Barrick Reports Fourth Quarter and Full Year 2013 Results
TORONTO, ONTARIO--(Marketwired - Feb 13, 2014) - Barrick Gold
Corporation (NYSE:ABX)(TSX:ABX) (Barrick or the company) today
reported a fourth quarter net loss of $2.83 billion ($2.61 per
share), including after-tax impairment charges of $2.82 billion.
Adjusted net earnings were $0.41 billion ($0.37 per share).
Operating cash flow was $1.02 billion and adjusted operating cash
flow was $1.09 billion.
For the full year 2013, Barrick reported a net loss of $10.37
billion ($10.14 per share), including after-tax impairment charges
of $11.54 billion. Adjusted net earnings were $2.57 billion ($2.51
per share). Operating cash flow of $4.24 billion and adjusted
operating cash flow of $4.36 billion reflect the underlying
strength of the company's high-quality mining operations.
| OPERATING HIGHLIGHTS AND GUIDANCE |
|
|
2013 Actuals |
|
|
Gold |
Fourth Quarter |
Full Year |
2014 Guidance |
|
Production (000s of ounces) |
1,713 |
7,166 |
6,000-6,500 |
|
All-in sustaining costs ($ per ounce) |
899 |
915 |
920-980 |
|
|
|
|
|
Copper |
|
|
|
|
Production (millions of pounds) |
139 |
539 |
470-500 |
| C1
cash costs ($ per pound) |
1.81 |
1.92 |
1.90-2.10 |
|
|
|
|
|
|
TOTAL CAPITAL EXPENDITURES ($ millions) |
1,294 |
5,000 |
2,400-2,700 |
"The disciplined capital allocation framework that we adopted in
mid-2012 has been at the core of every decision we've made in the
last year and half, and has put us in a much stronger position to
deal with the challenging gold price environment our industry is
facing today. Under a comprehensive plan to strengthen the company,
we have become a leaner, more agile organization, better protected
against further downside price risk and well positioned to take
advantage of attractive investment opportunities going forward,"
said Jamie Sokalsky, Barrick's President and CEO. "We have
increased our focus on free cash flow and risk-adjusted returns,
and successfully executed on our key priorities, which include
operational excellence, a stronger balance sheet and the ongoing
optimization of our asset portfolio. This required decisive action,
including the temporary suspension of Pascua-Lama, and an even
greater focus on generating higher returns even if that means
producing fewer ounces. These were the right decisions for our
shareholders and for the company, and we are now seeing the
tangible benefits of our efforts."
Operational Excellence is a Top Priority
- Met improved gold and copper operating guidance for 2013
- Maintained the lowest all-in sustaining costs (AISC)(1) of our
peer group in 2013 and expect to retain this position in 2014
- Significantly improved Lumwana's performance in 2013 and expect
to reduce costs further in 2014
- Five core mines met expectations in 2013, producing about 4.0
million ounces or 55 percent of total production at AISC of $668
per ounce; these mines are expected to produce about 60 percent of
total production in 2014 at AISC of $750-$800 per ounce
- Implemented a flatter, more streamlined organizational model
that supports operational excellence; appointed Jim Gowans as Chief
Operating Officer in December 2013, an experienced executive who
brings four decades of global mining operations experience to
Barrick
- Reduced 2013 general and administrative costs
- Targeting $500 million in annual cost savings from the new
operating model, reduced procurement costs and other
initiatives
Strengthened Balance Sheet and Financial
Flexibility
- Termed out $3.0 billion in debt in the second quarter of
2013
- Reduced 2013 capital and operating costs by about $2.0
billion
- Improved near-term cash flow through temporary suspension of
Pascua-Lama
- Raised $3.0 billion in a bought equity deal in the fourth
quarter of 2013 to repay debt, reducing maturities over the next
four years to $1.0 billion
Continued Progress on Portfolio Optimization
- In the last six months, announced agreements to divest Barrick
Energy, six high-cost, non-core mines and other assets for a total
consideration of almost $1.0 billion
- Completed mine plans and reserve estimates using a conservative
gold price assumption of $1,100 per ounce in order to prioritize
profitable production and returns, while retaining the option to
access the metal in the future when prices and returns improve
"2013 was a tough year for Barrick by any measure, but with a
renewed focus on capital discipline and operational excellence
across the board, we have reset our focus and revitalized the
company's prospects," Mr. Sokalsky said. "We will not veer from
this course, which has delivered solid results, reduced costs and
improved financial flexibility."
FINANCIAL DISCUSSION
Fourth quarter 2013 adjusted net earnings were $0.41 billion
($0.37 per share)(1) compared to $1.16 billion ($1.16 per share) in
the prior-year period. The decrease reflects lower realized gold
and copper prices and a decline in gold and copper sales volumes.
The net loss for the fourth quarter was $2.83 billion ($2.61 per
share) compared to a net loss of $3.01 billion ($3.01 per share) in
the prior-year quarter. Significant adjusting items for the quarter
include:
- $2.82 billion in impairment charges, primarily related to
Pascua-Lama, Porgera, Veladero and the Australia Pacific gold
segment; and
- $176 million in suspension-related costs at Pascua-Lama.
The company recorded an impairment charge for the Pascua-Lama
project of $896 million(2) due to the decision to temporarily
suspend construction in the fourth quarter. At the Porgera mine,
the company recorded an impairment charge of $595 million based on
changes to the mine plan to focus primarily on higher grade
underground ore. As a result, Porgera's estimated mine life has
decreased from 13 years to nine years. Lower gold price assumptions
and the impact of sustained inflationary pressures on operating and
capital costs led to a reduction of reserves and life-of-mine
production at the Veladero mine in Argentina, resulting in an
impairment charge of $300 million. At Jabal Sayid, the annual
update to the life-of-mine plan showed a decrease in net present
value. In addition, the project's fair value was impacted by a
delay in first production. As a result, the company recorded an
impairment charge of $303 million. As part of its annual goodwill
impairment test, the company recognized a goodwill impairment
charge of $551 million for its Australia Pacific gold segment,
primarily related to the lower estimated fair value of Porgera.
Fourth quarter operating cash flow of $1.02 billion compares to
$1.85 billion in the prior-year period. The decline reflects lower
realized gold and copper prices and increased income tax payments.
Adjusted operating cash flow of $1.09 billion(3) compares to $1.93
billion in the prior-year period and removes the impact of foreign
currency and commodity derivative contract settlements.
RESERVES AND RESOURCES
Barrick calculated its reserves for 2013 using a conservative
gold price assumption of $1,100 per ounce, compared to $1,500 per
ounce in 2012. While this is well below the company's outlook for
the gold price and below current spot prices, it reflects Barrick's
focus on producing profitable ounces with a solid rate of return
and the ability to generate free cash flow. Gold reserves declined
to 104.1 million ounces(4) at the end of 2013 from 140.2 million
ounces at the end of 2012. Excluding ounces mined and processed in
2013 and divestitures, all of these ounces have transferred to
resources, preserving the option to access them in the future at
higher gold prices.
The 26 percent decline in reserves breaks down as follows
(approximations):
|
Percentage |
|
|
13 |
-
conservative gold price assumption of $1,100 per ounce |
|
6 |
-
ounces mined and processed in 2013 |
|
4 |
-
ounces that are economic at $1,100 per ounce, but do not meet
hurdle rates of return on invested capital |
|
2 |
-
ounces no longer economic due to increased costs |
|
2 |
-
divestitures of non-core, high-cost mines as part of the company's
portfolio optimization strategy |
|
(1) |
-
additions |
Measured and indicated gold resources increased to 99.4 million
ounces at the end of 2013 from 83.0 million ounces at the end of
2012. Resources were calculated based on a gold price assumption of
$1,500 per ounce compared to $1,650 per ounce for 2012. Inferred
gold resources decreased to 31.9 million ounces at the end of 2013
from 35.6 million ounces at the end of 2012.
Copper reserves increased slightly to 14.0 billion pounds based
on a copper price assumption of $3.00 per pound. Measured and
indicated copper resources decreased to 6.9 billion pounds from
10.3 billion pounds at the end of 2012 based on a copper price
assumption of $3.50 per pound, primarily as a result of further
optimization of the Lumwana mine plan. Inferred copper resources
decreased to 0.2 billion pounds from 0.5 billion pounds at the end
of 2012.
2014 OUTLOOK
Barrick's 2014 gold cost guidance is the lowest among senior
producers, with AISC expected to be $920-$980 per ounce and
adjusted operating costs projected to be $590-$640 per ounce.
The company anticipates 2014 gold production of 6.0-6.5 million
ounces. Lower production in 2014 reflects the company's strategy to
maximize free cash flow and returns over ounces, the divestment of
high-cost, short-life mines, lower production from Cortez, and the
decision to close Pierina. These declines will be partially offset
by an increase in production at Pueblo Viejo.
Detailed 2014 operating guidance, based on the company's new
operating model, and capital expenditure guidance is as
follows:
| GOLD PRODUCTION AND COSTS |
|
|
Production (millions of ounces) |
AISC ($ per ounce) |
Adj. Operating Costs ($ per ounce) |
|
Cortez |
0.925-0.975 |
750-780 |
350-380 |
|
Goldstrike |
0.865-0.915 |
920-950 |
600-640 |
|
Pueblo Viejo |
0.600-0.700 |
510-610 |
385-445 |
|
Lagunas Norte |
0.570-0.610 |
640-680 |
390-430 |
|
Veladero |
0.650-0.700 |
940-990 |
620-670 |
|
Sub-total |
3.800-4.000 |
750-800 |
450-500 |
| North
America - Other |
0.795-0.845 |
1,075-1,100 |
780-805 |
|
Australia Pacific |
1.000-1.080 |
1,050-1,100 |
825-875 |
|
African Barrick Gold |
0.480-0.510 |
1,100-1,175 |
740-790 |
|
Total Gold |
6.000-6.500(5) |
920-980 |
590-640 |
|
|
|
| COPPER PRODUCTION AND COSTS |
|
|
Production (millions of pounds) |
C1 cash costs(6) ($ per pound) |
C3 fully allocated costs(6) ($ per pound) |
|
Total Copper |
470-500 |
1.90-2.10 |
2.50-2.75 |
|
|
|
|
| CAPITAL EXPENDITURES |
|
|
($ millions) |
|
| Mine
site sustaining |
2,000-2,200 |
|
| Mine
site expansion |
300-375 |
|
|
Projects |
100-125 |
|
|
Total |
2,400-2,700 |
|
Total capital expenditures are expected to decrease by
approximately 50 percent in 2014 to $2.40-$2.70 billion, a
reduction of approximately $2.5 billion compared to 2013. The lower
expenditures reflect the temporary suspension of construction at
Pascua-Lama and lower mine site sustaining and expansion capital
requirements. The 2014 exploration budget of $200-$240 million(7)
remains focused on high quality, priority projects. About 50
percent of the budget is allocated to Nevada, the majority of which
is targeted for the Goldrush project, where measured and indicated
resources increased by 1.6 million ounces to 10.0 million ounces at
the end of 2013. Inferred resources at Goldrush were 5.6 million
ounces at the end of 2013.
The company anticipates higher finance costs of $800-$825
million in 2014 as a result of the decision to temporarily suspend
Pascua-Lama, where interest will no longer be capitalized.
Barrick's effective income tax rate in 2014 is expected to be
about 50 percent based on an average gold price of $1,300 per
ounce. Please refer to the Management Discussion and Analysis for a
full description of factors impacting the company's 2014 income tax
rate.
PASCUA-LAMA UPDATE
During the fourth quarter of 2013, Barrick announced the
temporary suspension of construction at its Pascua-Lama project,
except for those activities required for environmental and
regulatory compliance. The ramp-down is on schedule for completion
by mid-2014. The company expects to incur costs of about $300
million(8) this year for the ramp-down and environmental and social
obligations. A decision to restart development will depend on
improved economics and reduced uncertainty related to legal and
regulatory requirements. Remaining development will take place in
distinct stages with specific work programs and budgets. This
approach will facilitate more efficient planning and execution and
improved cost control. In the interim, Barrick will explore
opportunities to improve the project's risk-adjusted returns,
including strategic partnerships or royalty and other income
streaming agreements. The company will preserve the option to
resume development of this asset, which has a mine life of 25
years.
CORPORATE GOVERNANCE AND EXECUTIVE COMPENSATION
In December, 2013, Barrick announced that its Founder and
Chairman, Peter Munk, would retire as Chairman and step down from
the Board of Directors at the company's 2014 Annual General Meeting
(AGM). John Thornton, currently Co-Chairman, will become Chairman
following the 2014 AGM.
In addition, Howard Beck and Brian Mulroney will not stand for
re-election as Directors at the 2014 AGM. The Board has nominated
four new Independent Directors to stand for election at the
company's upcoming AGM: Ned Goodman, Nancy Lockhart, David Naylor
and Ernie Thrasher.
Barrick also announced it will implement a new executive
compensation plan in 2014 that is fully aligned with the principle
of pay-for-performance, and further links compensation with the
long-term interests of shareholders. The company has consulted
extensively with shareholders in the development of this plan and
continues to do so. Details will be announced in the management
proxy circular prior to the AGM.
OPERATING RESULTS DISCUSSION
Cortez
The Cortez mine produced 0.24 million ounces at AISC of $498 per
ounce in the fourth quarter. Even with lower production anticipated
in 2014, Cortez remains one of the largest and most attractive gold
assets in the world, and a cornerstone operation for Barrick. As
anticipated in the mine plan, production this year is expected to
be 0.925-0.975 million ounces, primarily due to a decrease in ore
grades. AISC are expected to increase to $750-$780 per ounce in
2014 as a result of lower production and higher sustaining capital
related to waste stripping for the Cortez Hills open pit.
Goldstrike
In the fourth quarter, Goldstrike produced 0.24 million ounces
at AISC of $770 per ounce. The autoclave facility is undergoing
modifications that will enable Goldstrike to bring forward about
4.0 million ounces of production. The total construction cost for
this project is $585 million. Expansion capital expenditures
related to the project are expected to be $245 million in 2014.
First production from the modified autoclaves is anticipated in the
fourth quarter of 2014. The modified autoclaves are expected to
contribute about 0.350-0.450 million ounces of annual production in
their first full five years of operation. Goldstrike is expected to
produce 0.865-0.915 million ounces in 2014 at AISC of $920-$950 per
ounce. Production is anticipated to increase to above 1.0 million
ounces in 2015 with a full year of operations from the modified
autoclaves(9).
Pueblo Viejo
Barrick's 60 percent share of production from Pueblo Viejo in
the fourth quarter was 0.16 million ounces at AISC of $720 per
ounce. The mine is expected to reach full capacity in the first
half of 2014 following completion of modifications to the lime
circuit. Barrick's share of production in 2014 is expected to be
0.600-0.700 million ounces at AISC of $510-$610 per ounce. The
lower anticipated AISC are based on higher production, higher
by-product credits and lower power costs following the
commissioning of the 215 megawatt power plant in the third quarter
of 2013.
Lagunas Norte
Lagunas Norte produced 0.20 million ounces at AISC of $613 per
ounce in the fourth quarter. In 2014, the mine is expected to
produce 0.570-0.610 million ounces, processing more ore tons at
lower grades compared to 2013. The increase in ore tons is mainly
due to higher fleet availability following the transfer of
equipment from the Pierina mine. Anticipated AISC of $640-$680 per
ounce in 2014 primarily reflect higher fuel and labor costs related
to the increase in tonnage, and an increase in power costs due to a
full year of operations at the carbon-in-column plant.
Veladero
Veladero produced 0.14 million ounces at AISC of $969 per ounce
in the fourth quarter. Veladero is anticipated to produce
0.650-0.700 million ounces in 2014, reflecting increased recovery
of leached ounces and higher grades from the Argenta and Filo
Federico pits(10). Higher expected AISC of $940-$990 per ounce in
2014 are primarily impacted by lower silver by-product credits,
local inflation and the foreign exchange rate of the Argentine
peso.
North America - Other
Barrick's other North American mines consist of Bald Mountain,
Round Mountain, Turquoise Ridge, Golden Sunlight, Ruby Hill and
Hemlo. This segment produced 0.23 million ounces in the fourth
quarter at AISC of $1,195 per ounce and is anticipated to produce
0.795-0.845 million ounces in 2014 at AISC of $1,075-$1,100 per
ounce.
Australia Pacific
Australia Pacific produced 0.36 million ounces at AISC of $966
per ounce in the fourth quarter. Porgera contributed 0.13 million
ounces at AISC of $1,350 per ounce. Due to the sale of four mines
and the announced divestiture of Kanowna, 2014 production is
expected to decline to 1.000-1.080 million ounces in 2014. AISC in
2014 are expected to increase to $1,050-$1,100 per ounce, primarily
due to expensing of waste removal costs at Porgera, and higher open
pit mining costs at Cowal and Kalgoorlie.
African Barrick Gold (ABG)
Fourth quarter attributable production from ABG was 0.12 million
ounces at AISC of $1,171 per ounce. Full year attributable
production for 2014 is expected to be 0.480-0.510 million ounces at
AISC of $1,100-$1,175 per ounce. Production in 2014 is anticipated
to be higher than 2013 due to higher grades at Bulyanhulu and
Buzwagi, as well as the commissioning of the new carbon-in-leach
plant at Bulyanhulu, which is scheduled to commence production in
May. The improved cost outlook reflects the impact of ABG's
operational review, lower sustaining capital costs and reduced
corporate overhead costs.
Global Copper
Copper production in the fourth quarter was 139 million pounds
at C1 cash costs of $1.81 per pound and C3 fully allocated costs of
$2.33 per pound. Lumwana contributed 67 million pounds at C1 cash
costs of $2.04 per pound. Production at Lumwana in 2014 is expected
to be similar to 2013 at slightly lower C1 cash costs. The mine is
pursuing a number of initiatives to further improve on cost
reductions achieved to date.
The Zaldívar mine produced 72 million pounds in the fourth
quarter at C1 cash costs of $1.62 per pound. Production at Zaldívar
is anticipated to decrease in 2014 with fewer ore tons mined and
processed in line with the mine plan. Production will also be
impacted by lower recoveries as the mine processes a higher
percentage of secondary sulfide material. C1 cash costs are
expected to increase as a result of the impact of lower production
on unit costs.
|
(1) |
All-in sustaining costs per ounce, adjusted net earnings and
adjusted net earnings per share are non-GAAP financial performance
measures. See pages 63-72 of Barrick's Fourth Quarter 2013
Report. |
|
(2) |
$5.1
billion in after-tax impairment charges for Pascua-Lama were
recorded in the second quarter of 2013, mainly driven by declining
metal prices. |
| (3) |
Adjusted operating cash flow is a non-GAAP financial
performance measure. See pages 63-72 of Barrick's Fourth Quarter
2013 report. |
|
(4) |
Calculated in accordance with National Instrument 43-101 as
required by Canadian securities regulatory authorities. For a
breakdown, see pages 155-160 of Barrick's Fourth Quarter 2013
Report. |
|
(5) |
Operating unit guidance ranges reflect expectations at each
individual operating unit, but do not add up to corporate-wide
guidance range total. |
|
(6) |
C1
cash costs per pound and C3 fully allocated costs per pound are
non-GAAP financial performance measures. See pages 63-72 of
Barrick's Fourth Quarter 2013 Report. |
|
(7) |
15%
expected to be capitalized. Barrick's exploration programs are
designed and conducted under the supervision of Robert Krcmarov,
Senior Vice President, Global Exploration of Barrick. |
|
(8) |
About
25% is expected to be capitalized. Actual expenditures will be
dependent on a number of factors, including environmental and
regulatory requirements. |
|
(9) |
Actual results will vary depending on how the ramp-up
progresses. |
|
(10) |
Guidance for Veladero in 2014 assumes the receipt of necessary
permit amendments. See page 26 of the MD&A. |
|
|
| Key
Statistics Barrick Gold Corporation |
|
|
|
| (in United States dollars) |
Three months ended December 31, |
|
Twelve months ended December 31, |
|
| (Unaudited) |
2013 |
|
2012 (restated)8 |
|
2013 |
|
2012 (restated)8 |
|
| Operating Results |
|
|
|
|
|
|
|
|
|
|
|
|
| Gold production (thousands of ounces)1 |
|
1,713 |
|
|
2,019 |
|
|
7,166 |
|
|
7,421 |
|
| Gold sold (thousands of ounces)1 |
|
1,829 |
|
|
2,027 |
|
|
7,174 |
|
|
7,292 |
|
| Per ounce data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average spot gold price |
$ |
1,276 |
|
$ |
1,722 |
|
$ |
1,411 |
|
$ |
1,669 |
|
|
Average realized gold price2 |
|
1,272 |
|
|
1,714 |
|
|
1,407 |
|
|
1,669 |
|
|
Adjusted operating costs2 |
|
573 |
|
|
547 |
|
|
566 |
|
|
563 |
|
|
All-in sustaining costs2 |
|
899 |
|
|
1,048 |
|
|
915 |
|
|
1,014 |
|
|
All-in costs2 |
|
1,317 |
|
|
1,433 |
|
|
1,282 |
|
|
1,404 |
|
|
Adjusted operating costs (on a co-product basis)2 |
|
592 |
|
|
564 |
|
|
589 |
|
|
580 |
|
|
All-in sustaining costs (on a co-product basis)2 |
|
918 |
|
|
1,065 |
|
|
938 |
|
|
1,031 |
|
|
All-in costs (on a co-product basis)2 |
|
1,336 |
|
|
1,450 |
|
|
1,305 |
|
|
1,421 |
|
| Copper production (millions of pounds) |
|
139 |
|
|
130 |
|
|
539 |
|
|
468 |
|
| Copper sold (millions of pounds) |
|
134 |
|
|
154 |
|
|
519 |
|
|
472 |
|
| Per pound data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average spot copper price |
$ |
3.24 |
|
$ |
3.59 |
|
$ |
3.32 |
|
$ |
3.61 |
|
|
Average realized copper price2 |
|
3.34 |
|
|
3.54 |
|
|
3.39 |
|
|
3.57 |
|
|
C1
cash costs2 |
|
1.81 |
|
|
1.93 |
|
|
1.92 |
|
|
2.05 |
|
|
Depreciation3 |
|
0.37 |
|
|
0.48 |
|
|
0.35 |
|
|
0.54 |
|
|
Other4 |
|
0.15 |
|
|
0.52 |
|
|
0.15 |
|
|
0.26 |
|
|
C3 fully allocated costs2 |
|
2.33 |
|
|
2.93 |
|
|
2.42 |
|
|
2.85 |
|
| Financial Results (millions) |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
$ |
2,926 |
|
$ |
4,149 |
|
$ |
12,511 |
|
$ |
14,394 |
|
| Net loss5 |
|
(2,830 |
) |
|
(3,013 |
) |
|
(10,366 |
) |
|
(538 |
) |
| Adjusted net earnings2 |
|
406 |
|
|
1,157 |
|
|
2,569 |
|
|
3,954 |
|
| Operating cash flow |
|
1,016 |
|
|
1,845 |
|
|
4,239 |
|
|
5,983 |
|
| Adjusted operating cash flow2 |
|
1,085 |
|
|
1,925 |
|
|
4,359 |
|
|
5,700 |
|
| Per Share Data (dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss (basic) |
|
(2.61 |
) |
|
(3.01 |
) |
|
(10.14 |
) |
|
(0.54 |
) |
|
Adjusted net earnings (basic)2 |
|
0.37 |
|
|
1.16 |
|
|
2.51 |
|
|
3.95 |
|
|
Net loss (diluted) |
|
(2.61 |
) |
|
(3.01 |
) |
|
(10.14 |
) |
|
(0.54 |
) |
| Weighted average basic common shares (millions)6 |
|
1,085 |
|
|
1,001 |
|
|
1,022 |
|
|
1,001 |
|
| Weighted average diluted common shares
(millions)6,7 |
|
1,085 |
|
|
1,001 |
|
|
1,022 |
|
|
1,001 |
|
|
|
|
|
|
|
|
As at December 31, |
|
As at December 31, |
|
|
|
|
|
|
|
|
|
2013 |
|
|
2012 (restated)8 |
|
| Financial Position (millions) |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and equivalents |
|
|
|
|
|
|
$ |
2,404 |
|
$ |
2,097 |
|
| Non-cash working capital |
|
|
|
|
|
|
|
3,060 |
|
|
2,884 |
|
| 1 |
Production includes our equity share of gold production at Highland
Gold up to April 26, 2012, the effective date of our sale of
Highland Gold. Production also includes African Barrick Gold
("ABG") on a 73.9% basis and Pueblo Viejo on a 60% basis, both of
which reflect our equity share of production. Also includes
production from Yilgarn South up to September 30, 2013, the
effective date of sale of Yilgarn South assets. Sales includes our
equity share of gold sales from ABG and Pueblo Viejo. |
| 2 |
Realized price, adjusted operating costs, all-in sustaining costs,
all-in costs, adjusted operating costs (on a co-product basis),
all-in sustaining costs (on a co-product basis), all-in costs (on a
co-product basis), C1 cash costs, C3 fully allocated costs,
adjusted net earnings and adjusted operating cash flow are non-gaap
financial performance measures with no standard definition under
IFRS. Refer to the Non-Gaap Financial Performance Measures section
of the Company's MD&A. |
| 3 |
Represents equity depreciation expense divided by equity ounces of
gold sold or pounds of copper sold. |
| 4 |
For a
breakdown, see reconciliation of cost of sales to C1 cash costs and
C3 fully allocated costs per pound in the Non-Gaap Financial
Performance Measures section of the Company's MD&A. |
| 5 |
Net
loss represents net loss attributable to the equity holders of the
Company. |
| 6 |
Reflects 163.5 million shares issued on November 14, 2013. |
| 7 |
Fully
diluted includes dilutive effect of stock options. |
| 8 |
Balances related to 2012 have been restated to reflect the impact
of the adoption of new accounting pronouncements. See note 2y of
the consolidated financial statements. |
|
|
Production and Cost Summary
|
|
Gold Production (attributable ounces) (000's) |
|
All-in sustaining costs5 ($/oz) |
|
Three months ended |
|
Twelve months ended |
|
Three months ended |
|
Twelve months ended |
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
| (Unaudited) |
2013 |
2012 |
|
2013 |
2012 |
|
|
2013 |
|
2012 |
|
|
2013 |
|
2012 |
| Gold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goldstrike |
242 |
330 |
|
892 |
1,174 |
|
$ |
770 |
$ |
708 |
|
$ |
901 |
$ |
802 |
|
Cortez |
244 |
346 |
|
1,337 |
1,370 |
|
|
498 |
|
649 |
|
|
433 |
|
608 |
|
Pueblo Viejo1 |
157 |
65 |
|
488 |
67 |
|
|
720 |
|
- |
|
|
735 |
|
- |
|
Lagunas Norte |
195 |
214 |
|
606 |
754 |
|
|
613 |
|
557 |
|
|
627 |
|
565 |
|
Veladero |
142 |
222 |
|
641 |
766 |
|
|
969 |
|
811 |
|
|
833 |
|
760 |
|
North America - Other |
231 |
215 |
|
858 |
883 |
|
|
1,195 |
|
1,273 |
|
|
1,235 |
|
1,181 |
|
Australia Pacific2 |
364 |
470 |
|
1,773 |
1,822 |
|
|
966 |
|
1,217 |
|
|
994 |
|
1,128 |
|
African Barrick Gold3 |
122 |
134 |
|
474 |
463 |
|
|
1,171 |
|
1,675 |
|
|
1,362 |
|
1,585 |
|
Other4 |
16 |
23 |
|
97 |
122 |
|
|
57 |
|
133 |
|
|
65 |
|
112 |
| Total |
1,713 |
2,019 |
|
7,166 |
7,421 |
|
$ |
899 |
$ |
1,048 |
|
$ |
915 |
$ |
1,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper Production (attributable pounds) (millions) |
|
|
C1 Cash Costs5($/lb) |
|
|
Three months ended |
|
Twelve months ended |
|
|
Three months ended |
|
|
Twelve months ended |
|
|
December 31, |
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
(Unaudited) |
2013 |
2012 |
|
2013 |
2012 |
|
|
2013 |
|
2012 (restated)8 |
|
|
2013 |
|
2012 (restated)8 |
|
Total |
139 |
130 |
|
539 |
468 |
|
$ |
1.81 |
$ |
1.93 |
|
$ |
1.92 |
$ |
2.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gold Production Costs ($/oz) |
|
Three months ended |
|
|
Twelve months ended |
|
|
December 31, |
|
|
December 31, |
|
| (Unaudited) |
2013 |
|
2012 (restated)8 |
|
|
2013 |
|
2012 (restated)8 |
|
|
Direct mining costs before impact of hedges at market foreign
exchange rates |
$ |
597 |
|
$ |
586 |
|
|
$ |
604 |
|
$ |
599 |
|
|
Gains realized on currency hedge and commodity hedge/economic hedge
contracts |
|
(34 |
) |
|
(58 |
) |
|
|
(41 |
) |
|
(51 |
) |
|
Other6 |
|
- |
|
|
(12 |
) |
|
|
(8 |
) |
|
(12 |
) |
|
By-product credits |
|
(19 |
) |
|
(17 |
) |
|
|
(23 |
) |
|
(17 |
) |
|
Royalties |
|
29 |
|
|
48 |
|
|
|
34 |
|
|
44 |
|
| Adjusted operating costs5 |
|
573 |
|
|
547 |
|
|
|
566 |
|
|
563 |
|
|
Depreciation |
|
146 |
|
|
207 |
|
|
|
190 |
|
|
192 |
|
|
Other6 |
|
- |
|
|
12 |
|
|
|
8 |
|
|
12 |
|
| Total production costs |
$ |
719 |
|
$ |
766 |
|
|
$ |
764 |
|
$ |
767 |
|
| Adjusted operating costs5 |
$ |
573 |
|
$ |
547 |
|
|
$ |
566 |
|
$ |
563 |
|
|
General & administrative costs |
|
34 |
|
|
61 |
|
|
|
42 |
|
|
60 |
|
|
Rehabilitation - accretion and amortization |
|
17 |
|
|
17 |
|
|
|
19 |
|
|
18 |
|
|
Mine on-site exploration and evaluation costs |
|
9 |
|
|
17 |
|
|
|
8 |
|
|
16 |
|
|
Mine development expenditures |
|
129 |
|
|
174 |
|
|
|
154 |
|
|
168 |
|
|
Sustaining capital expenditures |
|
137 |
|
|
232 |
|
|
|
126 |
|
|
189 |
|
| All-in sustaining costs5 |
$ |
899 |
|
$ |
1,048 |
|
|
$ |
915 |
|
$ |
1,014 |
|
| All-in costs5 |
$ |
1,317 |
|
$ |
1,433 |
|
|
$ |
1,282 |
|
$ |
1,404 |
|
|
|
|
|
|
|
|
|
|
|
Total Copper Production Costs ($/lb) |
|
|
Three months ended |
|
|
Twelve months ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
(Unaudited) |
2013 |
|
2012 (restated)8 |
|
|
|
2013 |
|
2012 (restated)8 |
|
| C1
cash costs5 |
$ |
1.81 |
|
$ |
1.93 |
|
|
$ |
1.92 |
|
$ |
2.05 |
|
|
Depreciation |
|
0.37 |
|
|
0.48 |
|
|
|
0.35 |
|
|
0.54 |
|
|
Other7 |
|
0.15 |
|
|
0.52 |
|
|
|
0.15 |
|
|
0.26 |
|
|
C3 fully allocated costs5 |
$ |
2.33 |
|
$ |
2.93 |
|
|
$ |
2.42 |
|
$ |
2.85 |
|
| 1 |
All-in sustaining costs for 2012 for Pueblo Viejo is nil as
commercial production was not achieved until January 2013. |
| 2 |
Reflects Yilgarn South up to September 30, 2013, the effective date
of sale of Yilgarn South assets. |
| 3 |
Figures relating to African Barrick Gold are presented on a 73.9%
basis, which reflects our equity share of production. |
| 4 |
Production figures include Pierina and our equity share of gold
production at Highland Gold up to April 26, 2012, the effective
date of our sale of Highland Gold. All-in sustaining costs include
Pierina and other general and administrative costs divided by
equity ounces of gold sold. |
| 5 |
Adjusted operating costs, all-in sustaining costs, all-in costs, C1
cash costs and C3 fully allocated costs are non-gaap financial
performance measures with no standard meaning under IFRS. Refer to
the Non-Gaap Financial Performance Measures section of the
Company's MD&A. |
| 6 |
Represents the Barrick Energy gross margin divided by equity ounces
of gold sold. |
| 7 |
For a
breakdown, see reconciliation of cost of sales to C1 cash costs and
C3 fully allocated costs per pound in the Non-Gaap Financial
Performance Measures section of the Company's MD&A. |
| 8 |
Balances related to 2012 have been restated to reflect the impact
of the adoption of new accounting pronouncements. See note 2y of
the consolidated financial statements. |
|
|
Consolidated Statements of Income
| Barrick Gold Corporation |
|
|
|
|
|
|
| For the years ended December 31 (in millions of United
States dollars, except per share data) |
|
2013 |
|
2012 (restated - note 2y) |
|
| Revenue (notes 5 and 6) |
$ |
12,511 |
|
$ |
14,394 |
|
| Costs and expenses |
|
|
|
|
|
|
| Cost of sales (notes 5 and 7) |
|
7,243 |
|
|
7,257 |
|
| General and administrative expenses (note 10) |
|
390 |
|
|
503 |
|
| Exploration and evaluation (notes 5 and 8) |
|
208 |
|
|
359 |
|
| Other expense (income) (note 9a) |
|
878 |
|
|
303 |
|
| Impairment charges (note 9b) |
|
12,687 |
|
|
6,294 |
|
| Loss from equity investees (note 15a) |
|
- |
|
|
12 |
|
| Gain on non-hedge derivatives (note 24e) |
|
(76 |
) |
|
(31 |
) |
| Loss before finance items and income taxes |
|
(8,819 |
) |
|
(303 |
) |
| Finance items |
|
|
|
|
|
|
| Finance income |
|
9 |
|
|
11 |
|
| Finance costs (note 13) |
|
(657 |
) |
|
(174 |
) |
| Loss before income taxes |
|
(9,467 |
) |
|
(466 |
) |
| Income tax (expense) recovery (note 11) |
|
(630 |
) |
|
102 |
|
| Loss from continuing operations |
|
(10,097 |
) |
|
(364 |
) |
| Loss from discontinued operations (note 4b) |
|
(506 |
) |
|
(185 |
) |
| Net loss |
$ |
(10,603 |
) |
$ |
(549 |
) |
| Attributable to: |
|
|
|
|
|
|
| Equity holders of Barrick Gold Corporation |
$ |
(10,366) |
|
$ |
(538 |
) |
| Non-controlling interests (note 31) |
$ |
(237) |
|
$ |
(11 |
) |
|
|
|
|
|
|
|
| Earnings per share data attributable to the equity
holders of Barrick Gold Corporation (note 12) |
|
|
|
|
|
|
| Loss from continuing operations |
|
|
|
|
|
|
|
Basic |
$ |
(9.65 |
) |
$ |
(0.35 |
) |
|
Diluted |
$ |
(9.65 |
) |
$ |
(0.35 |
) |
| Loss from discontinued operations |
|
|
|
|
|
|
|
Basic |
$ |
(0.49 |
) |
$ |
(0.19 |
) |
|
Diluted |
$ |
(0.49 |
) |
$ |
(0.19 |
) |
| Net loss |
|
|
|
|
|
|
|
Basic |
$ |
(10.14 |
) |
$ |
(0.54 |
) |
|
Diluted |
$ |
(10.14 |
) |
$ |
(0.54 |
) |
The notes to these
unaudited consolidated financial statements, which are contained in
the Fourth quarter and Year-end report, available on our website,
are an integral part of these consolidated financial
statements.
Consolidated Statements of Comprehensive Income
| Barrick Gold Corporation |
|
|
|
|
|
| For the years ended December 31 (in millions of United
States dollars) |
2013 |
|
2012 (restated - note 2y) |
|
| Net loss |
$ |
(10,603 |
) |
$ |
(549 |
) |
| Other comprehensive income (loss), net of taxes |
|
|
|
|
|
|
| Items that may be reclassified subsequently to profit
or loss: |
|
|
|
|
|
|
|
Unrealized gains (losses) on available-for-sale ("AFS") financial
securities, net of tax $6, $6 |
|
(68 |
) |
|
(37 |
) |
|
Realized (gains) losses and impairments on AFS financial
securities, net of tax ($3), ($6) |
|
17 |
|
|
34 |
|
|
Unrealized gains (losses) on derivative investments designated as
cash flow hedges, net of tax ($7), ($20) |
|
(63 |
) |
|
167 |
|
|
Realized (gains) losses on derivative investments designated as
cash flow hedges, net of tax $73, $96 |
|
(325 |
) |
|
(331 |
) |
|
Currency translation adjustments gain (loss), net of tax $nil,
$nil |
|
(93 |
) |
|
35 |
|
| Items that will not be reclassified to profit or
loss: |
|
|
|
|
|
|
|
Remeasurement gains (losses) of post-employment benefit
obligations, net of tax ($13), $3 |
|
24 |
|
|
(5 |
) |
| Total other comprehensive loss |
|
(508 |
) |
|
(137 |
) |
| Total comprehensive loss |
$ |
(11,111 |
) |
$ |
(686 |
) |
| Attributable to: |
|
|
|
|
|
|
| Equity holders of Barrick Gold Corporation |
|
|
|
|
|
|
|
Continuing operations |
$ |
(10,337 |
) |
$ |
(525 |
) |
|
Discontinued operations |
$ |
(537 |
) |
$ |
(149 |
) |
| Non-controlling interests |
$ |
(237 |
) |
$ |
(12 |
) |
The notes to these
unaudited consolidated financial statements, which are contained in
the Fourth quarter and Year-end report, available on our website,
are an integral part of these consolidated financial
statements.
Consolidated Statements of Cash Flow
| Barrick Gold Corporation |
|
|
|
|
|
|
| For the years ended December 31 (in millions of United
States dollars) |
2013 |
|
2012 (restated - note 2y) |
|
| OPERATING ACTIVITIES |
|
|
|
|
|
|
| Net loss |
$ |
(10,097 |
) |
$ |
(364 |
) |
| Adjustments for the following items: |
|
|
|
|
|
|
|
Depreciation |
|
1,732 |
|
|
1,651 |
|
|
Finance costs (excludes accretion) |
|
589 |
|
|
121 |
|
|
Impairment charges (note 9b) |
|
12,687 |
|
|
6,294 |
|
|
Income tax expense (recovery) (note 11) |
|
630 |
|
|
(102 |
) |
|
Increase in inventory |
|
(352 |
) |
|
(360 |
) |
|
Proceeds from settlement of hedge contracts |
|
219 |
|
|
450 |
|
|
Gain on non-hedge derivatives (note 24e) |
|
(76 |
) |
|
(31 |
) |
|
Gain on sale of long-lived assets/investments |
|
(41 |
) |
|
(18 |
) |
|
Other operating activities (note 14a) |
|
669 |
|
|
(283 |
) |
| Operating cash flows before interest and income
taxes |
|
5,960 |
|
|
7,358 |
|
| Interest paid |
|
(662 |
) |
|
(118 |
) |
| Income taxes paid |
|
(1,109 |
) |
|
(1,459 |
) |
| Net cash provided by operating activities from
continuing operations |
|
4,189 |
|
|
5,781 |
|
| Net cash provided by operating activities from
discontinued operations |
|
50 |
|
|
202 |
|
| Net cash provided by operating activities |
|
4,239 |
|
|
5,983 |
|
| INVESTING ACTIVITIES |
|
|
|
|
|
|
| Property, plant and equipment |
|
|
|
|
|
|
|
Capital expenditures (note 5) |
|
(5,501 |
) |
|
(6,773 |
) |
|
Sales proceeds |
|
50 |
|
|
18 |
|
| Acquisitions |
|
- |
|
|
(37 |
) |
| Divestitures (note 4) |
|
522 |
|
|
- |
|
| Investment sales |
|
18 |
|
|
168 |
|
| Other investing activities (note 14b) |
|
(262 |
) |
|
(311 |
) |
| Net cash used in investing activities from continuing
operations |
|
(5,173 |
) |
|
(6,935 |
) |
| Net cash used in investing activities from discontinued
operations |
|
(64 |
) |
|
(130 |
) |
| Net cash used in investing activities |
|
(5,237 |
) |
|
(7,065 |
) |
| FINANCING ACTIVITIES |
|
|
|
|
|
|
| Capital stock |
|
|
|
|
|
|
|
Proceeds on exercise of stock options |
|
1 |
|
|
18 |
|
|
Proceeds on common share offering (note 30) |
|
2,910 |
|
|
- |
|
| Debt (note 24b) |
|
|
|
|
|
|
|
Proceeds |
|
5,414 |
|
|
2,000 |
|
|
Repayments |
|
(6,412 |
) |
|
(1,393 |
) |
| Dividends (note 30) |
|
(508 |
) |
|
(750 |
) |
| Funding from non-controlling interests (note 31) |
|
55 |
|
|
505 |
|
| Deposit on silver sale agreement (note 28) |
|
- |
|
|
137 |
|
| Other financing activities (note 14c) |
|
(118 |
) |
|
(25 |
) |
| Net cash provided by financing activities from
continuing operations |
|
1,342 |
|
|
492 |
|
| Net cash used in financing activities from discontinued
operations |
|
- |
|
|
(69 |
) |
| Net cash provided by financing activities |
|
1,342 |
|
|
423 |
|
| Effect of exchange rate changes on cash and
equivalents |
|
(17 |
) |
|
7 |
|
| Net increase (decrease) in cash and equivalents |
|
327 |
|
|
(652 |
) |
| Cash and equivalents at beginning of year (note
24a) |
|
2,097 |
|
|
2,749 |
|
| Cash and equivalents at the end of year (note 24a) |
$ |
2,424 |
|
$ |
2,097 |
|
| Less cash and equivalents of assets classified as held
for sale at the end of year |
|
20 |
|
|
- |
|
| Cash and equivalents excluding assets classified as
held for sale at the end of year |
$ |
2,404 |
|
$ |
2,097 |
|
The notes to these
unaudited consolidated financial statements, which are contained in
the Fourth quarter and Year-end report, available on our website,
are an integral part of these consolidated financial
statements.
Consolidated Balance Sheets
| Barrick Gold Corporation |
|
|
|
|
| (in millions of United States dollars) |
As at December 31, 2013 |
|
As at December 31, 2012 (restated - note 2y) |
As at January 1, 2012 (restated - note 2y) |
| ASSETS |
|
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
|
|
Cash
and equivalents (note 24a) |
$ |
2,404 |
|
$ |
2,097 |
$ |
2,749 |
|
Accounts receivable (note 17) |
|
385 |
|
|
449 |
|
426 |
|
Inventories (note 16) |
|
2,679 |
|
|
2,585 |
|
2,498 |
|
Other current assets (note 17) |
|
421 |
|
|
626 |
|
876 |
| Total current assets (excluding assets classified as
held for sale) |
|
5,889 |
|
|
5,757 |
|
6,549 |
|
Assets classified as held for sale |
|
323 |
|
|
- |
|
- |
| Total current assets |
|
6,212 |
|
|
5,757 |
|
6,549 |
|
| Non-current assets |
|
|
|
|
|
|
|
|
Equity in investees (note 15a) |
|
27 |
|
|
20 |
|
341 |
|
Other
investments (note 15b) |
|
120 |
|
|
78 |
|
161 |
|
Property, plant and equipment (note 18) |
|
21,688 |
|
|
29,277 |
|
29,076 |
|
Goodwill (note 19a) |
|
5,835 |
|
|
8,837 |
|
9,626 |
|
Intangible assets (note 19b) |
|
320 |
|
|
453 |
|
569 |
|
Deferred income tax assets (note 29) |
|
501 |
|
|
437 |
|
409 |
|
Non-current portion of inventory (note 16) |
|
1,679 |
|
|
1,555 |
|
1,153 |
|
Other assets (note 21) |
|
1,066 |
|
|
1,064 |
|
1,002 |
| Total assets |
$ |
37,448 |
|
$ |
47,478 |
$ |
48,886 |
| LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable (note 22) |
|
2,165 |
|
|
2,267 |
|
2,085 |
|
Debt
(note 24b) |
|
179 |
|
|
1,848 |
|
196 |
|
Current income tax liabilities |
|
75 |
|
|
41 |
|
306 |
|
Other current liabilities (note 23) |
|
303 |
|
|
261 |
|
326 |
| Total current liabilities (excluding liabilities
classified as held for sale) |
|
2,722 |
|
|
4,417 |
|
2,913 |
|
Liabilities classified as held for sale |
|
162 |
|
|
- |
|
- |
| Total current liabilities |
|
2,884 |
|
|
4,417 |
|
2,913 |
|
| Non-current liabilities |
|
|
|
|
|
|
|
|
Debt
(note 24b) |
|
12,901 |
|
|
12,095 |
|
13,173 |
|
Provisions (note 26) |
|
2,428 |
|
|
2,812 |
|
2,326 |
|
Deferred income tax liabilities (note 29) |
|
2,258 |
|
|
2,668 |
|
4,231 |
|
Other liabilities (note 28) |
|
976 |
|
|
850 |
|
689 |
| Total liabilities |
|
21,447 |
|
|
22,842 |
|
23,332 |
| Equity |
|
|
|
|
|
|
|
| Capital stock (note 30) |
|
20,869 |
|
|
17,926 |
|
17,892 |
| Retained earnings (deficit) |
|
(7,581 |
) |
|
3,269 |
|
4,562 |
| Accumulated other comprehensive income |
|
(69 |
) |
|
463 |
|
595 |
| Other |
|
314 |
|
|
314 |
|
314 |
| Total equity attributable to Barrick Gold Corporation
shareholders |
|
13,533 |
|
|
21,972 |
|
23,363 |
|
Non-controlling interests (note 31) |
|
2,468 |
|
|
2,664 |
|
2,191 |
| Total equity |
|
16,001 |
|
|
24,636 |
|
25,554 |
| Contingencies and commitments (notes 16, 18 and
35) |
|
|
|
|
|
|
|
| Total liabilities and equity |
$ |
37,448 |
|
$ |
47,478 |
$ |
48,886 |
The notes to these
unaudited consolidated financial statements, which are contained in
the Fourth quarter and Year-end report, available on our website,
are an integral part of these consolidated financial
statements.
Consolidated Statements of Changes in Equity
| Barrick Gold Corporation |
|
Attributable to equity holders of the company |
|
|
|
|
|
|
|
| (in millions of United States dollars) |
Common Shares (in thousands) |
Capital stock |
Retained earnings |
|
Accumulated other comprehensive income (loss)1 |
|
Other2 |
Total equity attributable to shareholders |
|
Non- controlling interests |
|
Total equity |
|
| At January 1, 2013 (restated - note 2y) |
1,001,108 |
$ |
17,926 |
$ |
3,269 |
|
$ |
463 |
|
$ |
314 |
$ |
21,972 |
|
$ |
2,664 |
|
$ |
24,636 |
|
|
Net loss |
- |
|
- |
|
(10,366 |
) |
|
- |
|
|
- |
|
(10,366 |
) |
|
(237 |
) |
|
(10,603 |
) |
|
Total other comprehensive income (loss) |
- |
|
- |
|
24 |
|
|
(532 |
) |
|
- |
|
(508 |
) |
|
- |
|
|
(508) |
|
|
Total comprehensive loss |
- |
$ |
- |
$ |
(10,342 |
) |
$ |
(532 |
) |
$ |
- |
$ |
(10,874 |
) |
$ |
(237 |
) |
$ |
(11,111 |
) |
|
Transactions with owners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
- |
|
- |
|
(508 |
) |
|
- |
|
|
- |
|
(508 |
) |
|
- |
|
|
(508 |
) |
|
|
Issued on public equity offering |
163,500 |
|
2,934 |
|
- |
|
|
- |
|
|
- |
|
2,934 |
|
|
- |
|
|
2,934 |
|
|
|
Issued on exercise of stock options |
44 |
|
1 |
|
- |
|
|
- |
|
|
- |
|
1 |
|
|
- |
|
|
1 |
|
|
|
Recognition of stock option expense |
- |
|
8 |
|
- |
|
|
- |
|
|
- |
|
8 |
|
|
- |
|
|
8 |
|
|
|
Funding from non-controlling interests |
- |
|
- |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
55 |
|
|
55 |
|
|
|
Other decrease in non-controlling interests |
- |
|
- |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
(14 |
) |
|
(14 |
) |
|
Total transactions with owners |
163,544 |
$ |
2,943 |
$ |
(508 |
) |
$ |
- |
|
$ |
- |
$ |
2,435 |
|
$ |
41 |
|
$ |
2,476 |
|
| At December 31, 2013 |
1,164,652 |
$ |
20,869 |
$ |
(7,581 |
) |
$ |
(69 |
) |
$ |
314 |
$ |
13,533 |
|
$ |
2,468 |
|
$ |
16,001 |
|
|
|
| At January 1, 2012 (restated - note 2y) |
1,000,423 |
$ |
17,892 |
$ |
4,562 |
|
$ |
595 |
|
$ |
314 |
$ |
23,363 |
|
$ |
2,191 |
|
$ |
25,554 |
|
|
Net loss |
- |
|
- |
|
(538 |
) |
|
- |
|
|
- |
|
(538 |
) |
|
(11 |
) |
|
(549 |
) |
|
Total other comprehensive loss |
- |
|
- |
|
(5 |
) |
|
(132 |
) |
|
- |
|
(137 |
) |
|
- |
|
|
(137 |
) |
|
Total comprehensive loss |
- |
$ |
- |
$ |
(543 |
) |
$ |
(132 |
) |
$ |
- |
$ |
(675 |
) |
$ |
(11 |
) |
$ |
(686 |
) |
|
Transactions with owners |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
- |
|
- |
|
(750 |
) |
|
- |
|
|
- |
|
(750 |
) |
|
- |
|
|
(750 |
) |
|
|
Issued on exercise of stock options |
685 |
|
18 |
|
- |
|
|
- |
|
|
- |
|
18 |
|
|
- |
|
|
18 |
|
|
|
Recognition of stock option expense |
- |
|
16 |
|
- |
|
|
- |
|
|
- |
|
16 |
|
|
- |
|
|
16 |
|
|
|
Funding from non-controlling interests |
- |
|
- |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
505 |
|
|
505 |
|
|
|
Other decrease in non-controlling interests |
- |
|
- |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
(21 |
) |
|
(21 |
) |
|
Total transactions with owners |
685 |
$ |
34 |
$ |
(750 |
) |
$ |
- |
|
$ |
- |
$ |
(716 |
) |
$ |
484 |
|
$ |
(232 |
) |
| At December 31, 2012 (restated - note 2y) |
1,001,108 |
$ |
17,926 |
$ |
3,269 |
|
$ |
463 |
|
$ |
314 |
$ |
21,972 |
|
$ |
2,664 |
|
$ |
24,636 |
|
| 1 |
Includes cumulative translation adjustments as at December 31,
2013: $80 million loss (2012: $13 million). |
| 2 |
Includes additional paid-in capital as at December 31, 2013: $276
million (December 31, 2012: $276 million) and convertible
borrowings - equity component as at December 31, 2013: $38 million
(December 31, 2012: $38 million). |
The notes to these unaudited consolidated financial statements,
which are contained in the Fourth quarter and Year-end report,
available on our website, are an integral part of these
consolidated financial statements.
| CORPORATE OFFICE |
|
TRANSFER AGENTS AND REGISTRARS |
| Barrick Gold Corporation |
|
CST Trust Company |
| Brookfield Place, TD Canada Trust Tower |
|
P.O. Box 700, Postal Station B |
| 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:
1-800-720-7415 |
|
Brooklyn, NY
11219 |
| 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 Fourth Quarter and Year-End Report 2013, including any
information as to our strategy, projects, plans or future financial
or operating performance, constitutes "forward-looking statements".
All statements, other than statements of historical fact, are
forward-looking statements. The words "believe", "expect",
"anticipate", "contemplate", "target", "plan", "intend",
"continue", "budget", "estimate", "may", "will", "schedule" and
similar expressions identify forward-looking statements.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by the
company, are inherently subject to significant business, economic
and competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements. Such factors include,
but are not limited to: fluctuations in the spot and forward price
of gold and copper or certain other commodities (such as silver,
diesel fuel and electricity); changes in national and local
government legislation, taxation, controls, regulations,
expropriation or nationalization of property and political or
economic developments in Canada, the United States and other
jurisdictions in which the company does or may carry on business in
the future; diminishing quantities or grades of reserves; increased
costs, delays, suspensions and technical challenges associated with
the construction of capital projects; the impact of global
liquidity and credit availability on the timing of cash flows and
the values of assets and liabilities based on projected future cash
flows; adverse changes in our credit rating; the impact of
inflation; fluctuations in the currency markets; operating or
technical difficulties in connection with mining or development
activities; the speculative nature of mineral exploration and
development, including the risks of obtaining necessary licenses
and permits; contests over title to properties, particularly title
to undeveloped properties; risk of loss due to acts of war,
terrorism, sabotage and civil disturbances; changes in U.S. dollar
interest rates; risks arising from holding derivative instruments;
litigation; business opportunities that may be presented to, or
pursued by, the company; our ability to successfully integrate
acquisitions or complete divestitures; employee relations;
availability and increased costs associated with mining inputs and
labor; and; the organization of our African gold operations and
properties under a separate listed company. In addition, there are
risks and hazards associated with the business of mineral
exploration, development and mining, including environmental
hazards, industrial accidents, unusual or unexpected formations,
pressures, cave-ins, flooding and gold bullion, copper cathode or
gold/copper concentrate losses (and the risk of inadequate
insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual
results and could cause actual results to differ materially from
those expressed or implied in any forward-looking statements made
by, or on behalf of, us. Readers are cautioned that forward-looking
statements are not guarantees of future performance. All of the
forward-looking statements made in this Fourth Quarter and Year-End
Report 2013 are qualified by these cautionary statements. Specific
reference is made to the most recent Form 40-F/Annual Information
Form on file with the SEC and Canadian provincial securities
regulatory authorities for a discussion of some of the factors
underlying forward-looking statements.
The company disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
applicable law.
INVESTOR CONTACT: Amy SchwalmVice President, Investor
Relations(416) 307-7422aschwalm@barrick.comMEDIA CONTACT: Andy
LloydVice President, Communications(416)
307-7414alloyd@barrick.com
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