,046 
 African                                                                    
  Barrick                                                                   
  Gold(3)       114   122    232   230    1,105    1,404     1,118    1,483 
 Other(4)         2    25      4    45    2,794    1,383     2,266    1,383 
----------------------------------------------------------------------------
Total         1,485 1,811  3,073 3,608  $   865  $   910   $   849  $   922 
----------------------------------------------------------------------------
                     Copper Production                                      
                 (attributable pounds)                                      
                            (millions)               C1 Cash Costs(5) ($/lb)
             ------------------------- -------------------------------------
             Three months   Six months      Three months                    
                    ended        ended             ended   Six months ended 
                 June 30,     June 30,          June 30,           June 30, 
             ------------ ------------ ------------------ ------------------
               2014  2013   2014  2013     2014     2013      2014     2013 
----------------------------------------------------------------------------
Total            67   134    171   261  $  2.04  $  1.75   $  2.08  $  2.08 
----------------------------------------------------------------------------
                                          Total Gold Production Costs ($/oz)
                                       -------------------------------------
                                            Three months                    
                                                   ended   Six months ended 
                                                June 30,           June 30, 
                                       ------------------ ------------------
                                           2014     2013      2014     2013 
--------------------------------------------------------- ------------------
 Direct mining costs before impact of                                       
  hedges at market foreign exchange                                         
  rates                                 $   600  $   602   $   595  $   608 
 Gains realized on currency hedge and                                       
  commodity hedge/economic hedge                                            
  contracts                                 (23)     (42)      (21)     (46)
 Other(6)                                     -      (14)        -      (14)
 By-product credits                         (21)     (27)      (22)     (28)
 Royalties                                   38       33        36       38 
----------------------------------------------------------------------------
Adjusted operating costs(5)                 594      552       588      558 
 Depreciation                               202      210       199      203 
 Other(6)                                     -       14         -       14 
----------------------------------------------------------------------------
Total production costs                  $   796  $   776   $   787  $   775 
----------------------------------------------------------------------------
Adjusted operating costs(5)             $   594  $   552   $   588  $   558 
 General & administrative costs              43       35        49       41 
 Rehabilitation - accretion and                                             
  amortization (operating sites)             21       19        21       22 
 Mine on-site exploration and                                               
  evaluation costs                            4        9         3        8 
 Mine development expenditures              117      173       117      164 
 Sustaining capital expenditures             86      122        71      129 
----------------------------------------------------------------------------
All-in sustaining costs(5)              $   865  $   910   $   849  $   922 
----------------------------------------------------------------------------
All-in costs(5)                         $   945  $ 1,267   $   940  $ 1,314 
----------------------------------------------------------------------------
                                        Total Copper Production Costs ($/lb)
                                       -------------------------------------
                                            Three months                    
                                                   ended   Six months ended 
                                                June 30,           June 30, 
                                       ------------------ ------------------
                                           2014     2013      2014     2013 
--------------------------------------------------------- ------------------
C1 cash costs(5)                        $  2.04  $  1.75   $  2.08  $  2.08 
Depreciation(7)                            0.37     0.42      0.37     0.38 
Other(8)                                   0.11     0.10      0.14     0.15 
----------------------------------------------------------------------------
C3 fully allocated costs(5)             $  2.52  $  2.27   $  2.59  $  2.61 
----------------------------------------------------------------------------
(1) Includes production from Marigold up to April 4, 2014, the effective    
    date of sale of this asset.                                             
(2) 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.                                
(3) 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.                                             
(4) Production and all-in sustaining costs include Pierina.                 
(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. Barrick Energy was divested in the third quarter of 2013.    
(7) Represents equity depreciation expense divided by equity pounds of      
    copper sold.                                                            
(8) For a breakdown, see reconciliation of cost of sales to C1 cash costs   
    and C3 fully allocated costs per pound in the Non-GAAP Financial        
    Performance Measures section of the Company's MD&A.                     
 
Consolidated Statements of Income                                           
 
Barrick Gold Corporation            
(in millions of United States                                               
 dollars, except per share data)   Three months ended      Six months ended 
 (Unaudited)                                 June 30,              June 30, 
----------------------------------------------------------------------------
                                      2014       2013       2014       2013 
----------------------------------------------------------------------------
 
Revenue (notes 5 and 6)          $   2,432  $   3,201  $   5,064  $   6,600 
----------------------------------------------------------------------------
Costs and expenses (income)                                                 
Cost of sales (notes 5 and 7)        1,590      1,832      3,282      3,642 
General and administrative                                                  
 expenses (note 11)                     82         99        185        197 
Exploration and evaluation (note                                            
 8)                                     53         58         85        106 
Other expense (income) (note                                                
 10A)                                  142        148        342        237 
Impairment charges (note 10B)          512      9,327        524      9,332 
Gain on non-hedge derivatives                                               
 (note 19D)                            (44)       (13)       (65)       (55)
----------------------------------------------------------------------------
Income (loss) before finance                                                
 items and income taxes                 97     (8,250)       711     (6,859)
Finance items                                                               
Finance income                           3          2          6          5 
Finance costs (note 12)               (200)      (161)      (401)      (269)
----------------------------------------------------------------------------
(Loss) income from continuing                                               
 operations before income taxes       (100)    (8,409)       316     (7,123)
Income tax (expense) recovery                                               
 (note 13)                            (123)       213       (412)      (220)
----------------------------------------------------------------------------
Loss from continuing operations       (223)    (8,196)       (96)    (7,343)
Loss from discontinued                                                      
 operations                              -       (505)         -       (497)
----------------------------------------------------------------------------
Net loss                         $    (223) $  (8,701) $     (96) $  (7,840)
----------------------------------------------------------------------------
Attributable to:                                                            
Equity holders of Barrick Gold                                              
 Corporation                     $    (269) $  (8,555) $    (181) $  (7,708)
Non-controlling interests (note                                             
 22)                             $      46  $    (146) $      85  $    (132)
----------------------------------------------------------------------------
 
Earnings per share data attributable to the equity holders of Barrick Gold  
 Corporation (note 9)                                                       
Loss from continuing operations                                             
 Basic                           $   (0.23) $   (8.04) $   (0.16) $   (7.20)
 Diluted                         $   (0.23) $   (8.04) $   (0.16) $   (7.20)
----------------------------------------------------------------------------
Loss from discontinued                                                      
 operations                                                                 
 Basic                           $       -  $   (0.51) $       -  $   (0.50)
 Diluted                         $       -  $   (0.51) $       -  $   (0.50)
----------------------------------------------------------------------------
Net loss                                                                    
 Basic                           $   (0.23) $   (8.55) $   (0.16) $   (7.70)
 Diluted                         $   (0.23) $   (8.55) $   (0.16) $   (7.70)
----------------------------------------------------------------------------
 
The notes to these unaudited interim financial statements, which are        
contained in the Second Quarter Report 2014 available on our website are an 
integral part of these consolidated financial statements.                   
 
Consolidated Statements of Comprehensive Income                             
 
Barrick Gold Corporation            
(in millions of United States      Three months ended      Six months ended 
 dollars) (Unaudited)                        June 30,              June 30, 
----------------------------------------------------------------------------
                                      2014       2013       2014       2013 
----------------------------------------------------------------------------
Net loss                         $    (223) $  (8,701) $     (96) $  (7,840)
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, $2, nil and $4                5        (18)        22        (26)
Realized (gains) losses and                                                 
 impairments on AFS financial                                               
 securities, net of tax $nil,                                               
 ($2), $nil and ($2)                    17         13         23         11 
Unrealized gains (losses) on                                                
 derivatives designated as cash                                             
 flow hedges, net of tax ($3),                                              
 ($12), $1 and ($15)                    13        (85)        28        (55)
Realized (gains) losses on                                                  
 derivatives designated as cash                                             
 flow hedges, net of tax $1,                                                
 $23, $1 and $41                       (31)      (107)       (54)      (182)
Currency translation                                                        
 adjustments, net of tax $nil,                                              
 $nil, $nil and $nil                     4        (77)         7        (98)
----------------------------------------------------------------------------
Total other comprehensive income                                            
 (loss)                                  8       (274)        26       (350)
----------------------------------------------------------------------------
Total comprehensive loss         $    (215) $  (8,975) $     (70) $  (8,190)
----------------------------------------------------------------------------
Attributable to:                                                            
Equity holders of Barrick Gold                                              
 Corporation                                                                
 Continuing operations           $    (261) $  (8,292) $    (155) $  (7,510)
 Discontinued operations         $       -  $    (537) $       -  $    (548)
Non-controlling interests        $      46  $    (146) $      85  $    (132)
----------------------------------------------------------------------------
 
The notes to these unaudited interim financial statements, which are        
contained in the Second Quarter Report 2014 available on our website are an 
integral part of these consolidated financial statements.                   
 
Consolidated Statements of Cash Flow                                        
 
Barrick Gold Corporation            
(in millions of United States      Three months ended      Six months ended 
 dollars) (Unaudited)                        June 30,              June 30, 
----------------------------------------------------------------------------
                                      2014       2013       2014       2013 
----------------------------------------------------------------------------
OPERATING ACTIVITIES                                                        
Net loss from continuing                                                    
 operations                      $    (223) $  (8,196) $     (96) $  (7,343)
Adjusted for the following                                                  
 items:                                                                     
 Depreciation                          400        453        802        849 
 Finance costs                         200        161        401        269 
 Impairment charges (note 10B)         512      9,327        524      9,332 
 Income tax expense (recovery)                                              
  (note 13)                            123       (213)       412        220 
 (Increase) decrease in                                                     
  inventory                            (37)       (69)         5       (233)
 Proceeds from settlement of                                                
  hedge contracts                        -        219          -        219 
 Gain on non-hedge derivatives         (44)       (13)       (65)       (55)
 Gain on sale of long-lived                                                 
  assets/investments                   (22)        (1)       (23)        (9)
 Other operating activities                                                 
  (note 14A)                            16       (300)      (225)      (465)
----------------------------------------------------------------------------
Operating cash flows before                                                 
 interest and income taxes             925      1,368      1,735      2,784 
Interest paid                         (276)      (170)      (352)      (217)
Income taxes paid                     (161)      (306)      (310)      (626)
----------------------------------------------------------------------------
Net cash provided by operating                                              
 activities from continuing                                                 
 operations                            488        892      1,073      1,941 
Net cash provided by operating                                              
 activities from discontinued                                               
 operations                              -         15          -         51 
----------------------------------------------------------------------------
Net cash provided by operating                                              
 activities                            488        907      1,073      1,992 
----------------------------------------------------------------------------
INVESTING ACTIVITIES                                                        
Property, plant and equipment                                               
 Capital expenditures (note 5)        (616)    (1,552)    (1,232)    (2,931)
 Sales proceeds                          2          1         37          3 
Divestitures                            86          -        166          - 
Investments sales                       27          -         52         18 
Other investing activities (note                                            
 14B)                                  (39)       (46)       (79)      (131)
----------------------------------------------------------------------------
Net cash used in investing                                                  
 activities from continuing                                                 
 operations                           (540)    (1,597)    (1,056)    (3,041)
Net cash used in investing                                                  
 activities from discontinued                                               
 operations                              -        (12)         -        (57)
----------------------------------------------------------------------------
Net cash used in investing                                                  
 activities                           (540)    (1,609)    (1,056)    (3,098)
----------------------------------------------------------------------------
FINANCING ACTIVITIES                                                        
Proceeds on exercise of stock                                               
 options                                 -          -          -          1 
Proceeds from divestment of 10%                                             
 of issued ordinary share                                                   
 capital of ABG                          -          -        186          - 
Debt                                                                        
 Proceeds                                -      3,060        133      5,110 
 Repayments                            (18)    (2,066)       (93)    (3,271)
Dividends                              (58)      (200)      (116)      (400)
Funding from non-controlling                                                
 interests                               -         19          2         32 
Other financing activities (note                                            
 14C)                                    -        (14)         -        (22)
----------------------------------------------------------------------------
Net cash (used in) provided by                                              
 financing activities from                                                  
 continuing operations                 (76)       799        112      1,450 
Net cash used in financing                                                  
 activities from discontinued                                               
 operations                              -          -          -          - 
----------------------------------------------------------------------------
Net cash (used in) provided by                                              
 financing activities                  (76)       799        112      1,450 
----------------------------------------------------------------------------
Effect of exchange rate changes                                             
 on cash and equivalents                 1         (9)        (4)       (11)
----------------------------------------------------------------------------
Net (decrease) increase in cash                                             
 and equivalents                      (127)        88        125        333 
Cash and equivalents excluding                                              
 assets classified as held for                                              
 sale at the beginning of period     2,672      2,342      2,404      2,097 
Add: cash and equivalents of                                                
 assets classified as held for                                              
 sale at the beginning of period         4          -         20          - 
----------------------------------------------------------------------------
Cash and equivalents at the end                                             
 of period                       $   2,549  $   2,430  $   2,549  $   2,430 
----------------------------------------------------------------------------
Less: cash and equivalents of                                               
 assets classified as held for                                              
 sale at the end of period               -          8          -          8 
----------------------------------------------------------------------------
Cash and equivalents excluding                                              
 assets classified as held for                                              
 sale at the end of period       $   2,549  $   2,422  $   2,549  $   2,422 
----------------------------------------------------------------------------
 
The notes to these unaudited interim financial statements, which are        
contained in the Second 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 June         As at 
 (Unaudited)                                              30,  December 31, 
----------------------------------------------------------------------------
                                                         2014          2013 
----------------------------------------------------------------------------
ASSETS                                                                      
Current assets                                                              
 Cash and equivalents (note 19A)                    $   2,549     $   2,404 
 Accounts receivable                                      377           385 
 Inventories (note 15)                                  2,644         2,679 
 Other current assets                                     386           421 
----------------------------------------------------------------------------
Total current assets (excluding assets classified                           
 as held for sale)                                      5,956         5,889 
 Assets classified as held for sale                       578           323 
----------------------------------------------------------------------------
Total current assets                                    6,534         6,212 
 
Non-current assets                                                          
 Equity in investees                                       28            27 
 Other investments                                        103           120 
 Property, plant and equipment (note 16)               21,377        21,688 
 Goodwill (note 17)                                     5,519         5,835 
 Intangible assets                                        311           320 
 Deferred income tax assets                               774           501 
 Non-current portion of inventory (note 15)             1,704         1,679 
 Other assets                                           1,085         1,066 
----------------------------------------------------------------------------
Total assets                                        $  37,435     $  37,448 
----------------------------------------------------------------------------
LIABILITIES AND EQUITY                                                      
Current liabilities                                                         
 Accounts payable                                   $   1,659     $   2,165 
 Debt (note 19B)                                          187           179 
 Current income tax liabilities                           105            75 
 Other current liabilities                                306           303 
----------------------------------------------------------------------------
Total current liabilities (excluding liabilities                            
 classified as held for sale)                           2,257         2,722 
 Liabilities classified as held for sale                   18           162 
----------------------------------------------------------------------------
Total current liabilities                               2,275         2,884 
 
Non-current liabilities                                                     
 Debt (note 19B)                                       12,973        12,901 
 Provisions                                             2,594         2,428 
 Deferred income tax liabilities                        2,546         2,258 
 Other liabilities                                      1,053           976 
----------------------------------------------------------------------------
Total liabilities                                      21,441        21,447 
----------------------------------------------------------------------------
Equity                                                                      
 Capital stock (note 21)                               20,862        20,869 
 Deficit                                               (7,878)       (7,581)
 Accumulated other comprehensive loss                     (43)          (69)
 Other                                                    321           314 
----------------------------------------------------------------------------
Total equity attributable to Barrick Gold                                   
 Corporation shareholders                              13,262        13,533 
 Non-controlling interests (note 22)                    2,732         2,468 
----------------------------------------------------------------------------
Total equity                                           15,994        16,001 
----------------------------------------------------------------------------
Contingencies and commitments (notes 15, 16 and                             
 23)                                                                        
----------------------------------------------------------------------------
Total liabilities and equity                        $  37,435     $  37,448 
----------------------------------------------------------------------------
 
The notes to these unaudited interim financial statements, which are        
contained in the Second Quarter Report 2014 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 United       Common               Retained    comprehensive 
 States dollars)         Shares (in    Capital    earnings           income 
 (Unaudited)             thousands)      stock   (deficit)        (loss)(1) 
----------------------------------------------------------------------------
At January 1, 2014        1,164,652 $   20,869  $   (7,581) $           (69)
----------------------------------------------------------------------------
 Net (loss) income                -          -        (181)               - 
 Total other                                                                
  comprehensive income            -          -           -               26 
----------------------------------------------------------------------------
 Total comprehensive                                                        
  (loss) income                   -          -        (181)              26 
----------------------------------------------------------------------------
 Transactions with                                                          
  owners                                                                    
  Dividends                       -          -        (116)               - 
  Issued on exercise of                                                     
   stock options                 18          -           -                - 
  Derecognition of                                                          
   stock option expense           -         (7)          -                - 
  Recognized on                                                             
   divestment of 10% of                                                     
   African Barrick Gold           -          -           -                - 
  Funding from non-                                                         
   controlling                                                              
   interests                      -          -           -                - 
----------------------------------------------------------------------------
 Total transactions                                                         
  with owners                    18         (7)       (116)               - 
----------------------------------------------------------------------------
At June 30, 2014          1,164,670 $   20,862  $   (7,878) $           (43)
----------------------------------------------------------------------------
 
----------------------------------------------------------------------------
At January 1, 2013        1,001,108 $   17,926  $    3,269  $           463 
----------------------------------------------------------------------------
 Net loss                         -          -      (7,708)               - 
 Total other                                                                
  comprehensive loss              -          -           -             (350)
----------------------------------------------------------------------------
 Total comprehensive                                                        
  loss                            -          -      (7,708)            (350)
----------------------------------------------------------------------------
 Transactions with                                                          
  owners                                                                    
  Dividends                       -          -        (400)               - 
  Issued on exercise of                                                     
   stock options                 44          1           -                - 
  Recognition of stock                                                      
   option expense                 -          6           -                - 
  Funding from non-                                                         
   controlling                                                              
   interests                      -          -           -                - 
  Other decrease in                                                         
   non-controlling                                                          
   interests                      -          -           -                - 
----------------------------------------------------------------------------
 Total transactions                                                         
  with owners                    44          7        (400)               - 
----------------------------------------------------------------------------
At June 30, 2013          1,001,152 $   17,933  $   (4,839) $           113 
----------------------------------------------------------------------------
 
Consolidated Statements of Changes in Equity                                
 
                       --------------------------                           
Barrick Gold             Attributable to equity                             
 Corporation             holders of the company                             
-------------------------------------------------                           
 
                                     Total equity                           
(in millions of United               attributable           Non-            
 States dollars)                               to    controlling      Total 
 (Unaudited)              Other(2)   shareholders      interests     equity 
----------------------------------------------------------------------------
At January 1, 2014      $      314 $       13,533  $       2,468  $  16,001 
----------------------------------------------------------------------------
 Net (loss) income               -           (181)            85        (96)
 Total other                                                                
  comprehensive income           -             26              -         26 
----------------------------------------------------------------------------
 Total comprehensive                                                        
  (loss) income                  -           (155)            85        (70)
----------------------------------------------------------------------------
 Transactions with                                                          
  owners                                                                    
  Dividends                      -           (116)             -       (116)
  Issued on exercise of                                                     
   stock options                 -              -              -          - 
  Derecognition of                                                          
   stock option expense          -             (7)             -         (7)
  Recognized on                                                             
   divestment of 10% of                                                     
   African Barrick Gold          7              7            177        184 
  Funding from non-                                                         
   controlling                                                              
   interests                     -              -              2          2 
----------------------------------------------------------------------------
 Total transactions                                                         
  with owners                    7           (116)           179         63 
----------------------------------------------------------------------------
At June 30, 2014        $      321 $       13,262  $       2,732  $  15,994 
----------------------------------------------------------------------------
 
----------------------------------------------------------------------------
At January 1, 2013      $      314 $       21,972  $       2,664  $  24,636 
----------------------------------------------------------------------------
 Net loss                        -         (7,708)          (132)    (7,840)
 Total other                                                                
  comprehensive loss             -           (350)             -       (350)
----------------------------------------------------------------------------
 Total comprehensive                                                        
  loss                           -         (8,058)          (132)    (8,190)
----------------------------------------------------------------------------
 Transactions with                                                          
  owners                                                                    
  Dividends                      -           (400)             -       (400)
  Issued on exercise of                                                     
   stock options                 -              1              -          1 
  Recognition of stock                                                      
   option expense                -              6              -          6 
  Funding from non-                                                         
   controlling                                                              
   interests                     -              -             32         32 
  Other decrease in                                                         
   non-controlling                                                          
   interests                     -              -            (14)       (14)
----------------------------------------------------------------------------
 Total transactions                                                         
  with owners                    -           (393)            18       (375)
----------------------------------------------------------------------------
At June 30, 2013        $      314 $       13,521  $       2,550  $  16,071 
----------------------------------------------------------------------------
 
(1) Includes cumulative translation losses at June 30, 2014: $73 million    
    (June 30, 2013: losses of $85 million).                                 
(2) Includes additional paid-in capital as at June 30, 2014: $283 million   
    (December 31, 2013: $276 million; June 30, 2013: $276 million) and      
    convertible borrowings - equity component as at June 30, 2014: $38      
    million (December 31, 2013: $38 million; June 30, 2013: $38 million).   
The notes to these unaudited interim financial statements, which are        
 contained in the Second 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                                            

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION 
Certain information contained or incorporated by reference in this
Second 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 Second 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. 
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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