Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2019shares | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | BARRICK GOLD CORP |
Entity Central Index Key | 0000756894 |
Entity Current Reporting Status | Yes |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2019 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding (shares) | 1,752,668,983 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Profit or loss [abstract] | ||||
Revenue (notes 5 and 6) | $ 2,063 | $ 1,712 | $ 4,156 | $ 3,502 |
Costs and expenses (income) | ||||
Cost of sales (notes 5 and 7) | 1,545 | 1,176 | 3,035 | 2,328 |
General and administrative expenses | 59 | 93 | 113 | 141 |
Exploration, evaluation and project expenses | 98 | 97 | 172 | 170 |
Impairment charges (notes 9B and 13) | 12 | 59 | 15 | 61 |
Loss on currency translation | (6) | 75 | 16 | 90 |
Closed mine rehabilitation | 16 | 9 | 41 | 0 |
Income from equity investees (note 12) | (50) | (10) | (78) | (26) |
Gain on non-hedge derivatives | 0 | (1) | (1) | (3) |
Other expense (note 9A) | 7 | 38 | 34 | 39 |
Miscellaneous other operating expense | 0 | 3 | 2 | 4 |
Income before finance costs and income taxes | 382 | 176 | 809 | 702 |
Finance costs, net | (118) | (136) | (238) | (269) |
Income before income taxes | 264 | 40 | 571 | 433 |
Income tax expense (note 10) | (41) | (116) | (208) | (317) |
Net income (loss) | 223 | (76) | 363 | 116 |
Attributable to: | ||||
Equity holders of Barrick Gold Corporation | 194 | (94) | 305 | 64 |
Non-controlling interests | $ 29 | $ 18 | $ 58 | $ 52 |
Earnings (loss) per share data attributable to the equity holders of Barrick Gold Corporation (note 8) | ||||
Basic | $ 0.11 | $ (0.08) | $ 0.17 | $ 0.05 |
Diluted | $ 0.11 | $ (0.08) | $ 0.17 | $ 0.05 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of comprehensive income [abstract] | ||||
Net income (loss) | $ 223 | $ (76) | $ 363 | $ 116 |
Items that may be reclassified subsequently to profit or loss: | ||||
Unrealized gains (losses) on derivatives designated as cash flow hedges, net of tax $nil, ($3), ($3) and ($6) | 0 | 4 | 0 | 10 |
Currency translation adjustments, net of tax $nil, $nil, $nil and $nil | (1) | 2 | (3) | 2 |
Items that will not be reclassified to profit or loss: | ||||
Actuarial gain (loss) on post employment benefit obligations, net of tax $nil, $nil, $nil and $nil | 0 | 1 | 0 | 1 |
Net unrealized change on equity investments | 11 | (4) | 8 | (8) |
Net realized change on equity investments, net of tax $nil and $nil | 0 | 0 | (1) | 0 |
Total other comprehensive income (loss) | 10 | 3 | 4 | 5 |
Total comprehensive income | 233 | (73) | 367 | 121 |
Attributable to: | ||||
Equity holders of Barrick Gold Corporation | 204 | (91) | 309 | 69 |
Non-controlling interests | $ 29 | $ 18 | $ 58 | $ 52 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of comprehensive income [abstract] | ||||
Income tax relating to unrealized change on equity investments | $ 0 | $ 0 | $ 0 | $ 0 |
Income tax relating to investments in equity instruments included in other comprehensive income | 0 | 0 | 0 | 0 |
Unrealized gains (losses) on derivatives designated as cash flow hedges, net of tax ($3), $3, ($6) and $3 | 0 | (3) | 0 | (6) |
Realized losses on derivatives designated as cash flow hedges, net of tax $nil, ($2), $nil and ($2) | 0 | 0 | 0 | 0 |
Actuarial gain (loss) on post employment benefit obligations, net of tax $nil, $nil, $nil and $nil | 0 | 0 | 0 | 0 |
Currency translation adjustments, net of tax $nil, $nil, $nil and $nil | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
OPERATING ACTIVITIES | ||||
Net income (loss) | $ 223 | $ (76) | $ 363 | $ 116 |
Adjustments for the following items: | ||||
Depreciation | 466 | 328 | 901 | 653 |
Finance costs | 125 | 139 | 252 | 277 |
Impairment charges (notes 9B and 13) | 12 | 59 | 15 | 61 |
Income tax expense (note 10) | 41 | 116 | 208 | 317 |
Gain on sale of non-current assets | (12) | (2) | (12) | (48) |
Currency translation losses | (6) | 75 | 16 | 90 |
Change in working capital (note 11) | (86) | (81) | (330) | (233) |
Other operating activities (note 11) | 42 | (56) | 14 | (144) |
Operating cash flows before interest and income taxes | 805 | 502 | 1,427 | 1,089 |
Interest paid | (137) | (155) | (165) | (183) |
Income taxes paid | (234) | (206) | (308) | (258) |
Net cash provided by operating activities | 434 | 141 | 954 | 648 |
Cash flows from (used in) investing activities [abstract] | ||||
Capital expenditures (note 5) | (379) | (313) | (753) | (639) |
Sales proceeds | 15 | 5 | 18 | 52 |
Investment purchases | (4) | (38) | (7) | (39) |
Cash acquired in merger | 0 | 0 | 751 | 0 |
Other investing activities (note 11) | 17 | (1) | 62 | (5) |
Net cash provided by (used in) investing activities | (351) | (347) | 71 | (631) |
FINANCING ACTIVITIES | ||||
Lease repayments | (6) | 0 | (18) | 0 |
Debt repayments | 0 | (8) | (16) | (31) |
Dividends | (61) | (32) | (394) | (63) |
Funding from non-controlling interests | 8 | 4 | 14 | 12 |
Disbursements to non-controlling interests | (23) | (56) | (28) | (82) |
Net cash used in financing activities | (82) | (92) | (442) | (164) |
Effect of exchange rate changes on cash and equivalents | (1) | (1) | (1) | (2) |
Net increase (decrease) in cash and equivalents | 0 | (299) | 582 | (149) |
Cash and equivalents at the beginning of period | 2,153 | 2,384 | 1,571 | 2,234 |
Cash and equivalents at the end of period | $ 2,153 | $ 2,085 | $ 2,153 | $ 2,085 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and equivalents (note 14A) | $ 2,153 | $ 1,571 |
Accounts receivable | 427 | 248 |
Inventories | 1,930 | 1,852 |
Other current assets | 333 | 307 |
Total current assets | 4,843 | 3,978 |
Non-current assets | ||
Equity in investees (note 12) | 4,459 | 1,234 |
Property, plant and equipment | 16,890 | 12,826 |
Goodwill | 2,837 | 1,176 |
Intangible assets | 227 | 227 |
Deferred income tax assets | 252 | 259 |
Non-current portion of inventory | 1,830 | 1,696 |
Other assets | 1,264 | 1,235 |
Total assets | 32,602 | 22,631 |
Current liabilities | ||
Accounts payable | 1,064 | 1,101 |
Debt | 303 | 43 |
Current income tax liabilities | 133 | 203 |
Other current liabilities | 282 | 321 |
Total current liabilities | 1,782 | 1,668 |
Non-current liabilities | ||
Debt | 5,504 | 5,695 |
Provisions | 3,179 | 2,904 |
Deferred income tax liabilities | 1,941 | 1,236 |
Other liabilities | 1,729 | 1,743 |
Total liabilities | 14,135 | 13,246 |
Equity | ||
Capital stock (note 16) | 28,801 | 20,883 |
Deficit | (13,227) | (13,453) |
Accumulated other comprehensive loss | (154) | (158) |
Other | 326 | 321 |
Total equity attributable to Barrick Gold Corporation shareholders | 15,746 | 7,593 |
Non-controlling interests | 2,721 | 1,792 |
Total equity | 18,467 | 9,385 |
Contingencies and commitments (notes 5 and 17) | ||
Total liabilities and equity | $ 32,602 | $ 22,631 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Reserve of exchange differences on translation [member] | Capital stock | Retained earnings (deficit) | Accumulated other comprehensive income (loss) | [1] | Other | [2] | Total equity attributable to shareholders | Non-controlling interests | Additional paid-in capital [member] | Reserve of equity component of convertible instruments [member] |
Beginning balance (shares) at Dec. 31, 2017 | 1,166,577,000 | |||||||||||
Beginning balance (shares) (Currently stated [member]) at Dec. 31, 2017 | 1,166,577,000 | |||||||||||
Beginning balance at Dec. 31, 2017 | $ 11,067 | $ 20,893 | $ (11,759) | $ (169) | $ 321 | $ 9,286 | $ 1,781 | |||||
Beginning balance (Currently stated [member]) at Dec. 31, 2017 | 11,131 | $ 20,893 | (11,695) | (169) | 321 | 9,350 | 1,781 | |||||
Net income | 116 | 64 | 64 | 52 | ||||||||
Total other comprehensive income | 5 | 0 | 5 | 5 | ||||||||
Total comprehensive income | 121 | 64 | 5 | 69 | 52 | |||||||
Transactions with owners | ||||||||||||
Dividends | (63) | (63) | (63) | |||||||||
Issuedonexerciseofstockoptions | 11,000 | |||||||||||
Funding from non-controlling interests | 12 | 12 | ||||||||||
Other decrease in non-controlling interests | (95) | (95) | ||||||||||
Dividend reinvestment plan | $ 7 | (7) | ||||||||||
Dividend reinvestment plan (shares) | 571,000 | |||||||||||
Total transactions with owners (shares) | 582,000 | |||||||||||
Total transactions with owners | (146) | $ 7 | (70) | (63) | (83) | |||||||
Ending balance (shares) at Jun. 30, 2018 | 1,167,159,000 | |||||||||||
Ending balance at Jun. 30, 2018 | 11,106 | $ 72 | $ 20,900 | (11,701) | (164) | 321 | 9,356 | 1,750 | $ 283 | $ 38 | ||
Beginning balance (shares) at Dec. 31, 2018 | 1,167,847,000 | |||||||||||
Beginning balance at Dec. 31, 2018 | 9,385 | $ 20,883 | (13,453) | (158) | 321 | 7,593 | 1,792 | 283 | 38 | |||
Net income | 363 | 305 | 305 | 58 | ||||||||
Total other comprehensive income | 4 | 0 | 0 | 4 | 0 | 4 | 0 | |||||
Total comprehensive income | 367 | 0 | 305 | 4 | 0 | 309 | 58 | |||||
Transactions with owners | ||||||||||||
Dividends | (64) | (64) | 0 | (64) | 0 | |||||||
Increase (decrease) through acquisition of subsidiary, equity | 8,788 | $ 7,903 | 0 | 0 | 0 | 7,903 | 885 | |||||
Issuedonexerciseofstockoptions | 25,000 | |||||||||||
Increase (decrease) in number of shares outstanding | 583,669,000 | |||||||||||
Funding from non-controlling interests | 14 | $ 0 | 0 | 0 | 0 | 0 | 14 | |||||
Other decrease in non-controlling interests | (28) | 0 | 0 | 0 | 0 | 0 | (28) | |||||
Increase (decrease) through share-based payment transactions, equity | 5 | 5 | 5 | |||||||||
Dividend reinvestment plan | 0 | $ 15 | (15) | 0 | 0 | 0 | 0 | |||||
Dividend reinvestment plan (shares) | 1,127,895 | |||||||||||
Total transactions with owners (shares) | 584,822,000 | |||||||||||
Total transactions with owners | 8,715 | $ 7,918 | (79) | 0 | 5 | 7,844 | 871 | |||||
Ending balance (shares) at Jun. 30, 2019 | 1,752,669,000 | |||||||||||
Ending balance at Jun. 30, 2019 | $ 18,467 | $ 85 | $ 28,801 | $ (13,227) | $ (154) | $ 326 | $ 15,746 | $ 2,721 | $ 283 | $ 38 | ||
[1] | 1 Includes cumulative translation losses at June 30, 2019: $85 million (June 30, 2018: $72 million) | |||||||||||
[2] | 2 Includes additional paid-in capital as at June 30, 2019: $283 million (December 31, 2018: $283 million; June 30, 2018: $283 million) and convertible borrowings - equity component as at June 30, 2019: $38 million (December 31, 2018: $38 million; June 30, 2018: $38 million).The accompanying notes are an integral part of these condensed interim consolidated financial statements. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parentheticals) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Equity | $ 18,467 | $ 9,385 | $ 11,106 | $ 11,067 |
Cumulative translation adjustments | ||||
Equity | 85 | 72 | ||
Additional paid-in capital | ||||
Equity | 283 | 283 | 283 | |
Convertible borrowings - equity component | ||||
Equity | $ 38 | $ 38 | $ 38 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 6 Months Ended |
Jun. 30, 2019 | |
Corporate Information [Abstract] | |
CORPORATE INFORMATION | CORPORATE INFORMATION Barrick Gold Corporation (“Barrick”, “we” or the “Company”) is a corporation governed by the Business Corporations Act (British Columbia) . The Company’s head office is located at Brookfield Place, TD Canada Trust Tower, 161 Bay Street, Suite 3700, Toronto, Ontario, M5J 2S1. The Company’s registered office is 925 West Georgia Street, Suite 1600, Vancouver, British Columbia, V6C 3L2. We are principally engaged in the production and sale of gold and copper, as well as related activities such as exploration and mine development. Our producing gold mines are located in Canada, the United States, Peru, Côte d'Ivoire, Mali and the Dominican Republic and our producing copper mine is in Zambia. We hold a 50% interest in Veladero, a gold mine located in Argentina, a 50% interest in Kalgoorlie, a gold mine located in Australia, a 50% equity interest in Barrick Niugini Limited (“BNL”), which owns a 95% interest in Porgera, a gold mine located in Papua New Guinea, a 50% equity interest in Morila Limited, which owns an 80% interest in Morila, a gold mine located in Mali, and a 50% equity interest in Kibali (Jersey) Limited, which owns a 90% interest in Kibali, a gold mine located in the Democratic Republic of Congo. We also hold a 63.9% equity interest in Acacia Mining plc (“Acacia”), a company listed on the London Stock Exchange that owns gold mines and exploration properties in Africa. We have a 50% interest in Zaldívar, a copper mine located in Chile and a 50% interest in Jabal Sayid, a copper mine located in Saudi Arabia. We also have various projects located throughout the Americas and Africa. We sell our gold and copper production into the world market. On July 1, 2019, we completed the agreement with Newmont Goldcorp Corporation to create the Nevada Gold Mines LLC joint venture. Refer to note 4 for further details. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2019 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES A) Statement of Compliance These condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”). These interim financial statements should be read in conjunction with Barrick’s most recently issued Annual Report which includes information necessary or useful to understanding the Company’s business and financial statement presentation. In particular, the Company’s significant accounting policies were presented in Note 2 of the Annual Consolidated Financial Statements for the year ended December 31, 2018 (" 2018 Annual Financial Statements"), and have been consistently applied in the preparation of these interim financial statements, except as otherwise noted in Note 2B. These condensed interim consolidated financial statements were authorized for issuance by the Board of Directors on August 9, 2019. B) New Accounting Standards Effective in 2019 Impact of Adoption of IFRS 16 Leases We have adopted the requirements of IFRS 16 Leases (“IFRS 16”) as of January 1, 2019. IFRS 16 specifies how to recognize, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all major leases where a lessee has the right to control the use of an identified asset. We elected to apply IFRS 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under IAS 17 Leases and IFRIC 4: Determining Whether an Arrangement Contains a Lease. The reclassifications and the adjustments arising from the new leasing rules are therefore recognized on January 1, 2019. The details of accounting policy changes and the quantitative impact of these changes are described below. Accounting policy changes Through 2018, assets acquired via a finance lease were recorded as an asset with a corresponding liability at an amount equal to the lower of the fair value of the leased property and the present value of the minimum lease payments. Each lease payment was allocated between the liability and finance cost using the effective interest method, whereby a constant rate of interest expense is recognized on the balance of the liability outstanding. The interest element of the lease was charged to the consolidated statements of income as a finance cost. Property, plant and equipment assets acquired under finance leases were depreciated over the shorter of the useful life of the asset and the lease term. All other leases were classified as operating leases. Operating lease payments were recognized as an operating cost in the consolidated statements of income on a straight-line basis over the lease term. From January 1, 2019, leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Company. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: • fixed payments (including in-substance fixed payments), less any lease incentives receivable; • variable lease payments that are based on an index or a rate; • amounts expected to be payable by the lessee under residual value guarantees; • the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and • payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following: • the amount of the initial measurement of lease liability; • any lease payments made at or before the commencement date less any lease incentives received; • any initial direct costs; and • restoration costs. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets are generally comprised of IT-equipment and small items of office furniture. Impact on consolidated financial statements On adoption of IFRS 16, we recognized lease liabilities in relation to leases which had previously been classified as operating leases . These liabilities were measured at the present value of the remaining lease payments, discounted using the weighted average incremental borrowing rate as of January 1, 2019 of 5.83% . For leases previously classified as finance leases the entity recognized the carrying amount of the lease asset and lease liability immediately before transition as the carrying amount of the right-of-use asset and the lease liability at the date of initial application. The measurement principles of IFRS 16 are applied after the date of initial application. The following table reconciles the Company’s operating lease obligations as at December 31, 2018 as previously disclosed in the Company’s 2018 Annual Financial Statements, to the lease obligations recognized on initial application of IFRS 16 at January 1, 2019: Barrick operating lease commitments disclosed as at December 31, 2018 $ 167 Add: embedded service contracts not previously assessed as a lease 38 (Less): contracts reassessed as service agreements (130 ) (Less): short-term leases recognized on a straight-line basis as expense (6 ) (Less): low-value leases recognized on a straight-line basis as expense (1 ) (Less): discounting using the lessee’s incremental borrowing rate of at January 1, 2019 (4 ) Discounted leases recognized as at January 1, 2019 $ 64 Add: finance lease liabilities recognized as at December 31, 2018 19 Add: leases acquired as part of the merger with Randgold on January 1, 2019 28 Discounted lease liability recognized as at January 1, 2019 $ 111 Of which are: Current lease liabilities 37 Non-current lease liabilities $ 74 The recognized right-of-use assets relate to the following types of assets: June 30, 2019 January 1, 2019 Buildings, Plant & Equipment $ 66 $ 69 Underground mobile equipment 8 7 Light vehicles and other mobile equipment 7 9 Total right-of-use assets $ 81 $ 85 Right-of use assets were measured at the amount equal to the lease liability, except for onerous contracts. The change in accounting policy affected the following items in the balance sheet on January 1, 2019: • property, plant and equipment - increase by $85 million • deferred income tax assets - $ nil . • debt - increase by $92 million There was no net impact on deficit on January 1, 2019. Consolidated net income decreased by $ nil and $1 million, respectively, for the three and six months ended June 30, 2019 as a result of the adoption of IFRS 16. Practical expedients applied In applying IFRS 16 for the first time, we have used the following practical expedients permitted by the standard: • the accounting for operating leases with a remaining lease term of less than 12 months as at January 1, 2019 as short-term leases; • the exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application; • the adjustment of the right-of-use assets at the date of initial application by the amount of any provision for onerous contracts recognized immediately before the date of initial application; and • to not separate non-lease components from lease components, and instead account for each lease component and any associated non-lease components as a single lease component. |
SIGNIFICANT JUDGMENTS, ESTIMATE
SIGNIFICANT JUDGMENTS, ESTIMATES, ASSUMPTIONS AND RISKS | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Judgements and Estimates [Abstract] | |
SIGNIFICANT JUDGMENTS, ESTIMATES, ASSUMPTIONS AND RISKS | SIGNIFICANT JUDGMENTS, ESTIMATES, ASSUMPTIONS AND RISKS The judgments, estimates, assumptions and risks discussed here reflect updates from the 2018 Annual Financial Statements. For judgments, estimates, assumptions and risks related to other areas not discussed in these interim consolidated financial statements, please refer to Notes 3 and 28 of the 2018 Annual Financial Statements. A) Provision for Environmental Rehabilitation (“PER”) Provisions are updated each reporting period for changes to expected cash flows and for the effect of changes in the discount rate and foreign exchange rate, and the change in estimate is added or deducted from the related asset and depreciated over the expected economic life of the operation to which it relates. We recorded a net increase of $69 million ( 2018 : $24 million net increase ) to the PER at our minesites for the three months ended June 30, 2019 and a net increase of $271 million ( 2018 : $82 million net decrease ) for the six months ended June 30, 2019 primarily due to a decrease in the discount rate and the acquisition of Randgold Resources Limited ("Randgold") on January 1, 2019. Adjustments to the estimated amount and timing of future closure and rehabilitation cash flows are a normal occurrence in light of the significant judgments and estimates involved. Rehabilitation provisions are adjusted as a result of changes in estimates and assumptions and are accounted for prospectively. In the fourth quarter of each year, our life of mine plans are updated and that typically results in an update to the rehabilitation provision. With respect to our U.S. properties, under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (“CERCLA”) and its state law equivalents, present or past owners of a property may be held jointly and severally liable for cleanup costs or forced to undertake remedial actions in response to unpermitted releases of hazardous substances at such property, in addition to, among other potential consequences, potential liability to governmental entities for the cost of damages to natural resources, which may be substantial. These subject properties are referred to as “superfund” sites. In addition to properties that have previously been designated as such, there is a chance that our current or legacy operations not currently designated as superfund sites in the U.S. could also be so designated as a superfund site in the future, exposing Barrick to potential further liability under CERCLA. The U.S. Environmental Protection Agency recently announced it is considering listing on the CERCLA National Priorities List a 322 square mile site in the San Mateo basin in New Mexico (“San Mateo Site”) due to alleged surface and ground water contamination from past uranium mining. The San Mateo Site includes legacy operations of our wholly owned subsidiary Homestake Mining Company of California. B) Pascua-Lama The Pascua-Lama project received $458 million as at June 30, 2019 ( December 31, 2018 : $443 million) in value added tax (“VAT”) refunds in Chile relating to the development of the Chilean side of the project. Under the current arrangement this amount plus interest, calculated from the date of receipt by Barrick, of up to potentially $379 million ( December 31, 2018 : $340 million) must be repaid if the project does not evidence exports for an amount of $3,538 million within a term that expires on December 31, 2026. The terms of the current VAT arrangement in Chile are applicable to either an open pit or an underground mine design. In addition, we have recorded $100 million in VAT recoverable in Argentina as at June 30, 2019 ( December 31, 2018 : $112 million) relating to the development of the Argentine side of the project. These amounts may not be recoverable if the project does not enter into production and are subject to foreign currency risk as the amounts are recoverable in Argentine pesos. C) Contingencies Contingencies can be either possible assets or possible liabilities arising from past events which, by their nature, will be resolved only when one or more future events, not wholly within our control, occur or fail to occur. The assessment of such contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. Refer to note 17 for further details on contingencies. D) Zambia Tax Matters The mining taxes assessed to the Lumwana Mine have contradicted the Development Agreement that was finalized between Lumwana Mining Company Limited (“LMC”) and the Government of Zambia on December 16, 2005. In 2015, the Company began to take steps to preserve its rights under the Development Agreement and started to engage in formal discussions with the government to redress historical tax issues relating to the Development Agreement. On October 3, 2018, a deed of settlement was signed by the Government of Zambia and LMC. The deed provides that, within 30 days of the deed, LMC shall file tax returns for 2012 through 2017, and the government shall have the right to conduct and complete an audit of the returns within 60 days of the deed. LMC has filed the tax returns for 2012 through 2017 and the audit of these tax returns by the Zambian tax authority is expected to be completed in the next three months. |
ACQUISITIONS AND DIVESTITURES
ACQUISITIONS AND DIVESTITURES | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations and Discontinued Operations [Abstract] | |
Acquisitions and Divestitures | DIVESTITURES A) Nevada Joint Venture On March 10, 2019, we entered into an implementation agreement with Newmont Mining Corporation, now Newmont Goldcorp Corporation, ("Newmont Goldcorp") to create a joint venture combining our respective mining operations, assets, reserves and talent in Nevada, USA. This includes Barrick's Cortez, Goldstrike, Turquoise Ridge and Goldrush properties and Newmont's Carlin, Twin Creeks, Phoenix, Long Canyon and Lone Tree properties. Barrick will be the operator of the joint venture and will own 61.5% , with Newmont Goldcorp owning the remaining 38.5% of the joint venture. On July 1, 2019, the transaction concluded establishing Nevada Gold Mines LLC. We have determined that Barrick controls Nevada Gold Mines LLC and we will begin consolidating the operating results, cash flows and net assets from July 1, 2019. We have determined that the transaction to acquire the former Newmont Goldcorp mines represents a business combination with Barrick identified as the acquirer. We are undertaking a purchase price exercise to determine the fair value of the former Newmont Goldcorp mines and the results will be presented in our third quarter of 2019 results. The Barrick mines in which we held 100% prior to the creation of Nevada Gold Mines will continue to be accounted for at historical cost and will be consolidated with a non-controlling interest. The Turquoise Ridge mine was historically accounted for as a joint operation and following its contribution to Nevada Gold Mines, will be consolidated with a non-controlling interest. Therefore it will be remeasured to fair value and a gain/loss will be recognized in the third quarter of 2019. B) Randgold Resources Limited Merger On January 1, 2019, we acquired 100% of the issued and outstanding shares of Randgold Resources Limited (the “Merger”). Each Randgold shareholder received 6.1280 common shares of Barrick for each Randgold share, which resulted in the issuance of 583,669,178 Barrick common shares. After this share issuance, Barrick shareholders owned 66.7% , while former Randgold shareholders owned 33.3% , of the shares of the combined company. We have determined that this transaction represents a business combination with Barrick identified as the acquirer. Based on the December 31, 2018 closing share price of Barrick’s common shares, the total consideration of the acquisition was $7.9 billion. We began consolidating the operating results, cash flows and net assets of Randgold from January 1, 2019. Randgold was a publicly traded mining company with ownership interests in the following gold mines: Kibali in the Democratic Republic of Congo; Tongon in Côte d’Ivoire; Loulo-Gounkoto and Morila in Mali; and the Massawa project in Senegal. The following table includes the joint arrangements and entities other than 100% owned subsidiaries. Place of business Entity type Economic interest 1 Method Loulo Mali Subsidiary 80% Consolidation Gounkoto Mali Subsidiary 80% Consolidation Tongon Côte d’Ivoire Subsidiary 89.7% Consolidation Kibali Democratic Republic of Congo JV 45% Equity Method Morila Mali JV 40% Equity Method 1 Unless otherwise noted, all of our joint arrangements are funded by contributions made by the parties sharing joint control in proportion to their economic interest. The tables below present the purchase cost and our preliminary allocation of the purchase price to the assets and liabilities acquired. This allocation is preliminary as we have not had sufficient time to complete the valuation process. We have made minor adjustments in the second quarter and there may be further adjustments to the estimated fair values as the valuation work is finalized, which we expect to complete by the end of 2019. Purchase Cost Fair value of equity shares issued $ 7,903 Fair value of restricted shares issued 6 Fair value of consideration $ 7,909 Preliminary Fair Value at Acquisition Assets Cash $ 751 Other current assets 323 Equity in investees 3,179 Property, plant and equipment 3,903 Other assets 230 Goodwill 1,661 Total assets $ 10,047 Liabilities Current liabilities $ 474 Deferred income tax liabilities 693 Provisions 55 Debt 1 31 Total liabilities $ 1,253 Non-controlling interests 885 Net assets $ 7,909 1 Debt mainly relates to leases as a result of adopting IFRS16. In accordance with the acquisition method of accounting, the acquisition cost has been allocated to the underlying assets acquired and liabilities assumed, based primarily upon their estimated fair values at the date of acquisition. We primarily used a static discounted cash flow model (being the net present value of expected future cash flows) to determine the fair value of the mining interests, and used a replacement cost approach in determining the fair value of buildings, plant and equipment. Expected future cash flows are based on estimates of projected future revenues, expected conversions of resources to reserves, expected future production costs and capital expenditures based on the life of mine plan as at the acquisition date. The excess of acquisition cost over the net identifiable assets acquired represents goodwill. Goodwill arose on the acquisition principally because of the following factors: 1) it significantly strengthened Barrick’s position in the industry relative to high-quality gold reserves in many of the world’s most prolific gold districts, positioning the Company for sustainable growth; 2) it included the acquisition of a proven management team, with a shared vision and commitment to excellence, and a powerful financial base that will support sustainable investment in growth; and 3) the recognition of a deferred tax liability for the difference between the assigned values and the tax bases of assets acquired and liabilities assumed at amounts that do not reflect fair value. The goodwill is not deductible for income tax purposes. The fair value of accounts receivable is $193 million, which is equivalent to the contractual amount. Prior to the Merger, Randgold had received various tax claims from the State of Mali in respect of its Mali operations, which totaled $267.7 million as at January 1, 2019. The total amount of the various tax claims, not including advances made in good faith to date, stood at $275 million at the end of the second quarter of 2019. The Company has a provision of $60 million recorded for the estimated final amount to settle the various tax claims. Refer to note 17 for further details. Since it has been consolidated from January 1, 2019, Randgold contributed revenue of $330 million and $628 million, respectively, for the three and six months ended June 30, 2019 and net income of $31 million and $60 million, respectively, for the three and six months ended June 30, 2019 . Acquisition related costs of approximately $37 million were expensed in the prior year and were presented as part of corporate development costs in exploration, evaluation & project expense. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2019 | |
Operating Segments [Abstract] | |
SEGMENT INFORMATION | Consolidated Statement of Income Information Cost of Sales For the three months ended June 30, 2019 Revenue Direct mining, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Cortez $368 $137 $65 $2 $6 $158 Goldstrike 235 150 53 2 (3 ) 33 Turquoise Ridge 110 48 9 1 (1 ) 53 Pueblo Viejo 2 314 141 47 3 1 122 Loulo-Gounkoto 2 243 110 87 2 3 41 Kibali 125 51 31 — — 43 Veladero 100 57 31 1 (1 ) 12 Acacia 2 189 97 35 — 21 36 Other Mines 2,3,4 504 339 132 4 9 20 Reportable segment income $2,188 $1,130 $490 $15 $35 $518 Share of equity investees (125 ) (51 ) (31 ) — — (43 ) Segment income $2,063 $1,079 $459 $15 $35 $475 Consolidated Statement of Income Information Cost of Sales For the three months ended June 30, 2018 Revenue Direct mining, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Cortez $371 $100 $85 $3 $4 $179 Goldstrike 214 138 54 5 3 14 Turquoise Ridge 75 40 7 — — 28 Pueblo Viejo 2 297 134 43 4 1 115 Loulo-Gounkoto 2 — — — — — — Kibali — — — — — — Veladero 111 47 34 2 1 27 Acacia 2 176 95 23 — 25 33 Other Mines 2,3,4 468 292 74 5 4 93 Reportable segment income $1,712 $846 $320 $19 $38 $489 Share of equity investees — — — — — — Segment income $1,712 $846 $320 $19 $38 $489 Consolidated Statement of Income Information Cost of Sales For the six months ended June 30, 2019 Revenue Direct mining, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Cortez $707 $250 $129 $4 $11 $313 Goldstrike 546 310 119 4 (3 ) 116 Turquoise Ridge 210 87 15 1 — 107 Pueblo Viejo 2 640 258 93 6 2 281 Loulo-Gounkoto 2 453 220 146 4 6 77 Kibali 242 103 87 — (1 ) 53 Veladero 191 108 61 1 (1 ) 22 Acacia 2 327 189 60 — 41 37 Other Mines 2,3,4 1,082 713 261 8 19 81 Reportable segment income $4,398 $2,238 $971 $28 $74 $1,087 Share of equity investees (242 ) (103 ) (87 ) — 1 (53 ) Segment income $4,156 $2,135 $884 $28 $75 $1,034 Consolidated Statement of Income Information Cost of Sales For the six months ended June 30, 2018 Revenue Direct mining, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Cortez $734 $199 $172 $5 $7 $351 Goldstrike 465 282 115 5 1 62 Turquoise Ridge 159 78 14 — — 67 Pueblo Viejo 2 653 260 84 8 1 300 Loulo-Gounkoto 2 — — — — — — Kibali — — — — — — Veladero 212 92 65 2 1 52 Acacia 333 181 47 — 1 104 Other Mines 2,3,4 946 579 140 8 26 193 Reportable segment income $3,502 $1,671 $637 $28 $37 $1,129 Share of equity investees — — — — — — Segment income $3,502 $1,671 $637 $28 $37 $1,129 1 Includes accretion expense, which is included within finance costs in the consolidated statement of income. For the three months ended June 30, 2019 , accretion expense was $12 million ( 2018 : $13 million ) and for the six months ended June 30, 2019 , accretion expense was $26 million ( 2018 : $25 million ). 2 Includes non-controlling interest portion of revenues, cost of sales and segment income for the three months ended June 30, 2019 for Pueblo Viejo $122 million , $74 million , $47 million ( 2018 : $119 million , $70 million , $48 million ), Loulo-Gounkoto $49 million , $39 million , $9 million ( 2018 : $ nil , $ nil , $ nil ), Acacia $68 million , $48 million , $12 million ( 2018 : $63 million , $42 million , $11 million ), and Tongon $9 million , $10 million , $1 million ( 2018 : $ nil , $ nil , $ nil ) and for the six months ended June 30, 2019 for Pueblo Viejo $ 250 million, $ 139 million, $ 108 million ( 2018 : $ 257 million, $ 136 million, $ 118 million), Loulo-Gounkoto $91 million , $73 million , $16 million ( 2018 : $ nil , $ nil , $ nil ), Acacia $ 118 million, $ 90 million, $ 13 million ( 2018 : $ 120 million, $ 82 million, $ 37 million) and Tongon $18 million , $21 million , $(3) million (2018: $ nil , $ nil , $ nil ). 3 Includes cost of sales of Pierina for the three months ended June 30, 2019 of $44 million ( 2018 : $30 million ) and for the six months ended June 30, 2019 of $71 million ( 2018 : $62 million ). 4 Includes provisional pricing adjustments for the three months ended June 30, 2019 of $8 million losses ( 2018 : $6 million losses ) and for the six months ended June 30, 2019 of $14 million gains ( 2018 : $29 million losses ). Reconciliation of Segment Income to Income Before Income Taxes For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Segment income $475 $489 $1,034 $1,129 Other cost of sales/amortization 1 (7 ) (10 ) (16 ) (20 ) Exploration, evaluation and project expenses not attributable to segments (83 ) (78 ) (144 ) (142 ) General and administrative expenses (59 ) (93 ) (113 ) (141 ) Other income (expense) not attributable to segments 16 (9 ) 15 (28 ) Impairment charges not attributable to segments (12 ) (59 ) (15 ) (61 ) (Gain) loss on currency translation 6 (75 ) (16 ) (90 ) Closed mine rehabilitation (16 ) (9 ) (41 ) — Income from equity investees 50 10 78 26 Finance costs, net (includes non-segment accretion) (106 ) (127 ) (212 ) (243 ) Gain on non-hedge derivatives 2 — 1 1 3 Income before income taxes $264 $40 $571 $433 1 Includes all realized hedge gains and losses for the three months ended June 30, 2019 of $ nil losses ( 2018 : $ 1 million losses ) and for the six months ended June 30, 2019 of $ nil losses ( 2018 : $ 2 million losses ). 2 Includes unrealized non-hedge gains and losses for the three months ended June 30, 2019 of $ nil losses ( 2018 : $ nil losses ) and for the six months ended June 30, 2019 of $ 1 million gains ( 2018 : $ nil losses ). Capital Expenditures Information Segment capital expenditures 1 For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Cortez $88 $87 $165 $158 Goldstrike 64 55 119 118 Turquoise Ridge 21 14 47 27 Pueblo Viejo 26 33 58 71 Loulo-Gounkoto 39 — 89 — Kibali 10 — 20 — Veladero 19 33 48 64 Acacia 17 25 33 51 Other Mines 113 68 223 123 Reportable segment total $397 $315 $802 $612 Other items not allocated to segments 6 26 49 60 Total $403 $341 $851 $672 Share of equity investees ($10 ) $— ($20 ) $— Total $393 $341 $831 $672 1 Segment capital expenditures are presented for internal management reporting purposes on an accrual basis. Capital expenditures in the Consolidated Statements of Cash Flow are presented on a cash basis. For the three months ended June 30, 2019 , cash expenditures were $ 379 million ( 2018 : $ 313 million ) and the increase in accrued expenditures was $ 14 million ( 2018 : $ 28 million increase ). For the six months ended June 30, 2019 , cash expenditures were $ 753 million ( 2018 : $ 639 million ) and the increase in accrued expenditures was $ 78 million ( 2018 : $ 33 million increase ). SEGMENT INFORMATION Starting in the first quarter of 2019, management reviews the operating results and assesses performance of our operations in Nevada at an individual minesite level; therefore our Cortez and Goldstrike minesites, previously presented as Barrick Nevada, have been presented separately. Prior period figures have been restated to reflect this disaggregation. Barrick’s business is organized into seventeen minesites, one publicly traded company and two projects. Barrick’s Chief Operating Decision Maker (“CODM”), reviews the operating results, assesses performance and makes capital allocation decisions at the minesite, Company and/or project level. Upon completion of the Merger, Mark Bristow, as President and Chief Executive Officer, assumed this role. Each individual minesite and the Pascua-Lama project, with the exception of Acacia, are operating segments for financial reporting purposes. Following the merger with Randgold, we re-evaluated our reportable operating segments and no longer report on our interests in the following non-core properties: Lagunas Norte and Pascua-Lama. Our presentation of our reportable operating segments consists of seven gold mines (Cortez, Goldstrike, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali and Veladero) and Acacia. The remaining operating segments, including our remaining gold mines, copper mines and projects, have been grouped into an “other” category and will not be reported on individually. Segment performance is evaluated based on a number of measures including operating income before tax, production levels and unit production costs. Certain costs are managed on a consolidated basis and are therefore not reflected in segment income. Consolidated Statement of Income Information Cost of Sales For the three months ended June 30, 2019 Revenue Direct mining, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Cortez $368 $137 $65 $2 $6 $158 Goldstrike 235 150 53 2 (3 ) 33 Turquoise Ridge 110 48 9 1 (1 ) 53 Pueblo Viejo 2 314 141 47 3 1 122 Loulo-Gounkoto 2 243 110 87 2 3 41 Kibali 125 51 31 — — 43 Veladero 100 57 31 1 (1 ) 12 Acacia 2 189 97 35 — 21 36 Other Mines 2,3,4 504 339 132 4 9 20 Reportable segment income $2,188 $1,130 $490 $15 $35 $518 Share of equity investees (125 ) (51 ) (31 ) — — (43 ) Segment income $2,063 $1,079 $459 $15 $35 $475 Consolidated Statement of Income Information Cost of Sales For the three months ended June 30, 2018 Revenue Direct mining, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Cortez $371 $100 $85 $3 $4 $179 Goldstrike 214 138 54 5 3 14 Turquoise Ridge 75 40 7 — — 28 Pueblo Viejo 2 297 134 43 4 1 115 Loulo-Gounkoto 2 — — — — — — Kibali — — — — — — Veladero 111 47 34 2 1 27 Acacia 2 176 95 23 — 25 33 Other Mines 2,3,4 468 292 74 5 4 93 Reportable segment income $1,712 $846 $320 $19 $38 $489 Share of equity investees — — — — — — Segment income $1,712 $846 $320 $19 $38 $489 Consolidated Statement of Income Information Cost of Sales For the six months ended June 30, 2019 Revenue Direct mining, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Cortez $707 $250 $129 $4 $11 $313 Goldstrike 546 310 119 4 (3 ) 116 Turquoise Ridge 210 87 15 1 — 107 Pueblo Viejo 2 640 258 93 6 2 281 Loulo-Gounkoto 2 453 220 146 4 6 77 Kibali 242 103 87 — (1 ) 53 Veladero 191 108 61 1 (1 ) 22 Acacia 2 327 189 60 — 41 37 Other Mines 2,3,4 1,082 713 261 8 19 81 Reportable segment income $4,398 $2,238 $971 $28 $74 $1,087 Share of equity investees (242 ) (103 ) (87 ) — 1 (53 ) Segment income $4,156 $2,135 $884 $28 $75 $1,034 Consolidated Statement of Income Information Cost of Sales For the six months ended June 30, 2018 Revenue Direct mining, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Cortez $734 $199 $172 $5 $7 $351 Goldstrike 465 282 115 5 1 62 Turquoise Ridge 159 78 14 — — 67 Pueblo Viejo 2 653 260 84 8 1 300 Loulo-Gounkoto 2 — — — — — — Kibali — — — — — — Veladero 212 92 65 2 1 52 Acacia 333 181 47 — 1 104 Other Mines 2,3,4 946 579 140 8 26 193 Reportable segment income $3,502 $1,671 $637 $28 $37 $1,129 Share of equity investees — — — — — — Segment income $3,502 $1,671 $637 $28 $37 $1,129 1 Includes accretion expense, which is included within finance costs in the consolidated statement of income. For the three months ended June 30, 2019 , accretion expense was $12 million ( 2018 : $13 million ) and for the six months ended June 30, 2019 , accretion expense was $26 million ( 2018 : $25 million ). 2 Includes non-controlling interest portion of revenues, cost of sales and segment income for the three months ended June 30, 2019 for Pueblo Viejo $122 million , $74 million , $47 million ( 2018 : $119 million , $70 million , $48 million ), Loulo-Gounkoto $49 million , $39 million , $9 million ( 2018 : $ nil , $ nil , $ nil ), Acacia $68 million , $48 million , $12 million ( 2018 : $63 million , $42 million , $11 million ), and Tongon $9 million , $10 million , $1 million ( 2018 : $ nil , $ nil , $ nil ) and for the six months ended June 30, 2019 for Pueblo Viejo $ 250 million, $ 139 million, $ 108 million ( 2018 : $ 257 million, $ 136 million, $ 118 million), Loulo-Gounkoto $91 million , $73 million , $16 million ( 2018 : $ nil , $ nil , $ nil ), Acacia $ 118 million, $ 90 million, $ 13 million ( 2018 : $ 120 million, $ 82 million, $ 37 million) and Tongon $18 million , $21 million , $(3) million (2018: $ nil , $ nil , $ nil ). 3 Includes cost of sales of Pierina for the three months ended June 30, 2019 of $44 million ( 2018 : $30 million ) and for the six months ended June 30, 2019 of $71 million ( 2018 : $62 million ). 4 Includes provisional pricing adjustments for the three months ended June 30, 2019 of $8 million losses ( 2018 : $6 million losses ) and for the six months ended June 30, 2019 of $14 million gains ( 2018 : $29 million losses ). Reconciliation of Segment Income to Income Before Income Taxes For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Segment income $475 $489 $1,034 $1,129 Other cost of sales/amortization 1 (7 ) (10 ) (16 ) (20 ) Exploration, evaluation and project expenses not attributable to segments (83 ) (78 ) (144 ) (142 ) General and administrative expenses (59 ) (93 ) (113 ) (141 ) Other income (expense) not attributable to segments 16 (9 ) 15 (28 ) Impairment charges not attributable to segments (12 ) (59 ) (15 ) (61 ) (Gain) loss on currency translation 6 (75 ) (16 ) (90 ) Closed mine rehabilitation (16 ) (9 ) (41 ) — Income from equity investees 50 10 78 26 Finance costs, net (includes non-segment accretion) (106 ) (127 ) (212 ) (243 ) Gain on non-hedge derivatives 2 — 1 1 3 Income before income taxes $264 $40 $571 $433 1 Includes all realized hedge gains and losses for the three months ended June 30, 2019 of $ nil losses ( 2018 : $ 1 million losses ) and for the six months ended June 30, 2019 of $ nil losses ( 2018 : $ 2 million losses ). 2 Includes unrealized non-hedge gains and losses for the three months ended June 30, 2019 of $ nil losses ( 2018 : $ nil losses ) and for the six months ended June 30, 2019 of $ 1 million gains ( 2018 : $ nil losses ). Capital Expenditures Information Segment capital expenditures 1 For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Cortez $88 $87 $165 $158 Goldstrike 64 55 119 118 Turquoise Ridge 21 14 47 27 Pueblo Viejo 26 33 58 71 Loulo-Gounkoto 39 — 89 — Kibali 10 — 20 — Veladero 19 33 48 64 Acacia 17 25 33 51 Other Mines 113 68 223 123 Reportable segment total $397 $315 $802 $612 Other items not allocated to segments 6 26 49 60 Total $403 $341 $851 $672 Share of equity investees ($10 ) $— ($20 ) $— Total $393 $341 $831 $672 1 Segment capital expenditures are presented for internal management reporting purposes on an accrual basis. Capital expenditures in the Consolidated Statements of Cash Flow are presented on a cash basis. For the three months ended June 30, 2019 , cash expenditures were $ 379 million ( 2018 : $ 313 million ) and the increase in accrued expenditures was $ 14 million ( 2018 : $ 28 million increase ). For the six months ended June 30, 2019 , cash expenditures were $ 753 million ( 2018 : $ 639 million ) and the increase in accrued expenditures was $ 78 million ( 2018 : $ 33 million increase ). Purchase Commitments At June 30, 2019 , we had purchase obligations for supplies and consumables of $1,803 million ( December 31, 2018 : $1,972 million ). Capital Commitments In addition to entering into various operational commitments in the normal course of business, we had capital commitments of $108 million at June 30, 2019 ( December 31, 2018 : $82 million ). |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2019 | |
Revenue [abstract] | |
REVENUE | REVENUE For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Gold sales Spot market sales $1,928 $1,556 $3,822 $3,196 Concentrate sales 8 7 20 10 Provisional pricing adjustments 1 (1 ) 1 (1 ) $1,937 $1,562 $3,843 $3,205 Copper sales Copper concentrate sales $112 $117 $253 $251 Provisional pricing adjustments (9 ) (5 ) 13 (28 ) $103 $112 $266 $223 Other sales 1 23 38 47 74 Total $2,063 $1,712 $4,156 $3,502 1 Revenues include the sale of by-products for our gold and copper mines. |
COST OF SALES
COST OF SALES | 6 Months Ended |
Jun. 30, 2019 | |
Analysis of income and expense [abstract] | |
COST OF SALES | COST OF SALES Gold Copper Other 3 Total For the three months ended June 30 2019 2018 2019 2018 2019 2018 2019 2018 Direct mining cost 1,2 $921 $716 $63 $69 $— $2 $984 $787 Depreciation 431 290 28 30 7 8 466 328 Royalty expense 78 43 9 8 — — 87 51 Community relations 7 9 1 1 — — 8 10 $1,437 $1,058 $101 $108 $7 $10 $1,545 $1,176 Gold Copper Other 3 Total For the six months ended June 30 2019 2018 2019 2018 2019 2018 2019 2018 Direct mining cost 1,2 $1,815 $1,406 $139 $135 $— $4 $1,954 $1,545 Depreciation 815 588 70 49 16 16 901 653 Royalty expense 144 93 21 17 — — 165 110 Community relations 13 17 2 3 — — 15 20 $2,787 $2,104 $232 $204 $16 $20 $3,035 $2,328 1 Direct mining cost includes charges to reduce the cost of inventory to net realizable value as follows: $12 million for the three months ended June 30, 2019 ( 2018 : $2 million ) and $16 million for the six months ended June 30, 2019 ( 2018 : $5 million ). 2 Direct mining cost includes the costs of extracting by-products. 3 Other includes realized hedge gains and losses and corporate amortization. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2019 | |
Earnings per share [abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Basic Diluted Basic Diluted Basic Diluted Basic Diluted Net income (loss) $223 $223 ($76 ) ($76 ) $363 $363 $116 $116 Net income attributable to non-controlling interests (29 ) (29 ) (18 ) (18 ) (58 ) (58 ) (52 ) (52 ) Net income (loss) attributable to equity holders of Barrick Gold Corporation $194 $194 ($94 ) ($94 ) $305 $305 $64 $64 Weighted average shares outstanding 1,752 1,752 1,167 1,167 1,749 1,749 1,167 1,167 Earnings (loss) per share data attributable to the equity holders of Barrick Gold Corporation Net income (loss) $0.11 $0.11 ($0.08 ) ($0.08 ) $0.17 $0.17 $0.05 $0.05 |
OTHER EXPENSE (INCOME)
OTHER EXPENSE (INCOME) | 6 Months Ended |
Jun. 30, 2019 | |
Other Operating Income (Expense) [Abstract] | |
OTHER EXPENSE (INCOME) | OTHER EXPENSE A) Other Expense (Income) For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Other expense: Bank charges $3 $7 $8 $14 Bulyanhulu reduced operations program cost 1 6 9 12 17 Insurance payment to Porgera JV — 13 — 13 Litigation 9 (1 ) 19 26 Miscellaneous write-offs — 3 2 4 Acacia - other 4 4 5 5 Other — 9 8 18 Total other expense $22 $44 $54 $97 Other income: Gain on sale of long-lived assets ($12 ) ($2 ) ($12 ) ($48 ) Other (3 ) (4 ) (8 ) (10 ) Total other income ($15 ) ($6 ) ($20 ) ($58 ) Total 7 38 34 39 1 Primarily relates to care and maintenance costs. B) Impairment Charges For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Impairment of non-current assets 1 $12 $35 $15 $37 Impairment of intangibles 1 — 24 — 24 Total $12 $59 $15 $61 1 Refer to note 13 for further details. |
INCOME TAX EXPENSE
INCOME TAX EXPENSE | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax [Abstract] | |
INCOME TAX EXPENSE | INCOME TAX EXPENSE For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Current $103 $96 $233 $229 Deferred (62 ) 20 (25 ) 88 $41 $116 $208 $317 Income tax expense was $ 208 million for the six months ended June 30, 2019 . The underlying effective tax rate for ordinary income for the six months ended June 30, 2019 was 43% which includes the impact of non-deductible depreciation on the Randgold purchase price allocation and adjusting for the impact of foreign currency translation losses on deferred tax balances; the impact of non-deductible foreign exchange losses; the impact of a reduced corporate tax rate in Argentina on deferred tax balances and the impact of other expense adjustments. The unadjusted tax rate for income for the six months ended June 30, 2019 , was 36% of the income before income taxes. Currency Translation Deferred tax balances are subject to remeasurement for changes in currency exchange rates each period. The most significant balances are Argentine and Malian net deferred tax liabilities. In the six months ended June 30, 2019 , tax expense of $ 13 million primarily arose from translation losses on tax balances in Argentina and Mali, due to the weakening of the Argentine peso and the West African CFA franc, respectively, against the U.S. dollar. In the six months ended June 30, 2018 , tax expense of $19 million primarily arose from translation losses on tax balances in Argentina, due to the weakening of the Argentine peso against the U.S. dollar. These translation losses are included within deferred income tax expense. Veladero Deferred Taxes In December 2017, Argentina reduced its 35% corporate tax rate to 30% for 2018 and 2019, with further reduction to 25% for 2020 and thereafter. Concurrently, a dividend distribution tax was introduced that charges 7% tax on dividend distributions for 2018 and 2019, and 13% tax on dividend distributions for 2020 and thereafter. A deferred tax recovery of $70 million was recorded as a result of an inflation adjustment implemented for statutory financial statement purposes in Argentina, and finalized in the second quarter of 2019, which results in Veladero not having dividend distribution capacity for prior years. The impact of material inflationary adjustments on distributable reserves and deferred taxes is expected to remain variable and will be evaluated on an annual basis. |
CASH FLOW _ OTHER ITEMS
CASH FLOW – OTHER ITEMS | 6 Months Ended |
Jun. 30, 2019 | |
Cash Flow Statement [Abstract] | |
CASH FLOW – OTHER ITEMS | CASH FLOW – OTHER ITEMS Operating Cash Flows – Other Items For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Adjustments for non-cash income statement items: Gain on non-hedge derivatives $— ($1 ) ($1 ) ($3 ) Share-based compensation expense 26 8 38 10 Income from investment in equity investees (50 ) (10 ) (78 ) (26 ) Change in estimate of rehabilitation costs at closed mines 16 9 41 — Net inventory impairment charges 16 2 16 5 Change in other assets and liabilities 50 (48 ) 28 (98 ) Settlement of rehabilitation obligations (16 ) (16 ) (30 ) (32 ) Other operating activities $42 ($56 ) $14 ($144 ) Cash flow arising from changes in: Accounts receivable ($44 ) ($21 ) ($33 ) $45 Inventory 18 (72 ) 12 (148 ) Other current assets (9 ) (15 ) (94 ) (77 ) Accounts payable (37 ) 15 (160 ) (67 ) Other current liabilities (14 ) 12 (55 ) 14 Change in working capital ($86 ) ($81 ) ($330 ) ($233 ) Investing Cash Flows – Other Items For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Dividends received from equity method investments $17 $— $32 $— Funding of equity method investments — (1 ) — (5 ) Shareholder loan repayments from equity method investments — — 30 — Other net investing activities $17 ($1 ) $62 ($5 ) |
EQUITY ACCOUNTING METHOD INVEST
EQUITY ACCOUNTING METHOD INVESTMENT CONTINUITY | 6 Months Ended |
Jun. 30, 2019 | |
Interests In Other Entities [Abstract] | |
INVESTMENTS | EQUITY ACCOUNTING METHOD INVESTMENT CONTINUITY Kibali Jabal Sayid Zaldívar Other 1 Total At January 1, 2018 $— $206 $975 $32 $1,213 Funds invested — — — 5 5 Equity pick-up (loss) from equity investees — 39 14 (7 ) 46 Impairment charges — — — (30 ) (30 ) At December 31, 2018 $— $245 $989 $— $1,234 Acquisitions 3,119 — — 60 3,179 Equity pick-up (loss) from equity investees 50 27 10 (9 ) 78 Dividends paid (31 ) — — (1 ) (32 ) At June 30, 2019 $3,138 $272 $999 $50 $4,459 1 Other includes Morila. |
IMPAIRMENT OF GOODWILL AND OTHE
IMPAIRMENT OF GOODWILL AND OTHER ASSETS | 6 Months Ended |
Jun. 30, 2019 | |
Impairment of Goodwill and Other Assets [Abstract] | |
Impairment of Goodwill and Other Assets | IMPAIRMENT OF GOODWILL AND OTHER ASSETS In accordance with our accounting policy, goodwill is tested for impairment in the fourth quarter and also when there is an indicator of impairment. Non-current assets are tested for impairment or impairment reversals when events or changes in circumstances suggest that the carrying amount may not be recoverable or is understated. Refer to note 21 of the 2018 Annual Financial Statements for further information. For the six months ended June 30, 2019 , we recorded impairments of $15 million ( 2018 : $61 million impairments) for non-current assets. Summary of impairments (reversals) For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Golden Sunlight $8 $— $8 $— Equity Method Investments — 30 — 30 Acacia — 24 — 24 Goldstrike — 5 2 5 Cortez — 6 — 9 Pascua-Lama — (6 ) — (7 ) Other 4 — 5 — Total $12 $59 $15 $61 Indicators of impairment Second Quarter 2019 On May 21, 2019, Barrick met with the Directors and senior management of Acacia and presented a proposal to acquire all of the shares it does not already own in Acacia through a share for share exchange of 0.153 Barrick shares for each ordinary share of Acacia. The exchange ratio was based on the 20-day volume weighted average trading prices of Acacia and Barrick as at market close in London and New York on May 20, 2019 and implied a value for 100% of Acacia of $787 million . On July 19, 2019, we announced that the Boards of Barrick and Acacia reached an agreement on the terms of a recommended offer by Barrick for the 36.1% of Acacia that we do not currently own. Under the terms of the agreement, the minority shareholders will exchange each Acacia share for 0.168 Barrick shares and will also be entitled to special dividends under certain conditions. The offer needs to be approved by more than 75% of minority shareholders and the vote is expected to take place in the third quarter of 2019. Based on the July 18, 2019 New York market closing price of $17.22 per share, this implies a value for 100% of Acacia of $1.19 billion. During the second quarter of 2019, Acacia updated its LOM models and subsequent to that the Barrick technical team has had an opportunity to conduct detailed due diligence on the updated LOM models for the Acacia assets and risk adjust the value of the assets. The value implied by Barrick's adjusted LOM plans were deemed to be an indicator of impairment in the second quarter of 2019. An impairment assessment was undertaken in the second quarter and Barrick assessed the carrying value of the individual cash generating units within Acacia (Bulyanhulu, North Mara and Buzwagi) and determined that the carrying amounts were recoverable. Therefore, no impairment was recognized. The key assumptions and estimates used in determining the fair value less cost to dispose are short-term and long-term gold prices of $1,250 per ounce, NAV multiples of 1.0 - 1.1 and a weighted average cost of capital (“WACC”) of 6.5% - 6.9% . Other assumptions include a 50% economic share of future economic benefits for the Government of Tanzania (“GoT”), which includes taxes, royalties, tolls and a 16% free carry interest in the mines. Management assumes the resumption of concentrate sales and exports commencing in Q3 2019 and the resumption of production from underground mining at Bulyanhulu in 2020. The WACC applied is lower than the 2018 and 2017 impairment tests for the Acacia CGUs, based on lower risk levels given the current state of Barrick’s negotiations with the GoT and the expectation that an agreement will be signed once the recommended offer to purchase the minority shareholdings of Acacia as described above has closed and because the economic sharing of benefits has been modeled into the cash flows. Lumwana On September 28, 2018, as part of their 2019 budget, the Zambian government introduced changes to the current mining tax regime. The changes included an increase in royalty rates by 1.5% , the introduction of a 10% royalty on copper production if copper price increases above a certain price, the imposition of a 5% import duty on copper concentrates, the non-deductibility of mineral royalties paid or payable for income tax purposes, and the replacement of the VAT with a non-refundable sales tax, although any outstanding VAT claims will be settled through the current refund mechanism. In the fourth quarter of 2018, the Zambian government finalized the changes to the current tax regime, which was effective January 1, 2019, with the exception of the changes to the non-refundable sales tax, which were expected to be finalized in the first quarter of 2019 and effective April 1, 2019. The finalization of the changes to the mining tax regime, excluding the changes to the non-refundable sales tax, was considered an indicator of impairment and an impairment assessment was performed in the fourth quarter of 2018. In August 2019, the Zambian government withdrew the legislative Bill relating to the non-refundable sales tax and is expected to reintroduce a new Bill in September 2019. We will assess the impact of any new non-refundable sales tax on the mine's cash flows once the outcome is finalized. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS Financial instruments include cash; evidence of ownership in an entity; or a contract that imposes an obligation on one party and conveys a right to a second party to deliver/receive cash or another financial instrument. A) Cash and Equivalents Cash and equivalents include cash, term deposits, treasury bills and money market funds with original maturities of less than 90 days. Cash and equivalents also include $ 407 million cash that is held in subsidiaries that have regulatory regulations or contractual restrictions, or operate in countries where exchange controls and other legal restrictions apply and are therefore not available for general use by the Company. B) Debt Subsequent to quarter end on July 15, 2019, Barrick completed a make-whole repurchase of the approximately $248 million of outstanding principal on the 4.95% notes due 2020. C) Guarantee In connection with the closing of Nevada Gold Mines LLC on July 1, 2019 (refer to note 4), Nevada Gold Mines LLC provided a guarantee in respect of Newmont Goldcorp’s 2035 senior notes, which were originally issued in the aggregate principal amount of $600 million . If Nevada Gold Mines LLC makes any payment under the guarantee following a demand, the Newmont Goldcorp interest in Nevada Gold Mines LLC will be subject to dilution in favor of Barrick at an accelerated rate. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Measurements [Abstract] | |
Disclosure of fair value measurement [text block] | FAIR VALUE MEASUREMENTS A) Assets and Liabilities Measured at Fair Value on a Recurring Basis As at June 30, 2019 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Aggregate fair value (Level 1) (Level 2) (Level 3) Cash and equivalents $2,153 $— $— $2,153 Other investments 221 — — 221 Derivatives — 2 — 2 Receivables from provisional copper and gold sales — 45 — 45 $2,374 $47 $— $2,421 B) Fair Values of Financial Assets and Liabilities As at June 30, 2019 As at December 31, 2018 Carrying amount Estimated fair value Carrying amount Estimated fair value Financial assets Other assets 1 $524 $524 $559 $559 Other investments 2 221 221 209 209 Derivative assets 2 2 3 3 $747 $747 $771 $771 Financial liabilities Debt 3 $5,807 $6,925 $5,738 $6,183 Derivative liabilities — — 3 3 Other liabilities 519 519 297 297 $6,326 $7,444 $6,038 $6,483 1 Includes restricted cash and amounts due from our partners. 2 Recorded at fair value. Quoted market prices are used to determine fair value. 3 Debt is generally recorded at amortized cost. The fair value of debt is primarily determined using quoted market prices. Balance includes both current and long-term portions of debt. We do not offset financial assets with financial liabilities. The Company’s valuation techniques were presented in Note 26 of the 2018 Annual Financial Statements and have been consistently applied in these interim financial statements. |
CAPITAL STOCK
CAPITAL STOCK | 6 Months Ended |
Jun. 30, 2019 | |
Capital Stock [Abstract] | |
CAPITAL STOCK | CAPITAL STOCK A) Authorized Capital Stock Our authorized capital stock is composed of an unlimited number of common shares (issued 1,752,668,983 common shares as at June 30, 2019 ). Our common shares have no par value. On January 1, 2019, we issued 583,669,178 common shares to Randgold shareholders as a result of the Merger. Refer to note 4 for further details. B) Dividends The Company’s practice has been to declare dividends after a quarter in the announcement of the results for the quarter. Dividends declared are paid in the same quarter. However, during the first quarter of 2019, $76.3 million in dividends were paid in relation to the additional dividend that was declared in the fourth quarter of 2018. In addition, the Company paid $256.2 million in dividends during the first quarter of 2019 that were declared by Randgold in the fourth quarter of 2018. The Company’s dividend reinvestment plan resulted in 1,127,895 common shares issued to shareholders for the six months ended June 30, 2019 . |
CONTINGENCIES
CONTINGENCIES | 6 Months Ended |
Jun. 30, 2019 | |
Contingent Liabilities [Abstract] | |
CONTINGENCIES | CONTINGENCIES Certain conditions may exist as of the date the financial statements are issued that may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The impact of any resulting loss from such matters affecting these financial statements and noted below may be material. Except as noted below, no material changes have occurred with respect to the matters disclosed in Note 36 “Contingencies” to the 2018 Annual Financial Statements, and no new contingencies have occurred that are material to the Company since the issuance of the 2018 Annual Financial Statements. The description set out below should be read in conjunction with Note 36 “Contingencies” to the 2018 Annual Financial Statements. Litigation and Claims Update Proposed Canadian Shareholder Class Action (Veladero) On April 11, 2019, Barrick received an offer from the plaintiff to dismiss the proposed class action lawsuit without costs. Ontario Superior Court of Justice approval of the offer to dismiss is pending. Proposed Canadian Securities Class Actions (Pascua-Lama) In May 2019, the motion for leave to proceed with statutory misrepresentation claims and for class certification was heard in the Quebec action. In July 2019, the motion for leave to proceed with statutory misrepresentation claims was heard in the Ontario action, with the motion for class certification likely to be heard in late 2019. The Quebec and Ontario courts both reserved judgment. Pascua-Lama - SMA Regulatory Sanctions On March 14, 2019, the Chilean Supreme Court annulled the October 12, 2018 administrative decision of the Antofagasta Environmental Court on procedural grounds and remanded the case back to the Environmental Court for review by a different panel of judges. The Chilean Supreme Court did not review the merits of the Revised Resolution, which remains in effect. CMN’s appeal of the Revised Resolution remains pending before the new panel of judges ordered by the Chilean Supreme Court, which heard arguments on July 23, 2019. The Company intends to vigorously defend this matter and continues to evaluate all its legal options. Pascua-Lama – Water Quality Review On February 19, 2019, the Chilean Supreme Court accepted the appeal by the indigenous residents of the Environmental Court's decision. No hearing dates have yet been set. No amounts have been recorded for any potential liability arising from this matter, as the Company cannot reasonably predict any potential losses. Veladero – Tax Assessment and Criminal Charges Hearings for the Criminal Tax case were held between March 25 and March 27, 2019. The defendants filed a motion to dismiss based on the statute of limitations, which was granted in part and which has been appealed by the prosecution. The Company filed Mutual Agreement Procedure applications in Canada on December 21, 2018, and in Argentina on March 29, 2019, pursuant to the Canada-Argentina Income Tax Convention Act (the "Canada-Argentina Tax Treaty") to escalate resolution of the Tax Assessment to the competent authority (as defined in the Canada-Argentina Tax Treaty) in an effort to seek efficient resolution of the matter. The Company believes that the Tax Assessment and the Criminal Tax Case are without merit and intends to defend the proceedings vigorously. No amounts have been recorded for any potential liability arising from the Tax Assessment or the Criminal Tax Case, as the Company cannot reasonably predict the outcome. Argentine Glacier Legislation and Constitutional Litigation On June 4, 2019, the National Supreme Court of Argentina dismissed the case on the basis that no harm deriving from the federal glacier law has been proven and that the federal glacier law does not impact Veladero and Pascua-Lama. Pueblo Viejo – Amparo Action On April 12, 2019, PVDC's motion to challenge the timeliness of the appeal was accepted by the Constitutional Court, and the matter is now closed. Writ of Kalikasan On March 20, 2019, the Company was notified that the Court of Appeals granted a motion by the Petitioners to lift the Suspension of Proceedings and denied the motion to intervene filed by the two baranguays and set a preliminary case conference. In April 2019, the Company filed a motion for (i) reconsideration of the March 2019 order lifting the Suspension of Proceedings and dismissing the Company's request that the case be dismissed for delay; (ii) a ruling on its pending Urgent Motion for Ruling on Jurisdiction and Motion for a Ruling on Subject-Matter Jurisdiction; and (iii) an order suspending the proceedings pending determination of these motions. The preliminary case conference was subsequent cancelled by the Court of Appeals and has yet to be scheduled. No decision has been issued with respect to the Urgent Motion for Ruling on Jurisdiction or certain other matters before the Philippine Supreme Court. The Company intends to continue to defend the action vigorously. Malian Tax Dispute Prior to the Merger, Randgold had received various tax claims from the State of Mali in respect of its Mali operations, which totaled $267.7 million at January 1, 2019. As at the end of the second quarter, the total claim for 2018 and prior year periods had risen to $275 million. Each of Loulo and Gounkoto (which together form the Loulo-Gounkoto complex) and Morila have separate legally binding establishment conventions with the State of Mali, which guarantee fiscal stability, govern applicable taxes and allow for international arbitration in the event of disputes. Barrick has been actively engaged with the Malian authorities and is seeking a complete resolution of the various tax claims to avoid protracted arbitration. During 2016, Randgold also received payment demands in respect of these disputed amounts, and consequently, from 2016 up to December 2018, Randgold paid tax advances to the State of Mali to support the resolution of the tax disputes, which after offsetting other tax payments resulted in a receivable being recorded of $41.1 million. As part of the purchase price allocation for the Merger (see note 4), the fair value of this receivable has been reduced to nil . In July 2019, a further advance of $43 million was paid to the State of Mali as part of a settlement proposal. A further $17 million was accrued, bringing the total amount recorded for these events to $ 60 million. This amount was recorded as a further update to the purchase price allocation in the second quarter. Reko Diq Arbitration Barrick currently indirectly holds 50% of the shares of Tethyan Copper Company Pty Limited (“TCC”), with Antofagasta plc (“Antofagasta”) indirectly holding the other 50% . On November 15, 2011, the Government of the Province of Balochistan notified Tethyan Copper Company Pakistan (Private) Limited (“TCCP”) (the local operating subsidiary of TCC) of the rejection of TCCP’s application for a mining lease for the Reko Diq project, to which TCCP was lawfully entitled subject only to "routine" government requirements. On November 28, 2011, TCC filed a request for international arbitration against the Government of Pakistan (“GOP”) with the International Centre for Settlement of Investment Disputes (“ICSID”) asserting breaches of the Bilateral Investment Treaty (“BIT”) between Australia (where TCC is incorporated) and Pakistan. On March 20, 2017, the Tribunal issued its decision, rejecting the GOP’s position. In March 2019, ICSID closed the record in the arbitration. In July 2019, ICSID awarded $5.84 billion in damages to TCC in relation to the arbitration claims and unlawful denial of a mining lease for the Reko Diq project. Damages include compensation of $4.087 billion in relation to the fair market value of the Reko Diq project at the time the mining lease was denied, and interest until the date of the award of $ 1.753 billion. Compound interest continues to apply at a rate of US Prime +1% per annum until the award is paid. The Company cannot reasonably estimate the financial effect of this settlement award. No amounts have been recognized at this time. Acacia Mining plc – Concentrate Export Ban and Related Disputes On February 20, 2019, Barrick announced that it had arrived at a proposal that sets forth the commercial terms to resolve outstanding disputes concerning Acacia’s operations in Tanzania. The negotiations with the Government of Tanzania (the “GoT”) have advanced to the point where draft documentation – the financial terms of which are consistent with prior disclosures by Barrick – has now been initialed by the GoT’s Negotiating Team, albeit with a number of substantive issues still outstanding. On May 19, 2019, the GoT Negotiating Team wrote to Acacia’s three Tanzanian operating companies (the “TMCs”) to indicate that the GoT had resolved not to proceed to execute final agreements for the resolution of Acacia’s disputes if Acacia was one of the counterparties to the agreements. While a basis for settlement has been developed, the terms have not yet been finalized and still carry significant risk. On July 12, 2019, Acacia’s North Mara mine received a letter from the Mining Commission of the Tanzanian Ministry of Minerals informing it that the Mining Commission is soon to conduct an inspection of North Mara's gold production (the "No Export Letter"). The No Export Letter states that export permits for gold shipments from North Mara will be issued following completion of this inspection. North Mara will not be able to export doré until such export permits are granted. Following an investigation conducted by the Mining Commission on July 30 and 31, 2019, the North Mara mine received a letter from the Mining Commission (the “Inspection Findings Letter”) stating that it believes that certain provisions of the Mining Regulations, 2010 were violated and directing the North Mara mine to submit a feasibility study report and current mine plan for its approval by August 16, 2019. The Inspection Findings Letter also authorizes the resumption of gold exports from North Mara subject to its adherence to the export procedure. On July 19, 2019, the Acacia Transaction Committee Directors and Barrick published a firm offer announcement pursuant to Rule 2.7 of the City Code on Takeovers and Mergers (“Rule 2.7 Announcement”) announcing that they had reached agreement on the terms of a recommended final offer by Barrick for the ordinary share capital of Acacia Mining plc that Barrick does not already own . Barrick and Acacia believe that the recommended final offer may enable Barrick to finalize the terms of a full, final and comprehensive settlement of all of Acacia’s existing disputes with the GoT. To facilitate this and in anticipation of the Rule 2.7 Announcement, on July 17, 2019, Acacia announced that Bulyanhulu Gold Mine Limited and Pangea Minerals Limited would immediately seek a stay of their international arbitration proceedings with the GoT. As part of the stay, the hearings scheduled to begin in July 2019 were postponed. The parties to the arbitration have committed to providing the arbitration tribunal with an update on the status of the settlement discussions by December 30, 2019. Acacia Mining plc – Tanzanian Revenue Authority Assessments Draft transaction agreements initialed by the GoT Negotiating Team (see “Acacia Mining plc - Concentrate Export Ban and Related Disputes”) provide for the payment by the Acacia group of the aggregate sum of US $300 million in consideration for the full, final and comprehensive settlement of all existing disputes between the GoT and the Acacia group including all tax liabilities and a waiver of actual or potential claims on a mutual basis. The effective date for settlement of all tax-related claims will be December 31, 2018. Settlement terms also contemplate an initial upfront “payment” by way of assignment to the GoT of minerals contained in containers at the Dar es Salaam port with a value of US $100 million, such value to be determined pursuant to a protocol to be agreed separately between the parties. Acacia Mining plc - Environmental Issues During 2019, the GoT issued two environmental protection orders and directions to Acacia’s North Mara mine in relation to alleged breaches of environmental regulations relating to seepage from and the discharge of a hazardous substance from the North Mara mine Tailings Storage Facility (“TSF”). In March 2019, the GoT directed the North Mara Mine to resolve an incident that resulted in the spillage of water into the local environment. On July 16, 2019, the Tanzanian National Environment Management Council (“NEMC”) issued a Prohibition Notice (the “Prohibition Notice”) to North Mara Gold Mine Limited (the Tanzanian operating company of the North Mara mine), which ordered the North Mara mine to suspend operations at its TSF on Saturday July 20, 2019. NEMC cited the North Mara mine’s failure to contain and prevent seepage from the TSF as grounds for its issuance of the Prohibition Notice. The Prohibition Notice states that it shall remain effective until such time that NEMC is satisfied that the North Mara mine has taken measures to contain seepage from the TSF. Since the Prohibition Notice came into effect on July 20, 2019, the TSF at North Mara has been closed and all gold production via the North Mara process plant has been forced to cease until the Prohibition Notice is lifted. Mining activities at the North Mara mine remain unaffected for the time being with mined ore being added to stockpiles while a resolution is sought with respect to the Prohibition Notice. Acacia is currently evaluating its options. Accordingly, no amounts have been recorded for any potential liability as the Company cannot reasonably predict the outcome. Since June 30, 2019, Acacia has experienced significant cash outflows given its ongoing operating expenses and inability to export gold from North Mara. Should the prohibition on releasing tailings to the TSF persist, then the impact of the inability to process gold will significantly reduce Acacia's ability to generate cash. Under this scenario, based on the latest cash forecast, Acacia's independent directors consider that Acacia would no longer be able to meet its financial obligations within approximately three months, unless Acacia is granted export permits and is able to realize the sale of its inventory. However, if Acacia is granted export permits and is able to realize the sale of its inventory, the cash balance will increase and Acacia will be able to meet its obligations for an extended period of time. Further, if a resolution is also achieved with NEMC whereby Acacia can use the TSF and resume gold processing, Acacia will once more be able to operate on a sustainable basis. Obtaining export permits for North Mara and a resolution with NEMC regarding the North Mara TSF, therefore, are immediate priorities for Acacia. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Significant Accounting Policies [Abstract] | |
Statement of Compliance | A) Statement of Compliance These condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”). These interim financial statements should be read in conjunction with Barrick’s most recently issued Annual Report which includes information necessary or useful to understanding the Company’s business and financial statement presentation. In particular, the Company’s significant accounting policies were presented in Note 2 of the Annual Consolidated Financial Statements for the year ended December 31, 2018 (" 2018 Annual Financial Statements"), and have been consistently applied in the preparation of these interim financial statements, except as otherwise noted in Note 2B. These condensed interim consolidated financial statements were authorized for issuance by the Board of Directors on August 9, 2019. |
New Accounting Standards Effective in 2019 | B) New Accounting Standards Effective in 2019 Impact of Adoption of IFRS 16 Leases We have adopted the requirements of IFRS 16 Leases (“IFRS 16”) as of January 1, 2019. IFRS 16 specifies how to recognize, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all major leases where a lessee has the right to control the use of an identified asset. We elected to apply IFRS 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under IAS 17 Leases and IFRIC 4: Determining Whether an Arrangement Contains a Lease. The reclassifications and the adjustments arising from the new leasing rules are therefore recognized on January 1, 2019. The details of accounting policy changes and the quantitative impact of these changes are described below. Accounting policy changes Through 2018, assets acquired via a finance lease were recorded as an asset with a corresponding liability at an amount equal to the lower of the fair value of the leased property and the present value of the minimum lease payments. Each lease payment was allocated between the liability and finance cost using the effective interest method, whereby a constant rate of interest expense is recognized on the balance of the liability outstanding. The interest element of the lease was charged to the consolidated statements of income as a finance cost. Property, plant and equipment assets acquired under finance leases were depreciated over the shorter of the useful life of the asset and the lease term. All other leases were classified as operating leases. Operating lease payments were recognized as an operating cost in the consolidated statements of income on a straight-line basis over the lease term. From January 1, 2019, leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Company. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: • fixed payments (including in-substance fixed payments), less any lease incentives receivable; • variable lease payments that are based on an index or a rate; • amounts expected to be payable by the lessee under residual value guarantees; • the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and • payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following: • the amount of the initial measurement of lease liability; • any lease payments made at or before the commencement date less any lease incentives received; • any initial direct costs; and • restoration costs. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets are generally comprised of IT-equipment and small items of office furniture. Impact on consolidated financial statements On adoption of IFRS 16, we recognized lease liabilities in relation to leases which had previously been classified as operating leases . These liabilities were measured at the present value of the remaining lease payments, discounted using the weighted average incremental borrowing rate as of January 1, 2019 of 5.83% . For leases previously classified as finance leases the entity recognized the carrying amount of the lease asset and lease liability immediately before transition as the carrying amount of the right-of-use asset and the lease liability at the date of initial application. The measurement principles of IFRS 16 are applied after the date of initial application. The following table reconciles the Company’s operating lease obligations as at December 31, 2018 as previously disclosed in the Company’s 2018 Annual Financial Statements, to the lease obligations recognized on initial application of IFRS 16 at January 1, 2019: Barrick operating lease commitments disclosed as at December 31, 2018 $ 167 Add: embedded service contracts not previously assessed as a lease 38 (Less): contracts reassessed as service agreements (130 ) (Less): short-term leases recognized on a straight-line basis as expense (6 ) (Less): low-value leases recognized on a straight-line basis as expense (1 ) (Less): discounting using the lessee’s incremental borrowing rate of at January 1, 2019 (4 ) Discounted leases recognized as at January 1, 2019 $ 64 Add: finance lease liabilities recognized as at December 31, 2018 19 Add: leases acquired as part of the merger with Randgold on January 1, 2019 28 Discounted lease liability recognized as at January 1, 2019 $ 111 Of which are: Current lease liabilities 37 Non-current lease liabilities $ 74 The recognized right-of-use assets relate to the following types of assets: June 30, 2019 January 1, 2019 Buildings, Plant & Equipment $ 66 $ 69 Underground mobile equipment 8 7 Light vehicles and other mobile equipment 7 9 Total right-of-use assets $ 81 $ 85 Right-of use assets were measured at the amount equal to the lease liability, except for onerous contracts. The change in accounting policy affected the following items in the balance sheet on January 1, 2019: • property, plant and equipment - increase by $85 million • deferred income tax assets - $ nil . • debt - increase by $92 million There was no net impact on deficit on January 1, 2019. Consolidated net income decreased by $ nil and $1 million, respectively, for the three and six months ended June 30, 2019 as a result of the adoption of IFRS 16. Practical expedients applied In applying IFRS 16 for the first time, we have used the following practical expedients permitted by the standard: • the accounting for operating leases with a remaining lease term of less than 12 months as at January 1, 2019 as short-term leases; • the exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application; • the adjustment of the right-of-use assets at the date of initial application by the amount of any provision for onerous contracts recognized immediately before the date of initial application; and • to not separate non-lease components from lease components, and instead account for each lease component and any associated non-lease components as a single lease component. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of quantitative information about right-of-use assets [Table Text Block] | |
Lease obligation reconciliation [Table Text Block] | The following table reconciles the Company’s operating lease obligations as at December 31, 2018 as previously disclosed in the Company’s 2018 Annual Financial Statements, to the lease obligations recognized on initial application of IFRS 16 at January 1, 2019: Barrick operating lease commitments disclosed as at December 31, 2018 $ 167 Add: embedded service contracts not previously assessed as a lease 38 (Less): contracts reassessed as service agreements (130 ) (Less): short-term leases recognized on a straight-line basis as expense (6 ) (Less): low-value leases recognized on a straight-line basis as expense (1 ) (Less): discounting using the lessee’s incremental borrowing rate of at January 1, 2019 (4 ) Discounted leases recognized as at January 1, 2019 $ 64 Add: finance lease liabilities recognized as at December 31, 2018 19 Add: leases acquired as part of the merger with Randgold on January 1, 2019 28 Discounted lease liability recognized as at January 1, 2019 $ 111 Of which are: Current lease liabilities 37 Non-current lease liabilities $ 74 |
ACQUISITIONS AND DIVESTITURES A
ACQUISITIONS AND DIVESTITURES ACQUISITION AND DIVESTITURES (Tables) | Jan. 01, 2019 |
Amounts recognised as of acquisition date for each major class of assets acquired and liabilities assumed [abstract] | |
Disclosure of detailed information about business combination [text block] | Place of business Entity type Economic interest 1 Method Loulo Mali Subsidiary 80% Consolidation Gounkoto Mali Subsidiary 80% Consolidation Tongon Côte d’Ivoire Subsidiary 89.7% Consolidation Kibali Democratic Republic of Congo JV 45% Equity Method Morila Mali JV 40% Equity Method 1 Unless otherwise noted, all of our joint arrangements are funded by contributions made by the parties sharing joint control in proportion to their economic interest. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of operating segments [line items] | |
Disclosure of entity's operating segments [text block] | Consolidated Statement of Income Information Cost of Sales For the three months ended June 30, 2019 Revenue Direct mining, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Cortez $368 $137 $65 $2 $6 $158 Goldstrike 235 150 53 2 (3 ) 33 Turquoise Ridge 110 48 9 1 (1 ) 53 Pueblo Viejo 2 314 141 47 3 1 122 Loulo-Gounkoto 2 243 110 87 2 3 41 Kibali 125 51 31 — — 43 Veladero 100 57 31 1 (1 ) 12 Acacia 2 189 97 35 — 21 36 Other Mines 2,3,4 504 339 132 4 9 20 Reportable segment income $2,188 $1,130 $490 $15 $35 $518 Share of equity investees (125 ) (51 ) (31 ) — — (43 ) Segment income $2,063 $1,079 $459 $15 $35 $475 Consolidated Statement of Income Information Cost of Sales For the three months ended June 30, 2018 Revenue Direct mining, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Cortez $371 $100 $85 $3 $4 $179 Goldstrike 214 138 54 5 3 14 Turquoise Ridge 75 40 7 — — 28 Pueblo Viejo 2 297 134 43 4 1 115 Loulo-Gounkoto 2 — — — — — — Kibali — — — — — — Veladero 111 47 34 2 1 27 Acacia 2 176 95 23 — 25 33 Other Mines 2,3,4 468 292 74 5 4 93 Reportable segment income $1,712 $846 $320 $19 $38 $489 Share of equity investees — — — — — — Segment income $1,712 $846 $320 $19 $38 $489 Consolidated Statement of Income Information Cost of Sales For the six months ended June 30, 2019 Revenue Direct mining, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Cortez $707 $250 $129 $4 $11 $313 Goldstrike 546 310 119 4 (3 ) 116 Turquoise Ridge 210 87 15 1 — 107 Pueblo Viejo 2 640 258 93 6 2 281 Loulo-Gounkoto 2 453 220 146 4 6 77 Kibali 242 103 87 — (1 ) 53 Veladero 191 108 61 1 (1 ) 22 Acacia 2 327 189 60 — 41 37 Other Mines 2,3,4 1,082 713 261 8 19 81 Reportable segment income $4,398 $2,238 $971 $28 $74 $1,087 Share of equity investees (242 ) (103 ) (87 ) — 1 (53 ) Segment income $4,156 $2,135 $884 $28 $75 $1,034 Consolidated Statement of Income Information Cost of Sales For the six months ended June 30, 2018 Revenue Direct mining, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Cortez $734 $199 $172 $5 $7 $351 Goldstrike 465 282 115 5 1 62 Turquoise Ridge 159 78 14 — — 67 Pueblo Viejo 2 653 260 84 8 1 300 Loulo-Gounkoto 2 — — — — — — Kibali — — — — — — Veladero 212 92 65 2 1 52 Acacia 333 181 47 — 1 104 Other Mines 2,3,4 946 579 140 8 26 193 Reportable segment income $3,502 $1,671 $637 $28 $37 $1,129 Share of equity investees — — — — — — Segment income $3,502 $1,671 $637 $28 $37 $1,129 1 Includes accretion expense, which is included within finance costs in the consolidated statement of income. For the three months ended June 30, 2019 , accretion expense was $12 million ( 2018 : $13 million ) and for the six months ended June 30, 2019 , accretion expense was $26 million ( 2018 : $25 million ). 2 Includes non-controlling interest portion of revenues, cost of sales and segment income for the three months ended June 30, 2019 for Pueblo Viejo $122 million , $74 million , $47 million ( 2018 : $119 million , $70 million , $48 million ), Loulo-Gounkoto $49 million , $39 million , $9 million ( 2018 : $ nil , $ nil , $ nil ), Acacia $68 million , $48 million , $12 million ( 2018 : $63 million , $42 million , $11 million ), and Tongon $9 million , $10 million , $1 million ( 2018 : $ nil , $ nil , $ nil ) and for the six months ended June 30, 2019 for Pueblo Viejo $ 250 million, $ 139 million, $ 108 million ( 2018 : $ 257 million, $ 136 million, $ 118 million), Loulo-Gounkoto $91 million , $73 million , $16 million ( 2018 : $ nil , $ nil , $ nil ), Acacia $ 118 million, $ 90 million, $ 13 million ( 2018 : $ 120 million, $ 82 million, $ 37 million) and Tongon $18 million , $21 million , $(3) million (2018: $ nil , $ nil , $ nil ). 3 Includes cost of sales of Pierina for the three months ended June 30, 2019 of $44 million ( 2018 : $30 million ) and for the six months ended June 30, 2019 of $71 million ( 2018 : $62 million ). 4 Includes provisional pricing adjustments for the three months ended June 30, 2019 of $8 million losses ( 2018 : $6 million losses ) and for the six months ended June 30, 2019 of $14 million gains ( 2018 : $29 million losses ). Reconciliation of Segment Income to Income Before Income Taxes For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Segment income $475 $489 $1,034 $1,129 Other cost of sales/amortization 1 (7 ) (10 ) (16 ) (20 ) Exploration, evaluation and project expenses not attributable to segments (83 ) (78 ) (144 ) (142 ) General and administrative expenses (59 ) (93 ) (113 ) (141 ) Other income (expense) not attributable to segments 16 (9 ) 15 (28 ) Impairment charges not attributable to segments (12 ) (59 ) (15 ) (61 ) (Gain) loss on currency translation 6 (75 ) (16 ) (90 ) Closed mine rehabilitation (16 ) (9 ) (41 ) — Income from equity investees 50 10 78 26 Finance costs, net (includes non-segment accretion) (106 ) (127 ) (212 ) (243 ) Gain on non-hedge derivatives 2 — 1 1 3 Income before income taxes $264 $40 $571 $433 1 Includes all realized hedge gains and losses for the three months ended June 30, 2019 of $ nil losses ( 2018 : $ 1 million losses ) and for the six months ended June 30, 2019 of $ nil losses ( 2018 : $ 2 million losses ). 2 Includes unrealized non-hedge gains and losses for the three months ended June 30, 2019 of $ nil losses ( 2018 : $ nil losses ) and for the six months ended June 30, 2019 of $ 1 million gains ( 2018 : $ nil losses ). Capital Expenditures Information Segment capital expenditures 1 For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Cortez $88 $87 $165 $158 Goldstrike 64 55 119 118 Turquoise Ridge 21 14 47 27 Pueblo Viejo 26 33 58 71 Loulo-Gounkoto 39 — 89 — Kibali 10 — 20 — Veladero 19 33 48 64 Acacia 17 25 33 51 Other Mines 113 68 223 123 Reportable segment total $397 $315 $802 $612 Other items not allocated to segments 6 26 49 60 Total $403 $341 $851 $672 Share of equity investees ($10 ) $— ($20 ) $— Total $393 $341 $831 $672 1 Segment capital expenditures are presented for internal management reporting purposes on an accrual basis. Capital expenditures in the Consolidated Statements of Cash Flow are presented on a cash basis. For the three months ended June 30, 2019 , cash expenditures were $ 379 million ( 2018 : $ 313 million ) and the increase in accrued expenditures was $ 14 million ( 2018 : $ 28 million increase ). For the six months ended June 30, 2019 , cash expenditures were $ 753 million ( 2018 : $ 639 million ) and the increase in accrued expenditures was $ 78 million ( 2018 : $ 33 million increase ). SEGMENT INFORMATION Starting in the first quarter of 2019, management reviews the operating results and assesses performance of our operations in Nevada at an individual minesite level; therefore our Cortez and Goldstrike minesites, previously presented as Barrick Nevada, have been presented separately. Prior period figures have been restated to reflect this disaggregation. Barrick’s business is organized into seventeen minesites, one publicly traded company and two projects. Barrick’s Chief Operating Decision Maker (“CODM”), reviews the operating results, assesses performance and makes capital allocation decisions at the minesite, Company and/or project level. Upon completion of the Merger, Mark Bristow, as President and Chief Executive Officer, assumed this role. Each individual minesite and the Pascua-Lama project, with the exception of Acacia, are operating segments for financial reporting purposes. Following the merger with Randgold, we re-evaluated our reportable operating segments and no longer report on our interests in the following non-core properties: Lagunas Norte and Pascua-Lama. Our presentation of our reportable operating segments consists of seven gold mines (Cortez, Goldstrike, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali and Veladero) and Acacia. The remaining operating segments, including our remaining gold mines, copper mines and projects, have been grouped into an “other” category and will not be reported on individually. Segment performance is evaluated based on a number of measures including operating income before tax, production levels and unit production costs. Certain costs are managed on a consolidated basis and are therefore not reflected in segment income. Consolidated Statement of Income Information Cost of Sales For the three months ended June 30, 2019 Revenue Direct mining, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Cortez $368 $137 $65 $2 $6 $158 Goldstrike 235 150 53 2 (3 ) 33 Turquoise Ridge 110 48 9 1 (1 ) 53 Pueblo Viejo 2 314 141 47 3 1 122 Loulo-Gounkoto 2 243 110 87 2 3 41 Kibali 125 51 31 — — 43 Veladero 100 57 31 1 (1 ) 12 Acacia 2 189 97 35 — 21 36 Other Mines 2,3,4 504 339 132 4 9 20 Reportable segment income $2,188 $1,130 $490 $15 $35 $518 Share of equity investees (125 ) (51 ) (31 ) — — (43 ) Segment income $2,063 $1,079 $459 $15 $35 $475 Consolidated Statement of Income Information Cost of Sales For the three months ended June 30, 2018 Revenue Direct mining, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Cortez $371 $100 $85 $3 $4 $179 Goldstrike 214 138 54 5 3 14 Turquoise Ridge 75 40 7 — — 28 Pueblo Viejo 2 297 134 43 4 1 115 Loulo-Gounkoto 2 — — — — — — Kibali — — — — — — Veladero 111 47 34 2 1 27 Acacia 2 176 95 23 — 25 33 Other Mines 2,3,4 468 292 74 5 4 93 Reportable segment income $1,712 $846 $320 $19 $38 $489 Share of equity investees — — — — — — Segment income $1,712 $846 $320 $19 $38 $489 Consolidated Statement of Income Information Cost of Sales For the six months ended June 30, 2019 Revenue Direct mining, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Cortez $707 $250 $129 $4 $11 $313 Goldstrike 546 310 119 4 (3 ) 116 Turquoise Ridge 210 87 15 1 — 107 Pueblo Viejo 2 640 258 93 6 2 281 Loulo-Gounkoto 2 453 220 146 4 6 77 Kibali 242 103 87 — (1 ) 53 Veladero 191 108 61 1 (1 ) 22 Acacia 2 327 189 60 — 41 37 Other Mines 2,3,4 1,082 713 261 8 19 81 Reportable segment income $4,398 $2,238 $971 $28 $74 $1,087 Share of equity investees (242 ) (103 ) (87 ) — 1 (53 ) Segment income $4,156 $2,135 $884 $28 $75 $1,034 Consolidated Statement of Income Information Cost of Sales For the six months ended June 30, 2018 Revenue Direct mining, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Cortez $734 $199 $172 $5 $7 $351 Goldstrike 465 282 115 5 1 62 Turquoise Ridge 159 78 14 — — 67 Pueblo Viejo 2 653 260 84 8 1 300 Loulo-Gounkoto 2 — — — — — — Kibali — — — — — — Veladero 212 92 65 2 1 52 Acacia 333 181 47 — 1 104 Other Mines 2,3,4 946 579 140 8 26 193 Reportable segment income $3,502 $1,671 $637 $28 $37 $1,129 Share of equity investees — — — — — — Segment income $3,502 $1,671 $637 $28 $37 $1,129 1 Includes accretion expense, which is included within finance costs in the consolidated statement of income. For the three months ended June 30, 2019 , accretion expense was $12 million ( 2018 : $13 million ) and for the six months ended June 30, 2019 , accretion expense was $26 million ( 2018 : $25 million ). 2 Includes non-controlling interest portion of revenues, cost of sales and segment income for the three months ended June 30, 2019 for Pueblo Viejo $122 million , $74 million , $47 million ( 2018 : $119 million , $70 million , $48 million ), Loulo-Gounkoto $49 million , $39 million , $9 million ( 2018 : $ nil , $ nil , $ nil ), Acacia $68 million , $48 million , $12 million ( 2018 : $63 million , $42 million , $11 million ), and Tongon $9 million , $10 million , $1 million ( 2018 : $ nil , $ nil , $ nil ) and for the six months ended June 30, 2019 for Pueblo Viejo $ 250 million, $ 139 million, $ 108 million ( 2018 : $ 257 million, $ 136 million, $ 118 million), Loulo-Gounkoto $91 million , $73 million , $16 million ( 2018 : $ nil , $ nil , $ nil ), Acacia $ 118 million, $ 90 million, $ 13 million ( 2018 : $ 120 million, $ 82 million, $ 37 million) and Tongon $18 million , $21 million , $(3) million (2018: $ nil , $ nil , $ nil ). 3 Includes cost of sales of Pierina for the three months ended June 30, 2019 of $44 million ( 2018 : $30 million ) and for the six months ended June 30, 2019 of $71 million ( 2018 : $62 million ). 4 Includes provisional pricing adjustments for the three months ended June 30, 2019 of $8 million losses ( 2018 : $6 million losses ) and for the six months ended June 30, 2019 of $14 million gains ( 2018 : $29 million losses ). Reconciliation of Segment Income to Income Before Income Taxes For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Segment income $475 $489 $1,034 $1,129 Other cost of sales/amortization 1 (7 ) (10 ) (16 ) (20 ) Exploration, evaluation and project expenses not attributable to segments (83 ) (78 ) (144 ) (142 ) General and administrative expenses (59 ) (93 ) (113 ) (141 ) Other income (expense) not attributable to segments 16 (9 ) 15 (28 ) Impairment charges not attributable to segments (12 ) (59 ) (15 ) (61 ) (Gain) loss on currency translation 6 (75 ) (16 ) (90 ) Closed mine rehabilitation (16 ) (9 ) (41 ) — Income from equity investees 50 10 78 26 Finance costs, net (includes non-segment accretion) (106 ) (127 ) (212 ) (243 ) Gain on non-hedge derivatives 2 — 1 1 3 Income before income taxes $264 $40 $571 $433 1 Includes all realized hedge gains and losses for the three months ended June 30, 2019 of $ nil losses ( 2018 : $ 1 million losses ) and for the six months ended June 30, 2019 of $ nil losses ( 2018 : $ 2 million losses ). 2 Includes unrealized non-hedge gains and losses for the three months ended June 30, 2019 of $ nil losses ( 2018 : $ nil losses ) and for the six months ended June 30, 2019 of $ 1 million gains ( 2018 : $ nil losses ). Capital Expenditures Information Segment capital expenditures 1 For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Cortez $88 $87 $165 $158 Goldstrike 64 55 119 118 Turquoise Ridge 21 14 47 27 Pueblo Viejo 26 33 58 71 Loulo-Gounkoto 39 — 89 — Kibali 10 — 20 — Veladero 19 33 48 64 Acacia 17 25 33 51 Other Mines 113 68 223 123 Reportable segment total $397 $315 $802 $612 Other items not allocated to segments 6 26 49 60 Total $403 $341 $851 $672 Share of equity investees ($10 ) $— ($20 ) $— Total $393 $341 $831 $672 1 Segment capital expenditures are presented for internal management reporting purposes on an accrual basis. Capital expenditures in the Consolidated Statements of Cash Flow are presented on a cash basis. For the three months ended June 30, 2019 , cash expenditures were $ 379 million ( 2018 : $ 313 million ) and the increase in accrued expenditures was $ 14 million ( 2018 : $ 28 million increase ). For the six months ended June 30, 2019 , cash expenditures were $ 753 million ( 2018 : $ 639 million ) and the increase in accrued expenditures was $ 78 million ( 2018 : $ 33 million increase ). Purchase Commitments At June 30, 2019 , we had purchase obligations for supplies and consumables of $1,803 million ( December 31, 2018 : $1,972 million ). Capital Commitments In addition to entering into various operational commitments in the normal course of business, we had capital commitments of $108 million at June 30, 2019 ( December 31, 2018 : $82 million ). |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue [abstract] | |
Revenue | For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Gold sales Spot market sales $1,928 $1,556 $3,822 $3,196 Concentrate sales 8 7 20 10 Provisional pricing adjustments 1 (1 ) 1 (1 ) $1,937 $1,562 $3,843 $3,205 Copper sales Copper concentrate sales $112 $117 $253 $251 Provisional pricing adjustments (9 ) (5 ) 13 (28 ) $103 $112 $266 $223 Other sales 1 23 38 47 74 Total $2,063 $1,712 $4,156 $3,502 1 Revenues include the sale of by-products for our gold and copper mines. |
COST OF SALES (Tables)
COST OF SALES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Analysis of income and expense [abstract] | |
Cost of sales | Gold Copper Other 3 Total For the three months ended June 30 2019 2018 2019 2018 2019 2018 2019 2018 Direct mining cost 1,2 $921 $716 $63 $69 $— $2 $984 $787 Depreciation 431 290 28 30 7 8 466 328 Royalty expense 78 43 9 8 — — 87 51 Community relations 7 9 1 1 — — 8 10 $1,437 $1,058 $101 $108 $7 $10 $1,545 $1,176 Gold Copper Other 3 Total For the six months ended June 30 2019 2018 2019 2018 2019 2018 2019 2018 Direct mining cost 1,2 $1,815 $1,406 $139 $135 $— $4 $1,954 $1,545 Depreciation 815 588 70 49 16 16 901 653 Royalty expense 144 93 21 17 — — 165 110 Community relations 13 17 2 3 — — 15 20 $2,787 $2,104 $232 $204 $16 $20 $3,035 $2,328 1 Direct mining cost includes charges to reduce the cost of inventory to net realizable value as follows: $12 million for the three months ended June 30, 2019 ( 2018 : $2 million ) and $16 million for the six months ended June 30, 2019 ( 2018 : $5 million ). 2 Direct mining cost includes the costs of extracting by-products. 3 Other includes realized hedge gains and losses and corporate amortization. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings per share [abstract] | |
Earnings per share | For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Basic Diluted Basic Diluted Basic Diluted Basic Diluted Net income (loss) $223 $223 ($76 ) ($76 ) $363 $363 $116 $116 Net income attributable to non-controlling interests (29 ) (29 ) (18 ) (18 ) (58 ) (58 ) (52 ) (52 ) Net income (loss) attributable to equity holders of Barrick Gold Corporation $194 $194 ($94 ) ($94 ) $305 $305 $64 $64 Weighted average shares outstanding 1,752 1,752 1,167 1,167 1,749 1,749 1,167 1,167 Earnings (loss) per share data attributable to the equity holders of Barrick Gold Corporation Net income (loss) $0.11 $0.11 ($0.08 ) ($0.08 ) $0.17 $0.17 $0.05 $0.05 |
OTHER EXPENSE (INCOME) (Tables)
OTHER EXPENSE (INCOME) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Operating Income (Expense) [Abstract] | |
Operating expense (income) | A) Other Expense (Income) For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Other expense: Bank charges $3 $7 $8 $14 Bulyanhulu reduced operations program cost 1 6 9 12 17 Insurance payment to Porgera JV — 13 — 13 Litigation 9 (1 ) 19 26 Miscellaneous write-offs — 3 2 4 Acacia - other 4 4 5 5 Other — 9 8 18 Total other expense $22 $44 $54 $97 Other income: Gain on sale of long-lived assets ($12 ) ($2 ) ($12 ) ($48 ) Other (3 ) (4 ) (8 ) (10 ) Total other income ($15 ) ($6 ) ($20 ) ($58 ) Total 7 38 34 39 1 Primarily relates to care and maintenance costs. |
Impairment (Reversals) Charges | B) Impairment Charges For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Impairment of non-current assets 1 $12 $35 $15 $37 Impairment of intangibles 1 — 24 — 24 Total $12 $59 $15 $61 For the six months ended June 30, 2019 , we recorded impairments of $15 million ( 2018 : $61 million impairments) for non-current assets. |
INCOME TAX EXPENSE INCOME TAX E
INCOME TAX EXPENSE INCOME TAX EXPENSE (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax [Abstract] | |
Schedule of components of income tax expense (recovery) | For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Current $103 $96 $233 $229 Deferred (62 ) 20 (25 ) 88 $41 $116 $208 $317 |
CASH FLOW _ OTHER ITEMS CASH FL
CASH FLOW – OTHER ITEMS CASH FLOW - OTHER ITEMS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Cash Flow Statement [Abstract] | |
Cash flow - other items | Operating Cash Flows – Other Items For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Adjustments for non-cash income statement items: Gain on non-hedge derivatives $— ($1 ) ($1 ) ($3 ) Share-based compensation expense 26 8 38 10 Income from investment in equity investees (50 ) (10 ) (78 ) (26 ) Change in estimate of rehabilitation costs at closed mines 16 9 41 — Net inventory impairment charges 16 2 16 5 Change in other assets and liabilities 50 (48 ) 28 (98 ) Settlement of rehabilitation obligations (16 ) (16 ) (30 ) (32 ) Other operating activities $42 ($56 ) $14 ($144 ) Cash flow arising from changes in: Accounts receivable ($44 ) ($21 ) ($33 ) $45 Inventory 18 (72 ) 12 (148 ) Other current assets (9 ) (15 ) (94 ) (77 ) Accounts payable (37 ) 15 (160 ) (67 ) Other current liabilities (14 ) 12 (55 ) 14 Change in working capital ($86 ) ($81 ) ($330 ) ($233 ) Investing Cash Flows – Other Items For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Dividends received from equity method investments $17 $— $32 $— Funding of equity method investments — (1 ) — (5 ) Shareholder loan repayments from equity method investments — — 30 — Other net investing activities $17 ($1 ) $62 ($5 ) |
EQUITY ACCOUNTING METHOD INVE_2
EQUITY ACCOUNTING METHOD INVESTMENT CONTINUITY (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Interests In Other Entities [Abstract] | |
Investments | Kibali Jabal Sayid Zaldívar Other 1 Total At January 1, 2018 $— $206 $975 $32 $1,213 Funds invested — — — 5 5 Equity pick-up (loss) from equity investees — 39 14 (7 ) 46 Impairment charges — — — (30 ) (30 ) At December 31, 2018 $— $245 $989 $— $1,234 Acquisitions 3,119 — — 60 3,179 Equity pick-up (loss) from equity investees 50 27 10 (9 ) 78 Dividends paid (31 ) — — (1 ) (32 ) At June 30, 2019 $3,138 $272 $999 $50 $4,459 1 Other includes Morila. |
IMPAIRMENT OF GOODWILL AND OT_2
IMPAIRMENT OF GOODWILL AND OTHER ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Impairment of Goodwill and Other Assets [Abstract] | |
Disclosure of impairment loss and reversal of impairment loss [text block] | B) Impairment Charges For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Impairment of non-current assets 1 $12 $35 $15 $37 Impairment of intangibles 1 — 24 — 24 Total $12 $59 $15 $61 For the six months ended June 30, 2019 , we recorded impairments of $15 million ( 2018 : $61 million impairments) for non-current assets. |
FAIR VALUE MEASUREMENTS FAIR VA
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Measurements [Abstract] | |
Disclosure of fair value measurement of assets | A) Assets and Liabilities Measured at Fair Value on a Recurring Basis As at June 30, 2019 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Aggregate fair value (Level 1) (Level 2) (Level 3) Cash and equivalents $2,153 $— $— $2,153 Other investments 221 — — 221 Derivatives — 2 — 2 Receivables from provisional copper and gold sales — 45 — 45 $2,374 $47 $— $2,421 B) Fair Values of Financial Assets and Liabilities As at June 30, 2019 As at December 31, 2018 Carrying amount Estimated fair value Carrying amount Estimated fair value Financial assets Other assets 1 $524 $524 $559 $559 Other investments 2 221 221 209 209 Derivative assets 2 2 3 3 $747 $747 $771 $771 Financial liabilities Debt 3 $5,807 $6,925 $5,738 $6,183 Derivative liabilities — — 3 3 Other liabilities 519 519 297 297 $6,326 $7,444 $6,038 $6,483 1 Includes restricted cash and amounts due from our partners. 2 Recorded at fair value. Quoted market prices are used to determine fair value. 3 Debt is generally recorded at amortized cost. The fair value of debt is primarily determined using quoted market prices. Balance includes both current and long-term portions of debt. We do not offset financial assets with financial liabilities. |
Disclosure of fair value measurement of liabilities [text block] | A) Assets and Liabilities Measured at Fair Value on a Recurring Basis As at June 30, 2019 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Aggregate fair value (Level 1) (Level 2) (Level 3) Cash and equivalents $2,153 $— $— $2,153 Other investments 221 — — 221 Derivatives — 2 — 2 Receivables from provisional copper and gold sales — 45 — 45 $2,374 $47 $— $2,421 B) Fair Values of Financial Assets and Liabilities As at June 30, 2019 As at December 31, 2018 Carrying amount Estimated fair value Carrying amount Estimated fair value Financial assets Other assets 1 $524 $524 $559 $559 Other investments 2 221 221 209 209 Derivative assets 2 2 3 3 $747 $747 $771 $771 Financial liabilities Debt 3 $5,807 $6,925 $5,738 $6,183 Derivative liabilities — — 3 3 Other liabilities 519 519 297 297 $6,326 $7,444 $6,038 $6,483 1 Includes restricted cash and amounts due from our partners. 2 Recorded at fair value. Quoted market prices are used to determine fair value. 3 Debt is generally recorded at amortized cost. The fair value of debt is primarily determined using quoted market prices. Balance includes both current and long-term portions of debt. |
CORPORATE INFORMATION (Details)
CORPORATE INFORMATION (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Zaldívar | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in joint venture | 50.00% |
Jabal Sayid | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in joint venture | 50.00% |
Morila [Member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in joint venture | 50.00% |
Kibali [Member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in joint venture | 50.00% |
Porgera | Barrick Niugini Limited | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in subsidiary | 95.00% |
Acacia Mining PLC [Member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in subsidiary | 63.90% |
Kibali [Member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in joint operation | 90.00% |
Morila | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in joint operation | 80.00% |
Veladero | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in joint operation | 50.00% |
Kalgoorlie | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in joint operation | 50.00% |
Barrick Niugini Limited | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in joint operation | 50.00% |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES (Details1) - USD ($) $ in Millions | Jun. 30, 2019 | Jan. 01, 2019 |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | $ 81 | $ 85 |
Land and buildings [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | 66 | 69 |
Machinery [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | 8 | 7 |
Vehicles [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | $ 7 | $ 9 |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES (Details2) - USD ($) $ in Millions | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure of changes in accounting policies, accounting estimates and errors [Abstract] | ||
Operating lease commitment | $ 167 | |
Expense relating to variable lease payments not included in measurement of lease liabilities | $ 38 | |
Contract assessed as service arrangements | (130) | |
Expense relating to short-term leases for which recognition exemption has been used | (6) | |
Information about lessee's exposure arising from variable lease payments | (1) | |
Discounting lease liabilities | (4) | |
Net investment in finance lease | 64 | |
Finance lease liabilities | 111 | $ 19 |
Current finance lease liabilities | 37 | |
Non-current finance lease liabilities | 74 | |
Randgold [Member] | ||
Disclosure of changes in accounting policies, accounting estimates and errors [Abstract] | ||
Finance lease liabilities | $ 28 |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Jun. 30, 2019 | Jun. 30, 2019 |
Disclosure of initial application of standards or interpretations [line items] | |||
Statement that lessee accounts for short-term leases using recognition exemption | Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets are generally comprised of IT-equipment and small items of office furniture. | ||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 5.83% | ||
Change in net income | $ 0 | ||
IFRS 16 [Member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Additions to right-of-use assets | $ 85 | ||
Increase (decrease) in deferred tax liability (asset) | 0 | ||
Increase in finance lease liability | 92 | ||
Change in deficit | $ 0 | ||
Change in net income | $ 0 | $ 1 |
SIGNIFICANT JUDGMENTS, ESTIMA_2
SIGNIFICANT JUDGMENTS, ESTIMATES, ASSUMPTIONS AND RISKS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Disclosure of Detailed Information About Accounting Judgments and Estimates [Line Items] | |||||
Increase (decrease) in other provisions | $ 69 | $ 24 | $ 271 | $ 82 | |
Pascua-Lama | Chile | |||||
Disclosure of Detailed Information About Accounting Judgments and Estimates [Line Items] | |||||
Amounts received from VAT refunds | 458 | 458 | $ 443 | ||
Interest payable | 379 | 379 | 340 | ||
Revenue, performance obligation | 3,538 | 3,538 | |||
Pascua-Lama | Argentina | |||||
Disclosure of Detailed Information About Accounting Judgments and Estimates [Line Items] | |||||
Value added tax receivables | $ 100 | $ 100 | $ 112 |
ACQUISITIONS AND DIVESTITURES_2
ACQUISITIONS AND DIVESTITURES ACQUISITION AND DIVESTITURES (TABLE 1) (Details) | 6 Months Ended |
Jun. 30, 2019Rate | |
Loulo [Member] | |
Disclosure of detailed information about business combination [line items] | |
Principal place of business of subsidiary | Mali |
Entity type | Subsidiary |
Proportion of ownership interest in subsidiary | 80.00% |
Method used to account for investments in subsidiaries | Consolidation |
Gounkoto [Member] | |
Disclosure of detailed information about business combination [line items] | |
Principal place of business of subsidiary | Mali |
Entity type | Subsidiary |
Proportion of ownership interest in subsidiary | 80.00% |
Method used to account for investments in subsidiaries | Consolidation |
Tongon [Member] | |
Disclosure of detailed information about business combination [line items] | |
Principal place of business of subsidiary | Côte d’Ivoire |
Entity type | Subsidiary |
Proportion of ownership interest in subsidiary | 89.70% |
Method used to account for investments in subsidiaries | Consolidation |
Kibali [Member] | |
Disclosure of detailed information about business combination [line items] | |
Principal place of business of subsidiary | Democratic Republic of Congo |
Entity type | JV |
Proportion of ownership interest in associate | 45.00% |
Method used to account for investments in associates | Equity Method |
Morila [Member] | |
Disclosure of detailed information about business combination [line items] | |
Principal place of business of subsidiary | Mali |
Entity type | JV |
Proportion of ownership interest in associate | 40.00% |
Method used to account for investments in associates | Equity Method |
ACQUISITIONS AND DIVESTITURES_3
ACQUISITIONS AND DIVESTITURES AQUISITION AND DIVESTITURES (TABLE 2) (Details) - Randgold [Member] $ in Millions | Jan. 01, 2019USD ($) |
Disclosure of detailed information about business combination [line items] | |
Consideration transferred, acquisition-date fair value | $ 7,909 |
Cash and cash equivalents recognised as of acquisition date | 751 |
Current assets recognised as of acquisition date | 323 |
Property, plant and equipment recognised as of acquisition date | 3,903 |
Non-current assets recognised as of acquisition date | 230 |
Goodwill recognised as of acquisition date | 1,661 |
Total assets acquired | 10,047 |
Current liabilities recognised as of acquisition date | 474 |
Deferred tax liabilities recognised as of acquisition date | 693 |
Borrowings recognised as of acquisition date | 31 |
Total liabilities acquired | 1,253 |
Non-controlling interest in acquiree recognised at acquisition date | 885 |
Identifiable assets acquired (liabilities assumed) | 7,909 |
Equity investments [member] | |
Disclosure of detailed information about business combination [line items] | |
Non-current assets recognised as of acquisition date | 3,179 |
Other provisions [member] | |
Disclosure of detailed information about business combination [line items] | |
Non-current liabilities recognised as of acquisition date | 55 |
Equity shares [Member] | |
Disclosure of detailed information about business combination [line items] | |
Consideration transferred, acquisition-date fair value | 7,903 |
Restricted shares [Member] | |
Disclosure of detailed information about business combination [line items] | |
Consideration transferred, acquisition-date fair value | $ 6 |
ACQUISITIONS AND DIVESTITURES_4
ACQUISITIONS AND DIVESTITURES ACQUISITION AND DIVESTITURES (Details) - USD ($) | Mar. 10, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Jul. 18, 2019 | Jan. 01, 2019 |
Disclosure of detailed information about business combination [line items] | ||||||
Percent of ownership in mines | 100.00% | 100.00% | ||||
Barrick Gold Corporation [Member] | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Proportion of interest held by shareholders | 66.70% | |||||
Randgold [Member] | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Percentage of voting equity interests acquired | 100.00% | |||||
Proportion of interest held by shareholders | 33.30% | |||||
Share for share exchange | 6.1280 | |||||
Number of instruments or interests issued or issuable | 583,669,178 | |||||
Consideration transferred, acquisition-date fair value | $ 7,909,000,000 | |||||
Fair value of acquired receivables | 193,000,000 | |||||
Tax claims related to foreign operations | $ 275,000,000 | $ 275,000,000 | $ 267,700,000 | |||
Taxes recoverable | $ 60,000,000 | |||||
Revenue of acquiree since acquisition date | 330,000,000 | 628,000,000 | ||||
Profit (loss) of acquiree since acquisition date | $ 31,000,000 | $ 60,000,000 | ||||
Acquisition-related costs for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination | $ 37,000,000 | |||||
Newmont Goldcorp [Member] | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Percentage of voting equity interests acquired | 61.50% | |||||
Proportion of ownership interests held by non-controlling interests | 38.50% |
SEGMENT INFORMATION SEGMENT INF
SEGMENT INFORMATION SEGMENT INFORMATION (Narrative) (Details) | Jun. 30, 2018minesite_groupinginvestmentminesite |
Disclosure of operating segments [line items] | |
Number of Minesite Locations | 17 |
Number of Publicly Traded Companies | minesite_grouping | 1 |
Number of Investments | investment | 2 |
Operating segments [member] | |
Disclosure of operating segments [line items] | |
Number of Minesite Locations | 7 |
SEGMENT INFORMATION - Consolida
SEGMENT INFORMATION - Consolidated Statements of Income Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of operating segments [line items] | ||||
Capital expenditures | $ 403 | $ 341 | $ 851 | $ 672 |
Revenue | 2,063 | 1,712 | 4,156 | 3,502 |
Depreciation | 466 | 328 | 901 | 653 |
Exploration, evaluation and project expenses | 98 | 97 | 172 | 170 |
Other expenses (income) | 7 | 38 | 34 | 39 |
Net income (loss) | 223 | (76) | 363 | 116 |
Share of income (loss) | 29 | 18 | 58 | 52 |
Change in net income | 0 | |||
Cost of sales (excluding depreciation) | 1,545 | 1,176 | 3,035 | 2,328 |
Adjustments for gains (losses) on change in fair value of derivatives | (8) | (6) | 14 | (29) |
Pierina | ||||
Disclosure of operating segments [line items] | ||||
Cost of sales (excluding depreciation) | 44 | 30 | 71 | 62 |
Operating segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Capital expenditures | 397 | 315 | 802 | 612 |
Revenue | 2,188 | 1,712 | 4,398 | 3,502 |
Direct mining, royalties and community relations | 1,130 | 846 | 2,238 | 1,671 |
Depreciation | 490 | 320 | 971 | 637 |
Exploration, evaluation and project expenses | 15 | 19 | 28 | 28 |
Other expenses (income) | 35 | 38 | 74 | 37 |
Net income (loss) | 518 | 489 | 1,087 | 1,129 |
Accretion | 12 | 13 | 26 | 25 |
Material reconciling items [member] | ||||
Disclosure of operating segments [line items] | ||||
Exploration, evaluation and project expenses | 83 | 78 | 144 | 142 |
Other expenses (income) | (16) | 9 | (15) | 28 |
Cost of sales (excluding depreciation) | 7 | 10 | 16 | 20 |
Unrealized Gains (Losses) on Change in Fair Value of Derivatives | 0 | 0 | 1 | 0 |
Hedging gains (losses) for hedge of group of items with offsetting risk positions | 0 | (1) | 0 | (2) |
Consolidated total [Member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 2,063 | 1,712 | 4,156 | 3,502 |
Direct mining, royalties and community relations | 1,079 | 846 | 2,135 | 1,671 |
Depreciation | 459 | 320 | 884 | 637 |
Exploration, evaluation and project expenses | 15 | 19 | 28 | 28 |
Other expenses (income) | 35 | 38 | 75 | 37 |
Net income (loss) | $ 475 | $ 489 | $ 1,034 | $ 1,129 |
SEGMENT INFORMATION - Reconcili
SEGMENT INFORMATION - Reconciliation of Segment Income to Loss from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of operating segments [line items] | ||||
Depreciation expense | $ 466 | $ 328 | $ 901 | $ 653 |
Other cost of sales/amortization | (1,545) | (1,176) | (3,035) | (2,328) |
Exploration, evaluation and project expenses not attributable to segments | (98) | (97) | (172) | (170) |
General and administrative expenses | (59) | (93) | (113) | (141) |
Other income (expense) not attributable to segments | (7) | (38) | (34) | (39) |
Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9 | 12 | 59 | 15 | 61 |
Loss on currency translation | 6 | (75) | (16) | (90) |
Closed mine rehabilitation | (16) | (9) | (41) | 0 |
Income from equity investees | 50 | 10 | 78 | 26 |
Finance costs, net (includes non-segment accretion) | (118) | (136) | (238) | (269) |
Gain on non-hedge derivatives | 0 | 1 | 1 | 3 |
Income before income taxes | 264 | 40 | 571 | 433 |
Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Depreciation expense | 490 | 320 | 971 | 637 |
Exploration, evaluation and project expenses not attributable to segments | (15) | (19) | (28) | (28) |
Other income (expense) not attributable to segments | (35) | (38) | (74) | (37) |
Reconciling items | ||||
Disclosure of operating segments [line items] | ||||
Other cost of sales/amortization | (7) | (10) | (16) | (20) |
Exploration, evaluation and project expenses not attributable to segments | (83) | (78) | (144) | (142) |
General and administrative expenses | (59) | (93) | (113) | (141) |
Other income (expense) not attributable to segments | 16 | (9) | 15 | (28) |
Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9 | 12 | 59 | 15 | 61 |
Loss on currency translation | 6 | (75) | (16) | (90) |
Closed mine rehabilitation | (16) | (9) | (41) | 0 |
Income from equity investees | 50 | 10 | 78 | 26 |
Finance costs, net (includes non-segment accretion) | (106) | (127) | (212) | (243) |
Gain on non-hedge derivatives | 0 | 1 | 1 | 3 |
Gain on interest rate hedges | 0 | 1 | 0 | 2 |
Unrealized gain (loss) on non-hedge derivatives | 0 | 0 | 1 | 0 |
Veladero [Member] | Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Depreciation expense | 31 | 34 | 65 | |
Exploration, evaluation and project expenses not attributable to segments | (1) | (2) | (2) | |
Other income (expense) not attributable to segments | 1 | (1) | (1) | |
Consolidated total [Member] | ||||
Disclosure of operating segments [line items] | ||||
Depreciation expense | 459 | 320 | 884 | 637 |
Exploration, evaluation and project expenses not attributable to segments | (15) | (19) | (28) | (28) |
Other income (expense) not attributable to segments | (35) | (38) | (75) | (37) |
Income before income taxes | $ 475 | $ 489 | $ 1,034 | $ 1,129 |
SEGMENT INFORMATION - Capital E
SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Disclosure of operating segments [line items] | |||||
Capital expenditures | $ 403 | $ 341 | $ 851 | $ 672 | |
Capital commitments | 108 | 108 | $ 82 | ||
Cash expenditures | 379 | 313 | 753 | 639 | |
Increase/decrease in accrued capital expenditures | 14 | 28 | 78 | 33 | |
Purchase Obligations for Supplies and Consumables | 1,803 | 1,803 | $ 1,972 | ||
Other | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | 393 | 341 | 831 | 672 | |
Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | 397 | 315 | 802 | 612 | |
Operating segments | Turquoise Ridge | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | 21 | 14 | 47 | 27 | |
Operating segments | Pueblo Viejo | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | 26 | 33 | 58 | 71 | |
Operating segments | Veladero | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | 19 | 33 | 48 | 64 | |
Operating segments | Acacia | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | 17 | 25 | 33 | 51 | |
Operating segments | Other | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | 113 | 68 | 223 | 123 | |
Other items not allocated to segments | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | $ 6 | $ 26 | $ 49 | $ 60 |
REVENUE - Revenue by Type (Deta
REVENUE - Revenue by Type (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 2,063 | $ 1,712 | $ 4,156 | $ 3,502 |
Provisional pricing adjustments | (8) | (6) | 14 | (29) |
Gold | ||||
Disclosure of Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,937 | 1,562 | 3,843 | 3,205 |
Provisional pricing adjustments | 1 | (1) | 1 | (1) |
Spot market sales | ||||
Disclosure of Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,928 | 1,556 | 3,822 | 3,196 |
Concentrate sales | ||||
Disclosure of Disaggregation of Revenue [Line Items] | ||||
Revenue | 8 | 7 | 20 | 10 |
Copper | ||||
Disclosure of Disaggregation of Revenue [Line Items] | ||||
Revenue | 103 | 112 | 266 | 223 |
Provisional pricing adjustments | (9) | (5) | 13 | (28) |
Copper concentrate [Member] | ||||
Disclosure of Disaggregation of Revenue [Line Items] | ||||
Revenue | 112 | 117 | 253 | 251 |
Other | ||||
Disclosure of Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 23 | $ 38 | $ 47 | $ 74 |
COST OF SALES (Details)
COST OF SALES (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of Detailed Information About Cost of Sales [Line Items] | ||||
Direct mining cost | $ 984 | $ 787 | $ 1,954 | $ 1,545 |
Depreciation expense | 466 | 328 | 901 | 653 |
Royalty expense | 87 | 51 | 165 | 110 |
Community relations | 8 | 10 | 15 | 20 |
Cost of sales | 1,545 | 1,176 | 3,035 | 2,328 |
Inventory reduction amount | 12 | 2 | 16 | 5 |
Gold | ||||
Disclosure of Detailed Information About Cost of Sales [Line Items] | ||||
Direct mining cost | 921 | 716 | 1,815 | 1,406 |
Depreciation expense | 431 | 290 | 815 | 588 |
Royalty expense | 78 | 43 | 144 | 93 |
Community relations | 7 | 9 | 13 | 17 |
Cost of sales | 1,437 | 1,058 | 2,787 | 2,104 |
Copper | ||||
Disclosure of Detailed Information About Cost of Sales [Line Items] | ||||
Direct mining cost | 63 | 69 | 139 | 135 |
Depreciation expense | 28 | 30 | 70 | 49 |
Royalty expense | 9 | 8 | 21 | 17 |
Community relations | 1 | 1 | 2 | 3 |
Cost of sales | 101 | 108 | 232 | 204 |
Other | ||||
Disclosure of Detailed Information About Cost of Sales [Line Items] | ||||
Direct mining cost | 0 | 2 | 0 | 4 |
Depreciation expense | 7 | 8 | 16 | 16 |
Royalty expense | 0 | 0 | 0 | 0 |
Community relations | 0 | 0 | 0 | 0 |
Cost of sales | $ 7 | $ 10 | $ 16 | $ 20 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings per share [abstract] | ||||
Net income (loss) | $ 223 | $ (76) | $ 363 | $ 116 |
Net income attributable to non-controlling interests | (29) | (18) | (58) | (52) |
Net income attributable to equity holders of Barrick Gold Corporation - Basic | 194 | (94) | 305 | 64 |
Net income attributable to equity holders of Barrick Gold Corporation - Diluted | $ 194 | $ (94) | $ 305 | $ 64 |
Weighted average shares outstanding - Basic (in shares) | 1,752 | 1,167 | 1,749 | 1,167 |
Weighted average shares outstanding - Diluted (in shares) | 1,752 | 1,167 | 1,749 | 1,167 |
Basic earnings per share data attributable to the equity holders of Barrick Gold Corporation (in USD per share) | $ 0.11 | $ (0.08) | $ 0.17 | $ 0.05 |
Diluted earnings per share data attributable to the equity holders of Barrick Gold Corporation (in USD per share) | $ 0.11 | $ (0.08) | $ 0.17 | $ 0.05 |
OTHER EXPENSE (INCOME) - Other
OTHER EXPENSE (INCOME) - Other Expense (Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other Operating Expenses [Abstract] | ||||
Bank charges | $ 3 | $ 7 | $ 8 | $ 14 |
Bulyanhulu reduced operations program costs | 6 | 9 | 12 | 17 |
Insurance payment to Porgera JV | 0 | 13 | 0 | 13 |
Litigation | 9 | (1) | 19 | 26 |
Miscellaneous write-offs | 0 | 3 | 2 | 4 |
Acacia - other | 4 | 4 | 5 | 5 |
Other expenses, by nature | 0 | 9 | 8 | 18 |
Other Operating Expenses | 22 | 44 | 54 | 97 |
Other Income: | ||||
Gains (losses) on disposals of non-current assets | (12) | (2) | (12) | (48) |
Other | (3) | (4) | (8) | (10) |
Total other income | (15) | (6) | (20) | (58) |
Total | $ 7 | $ 38 | $ 34 | $ 39 |
OTHER EXPENSE (INCOME) OTHER EX
OTHER EXPENSE (INCOME) OTHER EXPENSE (INCOME) - Impairment reversal (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9 | $ 12 | $ 59 | $ 15 | $ 61 |
Non-current assets or disposal groups classified as held for sale [member] | ||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9 | 12 | 35 | 15 | 37 |
Intangible assets other than goodwill [member] | ||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9 | $ 0 | $ 24 | $ 0 | $ 24 |
Schedule of Components of Incom
Schedule of Components of Income Tax Expense (Recovery) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Current tax | ||||
Current tax | $ 103 | $ 96 | $ 233 | $ 229 |
Deferred tax | ||||
Deferred tax | (62) | 20 | (25) | 88 |
Income tax expense | $ 41 | $ 116 | $ 208 | $ 317 |
INCOME TAX EXPENSE Narrative (D
INCOME TAX EXPENSE Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | 24 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2017 | Dec. 31, 2019 | |
Disclosure Of Major Components Of Tax Expense (Income) [Line Items] | |||||||
Income tax expense (recovery) | $ 41 | $ 116 | $ 208 | $ 317 | |||
Average effective tax rate | 43.00% | ||||||
Applicable tax rate | (36.00%) | ||||||
Argentina | |||||||
Disclosure Of Major Components Of Tax Expense (Income) [Line Items] | |||||||
Applicable tax rate | 25.00% | 35.00% | 30.00% | ||||
Net currency translation losses on deferred tax balances | $ 19 | ||||||
Dividend distribution tax | 13.00% | 7.00% | |||||
Deferred tax recovery due to inflation | $ 70 |
CASH FLOW _ OTHER ITEMS CASH _2
CASH FLOW – OTHER ITEMS CASH FLOW - OTHER ITEMS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flow arising from changes in: | ||||
Gain on non-hedge derivatives | $ 0 | $ (1) | $ (1) | $ (3) |
Share-based compensation expense | 26 | 8 | 38 | 10 |
Income from investment in equity investees | (50) | (10) | (78) | (26) |
Change in estimate of rehabilitation costs at closed mines | 16 | 9 | 41 | 0 |
Net inventory impairment charges | 16 | 2 | 16 | 5 |
Change in other assets and liabilities | 50 | (48) | 28 | (98) |
Settlement of rehabilitation obligations | (16) | (16) | (30) | (32) |
Other operating activities | 42 | (56) | 14 | (144) |
Cash flow arising from changes in: | ||||
Taxes recoverable | (44) | (21) | (33) | 45 |
Inventory | 18 | (72) | 12 | (148) |
Other current assets | (9) | (15) | (94) | (77) |
Accounts payable | (37) | 15 | (160) | (67) |
Other current liabilities | (14) | 12 | (55) | 14 |
Change in working capital | (86) | (81) | (330) | (233) |
Cash flows from (used in) investing activities [abstract] | ||||
Other inflows (outflows) of cash, classified as investing activities | 17 | (1) | 62 | (5) |
Dividends received from investments accounted for using equity method, classified as investing activities | 17 | 0 | 32 | 0 |
Net funds (invested) received from equity method investments | 0 | (1) | 0 | (5) |
Cash repayments of advances and loans from related parties | $ 0 | $ 0 | $ 30 | $ 0 |
EQUITY ACCOUNTING METHOD INVE_3
EQUITY ACCOUNTING METHOD INVESTMENT CONTINUITY (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Disclosure of joint ventures [line items] | |||||
Investments, beginning balance | $ 1,234 | ||||
Net funds (invested) received from equity method investments | $ 0 | $ (1) | 0 | $ (5) | |
Equity pick-up (loss) from equity investees | (50) | (10) | (78) | (26) | |
Investments, ending balance | 4,459 | 4,459 | $ 1,234 | ||
Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9 | 12 | 59 | 15 | 61 | |
Dividends received from investments accounted for using equity method, classified as investing activities | 17 | $ 0 | 32 | 0 | |
Joint ventures [member] | |||||
Disclosure of joint ventures [line items] | |||||
Investments, beginning balance | 1,234 | 1,213 | 1,213 | ||
Net funds (invested) received from equity method investments | 5 | ||||
Purchase of interests in investments accounted for using equity method | (3,179) | ||||
Equity pick-up (loss) from equity investees | 78 | 46 | |||
Investments, ending balance | 4,459 | 4,459 | 1,234 | ||
Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9 | (30) | ||||
Dividends received from investments accounted for using equity method, classified as investing activities | (32) | ||||
Kibali [Member] | |||||
Disclosure of joint ventures [line items] | |||||
Investments, beginning balance | 0 | 0 | 0 | ||
Net funds (invested) received from equity method investments | 0 | ||||
Purchase of interests in investments accounted for using equity method | (3,119) | ||||
Equity pick-up (loss) from equity investees | 50 | 0 | |||
Investments, ending balance | 3,138 | 3,138 | 0 | ||
Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9 | 0 | ||||
Dividends received from investments accounted for using equity method, classified as investing activities | (31) | ||||
Jabal Sayid | |||||
Disclosure of joint ventures [line items] | |||||
Investments, beginning balance | 245 | 206 | 206 | ||
Net funds (invested) received from equity method investments | 0 | ||||
Purchase of interests in investments accounted for using equity method | 0 | ||||
Equity pick-up (loss) from equity investees | 27 | 39 | |||
Investments, ending balance | 272 | 272 | 245 | ||
Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9 | 0 | ||||
Dividends received from investments accounted for using equity method, classified as investing activities | 0 | ||||
Zaldívar | |||||
Disclosure of joint ventures [line items] | |||||
Investments, beginning balance | 989 | 975 | 975 | ||
Net funds (invested) received from equity method investments | 0 | ||||
Purchase of interests in investments accounted for using equity method | 0 | ||||
Equity pick-up (loss) from equity investees | 10 | 14 | |||
Investments, ending balance | 999 | 999 | 989 | ||
Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9 | 0 | ||||
Dividends received from investments accounted for using equity method, classified as investing activities | 0 | ||||
Other | |||||
Disclosure of joint ventures [line items] | |||||
Investments, beginning balance | 0 | $ 32 | 32 | ||
Net funds (invested) received from equity method investments | 5 | ||||
Purchase of interests in investments accounted for using equity method | (60) | ||||
Equity pick-up (loss) from equity investees | (9) | (7) | |||
Investments, ending balance | $ 50 | 50 | 0 | ||
Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9 | $ (30) | ||||
Dividends received from investments accounted for using equity method, classified as investing activities | $ (1) |
IMPAIRMENT OF GOODWILL AND OT_3
IMPAIRMENT OF GOODWILL AND OTHER ASSETS Impairment Losses (Reversals) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Impairment reversals | $ (12) | $ (59) | $ (15) | $ (61) |
Golden sunlight1 [Member] | ||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Impairment reversals | (8) | 0 | (8) | 0 |
Investments accounted for using equity method [member] | ||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Impairment reversals | 0 | (30) | 0 | (30) |
Acacia Mining PLC [Member] | ||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Impairment reversals | 0 | (24) | 0 | (24) |
Goldstrike [Member] | ||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Impairment reversals | 0 | (5) | (2) | (5) |
Cortez1 [Member] | ||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Impairment reversals | 0 | (6) | 0 | (9) |
Pascua-Lama [Member] | ||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Impairment reversals | 0 | 6 | 0 | 7 |
Other impaired assets [member] | ||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Impairment reversals | $ (4) | $ 0 | $ (5) | $ 0 |
IMPAIRMENT OF GOODWILL AND OT_4
IMPAIRMENT OF GOODWILL AND OTHER ASSETS Narrative (Details) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019USD ($)Rate | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Rate | Jun. 30, 2018USD ($) | Jul. 19, 2019Rateshares | Jul. 18, 2019USD ($)$ / sharesRate | May 21, 2019USD ($)Rateshares | Sep. 28, 2018Rate | |
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||||
Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9 | $ | $ 12,000,000 | $ 59,000,000 | $ 15,000,000 | $ 61,000,000 | ||||
Percent of ownership request for consideration | 100.00% | 100.00% | ||||||
Lumwna mine [Member] | ||||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||||
Increase in royalty rate | 1.50% | |||||||
Royalty on copper production | 10.00% | |||||||
Duty on export | 5.00% | |||||||
Acacia Mining PLC [Member] | ||||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||||
Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9 | $ | $ 0 | $ 24,000,000 | $ 0 | $ 24,000,000 | ||||
Share for share exchange | shares | 0.168 | 0.153 | ||||||
Percent of minority shareholder vote | 75.00% | |||||||
Market price | $ / shares | $ 17.22 | |||||||
Recoverable amount of asset or cash-generating unit | $ | $ 1.19 | $ 787,000,000 | ||||||
Proportion of ownership interests held by non-controlling interests | 36.10% | |||||||
Estimated Mineral Price For Measurement Of Fair Value Less Costs Of Disposal | $ | 1,250 | |||||||
Percent share in economic benefit | 50.00% | 50.00% | ||||||
Free carry interest in mines | 16.00% | 16.00% | ||||||
Acacia Mining PLC [Member] | Minimum [Member] | ||||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||||
Net assets value multiple | $ | $ 1 | |||||||
Weighted average cost of capital, significant unobservable inputs, assets | 6.50% | |||||||
Acacia Mining PLC [Member] | Maximum [Member] | ||||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||||
Net assets value multiple | $ | $ 1.1 | |||||||
Weighted average cost of capital, significant unobservable inputs, assets | 6.90% |
FINANCIAL INSTRUMENTS -Narrativ
FINANCIAL INSTRUMENTS -Narrative (Details) - USD ($) $ in Millions | Jul. 15, 2019 | Jun. 30, 2019 |
Cash and Cash Equivalents Held in Subsidiaries with Restrictions [Member] | Financial assets at amortised cost, category [member] | ||
Disclosure of financial assets [line items] | ||
Restricted cash and cash equivalents | $ 407 | |
Newmont Goldcorp [Member] | ||
Disclosure of financial assets [line items] | ||
Exposure to credit risk on loan commitments and financial guarantee contracts | $ 600 | |
BNAF Notes Due 2020 [Member] | ||
Disclosure of financial assets [line items] | ||
Repayments of non-current borrowings | $ 248 | |
Borrowings, interest rate (as percent) | 4.95% |
FAIR VALUE MEASUREMENTS - Asset
FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured on Recurring Basis at Aggregate Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Disclosure of fair value measurement of assets [line items] | ||
Assets | $ 32,602 | $ 22,631 |
Liabilities | (14,135) | $ (13,246) |
Recurring fair value measurement | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets (liabilities) | 2,421 | |
Recurring fair value measurement | Level 1 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets (liabilities) | 2,374 | |
Recurring fair value measurement | Significant other observable inputs (Level 2) | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets (liabilities) | 47 | |
Recurring fair value measurement | Significant Unobservable Inputs (Level 3) | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets (liabilities) | 0 | |
Recurring fair value measurement | Derivatives | ||
Disclosure of fair value measurement of assets [line items] | ||
Liabilities | 2 | |
Recurring fair value measurement | Derivatives | Level 1 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Liabilities | 0 | |
Recurring fair value measurement | Derivatives | Significant other observable inputs (Level 2) | ||
Disclosure of fair value measurement of assets [line items] | ||
Liabilities | 2 | |
Recurring fair value measurement | Derivatives | Significant Unobservable Inputs (Level 3) | ||
Disclosure of fair value measurement of assets [line items] | ||
Liabilities | 0 | |
Recurring fair value measurement | Cash and equivalents | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 2,153 | |
Recurring fair value measurement | Cash and equivalents | Level 1 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 2,153 | |
Recurring fair value measurement | Cash and equivalents | Significant other observable inputs (Level 2) | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 0 | |
Recurring fair value measurement | Cash and equivalents | Significant Unobservable Inputs (Level 3) | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 0 | |
Recurring fair value measurement | Other investments | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 221 | |
Recurring fair value measurement | Other investments | Level 1 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 221 | |
Recurring fair value measurement | Other investments | Significant other observable inputs (Level 2) | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 0 | |
Recurring fair value measurement | Other investments | Significant Unobservable Inputs (Level 3) | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 0 | |
Recurring fair value measurement | Receivables from provisional copper and gold sales | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | (45) | |
Recurring fair value measurement | Receivables from provisional copper and gold sales | Level 1 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 0 | |
Recurring fair value measurement | Receivables from provisional copper and gold sales | Significant other observable inputs (Level 2) | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | 45 | |
Recurring fair value measurement | Receivables from provisional copper and gold sales | Significant Unobservable Inputs (Level 3) | ||
Disclosure of fair value measurement of assets [line items] | ||
Assets | $ 0 |
FAIR VALUE MEASUREMENTS - Ass_2
FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Level 1 of fair value hierarchy [member] | Estimated fair value | Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities1 [Line Items] | ||
Total liabilities | $ 0 | |
Total liabilities | 14,135 | $ 13,246 |
Carrying amount | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities1 [Line Items] | ||
Financial assets | 747 | 771 |
Financial liabilities | 6,326 | 6,038 |
Carrying amount | Debt | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities1 [Line Items] | ||
Financial liabilities | 5,807 | 5,738 |
Carrying amount | Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities1 [Line Items] | ||
Financial liabilities | 0 | 3 |
Carrying amount | Other liabilities | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities1 [Line Items] | ||
Financial liabilities | 519 | 297 |
Carrying amount | Other assets | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities1 [Line Items] | ||
Financial assets | 524 | 559 |
Carrying amount | Other investments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities1 [Line Items] | ||
Financial assets | 221 | 209 |
Carrying amount | Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities1 [Line Items] | ||
Financial assets | 2 | 3 |
Estimated fair value | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities1 [Line Items] | ||
Financial assets | 747 | 771 |
Financial liabilities | 7,444 | 6,483 |
Estimated fair value | Debt | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities1 [Line Items] | ||
Financial liabilities | 6,925 | 6,183 |
Estimated fair value | Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities1 [Line Items] | ||
Total liabilities | (2) | |
Financial liabilities | 0 | 3 |
Estimated fair value | Other liabilities | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities1 [Line Items] | ||
Financial liabilities | 519 | 297 |
Estimated fair value | Other assets | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities1 [Line Items] | ||
Financial assets | 524 | 559 |
Estimated fair value | Other investments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities1 [Line Items] | ||
Financial assets | 221 | 209 |
Estimated fair value | Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities1 [Line Items] | ||
Financial assets | $ 2 | $ 3 |
CAPITAL STOCK (Details)
CAPITAL STOCK (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 01, 2019 | |
Disclosure of classes of share capital [line items] | ||||
Dividends paid, ordinary shares | $ 76.3 | |||
Common shares | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued (shares) | 1,752,668,983 | |||
Par value per share (in dollars per share) | $ 0 | |||
Capital stock | ||||
Disclosure of classes of share capital [line items] | ||||
Number of Shares Issued in Dividend Reinvestment Plan with Owners | 1,127,895 | 571,000 | ||
Randgold [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Dividends paid, ordinary shares | $ 256.2 | |||
Randgold [Member] | Common shares | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued (shares) | 583,669,178 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) - USD ($) | Jul. 15, 2019 | Jun. 30, 2019 | Jul. 31, 2019 | Jul. 18, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Tethyan Copper Company Pty Limited [Member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Proportion of ownership interest in joint venture | 50.00% | |||||
Percent of ownership by other parties in joint ventures | 50.00% | |||||
Funds awarded for damages | $ 5,840,000,000 | |||||
Compensation for denial of mining lease | 4,087,000,000 | |||||
Interest compounded on claims | $ 1,753,000,000 | |||||
Adjustment to interest rate | 1.00% | |||||
Estimated financial effect of contingent assets | $ 0 | |||||
Randgold [Member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Tax advances paid to the government | $ 43,000,000 | |||||
Acacia Mining PLC [Member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Payment to Resolve Outstanding Tax Claims | $ 300,000,000 | |||||
Initial upfront payment | $ 100,000,000 | |||||
MALI | Randgold [Member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Mali tax amount | 275,000,000 | $ 267,700,000 | ||||
Taxes recoverable | $ 60,000,000 | 41,100,000 | ||||
Fair value of taxes recoverable | $ 0 | |||||
Increase in tax advances accrued | $ 17,000,000 | |||||
Other environment related contingent liability [member] | Water Quality Review [Member] | Pascua-Lama [Member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Estimated financial effect of contingent liabilities | 0 | |||||
Tax assessment and criminal charges [Member] | Veladero[Member] [Member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Estimated financial effect of contingent liabilities | $ 0 |
Uncategorized Items - abx-20190
Label | Element | Value |
Tongon [Member] | ||
Cost of Sales, Attributable to Non-controlling Interests | abx_CostofSalesAttributabletoNoncontrollingInterests | $ 0 |
Cost of Sales, Attributable to Non-controlling Interests | abx_CostofSalesAttributabletoNoncontrollingInterests | 0 |
Cost of Sales, Attributable to Non-controlling Interests | abx_CostofSalesAttributabletoNoncontrollingInterests | 10,000,000 |
Cost of Sales, Attributable to Non-controlling Interests | abx_CostofSalesAttributabletoNoncontrollingInterests | 21,000,000 |
Revenue, Attributable to Non-controlling Interests | abx_RevenueAttributabletoNoncontrollingInterests | 0 |
Revenue, Attributable to Non-controlling Interests | abx_RevenueAttributabletoNoncontrollingInterests | 9,000,000 |
Revenue, Attributable to Non-controlling Interests | abx_RevenueAttributabletoNoncontrollingInterests | 18,000,000 |
Profit (loss), attributable to non-controlling interests | ifrs-full_ProfitLossAttributableToNoncontrollingInterests | 0 |
Profit (loss), attributable to non-controlling interests | ifrs-full_ProfitLossAttributableToNoncontrollingInterests | 0 |
Profit (loss), attributable to non-controlling interests | ifrs-full_ProfitLossAttributableToNoncontrollingInterests | (1,000,000) |
Profit (loss), attributable to non-controlling interests | ifrs-full_ProfitLossAttributableToNoncontrollingInterests | (3,000,000) |
Acacia Mining PLC [Member] | ||
Cost of Sales, Attributable to Non-controlling Interests | abx_CostofSalesAttributabletoNoncontrollingInterests | 42,000,000 |
Cost of Sales, Attributable to Non-controlling Interests | abx_CostofSalesAttributabletoNoncontrollingInterests | 82,000,000 |
Cost of Sales, Attributable to Non-controlling Interests | abx_CostofSalesAttributabletoNoncontrollingInterests | 48,000,000 |
Cost of Sales, Attributable to Non-controlling Interests | abx_CostofSalesAttributabletoNoncontrollingInterests | 90,000,000 |
Revenue, Attributable to Non-controlling Interests | abx_RevenueAttributabletoNoncontrollingInterests | 63,000,000 |
Revenue, Attributable to Non-controlling Interests | abx_RevenueAttributabletoNoncontrollingInterests | 120,000,000 |
Revenue, Attributable to Non-controlling Interests | abx_RevenueAttributabletoNoncontrollingInterests | 68,000,000 |
Revenue, Attributable to Non-controlling Interests | abx_RevenueAttributabletoNoncontrollingInterests | 118,000,000 |
Profit (loss), attributable to non-controlling interests | ifrs-full_ProfitLossAttributableToNoncontrollingInterests | 11,000,000 |
Profit (loss), attributable to non-controlling interests | ifrs-full_ProfitLossAttributableToNoncontrollingInterests | 37,000,000 |
Profit (loss), attributable to non-controlling interests | ifrs-full_ProfitLossAttributableToNoncontrollingInterests | 12,000,000 |
Profit (loss), attributable to non-controlling interests | ifrs-full_ProfitLossAttributableToNoncontrollingInterests | 13,000,000 |
Pueblo Viejo [Member] | ||
Cost of Sales, Attributable to Non-controlling Interests | abx_CostofSalesAttributabletoNoncontrollingInterests | 70,000,000 |
Cost of Sales, Attributable to Non-controlling Interests | abx_CostofSalesAttributabletoNoncontrollingInterests | 136,000,000 |
Cost of Sales, Attributable to Non-controlling Interests | abx_CostofSalesAttributabletoNoncontrollingInterests | 74,000,000 |
Cost of Sales, Attributable to Non-controlling Interests | abx_CostofSalesAttributabletoNoncontrollingInterests | 139,000,000 |
Revenue, Attributable to Non-controlling Interests | abx_RevenueAttributabletoNoncontrollingInterests | 119,000,000 |
Revenue, Attributable to Non-controlling Interests | abx_RevenueAttributabletoNoncontrollingInterests | 257,000,000 |
Revenue, Attributable to Non-controlling Interests | abx_RevenueAttributabletoNoncontrollingInterests | 122,000,000 |
Revenue, Attributable to Non-controlling Interests | abx_RevenueAttributabletoNoncontrollingInterests | 250,000,000 |
Profit (loss), attributable to non-controlling interests | ifrs-full_ProfitLossAttributableToNoncontrollingInterests | 48,000,000 |
Profit (loss), attributable to non-controlling interests | ifrs-full_ProfitLossAttributableToNoncontrollingInterests | 118,000,000 |
Profit (loss), attributable to non-controlling interests | ifrs-full_ProfitLossAttributableToNoncontrollingInterests | 47,000,000 |
Profit (loss), attributable to non-controlling interests | ifrs-full_ProfitLossAttributableToNoncontrollingInterests | 108,000,000 |
Loulo Gounkoto [Member] | ||
Cost of Sales, Attributable to Non-controlling Interests | abx_CostofSalesAttributabletoNoncontrollingInterests | 0 |
Cost of Sales, Attributable to Non-controlling Interests | abx_CostofSalesAttributabletoNoncontrollingInterests | 0 |
Cost of Sales, Attributable to Non-controlling Interests | abx_CostofSalesAttributabletoNoncontrollingInterests | 39,000,000 |
Cost of Sales, Attributable to Non-controlling Interests | abx_CostofSalesAttributabletoNoncontrollingInterests | 73,000,000 |
Revenue, Attributable to Non-controlling Interests | abx_RevenueAttributabletoNoncontrollingInterests | 0 |
Revenue, Attributable to Non-controlling Interests | abx_RevenueAttributabletoNoncontrollingInterests | 0 |
Revenue, Attributable to Non-controlling Interests | abx_RevenueAttributabletoNoncontrollingInterests | 49,000,000 |
Revenue, Attributable to Non-controlling Interests | abx_RevenueAttributabletoNoncontrollingInterests | 91,000,000 |
Profit (loss), attributable to non-controlling interests | ifrs-full_ProfitLossAttributableToNoncontrollingInterests | 0 |
Profit (loss), attributable to non-controlling interests | ifrs-full_ProfitLossAttributableToNoncontrollingInterests | 0 |
Profit (loss), attributable to non-controlling interests | ifrs-full_ProfitLossAttributableToNoncontrollingInterests | 9,000,000 |
Profit (loss), attributable to non-controlling interests | ifrs-full_ProfitLossAttributableToNoncontrollingInterests | 16,000,000 |
Operating segments [member] | All other segments [member] | ||
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | (4,000,000) |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | (26,000,000) |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | (9,000,000) |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | (19,000,000) |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 292,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 579,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 339,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 713,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 93,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 193,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 20,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 81,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 74,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 140,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 132,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 261,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 5,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 8,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 4,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 8,000,000 |
Revenue | ifrs-full_Revenue | 468,000,000 |
Revenue | ifrs-full_Revenue | 946,000,000 |
Revenue | ifrs-full_Revenue | 504,000,000 |
Revenue | ifrs-full_Revenue | 1,082,000,000 |
Operating segments [member] | Turquoise Ridge [Member] | ||
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | 0 |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | 0 |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | 1,000,000 |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | 0 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 40,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 78,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 48,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 87,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 28,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 67,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 53,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 107,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 7,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 14,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 9,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 15,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 0 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 0 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 1,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 1,000,000 |
Revenue | ifrs-full_Revenue | 75,000,000 |
Revenue | ifrs-full_Revenue | 159,000,000 |
Revenue | ifrs-full_Revenue | 110,000,000 |
Revenue | ifrs-full_Revenue | 210,000,000 |
Operating segments [member] | Goldstrike [Member] | ||
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | (3,000,000) |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | (1,000,000) |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | 3,000,000 |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | 3,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 138,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 282,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 150,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 310,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 14,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 62,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 33,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 116,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 54,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 115,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 53,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 119,000,000 |
Capital expenditures | abx_Capitalexpenditures | 55,000,000 |
Capital expenditures | abx_Capitalexpenditures | 118,000,000 |
Capital expenditures | abx_Capitalexpenditures | 64,000,000 |
Capital expenditures | abx_Capitalexpenditures | 119,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 5,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 5,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 2,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 4,000,000 |
Revenue | ifrs-full_Revenue | 214,000,000 |
Revenue | ifrs-full_Revenue | 465,000,000 |
Revenue | ifrs-full_Revenue | 235,000,000 |
Revenue | ifrs-full_Revenue | 546,000,000 |
Operating segments [member] | Kibali [Member] | ||
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | 0 |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | 0 |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | 0 |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | 1,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 0 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 0 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 51,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 103,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 0 |
Profit (loss) | ifrs-full_ProfitLoss | 0 |
Profit (loss) | ifrs-full_ProfitLoss | 43,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 53,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 0 |
Depreciation expense | ifrs-full_DepreciationExpense | 0 |
Depreciation expense | ifrs-full_DepreciationExpense | 31,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 87,000,000 |
Capital expenditures | abx_Capitalexpenditures | 0 |
Capital expenditures | abx_Capitalexpenditures | 0 |
Capital expenditures | abx_Capitalexpenditures | 10,000,000 |
Capital expenditures | abx_Capitalexpenditures | 20,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 0 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 0 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 0 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 0 |
Revenue | ifrs-full_Revenue | 0 |
Revenue | ifrs-full_Revenue | 0 |
Revenue | ifrs-full_Revenue | 125,000,000 |
Revenue | ifrs-full_Revenue | 242,000,000 |
Operating segments [member] | Cortez1 [Member] | ||
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | (4,000,000) |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | (7,000,000) |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | (6,000,000) |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | (11,000,000) |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 100,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 199,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 137,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 250,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 179,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 351,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 158,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 313,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 85,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 172,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 65,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 129,000,000 |
Capital expenditures | abx_Capitalexpenditures | 87,000,000 |
Capital expenditures | abx_Capitalexpenditures | 158,000,000 |
Capital expenditures | abx_Capitalexpenditures | 88,000,000 |
Capital expenditures | abx_Capitalexpenditures | 165,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 3,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 5,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 2,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 4,000,000 |
Revenue | ifrs-full_Revenue | 371,000,000 |
Revenue | ifrs-full_Revenue | 734,000,000 |
Revenue | ifrs-full_Revenue | 368,000,000 |
Revenue | ifrs-full_Revenue | 707,000,000 |
Operating segments [member] | Veladero[Member] [Member] | ||
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | 1,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 108,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 22,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 61,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 1,000,000 |
Revenue | ifrs-full_Revenue | 191,000,000 |
Operating segments [member] | Veladero [Member] | ||
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 47,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 92,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 57,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 27,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 52,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 12,000,000 |
Revenue | ifrs-full_Revenue | 111,000,000 |
Revenue | ifrs-full_Revenue | 212,000,000 |
Revenue | ifrs-full_Revenue | 100,000,000 |
Operating segments [member] | Acacia Mining PLC [Member] | ||
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | (25,000,000) |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | (1,000,000) |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | (21,000,000) |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | (41,000,000) |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 95,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 181,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 97,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 189,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 33,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 104,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 36,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 37,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 23,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 47,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 35,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 60,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 0 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 0 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 0 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 0 |
Revenue | ifrs-full_Revenue | 176,000,000 |
Revenue | ifrs-full_Revenue | 333,000,000 |
Revenue | ifrs-full_Revenue | 189,000,000 |
Revenue | ifrs-full_Revenue | 327,000,000 |
Operating segments [member] | Pueblo Viejo [Member] | ||
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | (1,000,000) |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | (1,000,000) |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | (1,000,000) |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | (2,000,000) |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 134,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 260,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 141,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 258,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 115,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 300,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 122,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 281,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 43,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 84,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 47,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 93,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 4,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 8,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 3,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 6,000,000 |
Revenue | ifrs-full_Revenue | 297,000,000 |
Revenue | ifrs-full_Revenue | 653,000,000 |
Revenue | ifrs-full_Revenue | 314,000,000 |
Revenue | ifrs-full_Revenue | 640,000,000 |
Operating segments [member] | Loulo Gounkoto [Member] | ||
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | 0 |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | 0 |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | (3,000,000) |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | (6,000,000) |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 0 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 0 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 110,000,000 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 220,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 0 |
Profit (loss) | ifrs-full_ProfitLoss | 0 |
Profit (loss) | ifrs-full_ProfitLoss | 41,000,000 |
Profit (loss) | ifrs-full_ProfitLoss | 77,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 0 |
Depreciation expense | ifrs-full_DepreciationExpense | 0 |
Depreciation expense | ifrs-full_DepreciationExpense | 87,000,000 |
Depreciation expense | ifrs-full_DepreciationExpense | 146,000,000 |
Capital expenditures | abx_Capitalexpenditures | 0 |
Capital expenditures | abx_Capitalexpenditures | 0 |
Capital expenditures | abx_Capitalexpenditures | 39,000,000 |
Capital expenditures | abx_Capitalexpenditures | 89,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 0 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 0 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 2,000,000 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 4,000,000 |
Revenue | ifrs-full_Revenue | 0 |
Revenue | ifrs-full_Revenue | 0 |
Revenue | ifrs-full_Revenue | 243,000,000 |
Revenue | ifrs-full_Revenue | 453,000,000 |
Material reconciling items [member] | All other segments [member] | ||
Capital expenditures | abx_Capitalexpenditures | 0 |
Capital expenditures | abx_Capitalexpenditures | 0 |
Capital expenditures | abx_Capitalexpenditures | (10,000,000) |
Capital expenditures | abx_Capitalexpenditures | (20,000,000) |
Material reconciling items [member] | Kibali [Member] | ||
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | 0 |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | 0 |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | 0 |
Other operating income (expense) | ifrs-full_OtherOperatingIncomeExpense | (1,000,000) |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 0 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | 0 |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | (51,000,000) |
Cost of Sales, Excluding Depreciation Expense | abx_CostofSalesExcludingDepreciationExpense | (103,000,000) |
Profit (loss) | ifrs-full_ProfitLoss | 0 |
Profit (loss) | ifrs-full_ProfitLoss | 0 |
Profit (loss) | ifrs-full_ProfitLoss | (43,000,000) |
Profit (loss) | ifrs-full_ProfitLoss | (53,000,000) |
Depreciation expense | ifrs-full_DepreciationExpense | 0 |
Depreciation expense | ifrs-full_DepreciationExpense | 0 |
Depreciation expense | ifrs-full_DepreciationExpense | (31,000,000) |
Depreciation expense | ifrs-full_DepreciationExpense | (87,000,000) |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 0 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 0 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 0 |
Expense arising from exploration for and evaluation of mineral resources | ifrs-full_ExpenseArisingFromExplorationForAndEvaluationOfMineralResources | 0 |
Revenue | ifrs-full_Revenue | 0 |
Revenue | ifrs-full_Revenue | 0 |
Revenue | ifrs-full_Revenue | (125,000,000) |
Revenue | ifrs-full_Revenue | (242,000,000) |
Increase (decrease) due to application of IFRS 15 [member] | ||
Profit (loss) | ifrs-full_ProfitLoss | 64,000,000 |
MALI | ARGENTINA | ||
Tax Effect Of Net Exchange Differences | abx_TaxEffectOfNetExchangeDifferences | 13,000,000 |
Retained earnings [member] | Increase (decrease) due to application of IFRS 15 [member] | ||
Profit (loss) | ifrs-full_ProfitLoss | 64,000,000 |
Equity attributable to owners of parent [member] | Increase (decrease) due to application of IFRS 15 [member] | ||
Profit (loss) | ifrs-full_ProfitLoss | $ 64,000,000 |