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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Barrick Gold | LSE:BGD | London | Ordinary Share | CA0679011084 | COM NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 33.88 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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FOR: BARRICK GOLD CORPORATION
NYSE, TSX SYMBOL: ABX
LSE SYMBOL: BGD
May 1, 2007
Barrick Produces 2 Million Ounces of Gold at $313 per Ounce; Corporate Gold Sales Contracts Fully Eliminated
TORONTO, ONTARIO--(CCNMatthews - May 1, 2007) - Barrick Gold Corporation (NYSE:ABX)(TSX:ABX)(LSE:BGD) -
FIRST QUARTER REPORT 2007 - MAY 1, 2007
Based on US GAAP and expressed in US dollars
For a full explanation of results, the Financial Statements and Management Discussion & Analysis, full-year
guidance at significant mines, and mine statistics, please see the Company's website, www.barrick.com.
Highlights
- Gold production was 2.0 million ounces at total cash costs of $313 per ounce(1), and copper production was
100 million pounds at total cash costs of $0.81 per pound. Barrick is on track with its 2007 guidance of
producing 8.1 to 8.4 million ounces of gold at total cash costs of $335 to $350 per ounce and 400 million
pounds of copper at total cash costs of about $0.90 per pound.
- As previously announced, all Corporate Gold Sales Contracts have been eliminated and as of May 1, 2007 the
Company can sell all of its production from existing operations at spot prices.
- The Company reported a net loss of $159 million ($0.18 per share) and operating cash flow of $163 million
($0.19 per share). Adjusted earnings of $398 million ($0.45 per share)(2), and adjusted operating cash flow of
$727 million ($0.83 per share)(2) reflect the financial impact of $557 million ($0.63 per share) that resulted
from the elimination of the Corporate Gold Sales Contracts.
- Barrick advanced its project pipeline, including commissioning the Ruby Hill mine, its fifth mine to commence
operations in two years.
- Subsequent to Q1, Barrick entered into an agreement to acquire an additional 20% interest in the Porgera mine
from Emperor Mines Limited for cash consideration of approximately US$250 million. Barrick will be entitled to
the production and the economic benefit of the additional interest from the effective date of April 1, 2007.
Barrick Gold Corporation reported first quarter production of 2.03 million ounces of gold at total cash costs
of $313 per ounce compared to 1.96 million ounces produced at total cash costs of $285 per ounce for the prior-
year period.
As a result of Barrick's decision to eliminate its Corporate Gold Sales Contracts, the Company's net income was
reduced by $557 million ($0.63 per share) on an after tax basis. Consequently, the Company reported a net loss
of $159 million ($0.18 per share) and operating cash flow of $163 million ($0.19 per share). Excluding the
impact of the elimination of the Corporate Gold Sales Contracts, adjusted earnings of $398 million ($0.45 per
share) and adjusted operating cash flow of $727 million ($0.83 per share) compare to prior year adjusted
results of $263 million ($0.33 per share) and $425 million ($0.54 per share), respectively.
"The Company's portfolio of mines had a strong start in 2007", said Greg Wilkins, President and CEO. "Going
forward, our operating mines are completely unhedged, able to sell production at spot prices and thereby enjoy
expanded margins in this strong gold price environment."
PRODUCTION AND COSTS
In first quarter 2007, Barrick produced 2.03 million ounces of gold at total cash costs of $313 per ounce, and
benefited from good performances at its New Generation of Mines, including Lagunas Norte, Veladero and Cowal.
The Company produced 100 million pounds of copper at total cash costs of $0.81 per pound during the first
quarter 2007 versus 72 million pounds at total cash costs of $0.77 per pound in the prior year quarter. The
average realized price for copper sales in Q1 2007 was $2.77 per pound(3), 8 cents higher than the average spot
price, and was enhanced by prices secured from the Copper-Linked Notes.
The North American business unit produced 0.8 million ounces at total cash costs of $352 per ounce. Production
is lower year-over-year due to the expected impact of mine sequencing at Goldstrike resulting in the processing
of lower grade material. The Ruby Hill mine in Nevada, Barrick's fifth mine to open in the last two years,
commenced operations in February. Construction costs were $66 million and were below budget by 10%.
The first quarter benefited from a strong contribution from the South American business unit, which produced
0.6 million ounces of gold at total cash costs of $145 per ounce. Lagunas Norte continues to deliver strong
results and produced 0.3 million ounces of gold at a total cash cost of $90 per ounce in the first quarter. The
Veladero mine produced 0.2 million ounces at total cash costs of $127 per ounce and benefited from higher
recovery rates. The Zaldivar mine in Chile produced 80 million pounds of copper at total cash costs of $0.65
per pound, and had higher leach recoveries than the prior year period due to higher oxide levels.
The Australia-Pacific business unit produced 0.5 million ounces at $426 per ounce. The Porgera mine was
adversely impacted by power limitations which curtailed production levels. Electrical facilities have been
repaired and operations have returned to normal levels. There was also a slower ramp up of underground
production at the Granny Smith mine that resulted in lower grades being processed for the quarter. The Cowal
mine in Australia completed its first year of operation, and production has increased as it processed softer
oxide ore.
Production from the African business unit was 0.2 million ounces at total cash costs of $328 per ounce, and was
impacted by heavy rainfall at Tulawaka and the processing of lower grade ore at Bulyanhulu. Production at North
Mara was impacted by a pit wall failure that has resulted in a change to the mine plan. The shortfall in
production at North Mara for the quarter is expected to be recouped by year-end.
The Company is on track to meet its full year production guidance of 8.1 - 8.4 million ounces of gold and 400
million pounds of copper. Total cash costs of $313 per ounce of gold in the first quarter 2007 are below full
year guidance due to mine sequencing at Lagunas Norte, Veladero and Goldstrike. For the full year, total cash
costs are expected to be $335 - $350 per ounce for gold, and $0.90 per pound for copper.
PROJECTS UPDATE
At Cortez Hills, advance engineering and procurement activities are more than 50% complete and early
infrastructure design is proceeding on schedule. Delivery of mining equipment continues to plan. The cross
valley dewatering pipeline is complete and the freshwater pipeline is ready for testing. Decline development
has advanced approximately 3,400 meters to date and is proceeding ahead of schedule. EIA approval continues to
be targeted for early 2008 followed by a 15 month construction period.
At Pascua-Lama, mining and plant designs continue to be optimized and engineering efforts continue in support
of securing sectoral permits. Work continues to conclude agreements with the Chile and Argentine governments on
cross border tax matters.
At Pueblo Viejo, EIA approval for the mine site and facilities was received in the first quarter. Work is
continuing to finalize the process and flowsheets for zinc, copper and silver recovery in addition to gold
production. Plant designs are being optimized, including expansion potential, consistent with recent
exploration success. The 2007 drill program continues to find additional mineralization. Recent results include
intercepts in a new area on the north-east edge of the Monte Negro pit, which is open to the north, east and
south.
At Buzwagi, the fiscal stability agreement was received in February, and approval of the EIA is expected in the
second quarter. Detailed engineering is proceeding on plan and is approximately 18% complete and procurement of
mining and processing equipment is underway.
At the Donlin Creek project the feasibility study is progressing according to schedule for completion prior to
November 12, 2007.
The Scoping study has commenced for Reko Diq and is expected to be completed in the last quarter of 2007. The
test work program has commenced to determine a process flowsheet. The drill program continues with 69,000
meters planned to upgrade the resource at the Western Porphyries in 2007. Over 18,000 meters have been drilled
to date, and results continue to confirm the expected grade and continuity of the copper-gold mineralization.
In addition, results from two deep test holes suggest excellent potential to extend the mineralization at
depth.
EXPLORATION UPDATE(4)
Barrick's 2007 exploration budget is $170 million, which is weighted towards resource additions and reserve
conversion at and around minesites. With approximately 40% of the total budget to be spent in North America,
Barrick's primary focus remains Nevada where over 30 drill rigs were active this quarter.
At the Cortez property, drill programs are directed at the Cortez Pits and the Cortez Hills Lower Zone in order
to expand and upgrade the mineral inventory to resource status. Step out drilling along the 3,000 feet of
strike length in the Lower Zone continues to expand the zone to the south.
Resource definition drill programs are underway at Goldstrike, to further evaluate the potential of the
mineralization defined at Deep North Post and Banshee.
Drift development is underway at Turquoise Ridge in preparation for a drill program to commence in the second
quarter to test the High Grade Bullion zone. The objective of the drill program is to upgrade the current
inferred resource.
At Bald Mountain, exploration drilling during the first quarter is focused on evaluating the potential for pit
expansion at Top/Sage Flats and Saga/Bida as well as testing additional targets on the property.
In Tanzania, three rigs are currently testing the mineralization at the Gokona Deeps target beneath the Gokona
pit. The 2007 program is testing the down plunge extension of the new zone outlined last year.
CORPORATE DEVELOPMENT
In April 2007, the Company announced it had entered into an agreement to acquire an additional 20 per cent
interest in the Porgera mine in Papua New Guinea from Emperor Mines Limited for an acquisition price of
approximately US$250 million in cash. Barrick will be entitled to the production and the economic benefit of
the acquired interest from the effective date of April 1, 2007. The agreement is subject to certain conditions,
including the receipt of regulatory approvals from Papua New Guinea, and is expected to close in the third
quarter. The Company is currently in discussions regarding the possible sale of up to a 5 per cent interest to
its joint venture partner, Mineral Resources Enga Limited, for the proportionate acquisition cost paid by
Barrick.
CORPORATE SOCIAL RESPONSIBILITY
On January 12, 2007, Barrick entered into a formal agreement with World Vision to work together to improve the
lives of children and their families in the communities where Barrick operates. The Company committed US$1.3
million for the first community development project generated from the agreement to develop nutrition,
education and employment skills programs that will benefit people living in communities of the Alto Chicama
District of northern Peru, surrounding Barrick's Lagunas Norte mine. Barrick has released its 2006
Responsibility Report, a summary of the company's social, environmental, health and safety programs, and it is
now available on the Company's website at www.barrick.com. This marks the fifth anniversary of the annual
report highlighting the Company's global commitment to responsible mining.
FINANCIAL POSITION
During the quarter, the Company has entered into a transaction where it can further participate in higher
copper prices up to US$3.58 per pound, while maintaining a floor price of US$3.08 per pound, on the remaining
253 million pounds of copper in the Copper-Linked Notes.
At March 31, 2007, the Company had the strongest credit rating in the gold industry with a cash balance of $3.0
billion and net debt of $1.1 billion. Subsequent to quarter end, the Company has repaid $500 million of
maturing debt from existing cash balances and proceeds from the sale of investments.
The Company incurred an after-tax opportunity cost of $68 million ($0.08 per share) in April 2007 relating to
the elimination of the Corporate Gold Sales Contracts.
Barrick's vision is to be the world's best gold company by finding, acquiring, developing and producing quality
reserves in a safe, profitable and socially responsible manner. Barrick's shares are traded on the Toronto and
New York exchanges.
(1) Total cash costs per ounce/pound is defined as cost of sales divided by ounces of gold sold or pounds of
copper sold. Total cash costs per ounce/pound exclude amortization expense and inventory purchase accounting
adjustments. For further information on this operating performance measure see pages 14 to 16 of the Company's
MD&A.
(2) Net income, earnings per share, operating cash flow and operating cash flow per share, each excluding the
impact of the elimination of the Corporate Gold Sales Contracts, are non-GAAP financial measures. Such non-GAAP
financial measures do not have any standardized meaning prescribed by US GAAP and are therefore unlikely to be
comparable to similar measures presented by other issuers. Management uses these measures internally. The use
of these measures enables management to better assess performance trends. Management understands that a number
of investors and others who follow the Company's performance assess performance in this way. Barrick's
elimination of all its remaining Corporate Gold Sales Contracts in the current quarter, resulted in an
unusually large opportunity cost of $557 million. Management believes that these measures better reflect
Barrick's performance for the current period and are a better indication of its expected performance in future
periods. Barrick management's budgeting, operational and capital investment decisions are based on production
being sold at an assumed spot price, rather than the price under the Corporate Gold Sales Contracts. The
presentation of this performance measure enables investors to understand performance based on selling gold
production at spot market prices, which is the method expected from second quarter 2007 onwards. The following
table reconciles these non-GAAP measures to the most directly comparable US GAAP measure.
/T/
Non-GAAP Financial Measures
---------------------------------------------------------------------------
For the three months ended March 31
($ millions, except for per share amounts) 2007 2006
---------------------------------------------------------------------------
Net income (loss) ($159) $224
Impact of elimination of Corporate Gold
Sales Contracts 557 39
------------------------
Adjusted earnings $398 $263
------------------------
------------------------
Earnings (loss) per share ($0.18) $0.29
Impact of elimination of Corporate Gold
Sales Contracts 0.63 0.04
------------------------
Adjusted earnings per share $0.45 $0.33
------------------------
------------------------
Operating cash flow $163 $385
Impact of elimination of Corporate Gold
Sales Contracts 564 40
------------------------
Adjusted operating cash flow $727 $425
------------------------
------------------------
Operating cash flow per share $0.19 $0.49
Impact of elimination of Corporate Gold
Sales Contracts 0.64 0.05
------------------------
Adjusted operating cash flow per share $0.83 $0.54
------------------------
/T/
(3) Realized copper prices represents copper revenues under US GAAP, adjusted for unrealized gains and losses
on non-hedge copper derivatives. For further information on this performance measure see page 14 of the
Company's MD&A.
(4) Barrick's exploration programs are designed and conducted under the supervision of Robert Krcmarov, Vice
President, Exploration of Barrick. For information on the geology, exploration activities generally, and
drilling and analysis procedures on Barrick's material properties, see Barrick's most recent Annual Information
Form/Form 40-F on file with Canadian provincial securities regulatory authorities and the US Securities and
Exchange Commission.
/T/
Key Statistics
Three months ended
(in United States dollars) March 31,
------------------------------
(Unaudited) 2007 2006
---------------------------------------------------------------------------
Operating Results
Gold production (thousands of ounces)(1) 2,029 1,956
Gold sold (thousands of ounces)(1) 2,121 1,940
Per ounce data
Average spot gold price $ 650 $ 554
Average realized gold price(5) 386 533
Total cash costs(2) 313 285
Amortization(3) 82 82
Total production costs 395 367
Copper production (millions of pounds) 100 72
Copper sold (millions of pounds) 91 79
Per pound data
Average spot copper price $ 2.69 $ 2.24
Average realized copper price(6) 2.77 2.31
Total cash costs(2) 0.81 0.77
Amortization(3) 0.38 0.72
Total production costs 1.19 1.49
---------------------------------------------------------------------------
Financial Results (millions)
Sales $ 1,089 $ 1,188
Net income (loss) (159) 224
Operating cash flow 163 385
Per Share Data (dollars)
Net income (loss) (diluted) (0.18) 0.29
Operating cash flow (diluted) 0.19 0.49
Weighted average diluted common shares
(millions)(4) 877 789
---------------------------------------------------------------------------
As at As at
March 31, December 31,
------------------------------
2007 2006
---------------------------------------------------------------------------
Financial Position (millions)
Cash and equivalents $ 2,959 $ 3,043
Non-cash working capital 724 764
Long-term debt 3,238 3,244
Shareholders' equity 14,083 14,199
---------------------------------------------------------------------------
(1) Includes equity gold ounces in Tulawaka for 2006 and 2007 and South
Deep for 2006 only. Production also includes equity gold ounces in
Highland Gold.
(2) Represents equity cost of goods sold plus royalties, production taxes
and accretion expense, less by-product revenues, divided by equity
ounces of gold sold or pounds of copper sold. For further information
on this performance measure, refer to page 14. Excludes amortization
and inventory purchase accounting adjustments.
(3) Represents equity amortization expense and inventory purchase
accounting adjustments at the Company's producing mines divided by
equity ounces of gold sold or pounds of copper sold.
(4) Fully diluted, includes dilutive effect of stock options and
convertible debt.
(5) Calculated as total gold sales divided by total ounces sold.
(6) Realized copper prices represent copper revenues under US GAAP,
adjusted for unrealized gains and losses on non-hedge copper
derivatives. For further information on this performance measure,
refer to page 14.
Production and Cost Summary
Gold Production
(attributable ounces) (000's) Total Cash Costs (US$/oz)
---------------------------------------------------------------------------
Three months ended Three months ended
March 31, March 31,
------------------------------------------------ --------------------------
(Unaudited) 2007 2006(1) 2007 2006(1)
------------------------------------------------ --------------------------
North America 786 852 $ 352 $ 290
South America 569 423 145 200
Australia Pacific 490 482 426 318
Africa 178 189 328 362
Other 6 10 316 355
---------------------------------------------------------------------------
Total 2,029 1,956 $ 313 $ 285
---------------------------------------------------------------------------
Copper Production
(attributable pounds) (Millions) Total Cash Costs (US$/lb)
---------------------------------------------------------------------------
Three months ended Three months ended
March 31, March 31,
------------------------------------------------ --------------------------
(Unaudited) 2007 2006(1) 2007 2006(1)
------------------------------------------------ --------------------------
South America 80 60 $ 0.65 $ 0.60
Australia Pacific 20 12 1.50 1.37
---------------------------------------------------------------------------
Total 100 72 $ 0.81 $ 0.77
---------------------------------------------------------------------------
Total Gold Production Costs (US$/oz)
---------------------------------------------------------------------------
Three months ended
March 31,
---------------------------------------------------------------------------
(Unaudited) 2007 2006(1)
---------------------------------------------------------------------------
Direct mining costs at market foreign exchange rates $ 316 $ 290
Gains realized on currency and commodity hedge contracts (16) (11)
By-product credits (14) (18)
---------------------------------------------------------------------------
Cash operating costs 286 261
Royalties 19 17
Production taxes 4 4
Accretion and other costs 4 3
---------------------------------------------------------------------------
Total cash costs(2) 313 285
Amortization 82 76
Inventory purchase accounting adjustments - 6
---------------------------------------------------------------------------
Total production costs $ 395 $ 367
---------------------------------------------------------------------------
Total Copper Production Costs (US$/lb)
---------------------------------------------------------------------------
Three months ended
March 31,
---------------------------------------------------------------------------
(Unaudited) 2007 2006(1)
---------------------------------------------------------------------------
Cash operating costs $ 0.79 $ 0.75
Royalties 0.01 0.02
Accretion 0.01 -
---------------------------------------------------------------------------
Total cash costs(2) 0.81 0.77
Amortization 0.29 0.12
Inventory purchase accounting adjustments 0.09 0.60
---------------------------------------------------------------------------
Total production costs $ 1.19 $ 1.49
---------------------------------------------------------------------------
(1) Barrick's share of acquired Placer Dome mines' production and total
cash costs for the period January 20, 2006 to March 31, 2006.
(2) Total cash costs per ounce/pound excludes amortization and inventory
purchase accounting adjustments. Total cash costs per ounce/pound is a
performance measure that is used throughout this First Quarter Report
2007. For more information see pages 14 to 16 of the Company's MD&A.
Consolidated Statements of Income
Barrick Gold Corporation
(in millions of United States dollars, Three months ended
except per share data) (Unaudited) March 31,
---------------------------------------------------------------------------
2007 2006
---------------------------------------------------------------------------
Sales (notes 4 and 5) $ 1,089 $ 1,188
Costs and expenses
Cost of sales (note 6)(1) 749 656
Amortization (note 4) 208 165
Corporate administration 33 34
Exploration 30 33
Project development expense 37 19
Other operating expenses (note 7A) 36 29
---------------------------------------------------------------------------
1,093 936
---------------------------------------------------------------------------
Other (income) expense
Interest income (39) (27)
Interest expense (note 14A) 36 15
Other income (note 7B) (18) (6)
Other expense (note 7C) 5 5
---------------------------------------------------------------------------
(16) (13)
---------------------------------------------------------------------------
Income from continuing operations before
income taxes and other items 12 265
Income tax expense (note 8) (147) (44)
Non-controlling interests (3) 5
Loss from equity accounted investees (note 11) (21) -
---------------------------------------------------------------------------
Income (loss) from continuing operations (159) 226
Discontinued operations
Loss from discontinued operations - (1)
Income tax expense - (1)
---------------------------------------------------------------------------
Net income (loss) for the period $ (159) $ 224
---------------------------------------------------------------------------
Earnings (loss) per share data (note 9):
Income (loss) from continuing operations
Basic $ (0.18) $ 0.29
Diluted $ (0.18) $ 0.29
Net income (loss)
Basic $ (0.18) $ 0.29
Diluted $ (0.18) $ 0.29
---------------------------------------------------------------------------
(1) Exclusive of amortization (note 4).
The accompanying notes are an integral part of these unaudited interim
consolidated financial statements.
Consolidated Statements of Cash Flow
Barrick Gold Corporation
(in millions of United States dollars) Three months ended
(Unaudited) March 31,
---------------------------------------------------------------------------
2007 2006
---------------------------------------------------------------------------
OPERATING ACTIVITIES
Net income (loss) for the period $ (159) $ 224
Amortization (note 4) 208 165
Deferred income tax expense (recovery) (note 8) 28 (43)
Other items (note 10) 86 39
---------------------------------------------------------------------------
Net cash provided by operating activities 163 385
---------------------------------------------------------------------------
INVESTING ACTIVITIES
Property, plant and equipment
Capital expenditures (note 4) (248) (245)
Sales proceeds 6 1
Acquisition of Placer Dome, net of cash
acquired of $1,102 - (160)
Available-for-sale securities
Purchases (4) (5)
Sales proceeds 3 4
Dividend income 2 -
Non-hedge derivative copper option premiums (23) -
Other investing activities (6) (12)
---------------------------------------------------------------------------
Net cash used in investing activities (270) (417)
---------------------------------------------------------------------------
FINANCING ACTIVITIES
Capital stock
Proceeds on exercise of stock options 31 27
Long-term debt
Proceeds - 1,041
Repayments (9) (2)
Settlement of derivative instruments acquired
in Placer Dome acquisition - (814)
Distributions to non-controlling interests - (2)
---------------------------------------------------------------------------
Net cash provided by financing activities 22 250
---------------------------------------------------------------------------
CASH FLOWS OF DISCONTINUED OPERATIONS
Operating activities - 16
Investing activities - (25)
Financing activities - (1)
---------------------------------------------------------------------------
- (10)
---------------------------------------------------------------------------
Effect of exchange rate changes on cash
and equivalents 1 -
---------------------------------------------------------------------------
Net increase (decrease) in cash and equivalents (84) 208
Cash and equivalents at beginning of period 3,043 1,037
---------------------------------------------------------------------------
Cash and equivalents at end of period $ 2,959 $ 1,245
---------------------------------------------------------------------------
The accompanying notes are an integral part of these unaudited interim
consolidated financial statements.
Consolidated Balance Sheets
Barrick Gold Corporation
(in millions of United States dollars) As at March 31, As at December 31,
(Unaudited) 2007 2006
---------------------------------------------------------------------------
ASSETS
Current assets
Cash and equivalents $ 2,959 $ 3,043
Accounts receivable 211 234
Inventories (note 12) 946 931
Other current assets 645 588
---------------------------------------------------------------------------
4,761 4,796
Available for sale securities (note 11) 688 646
Equity method investments (note 11) 307 327
Property, plant and equipment (note 13) 8,381 8,335
Intangible assets 74 75
Goodwill 5,855 5,855
Other assets 1,420 1,339
---------------------------------------------------------------------------
Total assets $ 21,486 $ 21,373
---------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 738 $ 686
Short term debt 861 863
Other current liabilities 340 303
---------------------------------------------------------------------------
1,939 1,852
Long-term debt (note 14) 3,238 3,244
Asset retirement obligations 868 843
Deferred income tax liabilities 849 798
Other liabilities 506 436
---------------------------------------------------------------------------
Total liabilities 7,400 7,173
---------------------------------------------------------------------------
Non-controlling interests 3 1
---------------------------------------------------------------------------
Shareholders' equity
Capital stock (note 15) 13,142 13,106
Retained earnings 815 974
Accumulated other comprehensive income 126 119
---------------------------------------------------------------------------
Total shareholders' equity 14,083 14,199
---------------------------------------------------------------------------
Contingencies and commitments (notes 13 and 17)
---------------------------------------------------------------------------
Total liabilities and shareholders' equity $ 21,486 $ 21,373
---------------------------------------------------------------------------
The accompanying notes are an integral part of these unaudited interim
consolidated financial statements.
Consolidated Statements of Shareholders' Equity
Barrick Gold Corporation
For the three months ended March 31
(in millions of United States dollars) (Unaudited)
---------------------------------------------------------------------------
2007 2006
---------------------------------------------------------------------------
Common shares (number in millions)
At January 1 864 538
Issued on exercise of stock options 1 1
Issued on acquisition of Placer Dome - 323
---------------------------------------------------------------------------
At March 31 865 862
---------------------------------------------------------------------------
Common shares (dollars in millions)
At January 1 $ 13,106 $ 4,222
Issued on exercise of stock options 31 27
Issued on acquisition of Placer Dome - 8,761
Options issued on acquisition of Placer Dome - 20
Recognition of stock option expense 5 7
---------------------------------------------------------------------------
At March 31 $ 13,142 $ 13,037
---------------------------------------------------------------------------
Retained earnings (deficit)
At January 1 $ 974 $ (341)
Net income (loss) (159) 224
---------------------------------------------------------------------------
At March 31 $ 815 $ (117)
---------------------------------------------------------------------------
Accumulated other comprehensive income (loss)
(note 16) $ 126 $ (59)
---------------------------------------------------------------------------
Total shareholders' equity at March 31 $ 14,083 $ 12,861
---------------------------------------------------------------------------
Consolidated Statements of Comprehensive Income
Barrick Gold Corporation Three months ended
(in millions of United States dollars) (Unaudited) March 31,
---------------------------------------------------------------------------
2007 2006
---------------------------------------------------------------------------
Net income (loss) $ (159) $ 224
Other comprehensive income (loss) net of tax
(note 16) 7 (28)
---------------------------------------------------------------------------
Comprehensive income (loss) $ (152) $ 196
---------------------------------------------------------------------------
The accompanying notes are an integral part of these unaudited interim
consolidated financial statements.
CORPORATE OFFICE TRANSFER AGENTS AND REGISTRARS
Barrick Gold Corporation CIBC Mellon Trust Company
BCE Place, TD Canada Trust Tower, P.O. Box 7010,
Suite 3700 Adelaide Street Postal Station
161 Bay Street, P.O. Box 212 Toronto, Ontario M5C 2W9
Toronto, Canada M5J 2S1 Tel: (416) 643-5500
Tel: (416) 861-9911 Fax: (416) 861-0727 Toll-free throughout
Toll-free within Canada North America: 1-800-387-0825
and United States: 1-800-720-7415 Fax: (416) 643-5501
Email: investor@barrick.com Email: inquiries@cibcmellon.com
Website: www.barrick.com Website: www.cibcmellon.com
SHARES LISTED Mellon Investor Services, L.L.C.
ABX - The Toronto Stock Exchange 480 Washington Blvd. - 27th Floor
- The New York Stock Exchange Jersey City, NJ 07310
Tel: (201) 680-4971
Fax: (201) 680-4665
Email: shrrelations@mellon.com
Website: www.mellon-investor.com
INVESTOR CONTACT MEDIA CONTACT
James Mavor Vincent Borg
Vice President, Investor Relations Senior Vice President,
Tel: (416) 307-7463 Corporate Communications
Email: jmavor@barrick.com Tel: (416) 307-7477
Email: vborg@barrick.com
/T/
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information included in this Press Release, including any information as to our future financial or
operating performance and other statements that express management's expectations or estimates of future
performance, constitute "forward-looking statements". The words "expect", "will", "intend", "estimate" 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 management, are inherently subject
to significant business, economic and competitive uncertainties and contingencies. The Company cautions the
reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors
that may cause the actual financial results, performance or achievements of Barrick to be materially different
from the Company's estimated future results, performance or achievements expressed or implied by those forward-
looking statements and the forward-looking statements are not guarantees of future performance. These risks,
uncertainties and other factors include, but are not limited to: changes in the worldwide price of gold, copper
or certain other commodities (such as silver, fuel and electricity) and other currencies; changes in U.S.
dollar interest rates or gold lease rates; risks arising from holding derivative instruments; ability to
successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in
which the Company carries on business; operating or technical difficulties in connection with mining or
development activities; employee relations; availability and increasing costs associated with mining inputs and
labour; the speculative nature of exploration and development, including the risks of diminishing quantities or
grades of reserves, adverse changes in our credit rating, contests over title to properties, particularly title
to undeveloped properties; and the risks involved in the exploration, development and mining business. These
factors are discussed in greater detail in the Company's most recent Form 40-F/Annual Information Form on file
with the US Securities and Exchange Commission and Canadian provincial securities regulatory authorities.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as
a result of new information, future events or otherwise, except as required by applicable law.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Barrick Gold Corporation
Vincent Borg
Senior Vice President, Corporate Communications
(416) 307-7477
(416) 861-1509 (FAX)
Email: vborg@barrick.com
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