Segment Information | Segment Information Barrick’s business is organized into sixteen minesites. Barrick’s Chief Operating Decision Maker ("CODM") (Mark Bristow, President and Chief Executive Officer) reviews the operating results, assesses performance and makes capital allocation decisions at the minesite level. Our presentation of our reportable operating segments consists of eight gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu) and one copper mine (Lumwana). The remaining operating segments, including our remaining gold mines, have been grouped into an “Other Mines” category and will not be reported on individually. Segment performance is evaluated based on a number of measures including operating income before tax, production levels and unit production costs. Certain costs are managed on a consolidated basis and are therefore not reflected in segment income. Consolidated Statement of Income Information Cost of Sales For the three months ended June 30, 2024 Revenue Site operating costs, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Carlin 2 $770 $381 $80 $3 $4 $302 Cortez 2 385 167 57 3 1 157 Turquoise Ridge 2 268 143 42 2 — 81 Pueblo Viejo 2 314 150 63 1 2 98 Loulo-Gounkoto 2 404 136 62 — 10 196 Kibali 189 71 36 — (2) 84 Lumwana 219 102 70 — 10 37 North Mara 2 140 76 18 — 3 43 Bulyanhulu 2 129 58 16 — 2 53 Other Mines 2 530 287 65 3 6 169 Reportable segment total $3,348 $1,571 $509 $12 $36 $1,220 Share of equity investees (189) (71) (36) — 2 (84) Segment total $3,159 $1,500 $473 $12 $38 $1,136 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 six months ended June 30, 2024 Revenue Site operating costs, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Carlin 2 $1,482 $766 $163 $6 $6 $541 Cortez 2 798 353 132 4 3 306 Turquoise Ridge 2 479 280 79 3 — 117 Pueblo Viejo 2 604 298 125 2 4 175 Loulo-Gounkoto 2 765 275 129 — 22 339 Kibali 341 129 64 — — 148 Lumwana 382 210 130 — 12 30 North Mara 2 254 150 36 — 8 60 Bulyanhulu 2 235 114 31 — 3 87 Other Mines 2 912 511 112 6 11 272 Reportable segment total $6,252 $3,086 $1,001 $21 $69 $2,075 Share of equity investees (341) (129) (64) — — (148) Segment total $5,911 $2,957 $937 $21 $69 $1,927 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 1 Includes accretion expense, which is included within finance costs in the consolidated statement of income. For the three months ended June 30, 2024, accretion expense was $14 million (2023: $12 million) and for the six months ended June 30, 2024, accretion expense was $27 million (2023: $24 million). 2 Includes non-controlling interest portion of revenues, cost of sales and segment income for the three months ended June 30, 2024 for Nevada Gold Mines $603 million, $369 million, $228 million (2023: $578 million, $390 million, $179 million), Pueblo Viejo $127 million, $84 million, $42 million (2023: $105 million, $70 million, $35 million), Loulo-Gounkoto $81 million, $40 million, $40 million (2023: $69 million, $40 million, $28 million), North Mara and Bulyanhulu $43 million, $27 million, $16 million (2023: $43 million, $26 million, $17 million), and Tongon $13 million, $10 million, $2 million (2023: $11 million, $7 million, $2 million) and for the six months ended June 30, 2024 for Nevada Gold Mines $1,175 million, $750 million, $414 million (2023: $1,083 million, $769 million, $299 million), Pueblo Viejo $245 million, $168 million, $76 million (2023: $221 million, $143 million, $77 million), Loulo-Gounkoto $153 million, $81 million, $69 million (2023: $133 million, $83 million, $50 million), North Mara and Bulyanhulu $78 million, $53 million, $24 million (2023: $86 million, $51 million, $29 million) and Tongon $21 million, $18 million, $3 million (2023: $22 million, $16 million, $5 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 2024 2023 2024 2023 Segment income $1,136 $828 $1,927 $1,451 Other revenue 3 12 (2) 19 Other cost of sales/amortization (6) (10) (21) (22) Exploration, evaluation and project expenses not attributable to segments (85) (72) (171) (122) General and administrative expenses (32) (28) (60) (67) Other income (expense) not attributable to segments (56) 6 (55) 4 Impairment charges (1) (22) (18) (23) Loss (gain) on currency translation (5) 12 (17) (26) Closed mine rehabilitation 9 13 11 (9) Income from equity investees 115 58 163 111 Finance costs, net (includes non-segment accretion) (37) (32) (55) (78) Gain on non-hedge derivatives — 1 — 2 Income before income taxes $1,041 $766 $1,702 $1,240 Capital Expenditures Information Segment capital expenditures 1 For the three months ended June 30 For the six months ended June 30 2024 2023 2024 2023 Carlin $226 $143 $429 $263 Cortez 99 115 193 201 Turquoise Ridge 26 23 56 50 Pueblo Viejo 93 119 150 246 Loulo-Gounkoto 100 91 174 195 Kibali 36 25 61 44 Lumwana 114 72 193 124 North Mara 27 45 71 85 Bulyanhulu 30 23 61 43 Other Mines 64 54 114 115 Reportable segment total $815 $710 $1,502 $1,366 Other items not allocated to segments 46 92 78 133 Total $861 $802 $1,580 $1,499 Share of equity investees (36) (25) (61) (44) Total $825 $777 $1,519 $1,455 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, 2024, cash expenditures were $819 million (2023: $769 million) and the increase in accrued expenditures was $6 million (2023: $8 million increase). For the six months ended June 30, 2024, cash expenditures were $1,547 million (2023: $1,457 million) and the decrease in accrued expenditures was $28 million (2023: $2 million decrease). Purchase Commitments At June 30, 2024, we had purchase obligations for supplies and consumables of $1,834 million (December 31, 2023: $1,827 million). Capital Commitments In addition to entering into various operational commitments in the normal course of business, we had capital commitments of $373 million at June 30, 2024 (December 31, 2023: $258 million). |