Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2023 shares | |
Document Information [Line Items] | |
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 | 2023 |
Document Fiscal Period Focus | Q2 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2023 |
Amendment Flag | false |
Number of shares outstanding | 1,755,467,937 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Profit or loss [abstract] | ||||
Revenue (notes 4 and 5) | $ 2,833 | $ 2,859 | $ 5,476 | $ 5,712 |
Costs and expenses (income) | ||||
Cost of sales (notes 4 and 6) | 1,937 | 1,850 | 3,878 | 3,589 |
General and administrative expenses | 28 | 30 | 67 | 84 |
Exploration, evaluation and project expenses | 101 | 100 | 172 | 167 |
Impairment charges (notes 8b and 12) | 22 | 3 | 23 | 5 |
(Gain) loss on currency translation | (12) | 6 | 26 | 9 |
Closed mine rehabilitation | (13) | (128) | 9 | (125) |
Income from equity investees (note 11) | (58) | (89) | (111) | (188) |
Other expense (income) (note 8a) | 18 | 2 | 70 | (9) |
Income before finance costs and income taxes | 810 | 1,085 | 1,342 | 2,180 |
Finance costs, net | (44) | (89) | (102) | (177) |
Income before income taxes | 766 | 996 | 1,240 | 2,003 |
Income tax expense (note 9) | (264) | (279) | (469) | (580) |
Net income | 502 | 717 | 771 | 1,423 |
Attributable to: | ||||
Equity holders of Barrick Gold Corporation | 305 | 488 | 425 | 926 |
Non-controlling interests (note 15) | $ 197 | $ 229 | $ 346 | $ 497 |
Earnings per share data attributable to the equity holders of Barrick Gold Corporation (note 7) | ||||
Basic | $ 0.17 | $ 0.27 | $ 0.24 | $ 0.52 |
Diluted | $ 0.17 | $ 0.27 | $ 0.24 | $ 0.52 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of comprehensive income [abstract] | ||||
Net income | $ 502 | $ 717 | $ 771 | $ 1,423 |
Items that may be reclassified subsequently to profit or loss: | ||||
Currency translation adjustments, net of tax $nil, $nil, $nil and $nil | 0 | 1 | (3) | 1 |
Items that will not be reclassified to profit or loss: | ||||
Actuarial loss on post employment benefit obligations, net of tax $nil, $nil, $nil and $nil | 0 | (1) | 0 | (1) |
Net change on equity investments, net of tax $(1), $2 , $(1) and $(6) | (5) | (26) | (5) | 32 |
Total other comprehensive (loss) income | (5) | (26) | (8) | 32 |
Total comprehensive income (loss) | 497 | 691 | 763 | 1,455 |
Attributable to: | ||||
Equity holders of Barrick Gold Corporation | 300 | 462 | 417 | 958 |
Non-controlling interests | $ 197 | $ 229 | $ 346 | $ 497 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of comprehensive income [abstract] | ||||
Income tax relating to currency translation adjustments | $ 0 | $ 0 | $ 0 | $ 0 |
Income tax relating to actuarial loss on post employment benefit obligations | 0 | 0 | 0 | 0 |
Income tax relating to net change on equity investments | $ (1) | $ 2 | $ (1) | $ (6) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
OPERATING ACTIVITIES | |||||
Net income | $ 502 | $ 717 | $ 771 | $ 1,423 | |
Adjustments for the following items: | |||||
Depreciation | 480 | 476 | 975 | 936 | |
Adjustments for finance costs | [1] | 44 | 89 | 102 | 177 |
Impairment charges (notes 8b and 12) | 22 | 3 | 23 | 5 | |
Income tax expense (note 9) | 264 | 279 | 469 | 580 | |
Income from equity investees (note 11) | (58) | (89) | (111) | (188) | |
Gain on sale of non-current assets | (3) | (20) | (6) | (22) | |
(Gain) loss on currency translation | (12) | 6 | 26 | 9 | |
Change in working capital (note 10) | (45) | (34) | (251) | (165) | |
Other operating activities (note 10) | (51) | (126) | 1 | (203) | |
Operating cash flows before interest and income taxes | 1,143 | 1,301 | 1,999 | 2,552 | |
Interest paid | (130) | (129) | (153) | (152) | |
Interest received | [1] | 51 | 12 | 100 | 22 |
Income taxes paid | [2] | (232) | (260) | (338) | (494) |
Net cash provided by operating activities | 832 | 924 | 1,608 | 1,928 | |
INVESTING ACTIVITIES | |||||
Capital expenditures (note 4) | (769) | (755) | (1,457) | (1,366) | |
Sales proceeds | 3 | 22 | 6 | 23 | |
Investment sales | 0 | 122 | 0 | 382 | |
Dividends received from equity method investments (note 11) | 18 | 310 | 85 | 669 | |
Shareholder loan repayments from equity method investments (note 11) | 5 | 0 | 5 | 0 | |
Net cash used in investing activities | (743) | (301) | (1,361) | (292) | |
FINANCING ACTIVITIES | |||||
Lease repayments | (4) | (4) | (8) | (10) | |
Dividends | (174) | (353) | (349) | (531) | |
Share buyback program | 0 | 173 | 0 | 173 | |
Funding from non-controlling interests (note 15) | 10 | 0 | 10 | 0 | |
Dividends paid to non-controlling interests, classified as financing activities | 162 | 232 | 224 | 499 | |
Pueblo Viejo JV partner shareholder loan | 21 | 35 | 41 | 80 | |
Net cash used in financing activities | (309) | (727) | (530) | (1,133) | |
Effect of exchange rate changes on cash and equivalents | 0 | (3) | 0 | (3) | |
Net increase (decrease) in cash and equivalents | (220) | (107) | (283) | 500 | |
Cash and equivalents at the beginning of period | 4,377 | 5,887 | 4,440 | 5,280 | |
Cash and equivalents at the end of period | $ 4,157 | $ 5,780 | $ 4,157 | $ 5,780 | |
[1]2022 figures have been restated to reflect the change in presentation to present interest received ($12 million for the three months ended and $22 million for the six months ended June 30, 2022) separately from finance costs.[2]Income taxes paid excludes $28 million (2022: $10 million) for the three months ended June 30, 2023 and $56 million (2022: $36 million) for the six months ended June 30, 2023 of income taxes payable that were settled against offsetting VAT receivables. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flow (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of cash flows [abstract] | ||||
Income taxes payable settled against VAT receivables | $ 28 | $ 10 | $ 56 | $ 36 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and equivalents | $ 4,157 | $ 4,440 |
Accounts receivable | 603 | 554 |
Inventories | 1,868 | 1,781 |
Other current assets (note 13b) | 742 | 1,690 |
Total current assets | 7,370 | 8,465 |
Non-current assets | ||
Equity in investees (note 11) | 4,004 | 3,983 |
Property, plant and equipment | 26,311 | 25,821 |
Goodwill | 3,581 | 3,581 |
Intangible assets | 149 | 149 |
Deferred income tax assets | 19 | 19 |
Non-current portion of inventory | 2,765 | 2,819 |
Other assets | 1,087 | 1,128 |
Total assets | 45,286 | 45,965 |
Current liabilities | ||
Accounts payable | 1,525 | 1,556 |
Debt | 13 | 13 |
Current income tax liabilities | 320 | 163 |
Other current liabilities (note 13b) | 412 | 1,388 |
Total current liabilities | 2,270 | 3,120 |
Non-current liabilities | ||
Debt | 4,761 | 4,769 |
Provisions | 2,181 | 2,211 |
Deferred income tax liabilities | 3,286 | 3,247 |
Other liabilities | 1,303 | 1,329 |
Total liabilities | 13,801 | 14,676 |
Equity | ||
Capital stock (note 14) | 28,116 | 28,114 |
Deficit | (7,208) | (7,282) |
Accumulated other comprehensive income (loss) | 18 | 26 |
Other | 1,913 | 1,913 |
Total equity attributable to Barrick Gold Corporation shareholders | 22,839 | 22,771 |
Non-controlling interests (note 15) | 8,646 | 8,518 |
Total equity | 31,485 | 31,289 |
Contingencies and commitments (notes 4 and 16) | ||
Total liabilities and equity | $ 45,286 | $ 45,965 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Capital stock | Retained earnings (deficit) | Accumulated other comprehensive income (loss) | Other | Total equity attributable to shareholders | Non-controlling interests | ||
Beginning balance (shares) at Dec. 31, 2021 | 1,779,331,000 | ||||||||
Beginning balance at Dec. 31, 2021 | $ 32,307 | $ 28,497 | $ (6,566) | $ (23) | [1] | $ 1,949 | [2] | $ 23,857 | $ 8,450 |
Net income | 1,423 | 0 | 926 | 0 | 0 | 926 | 497 | ||
Total other comprehensive loss | 32 | 0 | 0 | 32 | [1] | 0 | 32 | 0 | |
Total comprehensive income (loss) | 1,455 | 0 | 926 | 32 | [1] | 0 | 958 | 497 | |
Transactions with owners | |||||||||
Dividends | (531) | 0 | (531) | 0 | 0 | (531) | 0 | ||
Disbursements to non-controlling interests (note 15) | (524) | 0 | 0 | 0 | 0 | 0 | (524) | ||
Dividend reinvestment plan (note 14) | 0 | $ 2 | (2) | 0 | 0 | 0 | 0 | ||
Number of shares issued in dividend reinvestment plan with owners | 105,000 | ||||||||
Increase (decrease) through treasury share transactions, equity | (173) | $ (136) | 0 | 0 | (37) | [2] | (173) | 0 | |
Number of share options exercised in share-based payment arrangement | (8,500,000) | ||||||||
Number of shares issued in transactions with owners | (8,395,000) | ||||||||
Total transactions with owners | (1,228) | $ (134) | (533) | 0 | (37) | [2] | (704) | (524) | |
Ending balance (shares) at Jun. 30, 2022 | 1,770,936,000 | ||||||||
Ending balance at Jun. 30, 2022 | 32,534 | $ 28,363 | (6,173) | 9 | [1] | 1,912 | [2] | 24,111 | 8,423 |
Beginning balance (shares) at Dec. 31, 2021 | 1,779,331,000 | ||||||||
Beginning balance at Dec. 31, 2021 | 32,307 | $ 28,497 | (6,566) | (23) | [1] | 1,949 | [2] | 23,857 | 8,450 |
Ending balance (shares) at Dec. 31, 2022 | 1,755,350,000 | ||||||||
Ending balance at Dec. 31, 2022 | 31,289 | $ 28,114 | (7,282) | 26 | [1] | 1,913 | [2] | 22,771 | 8,518 |
Net income | 771 | 0 | 425 | 0 | 0 | 425 | 346 | ||
Total other comprehensive loss | (8) | 0 | 0 | (8) | [1] | 0 | (8) | 0 | |
Total comprehensive income (loss) | 763 | 0 | 425 | (8) | [1] | 0 | 417 | 346 | |
Transactions with owners | |||||||||
Dividends | (349) | 0 | (349) | 0 | 0 | (349) | 0 | ||
Funding from non-controlling interests | 10 | 0 | 0 | 0 | 0 | 0 | 10 | ||
Disbursements to non-controlling interests (note 15) | (228) | 0 | 0 | 0 | 0 | 0 | (228) | ||
Dividend reinvestment plan (note 14) | 0 | $ 2 | (2) | 0 | 0 | 0 | 0 | ||
Number of shares issued in dividend reinvestment plan with owners | 118,000 | ||||||||
Number of shares issued in transactions with owners | 118,000 | ||||||||
Total transactions with owners | $ (567) | $ 2 | (351) | 0 | 0 | [2] | (349) | (218) | |
Ending balance (shares) at Jun. 30, 2023 | 1,755,467,937 | 1,755,468,000 | |||||||
Ending balance at Jun. 30, 2023 | $ 31,485 | $ 28,116 | $ (7,208) | $ 18 | [1] | $ 1,913 | [2] | $ 22,839 | $ 8,646 |
[1]Includes cumulative translation losses at June 30, 2023: $95 million (December 31, 2022: $93 million; June 30, 2022: $93 million)[2]Includes additional paid-in capital as at June 30, 2023: $1,875 million (December 31, 2022: $1,875 million; June 30, 2022: $1,874 million). |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parentheticals) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Equity | $ 31,485 | $ 31,289 | $ 32,534 |
Cumulative translation adjustments | |||
Equity | 95 | 93 | 93 |
Additional paid-in capital | |||
Equity | $ 1,875 | $ 1,875 | $ 1,874 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 6 Months Ended |
Jun. 30, 2023 | |
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 corporate 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. Barrick shares trade on the New York Stock Exchange under the symbol GOLD and the Toronto Stock Exchange under the symbol ABX. We are principally engaged in the production and sale of gold and copper, as well as related activities such as exploration and mine development. We sell our gold and copper into the world market. |
MATERIAL ACCOUNTING POLICY INFO
MATERIAL ACCOUNTING POLICY INFORMATION | 6 Months Ended |
Jun. 30, 2023 | |
Material accounting policy information [Abstract] | |
Material Accounting Policy Information | Material Accounting Policy Information 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, 2022 ("2022 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 7, 2023. b) New Accounting Standards Issued But Not Yet Effective Certain new accounting standards and interpretations have been published that are not mandatory for the current period and have not been early adopted. These standards are not expected to have a material impact on Barrick in the current or future reporting periods. |
CRITICAL JUDGMENTS, ESTIMATES,
CRITICAL JUDGMENTS, ESTIMATES, ASSUMPTIONS AND RISKS | 6 Months Ended |
Jun. 30, 2023 | |
Accounting judgements and estimates [Abstract] | |
Critical Judgements, Estimates, Assumptions and Risks | Critical Judgements, Estimates, Assumptions and RisksThe judgments, estimates, assumptions and risks discussed here reflect updates from the 2022 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 2022 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 rates. 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. In the case of closed sites, changes in estimates and assumptions are recognized immediately in the consolidated statements of income. We recorded a net decrease of $76 million (2022: $413 million net decrease) to the PER at our minesites for the three months ended June 30, 2023 and a net decrease of $38 million (2022: $439 million net decrease) for the six months ended June 30, 2023 primarily due to spending incurred during the year, partially offset by accretion. 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. b) Pascua-Lama The Pascua-Lama project received $506 million as at June 30, 2023 (December 31, 2022: $457 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 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, unless extended. In 2022, the Chilean government proposed changes to Chilean law on VAT refunds that may affect the timeframe and amount of these refunds. The proposed changes were rejected in a vote by the Lower House of Congress on March 8, 2023, and Barrick will continue to monitor the status of these proposals in the event that they are reintroduced by the Chilean government. In addition, we have recorded $23 million in VAT recoverable in Argentina as at June 30, 2023 (December 31, 2022: $31 million) relating to the development of the Argentinean side of the project. These amounts may not be fully 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 16 for further details on contingencies. d) Lagunas Norte On June 1, 2021, Barrick closed an agreement to sell its 100% interest in the Lagunas Norte gold mine in Peru to Boroo Pte Ltd (“Boroo”). As part of the terms of the transaction, Boroo assumed 50% of the $173 million reclamation bond obligations for Lagunas Norte upon closing. |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2023 | |
Revenue [abstract] | |
Revenue | Revenue For the three months ended June 30 For the six months ended June 30 2023 2022 2023 2022 Gold sales Spot market sales $2,490 $2,524 $4,816 $4,950 Concentrate sales 97 77 174 158 Provisional pricing adjustments (3) (4) 5 — $2,584 $2,597 $4,995 $5,108 Copper sales Concentrate sales $200 $263 $359 $534 Provisional pricing adjustments (11) (52) 1 (36) $189 $211 $360 $498 Other sales 1 60 51 121 106 Total $2,833 $2,859 $5,476 $5,712 |
COST OF SALES
COST OF SALES | 6 Months Ended |
Jun. 30, 2023 | |
Cost of sales [Abstract] | |
Cost of Sales | Cost of Sales Gold Copper Other 3 Total For the three months ended June 30 2023 2022 2023 2022 2023 2022 2023 2022 Site operating costs 1,2 $1,244 $1,163 $100 $76 $— $— $1,344 $1,239 Depreciation 1 413 438 59 34 8 4 480 476 Royalty expense 88 95 16 32 — — 104 127 Community relations 8 7 1 1 — — 9 8 $1,753 $1,703 $176 $143 $8 $4 $1,937 $1,850 Gold Copper Other 3 Total For the six months ended June 30 2023 2022 2023 2022 2023 2022 2023 2022 Site operating costs 1,2 $2,452 $2,231 $215 $159 $— $— $2,667 $2,390 Depreciation 1 858 857 103 72 14 7 975 936 Royalty expense 189 183 31 64 — — 220 247 Community relations 15 14 1 2 — — 16 16 $3,514 $3,285 $350 $297 $14 $7 $3,878 $3,589 1 Site operating costs and depreciation include charges to reduce the cost of inventory to net realizable value as follows: $1 million for the three months ended June 30, 2023 (2022: $31 million) and $14 million for the six months ended June 30, 2023 (2022: $31 million). 2 Site operating costs includes the costs of extracting by-products. 3 Other includes corporate amortization. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Earnings per share | Earnings Per Share For the three months ended June 30 For the six months ended June 30 2023 2022 2023 2022 Basic Diluted Basic Diluted Basic Diluted Basic Diluted Net income $502 $502 $717 $717 $771 $771 $1,423 $1,423 Net income attributable to non-controlling interests (197) (197) (229) (229) (346) (346) (497) (497) Net income attributable to equity holders of Barrick Gold Corporation $305 $305 $488 $488 $425 $425 $926 $926 Weighted average shares outstanding 1,755 1,755 1,777 1,777 1,755 1,755 1,778 1,778 Basic and diluted earnings per share data attributable to the equity holders of Barrick Gold Corporation $0.17 $0.17 $0.27 $0.27 $0.24 $0.24 $0.52 $0.52 |
OTHER EXPENSE
OTHER EXPENSE | 6 Months Ended |
Jun. 30, 2023 | |
Other expense (income) [Abstract] | |
Other Expense | Other Expense a) Other Expense (Income) For the three months ended June 30 For the six months ended June 30 2023 2022 2023 2022 Other expense: Bank charges $— $— $1 $2 Litigation 4 3 9 7 Loss (gain) on warrant investments at fair value through profit or loss ("FVPL") 3 (2) 5 (4) Porgera care and maintenance costs 13 14 30 27 Buzwagi supplies obsolescence — — — 2 Tanzania education program — — 30 — Other 8 10 14 18 Total other expense $28 $25 $89 $52 Other income: Gain on sale of non-current assets ($3) ($20) ($6) ($22) Gain on non-hedge derivatives (1) — (2) (7) Insurance proceeds related to NGM — — — (22) Interest income on other assets (6) (3) (11) (7) Other — — — (3) Total other income ($10) ($23) ($19) ($61) Total $18 $2 $70 ($9) b) Impairment Charges For the three months ended June 30 For the six months ended June 30 2023 2022 2023 2022 Impairment charges of non-current assets 1 $22 $3 $23 $5 Total $22 $3 $23 $5 1 Refer to note 12 for further details. |
INCOME TAX EXPENSE
INCOME TAX EXPENSE | 6 Months Ended |
Jun. 30, 2023 | |
Income tax [Abstract] | |
Income Tax Expense | 9 n Income Tax Expense For the three months ended June 30 For the six months ended June 30 2023 2022 2023 2022 Current $246 $206 $428 $483 Deferred 18 73 41 97 Total $264 $279 $469 $580 Income tax expense was $469 million for the six months ended June 30, 2023 (2022: $580 million). The unadjusted effective income tax rate for the six months ended June 30, 2023 was 38% of income before income taxes. The underlying effective income tax rate on ordinary income for the six months ended June 30, 2023 was 30% after adjusting for the impact of foreign currency translation losses on deferred tax balances; the impact of updates to the rehabilitation provision for our non-operating mines; the impact of non-deductible foreign exchange losses; the impact of the Porgera mine being placed on care and maintenance; the impact of the settlement agreement to resolve the tax dispute at Porgera; the impact of our commitment towards the expansion of education infrastructure in Tanzania; and the impact of other expense adjustments. Currency Translation Current and deferred tax balances are subject to remeasurement for changes in foreign currency exchange rates each period. This is required in countries where tax is paid in local currency and the subsidiary has a different functional currency (typically US dollars). The most significant balances relate to Argentine and Malian tax liabilities. In the six months ended June 30, 2023, a tax expense of $1 million (2022: $52 million tax expense) arose primarily from translation losses and gains on tax balances in Argentina and Mali due to the weakening of the Argentine peso and strengthening of the West African CFA franc, respectively, against the US dollar. These net translation losses are included within income tax expense. Withholding Taxes For the six months ended June 30, 2023, we have recorded $32 million (2022: $35 million related to Argentina and the United States) of dividend withholding taxes related to the undistributed earnings of our subsidiaries in the United States. United States Tax Reform In August 2022, President Joe Biden signed the Inflation Reduction Act (“the Act”) into law. The Act includes a 15% corporate alternative minimum tax (“CAMT”) that is imposed on applicable financial statement income (“AFSI”) and therefore would be considered in scope for IAS 12 given it is a tax on profits. The CAMT is effective for tax years beginning after December 31, 2022 and CAMT credit carryforwards have an indefinite life. Barrick is subject to CAMT because the Company meets the applicable income thresholds for a foreign-parented multi-national group. On December 27, 2022, the US Treasury Department and the US Internal Revenue Service issued initial guidance regarding the application of the CAMT. This was followed by a 60-day consultation period, and we have provided comments. We are awaiting the final US Treasury Regulations detailing the application of CAMT. For the six months ended June 30, 2023, the deferred tax asset arising from the CAMT credit carryforward has been recognized on the basis that we estimate that future regular tax will exceed tentative minimum tax on a probable basis. Nevada Gold Mines Nevada Gold Mines is a limited liability company treated as a flow through partnership for US tax purposes. The partnership is not subject to federal income tax directly, but each of its partners is liable for tax on its share of the profits of the partnership. As such, Barrick accounts for its current and deferred income tax associated with this investment (61.5% share) following the principles in IAS 12. Organization for Economic Co-operation and Development (“OECD”) Pillar Two model rules In October 2021, more than 135 jurisdictions agreed to the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting’s Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalization of the Economy. Since then, the OECD has published model rules and other documents related to the second pillar of this solution (the Pillar Two model rules). The Pillar Two model rules provide a template that jurisdictions can translate into domestic tax law and implement as part of an agreed common approach. |
CASH FLOW _ OTHER ITEMS
CASH FLOW – OTHER ITEMS | 6 Months Ended |
Jun. 30, 2023 | |
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 2023 2022 2023 2022 Adjustments for non-cash income statement items: Gain on non-hedge derivatives ($1) $— ($2) ($7) Loss (gain) on warrant investments at FVPL 3 (2) 5 (4) Tanzania education program — — 30 — Share-based compensation expense (recovery) 6 (6) 25 29 Change in estimate of rehabilitation costs at closed mines (13) (128) 9 (125) Insurance proceeds related to NGM — 22 — — Inventory impairment charges 1 24 10 24 Change in other assets and liabilities (8) (3) 30 (18) Settlement of share-based compensation — (1) (29) (46) Settlement of rehabilitation obligations (39) (32) (77) (56) Other operating activities ($51) ($126) $1 ($203) Cash flow arising from changes in: Accounts receivable ($31) $41 ($25) $68 Inventory (3) (40) (75) (80) Other current assets (61) (68) (65) (172) Accounts payable 71 42 (48) 17 Other current liabilities (21) (9) (38) 2 Change in working capital ($45) ($34) ($251) ($165) |
EQUITY ACCOUNTING METHOD INVEST
EQUITY ACCOUNTING METHOD INVESTMENT CONTINUITY | 6 Months Ended |
Jun. 30, 2023 | |
Interests in other entities [Abstract] | |
Equity Accounting Method Investment Continuity | Equity Accounting Method Investment Continuity Kibali Jabal Sayid Zaldívar Other Total At January 1, 2022 $3,267 $382 $893 $52 $4,594 Equity pick-up from equity investees 86 124 47 1 258 Dividends received from equity investees (694) (124) (50) (1) (869) At December 31, 2022 $2,659 $382 $890 $52 $3,983 Equity pick-up from equity investees 61 51 (2) 1 111 Dividends received from equity investees (37) (48) — — (85) Shareholder loan repayment — — — (5) (5) At June 30, 2023 $2,683 $385 $888 $48 $4,004 |
IMPAIRMENT OF GOODWILL AND OTHE
IMPAIRMENT OF GOODWILL AND OTHER ASSETS | 6 Months Ended |
Jun. 30, 2023 | |
Impairment of goodwill and other assets [Abstract] | |
Disclosure of impairment loss and reversal of impairment loss [text block] | 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 2022 Annual Financial Statements for further information. For the six months ended June 30, 2023, we recorded net impairment charges of $23 million (2022: $5 million net impairment charges) for non-current assets. Indicators of impairment and reversals 2023 Porgera On April 9, 2021, the Papua New Guinea ("PNG") government and Barrick Niugini Limited (“BNL”, the 95% owner and operator of the Porgera joint venture) agreed on a partnership for the future ownership and operation of the Porgera mine. Porgera has been on care and maintenance since April 2020, when the government declined to renew its special mining lease ("SML"). The financial impact will be determined once all definitive agreements, which are currently being negotiated, have been signed and implemented. We have determined that as at June 30, 2023, there is no impairment loss to recognize. The ultimate resolution of this dispute may differ from this determination and there is no certainty that the carrying value will remain recoverable. Refer to Note 16 for more information. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2023 | |
Fair value measurements [Abstract] | |
Fair Value Measurements | 13 n Fair Value Measurements a) Assets and Liabilities Measured at Fair Value on a Recurring Basis As at June 30, 2023 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Aggregate fair value (Level 1) (Level 2) (Level 3) Other investments 1 $102 $— $— $102 Receivables from provisional copper and gold sales — 216 — 216 $102 $216 $— $318 1 Includes equity investments in other mining companies. b) Fair Values of Financial Assets and Liabilities As at June 30, 2023 As at December 31, 2022 Carrying amount Estimated fair value Carrying amount Estimated fair value Financial assets Other assets 1, 5 $417 $417 $1,358 $1,358 Other investments 2 102 102 112 112 Derivative assets 3 — — 59 59 $519 $519 $1,529 $1,529 Financial liabilities Debt 4 $4,774 $4,940 $4,782 $4,922 Other liabilities 5 632 632 1,562 1,562 $5,406 $5,572 $6,344 $6,484 1 Includes restricted cash and amounts due from our partners. 2 Includes equity investments in other mining companies. Recorded at fair value. Quoted market prices are used to determine fair value. 3 2022 primarily consisted of contingent consideration received as part of the sale of Massawa and Lagunas Norte. During the first quarter of 2023, the final settlement of $46.25 million was received relating to the Massawa contingent consideration. During the second quarter of 2023, $15 million was reclassified to accounts receivable relating to the Lagunas Norte contingent consideration. 4 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. 5 2022 other assets include a restricted cash balance and other liabilities include a liability to Antofagasta plc. The restricted cash funded Antofagasta plc’s exit from the Reko Diq project, following its reconstitution in the fourth quarter of 2022. This was settled in the second quarter of 2023. The Company’s valuation techniques were presented in Note 26 of the 2022 Annual Financial Statements and have been consistently applied in these interim financial statements. |
CAPITAL STOCK
CAPITAL STOCK | 6 Months Ended |
Jun. 30, 2023 | |
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 1,755,467,937 common shares as at June 30, 2023). Our common shares have no par value. b) Dividends The Company’s practice has been to declare dividends after a quarter as part of the announcement of the results for the quarter. Dividends declared are paid in the same quarter. The Company’s dividend reinvestment plan resulted in 118,276 common shares issued to shareholders for the six months ended June 30, 2023. c) Share Buyback Program At the February 14, 2023 meeting, the Board of Directors authorized a new share buyback program for the repurchase of up to $1.0 billion of the Company’s outstanding common shares over the next 12 months. During the six months ended June 30, 2023, Barrick did not purchase any shares under this program. The actual number of common shares that may be purchased, and the timing of any such purchases, will be determined by Barrick based on a number of factors, including the Company's financial performance, the availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities, returns to shareholders, and debt reduction. |
NON-CONTROLLING INTERESTS
NON-CONTROLLING INTERESTS | 6 Months Ended |
Jun. 30, 2023 | |
Non-controlling interests [Abstract] | |
Non-controlling Interests Continuity | Non-controlling Interests Continuity Nevada Gold Mines Pueblo Viejo Tanzania Mines 1 Loulo-Gounkoto Tongon Reko Diq Other Total NCI in subsidiary at June 30, 2023 38.5 % 40 % 16 % 20 % 10.3 % 50 % Various At January 1, 2022 $6,061 $1,189 $298 $953 $29 $— ($80) $8,450 Acquisitions — — — — — 329 — 329 Share of income (loss) 633 96 35 (179) — — — 585 Disbursements (626) (157) (12) (35) (16) — — (846) At December 31, 2022 $6,068 $1,128 $321 $739 $13 $329 ($80) $8,518 Share of income (loss) 262 40 15 35 4 (10) — 346 Cash contributed — — — — — 10 — 10 Disbursements (156) (40) — (28) (4) — — (228) At June 30, 2023 $6,174 $1,128 $336 $746 $13 $329 ($80) $8,646 1 Tanzania mines consist of the two operating mines, North Mara and Bulyanhulu. |
CONTINGENCIES
CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
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 35 “Contingencies” to the 2022 Annual Financial Statements, and no new contingencies have occurred that are material to the Company since the issuance of the 2022 Annual Financial Statements. The description set out below should be read in conjunction with Note 35 “Contingencies” to the 2022 Annual Financial Statements. Litigation and Claims Update Proposed Canadian Securities Class Actions (Pascua-Lama) In the Quebec proceeding, neither Barrick nor the proposed representative Plaintiff sought leave to appeal from the decision issued by the Quebec Court of Appeal on December 19, 2022. As a result, the matter has been returned to the Superior Court of Quebec. On March 20, 2023, the Superior Court issued an Order suspending certain deadlines for a period of three months on consent of the parties, and this extension was subsequently extended until mid-November 2023 on consent of the parties. In the Ontario proceeding, the Plaintiffs’ appeal from the dismissal of certain statutory secondary market claims remains pending. The hearing of the appeal has been scheduled for December 13, 2023. Writ of Kalikasan On February 14 and March 31, 2023, the Court granted additional 60-day extensions of the suspension of the proceedings to allow for court-annexed mediation to continue. On May 31, 2023, the Court granted another 60-day extension until July 16, 2023. On July 14, 2023, the parties filed a joint motion for an additional extension. Porgera Special Mining Lease On March 31, 2023, the State of PNG, BNL and New Porgera Limited, the new Porgera joint venture company, entered into the New Porgera Progress Agreement, which confirmed that all parties are committed to reopening the mine in line with the terms of the Commencement Agreement and the Shareholders’ Agreement, both of which were concluded in 2022. On June 13, 2023, in accordance with the Commencement Agreement, New Porgera Limited lodged an application with the Mineral Resources Authority for a new SML. The application is now subject to a review process under the PNG Mining Act. The parties to the Commencement Agreement are continuing to progress the other conditions for the reopening of the mine. Porgera Tax Audits On June 20, 2023, the Internal Revenue Commission, the Commissioner General, Barrick and BNL entered into a settlement agreement to resolve the tax dispute. The resolution of this tax dispute satisfies one of the conditions to the reopening of the Porgera mine under the Commencement Agreement, and has allowed the parties to work toward the reopening of the mine by the end of 2023. North Mara - Ontario Litigation In May 2023, Barrick filed a motion to dismiss or permanently stay the Ontario action on the grounds that the Ontario Superior Court of Justice lacks jurisdiction and that Tanzania is a more appropriate forum in which to litigate this matter. The hearing of the motion has been scheduled for October 2024. Kibali Customs Dispute The Company is continuing to engage in discussions with the Customs Authority and Ministry of Finance regarding the customs claims and in this regard on March 26, 2023, the parties agreed to settle one of the Customs Authority claims concerning historic export duties. Discussions to resolve the remaining customs claims are ongoing. A formal reassessment notice has not yet been issued by the Customs Authority with respect to these claims. Zaldívar Water Claims |
MATERIAL ACCOUNTING POLICY IN_2
MATERIAL ACCOUNTING POLICY INFORMATION (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Material accounting policy information [Abstract] | |
Statement of Compliance | Statement of ComplianceThese 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, 2022 ("2022 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 7, 2023. |
New Accounting Standards Issued But Not Yet Effective | New Accounting Standards Issued But Not Yet EffectiveCertain new accounting standards and interpretations have been published that are not mandatory for the current period and have not been early adopted. These standards are not expected to have a material impact on Barrick in the current or future reporting periods. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Operating segments [Abstract] | |
Schedules of segment information | Consolidated Statement of Income Information Cost of Sales For the three months ended June 30, 2023 Revenue Site operating costs, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Carlin 2 $779 $404 $91 $7 $2 $275 Cortez 2 359 178 67 5 1 108 Turquoise Ridge 2 232 129 43 2 — 58 Pueblo Viejo 2 258 117 60 1 3 77 Loulo-Gounkoto 2 344 139 60 2 4 139 Kibali 172 70 41 — 1 60 Lumwana 189 117 59 10 3 — North Mara 2 149 72 19 — 7 51 Bulyanhulu 2 119 56 15 — 1 47 Other Mines 2 392 245 56 2 16 73 Reportable segment total $2,993 $1,527 $511 $29 $38 $888 Share of equity investees (172) (70) (41) — (1) (60) Segment total $2,821 $1,457 $470 $29 $37 $828 Consolidated Statement of Income Information Cost of Sales For the three months ended June 30, 2022 Revenue Site operating costs, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Carlin 2 $748 $371 $80 $5 $3 $289 Cortez 2 284 131 48 4 1 100 Turquoise Ridge 2 232 117 44 4 — 67 Pueblo Viejo 2 318 136 60 12 4 106 Loulo-Gounkoto 2 331 129 64 1 5 132 Kibali 145 57 33 1 5 49 Lumwana 211 109 33 2 5 62 North Mara 2 149 60 23 1 (1) 66 Bulyanhulu 2 118 57 14 — 5 42 Other Mines 2 429 258 108 3 12 48 Reportable segment total $2,965 $1,425 $507 $33 $39 $961 Share of equity investees (145) (57) (33) (1) (5) (49) Segment total $2,820 $1,368 $474 $32 $34 $912 Consolidated Statement of Income Information Cost of Sales For the six months ended June 30, 2023 Revenue Site operating costs, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Carlin 2 $1,290 $734 $154 $15 $4 $383 Cortez 2 784 382 158 7 3 234 Turquoise Ridge 2 486 268 93 3 — 122 Pueblo Viejo 2 549 237 124 2 4 182 Loulo-Gounkoto 2 665 283 131 2 5 244 Kibali 299 136 66 — 4 93 Lumwana 360 247 103 17 5 (12) North Mara 2 307 136 38 — 26 107 Bulyanhulu 2 230 114 31 — 17 68 Other Mines 2 786 496 127 4 36 123 Reportable segment total $5,756 $3,033 $1,025 $50 $104 $1,544 Share of equity investees (299) (136) (66) — (4) (93) Segment total $5,457 $2,897 $959 $50 $100 $1,451 Consolidated Statement of Income Information Cost of Sales For the six months ended June 30, 2022 Revenue Site operating costs, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Carlin 2 $1,455 $681 $149 $7 ($18) $636 Cortez 2 648 283 110 6 1 248 Turquoise Ridge 2 427 224 86 4 1 112 Pueblo Viejo 2 656 265 118 14 5 254 Loulo-Gounkoto 2 653 252 127 3 7 264 Kibali 282 112 61 4 15 90 Lumwana 498 225 71 2 5 195 North Mara 2 280 110 33 2 — 135 Bulyanhulu 2 249 119 31 — 6 93 Other Mines 2 822 485 202 6 30 99 Reportable segment total $5,970 $2,756 $988 $48 $52 $2,126 Share of equity investees (282) (112) (61) (4) (15) (90) Segment total $5,688 $2,644 $927 $44 $37 $2,036 1 Includes accretion expense, which is included within finance costs in the consolidated statement of income. For the three months ended June 30, 2023, accretion expense was $12 million (2022: $9 million) and for the six months ended June 30, 2023, accretion expense was $24 million (2022: $16 million). 2 Includes non-controlling interest portion of revenues, cost of sales and segment income for the three months ended June 30, 2023 for Nevada Gold Mines $578 million, $390 million, $179 million (2022: $549 million, $354 million, $189 million), Pueblo Viejo $105 million, $70 million, $35 million (2022: $130 million, $78 million, $47 million), Loulo-Gounkoto $69 million, $40 million, $28 million (2022: $67 million, $39 million, $27 million), North Mara and Bulyanhulu $43 million, $26 million, $17 million (2022: $43 million, $25 million, $17 million), and Tongon $11 million, $7 million, $2 million (2022: $9 million, $9 million, $(1) million) and for the six months ended June 30, 2023 for Nevada Gold Mines $1,083 million, $769 million, $299 million (2022: $1,105 million, $687 million, $417 million), Pueblo Viejo $221 million, $143 million, $77 million (2022: $265 million, $153 million, $106 million), Loulo-Gounkoto $133 million, $83 million, $50 million (2022: $131 million, $76 million, $54 million), North Mara and Bulyanhulu $86 million, $51 million, $29 million (2022: $85 million, $47 million, $36 million) and Tongon $22 million, $16 million, $5 million (2022: $17 million, $18 million, $(2) million), respectively. Reconciliation of Segment Income to Income Before Income Taxes For the three months ended June 30 For the six months ended June 30 2023 2022 2023 2022 Segment income $828 $912 $1,451 $2,036 Other revenue 12 39 19 24 Other cost of sales/amortization (10) (8) (22) (18) Exploration, evaluation and project expenses not attributable to segments (72) (68) (122) (123) General and administrative expenses (28) (30) (67) (84) Other income not attributable to segments 6 23 4 23 Impairment charges (22) (3) (23) (5) Gain (loss) on currency translation 12 (6) (26) (9) Closed mine rehabilitation 13 128 (9) 125 Income from equity investees 58 89 111 188 Finance costs, net (includes non-segment accretion) (32) (80) (78) (161) Gain on non-hedge derivatives 1 — 2 7 Income before income taxes $766 $996 $1,240 $2,003 Capital Expenditures Information Segment capital expenditures 1 For the three months ended June 30 For the six months ended June 30 2023 2022 2023 2022 Carlin $143 $130 $263 $247 Cortez 115 126 201 219 Turquoise Ridge 23 44 50 86 Pueblo Viejo 119 150 246 294 Loulo-Gounkoto 91 82 195 144 Kibali 25 21 44 38 Lumwana 72 78 124 135 North Mara 45 35 85 57 Bulyanhulu 23 23 43 35 Other Mines 54 67 115 125 Reportable segment total $710 $756 $1,366 $1,380 Other items not allocated to segments 92 29 133 63 Total $802 $785 $1,499 $1,443 Share of equity investees (25) (21) (44) (38) Total $777 $764 $1,455 $1,405 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, 2023, cash expenditures were $769 million (2022: $755 million) and the increase in accrued expenditures was $8 million (2022: $9 million increase). For the six months ended June 30, 2023, cash expenditures were $1,457 million (2022: $1,366 million) and the decrease in accrued expenditures was $2 million (2022: $39 million increase). Lumwana Cost of Sales For the year ended Revenue Site operating costs, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Capital Expenditures December 31, 2022 $868 $443 $223 $11 $11 $180 $380 December 31, 2021 $962 $373 $197 $— $1 $391 $222 |
REVENUE (Tables)
REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue [abstract] | |
Schedule of revenue by type | For the three months ended June 30 For the six months ended June 30 2023 2022 2023 2022 Gold sales Spot market sales $2,490 $2,524 $4,816 $4,950 Concentrate sales 97 77 174 158 Provisional pricing adjustments (3) (4) 5 — $2,584 $2,597 $4,995 $5,108 Copper sales Concentrate sales $200 $263 $359 $534 Provisional pricing adjustments (11) (52) 1 (36) $189 $211 $360 $498 Other sales 1 60 51 121 106 Total $2,833 $2,859 $5,476 $5,712 |
COST OF SALES (Tables)
COST OF SALES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Cost of sales [Abstract] | |
Schedule of cost of sales | Gold Copper Other 3 Total For the three months ended June 30 2023 2022 2023 2022 2023 2022 2023 2022 Site operating costs 1,2 $1,244 $1,163 $100 $76 $— $— $1,344 $1,239 Depreciation 1 413 438 59 34 8 4 480 476 Royalty expense 88 95 16 32 — — 104 127 Community relations 8 7 1 1 — — 9 8 $1,753 $1,703 $176 $143 $8 $4 $1,937 $1,850 Gold Copper Other 3 Total For the six months ended June 30 2023 2022 2023 2022 2023 2022 2023 2022 Site operating costs 1,2 $2,452 $2,231 $215 $159 $— $— $2,667 $2,390 Depreciation 1 858 857 103 72 14 7 975 936 Royalty expense 189 183 31 64 — — 220 247 Community relations 15 14 1 2 — — 16 16 $3,514 $3,285 $350 $297 $14 $7 $3,878 $3,589 1 Site operating costs and depreciation include charges to reduce the cost of inventory to net realizable value as follows: $1 million for the three months ended June 30, 2023 (2022: $31 million) and $14 million for the six months ended June 30, 2023 (2022: $31 million). 2 Site operating costs includes the costs of extracting by-products. 3 Other includes corporate amortization. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Schedule of earnings per share | For the three months ended June 30 For the six months ended June 30 2023 2022 2023 2022 Basic Diluted Basic Diluted Basic Diluted Basic Diluted Net income $502 $502 $717 $717 $771 $771 $1,423 $1,423 Net income attributable to non-controlling interests (197) (197) (229) (229) (346) (346) (497) (497) Net income attributable to equity holders of Barrick Gold Corporation $305 $305 $488 $488 $425 $425 $926 $926 Weighted average shares outstanding 1,755 1,755 1,777 1,777 1,755 1,755 1,778 1,778 Basic and diluted earnings per share data attributable to the equity holders of Barrick Gold Corporation $0.17 $0.17 $0.27 $0.27 $0.24 $0.24 $0.52 $0.52 |
OTHER EXPENSE (Tables)
OTHER EXPENSE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other expense (income) [Abstract] | |
Schedule of other expense (income) | a) Other Expense (Income) For the three months ended June 30 For the six months ended June 30 2023 2022 2023 2022 Other expense: Bank charges $— $— $1 $2 Litigation 4 3 9 7 Loss (gain) on warrant investments at fair value through profit or loss ("FVPL") 3 (2) 5 (4) Porgera care and maintenance costs 13 14 30 27 Buzwagi supplies obsolescence — — — 2 Tanzania education program — — 30 — Other 8 10 14 18 Total other expense $28 $25 $89 $52 Other income: Gain on sale of non-current assets ($3) ($20) ($6) ($22) Gain on non-hedge derivatives (1) — (2) (7) Insurance proceeds related to NGM — — — (22) Interest income on other assets (6) (3) (11) (7) Other — — — (3) Total other income ($10) ($23) ($19) ($61) Total $18 $2 $70 ($9) b) Impairment Charges For the three months ended June 30 For the six months ended June 30 2023 2022 2023 2022 Impairment charges of non-current assets 1 $22 $3 $23 $5 Total $22 $3 $23 $5 1 Refer to note 12 for further details. |
INCOME TAX EXPENSE (Tables)
INCOME TAX EXPENSE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Income tax [Abstract] | |
Schedule of income tax expense (recovery) | For the three months ended June 30 For the six months ended June 30 2023 2022 2023 2022 Current $246 $206 $428 $483 Deferred 18 73 41 97 Total $264 $279 $469 $580 |
CASH FLOW _ OTHER ITEMS (Tables
CASH FLOW – OTHER ITEMS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Cash flow statement [Abstract] | |
Schedule of cash flow - other items | Operating Cash Flows – Other Items For the three months ended June 30 For the six months ended June 30 2023 2022 2023 2022 Adjustments for non-cash income statement items: Gain on non-hedge derivatives ($1) $— ($2) ($7) Loss (gain) on warrant investments at FVPL 3 (2) 5 (4) Tanzania education program — — 30 — Share-based compensation expense (recovery) 6 (6) 25 29 Change in estimate of rehabilitation costs at closed mines (13) (128) 9 (125) Insurance proceeds related to NGM — 22 — — Inventory impairment charges 1 24 10 24 Change in other assets and liabilities (8) (3) 30 (18) Settlement of share-based compensation — (1) (29) (46) Settlement of rehabilitation obligations (39) (32) (77) (56) Other operating activities ($51) ($126) $1 ($203) Cash flow arising from changes in: Accounts receivable ($31) $41 ($25) $68 Inventory (3) (40) (75) (80) Other current assets (61) (68) (65) (172) Accounts payable 71 42 (48) 17 Other current liabilities (21) (9) (38) 2 Change in working capital ($45) ($34) ($251) ($165) |
EQUITY ACCOUNTING METHOD INVE_2
EQUITY ACCOUNTING METHOD INVESTMENT CONTINUITY (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Interests in other entities [Abstract] | |
Schedules of equity accounting method investments | Kibali Jabal Sayid Zaldívar Other Total At January 1, 2022 $3,267 $382 $893 $52 $4,594 Equity pick-up from equity investees 86 124 47 1 258 Dividends received from equity investees (694) (124) (50) (1) (869) At December 31, 2022 $2,659 $382 $890 $52 $3,983 Equity pick-up from equity investees 61 51 (2) 1 111 Dividends received from equity investees (37) (48) — — (85) Shareholder loan repayment — — — (5) (5) At June 30, 2023 $2,683 $385 $888 $48 $4,004 |
FAIR VALUE MEASUREMENTS FAIR VA
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair value measurements [Abstract] | |
Schedule of fair value measurements | a) Assets and Liabilities Measured at Fair Value on a Recurring Basis As at June 30, 2023 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Aggregate fair value (Level 1) (Level 2) (Level 3) Other investments 1 $102 $— $— $102 Receivables from provisional copper and gold sales — 216 — 216 $102 $216 $— $318 1 Includes equity investments in other mining companies. b) Fair Values of Financial Assets and Liabilities As at June 30, 2023 As at December 31, 2022 Carrying amount Estimated fair value Carrying amount Estimated fair value Financial assets Other assets 1, 5 $417 $417 $1,358 $1,358 Other investments 2 102 102 112 112 Derivative assets 3 — — 59 59 $519 $519 $1,529 $1,529 Financial liabilities Debt 4 $4,774 $4,940 $4,782 $4,922 Other liabilities 5 632 632 1,562 1,562 $5,406 $5,572 $6,344 $6,484 1 Includes restricted cash and amounts due from our partners. 2 Includes equity investments in other mining companies. Recorded at fair value. Quoted market prices are used to determine fair value. 3 2022 primarily consisted of contingent consideration received as part of the sale of Massawa and Lagunas Norte. During the first quarter of 2023, the final settlement of $46.25 million was received relating to the Massawa contingent consideration. During the second quarter of 2023, $15 million was reclassified to accounts receivable relating to the Lagunas Norte contingent consideration. 4 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. |
NON-CONTROLLING INTERESTS (Tabl
NON-CONTROLLING INTERESTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Non-controlling interests [Abstract] | |
Schedule of non-controlling interest | Nevada Gold Mines Pueblo Viejo Tanzania Mines 1 Loulo-Gounkoto Tongon Reko Diq Other Total NCI in subsidiary at June 30, 2023 38.5 % 40 % 16 % 20 % 10.3 % 50 % Various At January 1, 2022 $6,061 $1,189 $298 $953 $29 $— ($80) $8,450 Acquisitions — — — — — 329 — 329 Share of income (loss) 633 96 35 (179) — — — 585 Disbursements (626) (157) (12) (35) (16) — — (846) At December 31, 2022 $6,068 $1,128 $321 $739 $13 $329 ($80) $8,518 Share of income (loss) 262 40 15 35 4 (10) — 346 Cash contributed — — — — — 10 — 10 Disbursements (156) (40) — (28) (4) — — (228) At June 30, 2023 $6,174 $1,128 $336 $746 $13 $329 ($80) $8,646 1 Tanzania mines consist of the two operating mines, North Mara and Bulyanhulu. |
CRITICAL JUDGMENTS, ESTIMATES_2
CRITICAL JUDGMENTS, ESTIMATES, ASSUMPTIONS AND RISKS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jun. 01, 2022 | Jun. 01, 2021 | |
Lagunas Norte [Member] | |||||||
Disclosure of detailed information about accounting judgments and estimates [Line Items] | |||||||
Proportion of reclamation bond obligations assumed by Boroo Pte Ltd. | 50% | 50% | |||||
Provision for decommissioning, restoration and rehabilitation costs | $ 173 | ||||||
Proportion of ownership interest sold | 100% | ||||||
Chile | Pascua-Lama [Member] | |||||||
Disclosure of detailed information about accounting judgments and estimates [Line Items] | |||||||
Receipts from value added tax refunds | $ 506 | $ 506 | $ 457 | ||||
Revenue, performance obligation | 3,538 | 3,538 | |||||
Argentina | Pascua-Lama [Member] | |||||||
Disclosure of detailed information about accounting judgments and estimates [Line Items] | |||||||
Value added tax receivables | 23 | 23 | $ 31 | ||||
Provision for decommissioning, restoration and rehabilitation costs [member] | |||||||
Disclosure of detailed information about accounting judgments and estimates [Line Items] | |||||||
Increase (decrease) in other provisions | $ 76 | $ 413 | $ 38 | $ 439 |
SEGMENT INFORMATION Narrative (
SEGMENT INFORMATION Narrative (Details) | Jun. 30, 2023 minesite |
Operating segments [Abstract] | |
Number of minesite locations | 18 |
Number of gold mines | 8 |
SEGMENT INFORMATION - Consolida
SEGMENT INFORMATION - Consolidated Statements of Income Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | ||||||
Revenue (notes 4 and 5) | $ 2,833 | $ 2,859 | $ 5,476 | $ 5,712 | ||
Depreciation | 480 | 476 | 975 | 936 | ||
Exploration, evaluation and project expenses | 101 | 100 | 172 | 167 | ||
Other expenses (income) | 18 | 2 | 70 | (9) | ||
Segment income | 766 | 996 | 1,240 | 2,003 | ||
Profit (loss), attributable to non-controlling interests | 197 | 229 | 346 | 497 | ||
Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Segment income | 828 | 912 | 1,451 | 2,036 | ||
Operating segments | Carlin [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue (notes 4 and 5) | 779 | 748 | 1,290 | 1,455 | ||
Site operating costs, royalties and community relations | 404 | 371 | 734 | 681 | ||
Depreciation | 91 | 80 | 154 | 149 | ||
Exploration, evaluation and project expenses | 7 | 5 | 15 | 7 | ||
Other expenses (income) | 2 | 3 | 4 | (18) | ||
Segment income | 275 | 289 | 383 | 636 | ||
Operating segments | Cortez [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue (notes 4 and 5) | 359 | 284 | 784 | 648 | ||
Site operating costs, royalties and community relations | 178 | 131 | 382 | 283 | ||
Depreciation | 67 | 48 | 158 | 110 | ||
Exploration, evaluation and project expenses | 5 | 4 | 7 | 6 | ||
Other expenses (income) | 1 | 1 | 3 | 1 | ||
Segment income | 108 | 100 | 234 | 248 | ||
Operating segments | Turquoise Ridge | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue (notes 4 and 5) | 232 | 232 | 486 | 427 | ||
Site operating costs, royalties and community relations | 129 | 117 | 268 | 224 | ||
Depreciation | 43 | 44 | 93 | 86 | ||
Exploration, evaluation and project expenses | 2 | 4 | 3 | 4 | ||
Other expenses (income) | 0 | 0 | 0 | 1 | ||
Segment income | 58 | 67 | 122 | 112 | ||
Operating segments | Pueblo Viejo | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue (notes 4 and 5) | 258 | 318 | 549 | 656 | ||
Site operating costs, royalties and community relations | 117 | 136 | 237 | 265 | ||
Depreciation | 60 | 60 | 124 | 118 | ||
Exploration, evaluation and project expenses | 1 | 12 | 2 | 14 | ||
Other expenses (income) | 3 | 4 | 4 | 5 | ||
Segment income | 77 | 106 | 182 | 254 | ||
Revenue, attributable to non-controlling interests | 105 | 130 | 221 | 265 | ||
Cost of sales, attributable to non-controlling interests | 70 | 78 | 143 | 153 | ||
Profit (loss), attributable to non-controlling interests | 35 | 47 | 77 | 106 | ||
Operating segments | Loulo-Gounkoto [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue (notes 4 and 5) | 344 | 331 | 665 | 653 | ||
Site operating costs, royalties and community relations | 139 | 129 | 283 | 252 | ||
Depreciation | 60 | 64 | 131 | 127 | ||
Exploration, evaluation and project expenses | 2 | 1 | 2 | 3 | ||
Other expenses (income) | 4 | 5 | 5 | 7 | ||
Segment income | 139 | 132 | 244 | 264 | ||
Revenue, attributable to non-controlling interests | 69 | 67 | 133 | 131 | ||
Cost of sales, attributable to non-controlling interests | 40 | 39 | 83 | 76 | ||
Profit (loss), attributable to non-controlling interests | 28 | 27 | 50 | 54 | ||
Operating segments | Kibali [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue (notes 4 and 5) | 172 | 145 | 299 | 282 | ||
Site operating costs, royalties and community relations | 70 | 57 | 136 | 112 | ||
Depreciation | 41 | 33 | 66 | 61 | ||
Exploration, evaluation and project expenses | 0 | 1 | 0 | 4 | ||
Other expenses (income) | 1 | 5 | 4 | 15 | ||
Segment income | 60 | 49 | 93 | 90 | ||
Operating segments | Lumwana | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue (notes 4 and 5) | 189 | 211 | 360 | 498 | $ 868 | $ 962 |
Site operating costs, royalties and community relations | 117 | 109 | 247 | 225 | 443 | 373 |
Depreciation | 59 | 33 | 103 | 71 | 223 | 197 |
Exploration, evaluation and project expenses | 10 | 2 | 17 | 2 | 11 | 0 |
Other expenses (income) | 3 | 5 | 5 | 5 | 11 | 1 |
Segment income | 0 | 62 | (12) | 195 | $ 180 | $ 391 |
Operating segments | North Mara [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue (notes 4 and 5) | 149 | 149 | 307 | 280 | ||
Site operating costs, royalties and community relations | 72 | 60 | 136 | 110 | ||
Depreciation | 19 | 23 | 38 | 33 | ||
Exploration, evaluation and project expenses | 0 | 1 | 0 | 2 | ||
Other expenses (income) | 7 | (1) | 26 | 0 | ||
Segment income | 51 | 66 | 107 | 135 | ||
Operating segments | Bulyanhulu [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue (notes 4 and 5) | 119 | 118 | 230 | 249 | ||
Site operating costs, royalties and community relations | 56 | 57 | 114 | 119 | ||
Depreciation | 15 | 14 | 31 | 31 | ||
Exploration, evaluation and project expenses | 0 | 0 | 0 | 0 | ||
Other expenses (income) | 1 | 5 | 17 | 6 | ||
Segment income | 47 | 42 | 68 | 93 | ||
Operating segments | Other | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue (notes 4 and 5) | 392 | 429 | 786 | 822 | ||
Site operating costs, royalties and community relations | 245 | 258 | 496 | 485 | ||
Depreciation | 56 | 108 | 127 | 202 | ||
Exploration, evaluation and project expenses | 2 | 3 | 4 | 6 | ||
Other expenses (income) | 16 | 12 | 36 | 30 | ||
Segment income | 73 | 48 | 123 | 99 | ||
Operating segments | Reportable segments [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue (notes 4 and 5) | 2,993 | 2,965 | 5,756 | 5,970 | ||
Site operating costs, royalties and community relations | 1,527 | 1,425 | 3,033 | 2,756 | ||
Depreciation | 511 | 507 | 1,025 | 988 | ||
Exploration, evaluation and project expenses | 29 | 33 | 50 | 48 | ||
Other expenses (income) | 38 | 39 | 104 | 52 | ||
Segment income | 888 | 961 | 1,544 | 2,126 | ||
Operating segments | Segment total [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue (notes 4 and 5) | 2,821 | 2,820 | 5,457 | 5,688 | ||
Site operating costs, royalties and community relations | 1,457 | 1,368 | 2,897 | 2,644 | ||
Depreciation | 470 | 474 | 959 | 927 | ||
Exploration, evaluation and project expenses | 29 | 32 | 50 | 44 | ||
Other expenses (income) | 37 | 34 | 100 | 37 | ||
Segment income | 828 | 912 | 1,451 | 2,036 | ||
Accretion expense | 12 | 9 | 24 | 16 | ||
Operating segments | Nevada Gold Mines [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue, attributable to non-controlling interests | 578 | 549 | 1,083 | 1,105 | ||
Cost of sales, attributable to non-controlling interests | 390 | 354 | 769 | 687 | ||
Profit (loss), attributable to non-controlling interests | 179 | 189 | 299 | 417 | ||
Operating segments | North Mara and Bulyanhulu [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue, attributable to non-controlling interests | 43 | 43 | 86 | 85 | ||
Cost of sales, attributable to non-controlling interests | 26 | 25 | 51 | 47 | ||
Profit (loss), attributable to non-controlling interests | 17 | 17 | 29 | 36 | ||
Operating segments | Tongon [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue, attributable to non-controlling interests | 11 | 9 | 22 | 17 | ||
Cost of sales, attributable to non-controlling interests | 7 | 9 | 16 | 18 | ||
Profit (loss), attributable to non-controlling interests | 2 | (1) | 5 | (2) | ||
Material reconciling items [member] | Kibali [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue (notes 4 and 5) | (172) | (145) | (299) | (282) | ||
Site operating costs, royalties and community relations | (70) | (57) | (136) | (112) | ||
Depreciation | (41) | (33) | (66) | (61) | ||
Exploration, evaluation and project expenses | 0 | (1) | 0 | (4) | ||
Other expenses (income) | (1) | (5) | (4) | (15) | ||
Segment income | $ (60) | $ (49) | $ (93) | $ (90) |
SEGMENT INFORMATION - Reconcili
SEGMENT INFORMATION - Reconciliation of Segment Income to Income Before Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reconciliation of Segment Income to Income Before Income Taxes | ||||
Segment income | $ 766 | $ 996 | $ 1,240 | $ 2,003 |
Revenue | 2,833 | 2,859 | 5,476 | 5,712 |
Other cost of sales/amortization | (1,937) | (1,850) | (3,878) | (3,589) |
Exploration, evaluation and project expenses not attributable to segments | (101) | (100) | (172) | (167) |
General and administrative expenses | (28) | (30) | (67) | (84) |
Other income not attributable to segments | (18) | (2) | (70) | 9 |
Impairment charges | (22) | (3) | (23) | (5) |
Gain (loss) on currency translation | 12 | (6) | (26) | (9) |
Closed mine rehabilitation | 13 | 128 | (9) | 125 |
Income from equity investees | 58 | 89 | 111 | 188 |
Finance costs, net (includes non-segment accretion) | (44) | (89) | (102) | (177) |
Gain on non-hedge derivatives | 1 | 0 | 2 | 7 |
Operating segments [member] | ||||
Reconciliation of Segment Income to Income Before Income Taxes | ||||
Segment income | 828 | 912 | 1,451 | 2,036 |
Other items not allocated to segments | ||||
Reconciliation of Segment Income to Income Before Income Taxes | ||||
Revenue | 12 | 39 | 19 | 24 |
Other cost of sales/amortization | (10) | (8) | (22) | (18) |
Exploration, evaluation and project expenses not attributable to segments | (72) | (68) | (122) | (123) |
General and administrative expenses | (28) | (30) | (67) | (84) |
Other income not attributable to segments | 6 | 23 | 4 | 23 |
Impairment charges | (22) | (3) | (23) | (5) |
Gain (loss) on currency translation | 12 | (6) | (26) | (9) |
Closed mine rehabilitation | 13 | 128 | (9) | 125 |
Income from equity investees | 58 | 89 | 111 | 188 |
Finance costs, net (includes non-segment accretion) | (32) | (80) | (78) | (161) |
Gain on non-hedge derivatives | $ 1 | $ 0 | $ 2 | $ 7 |
SEGMENT INFORMATION - Capital E
SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | ||||||
Capital expenditures | $ 777 | $ 764 | $ 1,455 | $ 1,405 | ||
Cash capital expenditures | 769 | 755 | 1,457 | 1,366 | ||
Increase (decrease) in accrued capital expenditures | (8) | (9) | 2 | (39) | ||
Purchase obligation for supplies and consumables | 1,644 | 1,644 | $ 1,753 | |||
Capital commitments | 472 | 472 | 399 | |||
Revenue | 2,833 | 2,859 | 5,476 | 5,712 | ||
Depreciation expense | 480 | 476 | 975 | 936 | ||
Exploration, evaluation and project expenses | 101 | 100 | 172 | 167 | ||
Other expense (income) (note 8a) | 18 | 2 | 70 | (9) | ||
Segment income | 766 | 996 | 1,240 | 2,003 | ||
Reportable segments [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Capital expenditures | 802 | 785 | 1,499 | 1,443 | ||
Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Capital expenditures | 710 | 756 | 1,366 | 1,380 | ||
Segment income | 828 | 912 | 1,451 | 2,036 | ||
Operating segments | Carlin [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Capital expenditures | 143 | 130 | 263 | 247 | ||
Revenue | 779 | 748 | 1,290 | 1,455 | ||
Site operating costs, royalties and community relations | 404 | 371 | 734 | 681 | ||
Depreciation expense | 91 | 80 | 154 | 149 | ||
Exploration, evaluation and project expenses | 7 | 5 | 15 | 7 | ||
Other expense (income) (note 8a) | 2 | 3 | 4 | (18) | ||
Segment income | 275 | 289 | 383 | 636 | ||
Operating segments | Cortez [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Capital expenditures | 115 | 126 | 201 | 219 | ||
Revenue | 359 | 284 | 784 | 648 | ||
Site operating costs, royalties and community relations | 178 | 131 | 382 | 283 | ||
Depreciation expense | 67 | 48 | 158 | 110 | ||
Exploration, evaluation and project expenses | 5 | 4 | 7 | 6 | ||
Other expense (income) (note 8a) | 1 | 1 | 3 | 1 | ||
Segment income | 108 | 100 | 234 | 248 | ||
Operating segments | Turquoise Ridge | ||||||
Disclosure of operating segments [line items] | ||||||
Capital expenditures | 23 | 44 | 50 | 86 | ||
Revenue | 232 | 232 | 486 | 427 | ||
Site operating costs, royalties and community relations | 129 | 117 | 268 | 224 | ||
Depreciation expense | 43 | 44 | 93 | 86 | ||
Exploration, evaluation and project expenses | 2 | 4 | 3 | 4 | ||
Other expense (income) (note 8a) | 0 | 0 | 0 | 1 | ||
Segment income | 58 | 67 | 122 | 112 | ||
Operating segments | Pueblo Viejo | ||||||
Disclosure of operating segments [line items] | ||||||
Capital expenditures | 119 | 150 | 246 | 294 | ||
Revenue | 258 | 318 | 549 | 656 | ||
Site operating costs, royalties and community relations | 117 | 136 | 237 | 265 | ||
Depreciation expense | 60 | 60 | 124 | 118 | ||
Exploration, evaluation and project expenses | 1 | 12 | 2 | 14 | ||
Other expense (income) (note 8a) | 3 | 4 | 4 | 5 | ||
Segment income | 77 | 106 | 182 | 254 | ||
Operating segments | Loulo-Gounkoto [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Capital expenditures | 91 | 82 | 195 | 144 | ||
Revenue | 344 | 331 | 665 | 653 | ||
Site operating costs, royalties and community relations | 139 | 129 | 283 | 252 | ||
Depreciation expense | 60 | 64 | 131 | 127 | ||
Exploration, evaluation and project expenses | 2 | 1 | 2 | 3 | ||
Other expense (income) (note 8a) | 4 | 5 | 5 | 7 | ||
Segment income | 139 | 132 | 244 | 264 | ||
Operating segments | Kibali [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Capital expenditures | 25 | 21 | 44 | 38 | ||
Revenue | 172 | 145 | 299 | 282 | ||
Site operating costs, royalties and community relations | 70 | 57 | 136 | 112 | ||
Depreciation expense | 41 | 33 | 66 | 61 | ||
Exploration, evaluation and project expenses | 0 | 1 | 0 | 4 | ||
Other expense (income) (note 8a) | 1 | 5 | 4 | 15 | ||
Segment income | 60 | 49 | 93 | 90 | ||
Operating segments | Lumwana | ||||||
Disclosure of operating segments [line items] | ||||||
Capital expenditures | 72 | 78 | 124 | 135 | 380 | $ 222 |
Revenue | 189 | 211 | 360 | 498 | 868 | 962 |
Site operating costs, royalties and community relations | 117 | 109 | 247 | 225 | 443 | 373 |
Depreciation expense | 59 | 33 | 103 | 71 | 223 | 197 |
Exploration, evaluation and project expenses | 10 | 2 | 17 | 2 | 11 | 0 |
Other expense (income) (note 8a) | 3 | 5 | 5 | 5 | 11 | 1 |
Segment income | 0 | 62 | (12) | 195 | $ 180 | $ 391 |
Operating segments | North Mara [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Capital expenditures | 45 | 35 | 85 | 57 | ||
Revenue | 149 | 149 | 307 | 280 | ||
Site operating costs, royalties and community relations | 72 | 60 | 136 | 110 | ||
Depreciation expense | 19 | 23 | 38 | 33 | ||
Exploration, evaluation and project expenses | 0 | 1 | 0 | 2 | ||
Other expense (income) (note 8a) | 7 | (1) | 26 | 0 | ||
Segment income | 51 | 66 | 107 | 135 | ||
Operating segments | Bulyanhulu [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Capital expenditures | 23 | 23 | 43 | 35 | ||
Revenue | 119 | 118 | 230 | 249 | ||
Site operating costs, royalties and community relations | 56 | 57 | 114 | 119 | ||
Depreciation expense | 15 | 14 | 31 | 31 | ||
Exploration, evaluation and project expenses | 0 | 0 | 0 | 0 | ||
Other expense (income) (note 8a) | 1 | 5 | 17 | 6 | ||
Segment income | 47 | 42 | 68 | 93 | ||
Operating segments | Other Mines | ||||||
Disclosure of operating segments [line items] | ||||||
Capital expenditures | 54 | 67 | 115 | 125 | ||
Revenue | 392 | 429 | 786 | 822 | ||
Site operating costs, royalties and community relations | 245 | 258 | 496 | 485 | ||
Depreciation expense | 56 | 108 | 127 | 202 | ||
Exploration, evaluation and project expenses | 2 | 3 | 4 | 6 | ||
Other expense (income) (note 8a) | 16 | 12 | 36 | 30 | ||
Segment income | 73 | 48 | 123 | 99 | ||
Operating segments | Reportable segments [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 2,993 | 2,965 | 5,756 | 5,970 | ||
Site operating costs, royalties and community relations | 1,527 | 1,425 | 3,033 | 2,756 | ||
Depreciation expense | 511 | 507 | 1,025 | 988 | ||
Exploration, evaluation and project expenses | 29 | 33 | 50 | 48 | ||
Other expense (income) (note 8a) | 38 | 39 | 104 | 52 | ||
Segment income | 888 | 961 | 1,544 | 2,126 | ||
Other items not allocated to segments | ||||||
Disclosure of operating segments [line items] | ||||||
Capital expenditures | 92 | 29 | 133 | 63 | ||
Revenue | 12 | 39 | 19 | 24 | ||
Exploration, evaluation and project expenses | 72 | 68 | 122 | 123 | ||
Other expense (income) (note 8a) | (6) | (23) | (4) | (23) | ||
Material reconciling items [member] | Kibali [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | (172) | (145) | (299) | (282) | ||
Site operating costs, royalties and community relations | (70) | (57) | (136) | (112) | ||
Depreciation expense | (41) | (33) | (66) | (61) | ||
Exploration, evaluation and project expenses | 0 | (1) | 0 | (4) | ||
Other expense (income) (note 8a) | (1) | (5) | (4) | (15) | ||
Segment income | (60) | (49) | (93) | (90) | ||
Material reconciling items [member] | Other Mines | ||||||
Disclosure of operating segments [line items] | ||||||
Capital expenditures | $ (25) | $ (21) | $ (44) | $ (38) |
REVENUE - Revenue by Type (Deta
REVENUE - Revenue by Type (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue by type | ||||
Revenue | $ 2,833 | $ 2,859 | $ 5,476 | $ 5,712 |
Gold | ||||
Revenue by type | ||||
Revenue | 2,584 | 2,597 | 4,995 | 5,108 |
Spot market sales | ||||
Revenue by type | ||||
Revenue | 2,490 | 2,524 | 4,816 | 4,950 |
Concentrate sales | ||||
Revenue by type | ||||
Revenue | 97 | 77 | 174 | 158 |
Gold provisional pricing adjustments [Member] | ||||
Revenue by type | ||||
Revenue | (3) | (4) | 5 | 0 |
Copper | ||||
Revenue by type | ||||
Revenue | 189 | 211 | 360 | 498 |
Copper concentrate [Member] | ||||
Revenue by type | ||||
Revenue | 200 | 263 | 359 | 534 |
Copper provisional pricing adjustments [Member] | ||||
Revenue by type | ||||
Revenue | (11) | (52) | 1 | (36) |
Other sales | ||||
Revenue by type | ||||
Revenue | $ 60 | $ 51 | $ 121 | $ 106 |
COST OF SALES (Details)
COST OF SALES (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of detailed information about cost of sales [Line Items] | ||||
Site operating costs | $ 1,344 | $ 1,239 | $ 2,667 | $ 2,390 |
Depreciation expense | 480 | 476 | 975 | 936 |
Royalty expense | 104 | 127 | 220 | 247 |
Community relations | 9 | 8 | 16 | 16 |
Cost of sales | 1,937 | 1,850 | 3,878 | 3,589 |
Inventory write-down | 1 | 31 | 14 | 31 |
Gold | ||||
Disclosure of detailed information about cost of sales [Line Items] | ||||
Site operating costs | 1,244 | 1,163 | 2,452 | 2,231 |
Depreciation expense | 413 | 438 | 858 | 857 |
Royalty expense | 88 | 95 | 189 | 183 |
Community relations | 8 | 7 | 15 | 14 |
Cost of sales | 1,753 | 1,703 | 3,514 | 3,285 |
Copper | ||||
Disclosure of detailed information about cost of sales [Line Items] | ||||
Site operating costs | 100 | 76 | 215 | 159 |
Depreciation expense | 59 | 34 | 103 | 72 |
Royalty expense | 16 | 32 | 31 | 64 |
Community relations | 1 | 1 | 1 | 2 |
Cost of sales | 176 | 143 | 350 | 297 |
Other | ||||
Disclosure of detailed information about cost of sales [Line Items] | ||||
Site operating costs | 0 | 0 | 0 | 0 |
Depreciation expense | 8 | 4 | 14 | 7 |
Royalty expense | 0 | 0 | 0 | 0 |
Community relations | 0 | 0 | 0 | 0 |
Cost of sales | $ 8 | $ 4 | $ 14 | $ 7 |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Basic earnings per share [abstract] | ||||
Net income | $ 502 | $ 717 | $ 771 | $ 1,423 |
Net income attributable to non-controlling interests | (197) | (229) | (346) | (497) |
Net income attributable to equity holders of Barrick Gold Corporation - Basic | $ 305 | $ 488 | $ 425 | $ 926 |
Weighted average shares outstanding - Basic (in shares) | 1,755 | 1,777 | 1,755 | 1,778 |
Basic earnings per share data attributable to the equity holders of Barrick Gold Corporation (in USD per share) | $ 0.17 | $ 0.27 | $ 0.24 | $ 0.52 |
Diluted earnings per share [abstract] | ||||
Net income | $ 502 | $ 717 | $ 771 | $ 1,423 |
Net income attributable to non-controlling interests | (197) | (229) | (346) | (497) |
Net income attributable to equity holders of Barrick Gold Corporation - Diluted | $ 305 | $ 488 | $ 425 | $ 926 |
Weighted average shares outstanding - Diluted (in shares) | 1,755 | 1,777 | 1,755 | 1,778 |
Diluted earnings per share data attributable to the equity holders of Barrick Gold Corporation (in USD per share) | $ 0.17 | $ 0.27 | $ 0.24 | $ 0.52 |
OTHER EXPENSE - Other Expense (
OTHER EXPENSE - Other Expense (Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Other expense [Abstract] | ||||
Bank charges | $ 0 | $ 0 | $ 1 | $ 2 |
Litigation | 4 | 3 | 9 | 7 |
Loss (gain) on warrant investments at fair value through profit or loss ("FVPL") | 3 | (2) | 5 | (4) |
Porgera care and maintenance costs | 13 | 14 | 30 | 27 |
Buzwagi supplies obsolescence | 0 | 0 | 0 | 2 |
Tanzania education program | 0 | 0 | 30 | 0 |
Other | 8 | 10 | 14 | 18 |
Total other expense | 28 | 25 | 89 | 52 |
Other income [Abstract] | ||||
Gains (losses) on disposals of non-current assets | (3) | (20) | (6) | (22) |
Gain on non-hedge derivatives | (1) | 0 | (2) | (7) |
Insurance proceeds related to NGM | 0 | 0 | 0 | (22) |
Interest income on other assets | (6) | (3) | (11) | (7) |
Other | 0 | 0 | 0 | (3) |
Total other income | (10) | (23) | (19) | (61) |
Total | $ 18 | $ 2 | $ 70 | $ (9) |
OTHER EXPENSE - Impairment reve
OTHER EXPENSE - Impairment reversal (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Impairment (reversals) charges | $ 22 | $ 3 | $ 23 | $ 5 |
Non-current assets | ||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Impairment (reversals) charges | $ 22 | $ 3 | $ 23 | $ 5 |
INCOME TAX EXPENSE - Schedule o
INCOME TAX EXPENSE - Schedule of Components of Income Tax Expense (Recovery) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Current tax | ||||
Current tax | $ 246 | $ 206 | $ 428 | $ 483 |
Deferred tax | ||||
Deferred tax expense (income) | 18 | 73 | 41 | 97 |
Income tax expense | $ 264 | $ 279 | $ 469 | $ 580 |
INCOME TAX EXPENSE Narrative (D
INCOME TAX EXPENSE Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of major components of tax expense (income) [Line Items] | ||||
Income tax expense (recovery) | $ 264 | $ 279 | $ 469 | $ 580 |
Unadjusted effective income tax rate | 38% | |||
Effective income tax rate | 30% | |||
Net translation losses (gains) from exchange differences of the Argentine peso and CFA franc | $ 1 | 52 | ||
Corporate alternative minimum tax rate | 15% | |||
Nevada Gold Mines [Member] | ||||
Disclosure of major components of tax expense (income) [Line Items] | ||||
Proportion of ownership interests held by non-controlling interests | 61.50% | |||
Argentina and United States | ||||
Disclosure of major components of tax expense (income) [Line Items] | ||||
Dividends withholdings taxes | $ 35 | |||
UNITED STATES | ||||
Disclosure of major components of tax expense (income) [Line Items] | ||||
Dividends withholdings taxes | $ 32 |
CASH FLOW _ OTHER ITEMS (Detail
CASH FLOW – OTHER ITEMS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flow arising from changes in: | ||||
Gain on non-hedge derivatives | $ (1) | $ 0 | $ (2) | $ (7) |
Loss (gain) on warrant investments at FVPL | 3 | (2) | 5 | (4) |
Tanzania education program | 0 | 0 | 30 | 0 |
Share-based compensation expense (recovery) | 6 | (6) | 25 | 29 |
Change in estimate of rehabilitation costs at closed mines | (13) | (128) | 9 | (125) |
Insurance proceeds related to NGM | 0 | 22 | 0 | 0 |
Inventory impairment charges | 1 | 24 | 10 | 24 |
Change in other assets and liabilities | (8) | (3) | 30 | (18) |
Settlement of share-based compensation | 0 | (1) | (29) | (46) |
Settlement of rehabilitation obligations | (39) | (32) | (77) | (56) |
Other operating activities | (51) | (126) | 1 | (203) |
Cash flow arising from changes in: | ||||
Accounts receivable | (31) | 41 | (25) | 68 |
Inventory | (3) | (40) | (75) | (80) |
Other current assets | (61) | (68) | (65) | (172) |
Accounts payable | 71 | 42 | (48) | 17 |
Other current liabilities | (21) | (9) | (38) | 2 |
Change in working capital | $ (45) | $ (34) | $ (251) | $ (165) |
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure of joint ventures [line items] | |||||
Investments, beginning balance | $ 3,983 | ||||
Equity pick-up from equity investees | $ 58 | $ 89 | 111 | $ 188 | |
Investments, ending balance | 4,004 | 4,004 | $ 3,983 | ||
Joint ventures [member] | |||||
Disclosure of joint ventures [line items] | |||||
Investments, beginning balance | 3,983 | 4,594 | 4,594 | ||
Equity pick-up from equity investees | 111 | 258 | |||
Dividends received from equity investees | (85) | (869) | |||
Shareholder loan repayment | (5) | ||||
Investments, ending balance | 4,004 | 4,004 | 3,983 | ||
Kibali [Member] | |||||
Disclosure of joint ventures [line items] | |||||
Investments, beginning balance | 2,659 | 3,267 | 3,267 | ||
Equity pick-up from equity investees | 61 | 86 | |||
Dividends received from equity investees | (37) | (694) | |||
Shareholder loan repayment | 0 | ||||
Investments, ending balance | 2,683 | 2,683 | 2,659 | ||
Jabal Sayid | |||||
Disclosure of joint ventures [line items] | |||||
Investments, beginning balance | 382 | 382 | 382 | ||
Equity pick-up from equity investees | 51 | 124 | |||
Dividends received from equity investees | (48) | (124) | |||
Shareholder loan repayment | 0 | ||||
Investments, ending balance | 385 | 385 | 382 | ||
Zaldívar | |||||
Disclosure of joint ventures [line items] | |||||
Investments, beginning balance | 890 | 893 | 893 | ||
Equity pick-up from equity investees | (2) | 47 | |||
Dividends received from equity investees | 0 | (50) | |||
Shareholder loan repayment | 0 | ||||
Investments, ending balance | 888 | 888 | 890 | ||
Other | |||||
Disclosure of joint ventures [line items] | |||||
Investments, beginning balance | 52 | $ 52 | 52 | ||
Equity pick-up from equity investees | 1 | 1 | |||
Dividends received from equity investees | 0 | (1) | |||
Shareholder loan repayment | (5) | ||||
Investments, ending balance | $ 48 | $ 48 | $ 52 |
IMPAIRMENT OF GOODWILL AND OT_2
IMPAIRMENT OF GOODWILL AND OTHER ASSETS Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||||
Impairment (reversals) charges | $ 22 | $ 3 | $ 23 | $ 5 |
Porgera | ||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||||
Impairment (reversals) charges | $ 0 | |||
Proportion of ownership interest in joint venture | 95% |
FAIR VALUE MEASUREMENTS - Asset
FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of fair value measurement of assets [abstract] | ||
Assets | $ 45,286 | $ 45,965 |
Recurring fair value measurement | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets (liabilities) | 318 | |
Recurring fair value measurement | Other investments | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets | 102 | |
Recurring fair value measurement | Receivables from provisional copper and gold sales [Member] | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets | 216 | |
Carrying amount | ||
Disclosure of fair value measurement of assets [abstract] | ||
Financial assets | 519 | 1,529 |
Financial liabilities | 5,406 | 6,344 |
Carrying amount | Debt | ||
Disclosure of fair value measurement of assets [abstract] | ||
Financial liabilities | 4,774 | 4,782 |
Carrying amount | Other Liabilities1 [Member] | ||
Disclosure of fair value measurement of assets [abstract] | ||
Financial liabilities | 632 | 1,562 |
Carrying amount | Other investments | ||
Disclosure of fair value measurement of assets [abstract] | ||
Financial assets | 102 | 112 |
Carrying amount | Other assets | ||
Disclosure of fair value measurement of assets [abstract] | ||
Financial assets | 417 | 1,358 |
Carrying amount | Derivatives | ||
Disclosure of fair value measurement of assets [abstract] | ||
Financial assets | 0 | 59 |
At fair value [member] | ||
Disclosure of fair value measurement of assets [abstract] | ||
Financial assets | 519 | 1,529 |
Financial liabilities | 5,572 | 6,484 |
At fair value [member] | Debt | ||
Disclosure of fair value measurement of assets [abstract] | ||
Financial liabilities | 4,940 | 4,922 |
At fair value [member] | Other Liabilities1 [Member] | ||
Disclosure of fair value measurement of assets [abstract] | ||
Financial liabilities | 632 | 1,562 |
At fair value [member] | Other investments | ||
Disclosure of fair value measurement of assets [abstract] | ||
Financial assets | 102 | 112 |
At fair value [member] | Other assets | ||
Disclosure of fair value measurement of assets [abstract] | ||
Financial assets | 417 | 1,358 |
At fair value [member] | Derivatives | ||
Disclosure of fair value measurement of assets [abstract] | ||
Financial assets | 0 | $ 59 |
Level 1 of fair value hierarchy [member] | Recurring fair value measurement | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets (liabilities) | 102 | |
Level 1 of fair value hierarchy [member] | Recurring fair value measurement | Other investments | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets | 102 | |
Level 1 of fair value hierarchy [member] | Recurring fair value measurement | Receivables from provisional copper and gold sales [Member] | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets | 0 | |
Significant other observable inputs (Level 2) | Recurring fair value measurement | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets (liabilities) | 216 | |
Significant other observable inputs (Level 2) | Recurring fair value measurement | Other investments | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets | 0 | |
Significant other observable inputs (Level 2) | Recurring fair value measurement | Receivables from provisional copper and gold sales [Member] | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets | 216 | |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurement | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets (liabilities) | 0 | |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurement | Other investments | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets | 0 | |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurement | Receivables from provisional copper and gold sales [Member] | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets | $ 0 |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Assets | $ 45,286,000 | $ 45,965,000 | |
Lagunas Norte [Member] | |||
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Contingent Consideration reclassed to Accounts Receivable | 15,000 | ||
Massawa | |||
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Consideration paid (received) | $ 46,250 | ||
Carrying amount | |||
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Financial assets | 519,000 | 1,529,000 | |
Financial liabilities | 5,406,000 | 6,344,000 | |
Carrying amount | Derivatives | |||
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Financial assets | 0 | 59,000 | |
Carrying amount | Debt | |||
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Financial liabilities | 4,774,000 | 4,782,000 | |
Carrying amount | Other liabilities | |||
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Financial liabilities | 632,000 | 1,562,000 | |
At fair value [member] | |||
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Financial assets | 519,000 | 1,529,000 | |
Financial liabilities | 5,572,000 | 6,484,000 | |
At fair value [member] | Derivatives | |||
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Financial assets | 0 | 59,000 | |
At fair value [member] | Debt | |||
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Financial liabilities | 4,940,000 | 4,922,000 | |
At fair value [member] | Other liabilities | |||
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Financial liabilities | 632,000 | $ 1,562,000 | |
Recurring fair value measurement | |||
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Assets (liabilities) | 318,000 | ||
Recurring fair value measurement | Level 1 of fair value hierarchy [member] | |||
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Assets (liabilities) | 102,000 | ||
Recurring fair value measurement | Level 2 of fair value hierarchy [member] | |||
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Assets (liabilities) | 216,000 | ||
Recurring fair value measurement | Significant Unobservable Inputs (Level 3) | |||
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Assets (liabilities) | 0 | ||
Recurring fair value measurement | Receivables from provisional copper and gold sales [Member] | |||
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Assets | 216,000 | ||
Recurring fair value measurement | Receivables from provisional copper and gold sales [Member] | Level 1 of fair value hierarchy [member] | |||
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Assets | 0 | ||
Recurring fair value measurement | Receivables from provisional copper and gold sales [Member] | Level 2 of fair value hierarchy [member] | |||
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Assets | 216,000 | ||
Recurring fair value measurement | Receivables from provisional copper and gold sales [Member] | Significant Unobservable Inputs (Level 3) | |||
Disclosure of fair value measurement of assets and liabilities [Line Items] | |||
Assets | $ 0 |
CAPITAL STOCK (Details)
CAPITAL STOCK (Details) - Capital stock - USD ($) $ / shares in Units, $ in Billions | 6 Months Ended | ||
Feb. 14, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Capital Stock | |||
Number of shares issued in dividend reinvestment plan with owners | 118,000 | 105,000 | |
Common shares | |||
Capital Stock | |||
Number of shares issued (shares) | 1,755,467,937 | ||
Par value per share (in dollars per share) | $ 0 | ||
Number of shares issued in dividend reinvestment plan with owners | 118,276 | ||
Number of shares repurchased | 0 | ||
Common shares | Not later than one year [member] | |||
Capital Stock | |||
Authorized cash outflow for repurchase of outstanding shares | $ 1 |
NON-CONTROLLING INTERESTS - Con
NON-CONTROLLING INTERESTS - Continuity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests, beginning balance | $ 8,518 | |||||
Profit (loss), attributable to non-controlling interests | $ 197 | $ 229 | 346 | $ 497 | ||
Cash contributed | 10 | $ 0 | 10 | 0 | ||
Disbursements | 228 | 524 | ||||
Non-controlling interests, ending balance | 8,646 | 8,646 | $ 8,518 | |||
Subsidiaries [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests, beginning balance | 8,518 | 8,450 | 8,450 | |||
Non-controlling interest in acquiree recognised at acquisition date | $ 329 | |||||
Profit (loss), attributable to non-controlling interests | 346 | 585 | ||||
Cash contributed | 10 | |||||
Disbursements | (228) | (846) | ||||
Non-controlling interests, ending balance | 8,646 | $ 8,646 | 8,518 | |||
Nevada Gold Mines [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interests held by non-controlling interests | 38.50% | |||||
Non-controlling interests, beginning balance | $ 6,068 | 6,061 | 6,061 | |||
Non-controlling interest in acquiree recognised at acquisition date | 0 | |||||
Profit (loss), attributable to non-controlling interests | 262 | 633 | ||||
Cash contributed | 0 | |||||
Disbursements | (156) | (626) | ||||
Non-controlling interests, ending balance | 6,174 | $ 6,174 | 6,068 | |||
Pueblo Viejo | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interests held by non-controlling interests | 40% | |||||
Non-controlling interests, beginning balance | $ 1,128 | 1,189 | 1,189 | |||
Non-controlling interest in acquiree recognised at acquisition date | 0 | |||||
Profit (loss), attributable to non-controlling interests | 40 | 96 | ||||
Cash contributed | 0 | |||||
Disbursements | (40) | (157) | ||||
Non-controlling interests, ending balance | 1,128 | $ 1,128 | 1,128 | |||
Tanzania Mines [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interests held by non-controlling interests | 16% | |||||
Non-controlling interests, beginning balance | $ 321 | 298 | 298 | |||
Non-controlling interest in acquiree recognised at acquisition date | 0 | |||||
Profit (loss), attributable to non-controlling interests | 15 | 35 | ||||
Cash contributed | 0 | |||||
Disbursements | 0 | (12) | ||||
Non-controlling interests, ending balance | 336 | $ 336 | 321 | |||
Loulo-Gounkoto [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interests held by non-controlling interests | 20% | |||||
Non-controlling interests, beginning balance | $ 739 | 953 | 953 | |||
Non-controlling interest in acquiree recognised at acquisition date | 0 | |||||
Profit (loss), attributable to non-controlling interests | 35 | (179) | ||||
Cash contributed | 0 | |||||
Disbursements | (28) | (35) | ||||
Non-controlling interests, ending balance | 746 | $ 746 | 739 | |||
Tongon [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interests held by non-controlling interests | 10.30% | |||||
Non-controlling interests, beginning balance | $ 13 | 29 | 29 | |||
Non-controlling interest in acquiree recognised at acquisition date | 0 | |||||
Profit (loss), attributable to non-controlling interests | 4 | 0 | ||||
Cash contributed | 0 | |||||
Disbursements | (4) | (16) | ||||
Non-controlling interests, ending balance | 13 | $ 13 | 13 | |||
Reko Diq [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interests held by non-controlling interests | 50% | |||||
Non-controlling interests, beginning balance | $ 329 | 0 | 0 | |||
Non-controlling interest in acquiree recognised at acquisition date | 329 | |||||
Profit (loss), attributable to non-controlling interests | (10) | 0 | ||||
Cash contributed | 10 | |||||
Disbursements | 0 | 0 | ||||
Non-controlling interests, ending balance | 329 | 329 | 329 | |||
Other [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Non-controlling interests, beginning balance | (80) | $ (80) | (80) | |||
Non-controlling interest in acquiree recognised at acquisition date | $ 0 | |||||
Profit (loss), attributable to non-controlling interests | 0 | 0 | ||||
Cash contributed | 0 | |||||
Disbursements | 0 | 0 | ||||
Non-controlling interests, ending balance | $ (80) | $ (80) | $ (80) |
CONTINGENCIES (Details)
CONTINGENCIES (Details) | Mar. 26, 2023 USD ($) |
Kibali [Member] | |
Disclosure of contingent liabilities [line items] | |
Number of customs authority claims to be settled [Line Items] | 1 |