Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2022 | |
Document Information [Line Items] | |
Entity Registrant Name | BARRICK GOLD CORP |
Entity Central Index Key | 0000756894 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2022 |
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Profit or loss [abstract] | ||||
Revenue (notes 5 and 6) | $ 2,859 | $ 2,893 | $ 5,712 | $ 5,849 |
Costs and expenses (income) | ||||
Cost of sales (notes 5 and 7) | 1,850 | 1,704 | 3,589 | 3,416 |
General and administrative expenses | 30 | 47 | 84 | 85 |
Exploration, evaluation and project expenses | 100 | 77 | 167 | 138 |
Impairment (reversals) charges (notes 9b and 13) | 3 | 2 | 5 | (87) |
Loss on currency translation | 6 | 7 | 9 | 11 |
Closed mine rehabilitation | (128) | 6 | (125) | 29 |
Income from equity investees (note 12) | (89) | (104) | (188) | (207) |
Other expense (income) (note 9a) | 2 | 26 | (9) | 45 |
Income before finance costs and income taxes | 1,085 | 1,128 | 2,180 | 2,419 |
Finance costs, net | (89) | (91) | (177) | (178) |
Income before income taxes | 996 | 1,037 | 2,003 | 2,241 |
Income tax expense (note 10) | (279) | (343) | (580) | (717) |
Net income | 717 | 694 | 1,423 | 1,524 |
Attributable to: | ||||
Equity holders of Barrick Gold Corporation | 488 | 411 | 926 | 949 |
Non-controlling interests (note 16) | $ 229 | $ 283 | $ 497 | $ 575 |
Earnings per share data attributable to the equity holders of Barrick Gold Corporation (note 8) | ||||
Basic | $ 0.27 | $ 0.23 | $ 0.52 | $ 0.53 |
Diluted | $ 0.27 | $ 0.23 | $ 0.52 | $ 0.53 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of comprehensive income [abstract] | ||||
Net income | $ 717 | $ 694 | $ 1,423 | $ 1,524 |
Items that may be reclassified subsequently to profit or loss: | ||||
Realized losses on derivatives designated as cash flow hedges, net of tax $nil, $nil, $nil and $nil | 0 | 3 | 0 | 3 |
Currency translation adjustments, net of tax $nil, $nil, $nil and $nil | 1 | 0 | 1 | 0 |
Items that will not be reclassified to profit or loss: | ||||
Actuarial loss on post employment benefit obligations, net of tax $nil, $nil, $nil and $3 | (1) | 0 | (1) | 0 |
Net change on equity investments, net of tax $2, $(3), $(6) and $5 | (26) | 10 | 32 | (37) |
Total other comprehensive (loss) income | (26) | 13 | 32 | (34) |
Total comprehensive income | 691 | 707 | 1,455 | 1,490 |
Attributable to: | ||||
Equity holders of Barrick Gold Corporation | 462 | 424 | 958 | 915 |
Non-controlling interests | $ 229 | $ 283 | $ 497 | $ 575 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of comprehensive income [abstract] | ||||
Income tax relating to realized losses on derivatives designated as cash flow hedges | $ 0 | $ 0 | $ 0 | $ 0 |
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 | 3 |
Income tax relating to net change on equity investments | $ 2 | $ (3) | $ (6) | $ 5 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
OPERATING ACTIVITIES | |||||
Net income | $ 717 | $ 694 | $ 1,423 | $ 1,524 | |
Adjustments for the following items: | |||||
Depreciation | 476 | 500 | 936 | 1,007 | |
Finance costs, net | 101 | 100 | 199 | 194 | |
Impairment (reversals) charges (notes 9b and 13) | 3 | 2 | 5 | (87) | |
Income tax expense (note 10) | 279 | 343 | 580 | 717 | |
Income from equity investees (note 12) | (89) | (104) | (188) | (207) | |
Gain on sale of non-current assets | (20) | (7) | (22) | (10) | |
Loss on currency translation | 6 | 7 | 9 | 11 | |
Change in working capital (note 11) | (34) | (197) | (165) | (249) | |
Other operating activities (note 11) | (126) | (76) | (203) | (116) | |
Operating cash flows before interest and income taxes | 1,313 | 1,262 | 2,574 | 2,784 | |
Interest paid | (129) | (131) | (152) | (153) | |
Income taxes paid | [1] | (260) | (492) | (494) | (690) |
Net cash provided by operating activities | 924 | 639 | 1,928 | 1,941 | |
INVESTING ACTIVITIES | |||||
Capital expenditures (note 5) | (755) | (658) | (1,366) | (1,197) | |
Sales proceeds | 22 | 1 | 23 | 5 | |
Investment sales | 122 | 0 | 382 | 0 | |
Divestitures (note 4) | 0 | 19 | 0 | 19 | |
Dividends received from equity method investments (note 12) | 310 | 35 | 669 | 161 | |
Shareholder loan repayments from equity method investments (note 12) | 0 | 0 | 0 | 1 | |
Net cash used in investing activities | (301) | (603) | (292) | (1,011) | |
FINANCING ACTIVITIES | |||||
Lease repayments | (4) | (4) | (10) | (10) | |
Debt repayments | 0 | 0 | 0 | (7) | |
Dividends | (353) | (159) | (531) | (317) | |
Return of capital (note 15) | 0 | 250 | 0 | 250 | |
Share buyback program (note 15) | (173) | 0 | (173) | 0 | |
Funding from non-controlling interests (note 16) | 0 | 6 | 0 | 12 | |
Disbursements to non-controlling interests (note 16) | (232) | (206) | (499) | (471) | |
Pueblo Viejo JV partner shareholder loan | 35 | 43 | 80 | 64 | |
Net cash used in financing activities | (727) | (570) | (1,133) | (979) | |
Effect of exchange rate changes on cash and equivalents | (3) | 0 | (3) | (1) | |
Net increase (decrease) in cash and equivalents | (107) | (534) | 500 | (50) | |
Cash and equivalents at the beginning of period | 5,887 | 5,672 | 5,280 | 5,188 | |
Cash and equivalents at the end of period | $ 5,780 | $ 5,138 | $ 5,780 | $ 5,138 | |
[1]Income taxes paid excludes $10 million (2021: $57 million) for the three months ended June 30, 2022 and $36 million (2021: $93 million) for the six months ended June 30, 2022 of income taxes payable that were settled against offsetting VAT receivables. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flow (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of cash flows [abstract] | ||||
Income taxes payable settled against VAT receivables | $ 10 | $ 57 | $ 36 | $ 93 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and equivalents | $ 5,780 | $ 5,280 |
Accounts receivable | 577 | 623 |
Inventories | 1,699 | 1,734 |
Other current assets | 754 | 612 |
Total current assets | 8,810 | 8,249 |
Non-current assets | ||
Equity in investees (note 12) | 4,113 | 4,594 |
Property, plant and equipment | 25,202 | 24,954 |
Goodwill | 4,769 | 4,769 |
Intangible assets | 149 | 150 |
Deferred income tax assets | 6 | 29 |
Non-current portion of inventory | 2,694 | 2,636 |
Other assets | 1,099 | 1,509 |
Total assets | 46,842 | 46,890 |
Current liabilities | ||
Accounts payable | 1,537 | 1,448 |
Debt | 13 | 15 |
Current income tax liabilities | 303 | 285 |
Other current liabilities | 377 | 338 |
Total current liabilities | 2,230 | 2,086 |
Non-current liabilities | ||
Debt | 5,131 | 5,135 |
Provisions | 2,321 | 2,768 |
Deferred income tax liabilities | 3,368 | 3,293 |
Other liabilities | 1,258 | 1,301 |
Total liabilities | 14,308 | 14,583 |
Equity | ||
Capital stock (note 15) | 28,363 | 28,497 |
Deficit | (6,173) | (6,566) |
Accumulated other comprehensive income (loss) | 9 | (23) |
Other | 1,912 | 1,949 |
Total equity attributable to Barrick Gold Corporation shareholders | 24,111 | 23,857 |
Non-controlling interests (note 16) | 8,423 | 8,450 |
Total equity | 32,534 | 32,307 |
Contingencies and commitments (notes 5 and 17) | ||
Total liabilities and equity | $ 46,842 | $ 46,890 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ 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, 2020 | 1,778,190 | ||||||||
Beginning balance at Dec. 31, 2020 | $ 31,710 | $ 29,236 | $ (7,949) | $ 14 | [1] | $ 2,040 | [2] | $ 23,341 | $ 8,369 |
Net income | 1,524 | 0 | 949 | 0 | 0 | 949 | 575 | ||
Total other comprehensive income | (34) | 0 | 0 | (34) | [1] | 0 | (34) | 0 | |
Total comprehensive income | 1,490 | $ 0 | 949 | (34) | [1] | 0 | 915 | 575 | |
Transactions with owners | |||||||||
Number of shares issued on exercise of stock options | 50 | ||||||||
Number of shares issued in dividend reinvestment plan with owners | 104 | ||||||||
Number of share options exercised in share-based payment arrangement | 898 | ||||||||
Number of shares issued in transactions with owners | 1,052 | ||||||||
Dividends | (317) | $ 0 | (317) | 0 | 0 | (317) | 0 | ||
Return of capital (note 15) | (250) | (250) | 0 | 0 | 0 | (250) | 0 | ||
Issued on exercise of stock options | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Funding from non-controlling interests | 12 | 0 | 0 | 0 | 0 | 0 | 12 | ||
Disbursements to non-controlling interests (note 16) | (471) | 0 | 0 | 0 | 0 | 0 | (471) | ||
Dividend reinvestment plan (note 15) | 0 | 3 | (3) | 0 | 0 | 0 | 0 | ||
Share-based payments | 0 | 6 | 0 | 0 | (6) | [2] | 0 | 0 | |
Total transactions with owners | (1,026) | $ (241) | (320) | 0 | (6) | [2] | (567) | (459) | |
Ending balance (shares) at Jun. 30, 2021 | 1,779,242 | ||||||||
Ending balance at Jun. 30, 2021 | 32,174 | $ 28,995 | (7,320) | (20) | [1] | 2,034 | [2] | 23,689 | 8,485 |
Beginning balance (shares) at Dec. 31, 2020 | 1,778,190 | ||||||||
Beginning balance at Dec. 31, 2020 | 31,710 | $ 29,236 | (7,949) | 14 | [1] | 2,040 | [2] | 23,341 | 8,369 |
Ending balance (shares) at Dec. 31, 2021 | 1,779,331 | ||||||||
Ending 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 income | 32 | 0 | 0 | 32 | [1] | 0 | 32 | 0 | |
Total comprehensive income | 1,455 | $ 0 | 926 | 32 | [1] | 0 | 958 | 497 | |
Transactions with owners | |||||||||
Number of shares issued in dividend reinvestment plan with owners | 105 | ||||||||
Increase (decrease) through share repurchase program, shares | (8,500) | ||||||||
Number of shares issued in transactions with owners | (8,395) | ||||||||
Dividends | (531) | $ 0 | (531) | 0 | 0 | (531) | 0 | ||
Disbursements to non-controlling interests (note 16) | (524) | 0 | 0 | 0 | 0 | 0 | (524) | ||
Dividend reinvestment plan (note 15) | 0 | 2 | (2) | 0 | 0 | 0 | 0 | ||
Increase (decrease) through treasury share transactions, equity | (173) | (136) | 0 | 0 | (37) | [2] | (173) | 0 | |
Total transactions with owners | (1,228) | $ (134) | (533) | 0 | (37) | [2] | (704) | (524) | |
Ending balance (shares) at Jun. 30, 2022 | 1,770,936 | ||||||||
Ending balance at Jun. 30, 2022 | $ 32,534 | $ 28,363 | $ (6,173) | $ 9 | [1] | $ 1,912 | [2] | $ 24,111 | $ 8,423 |
[1]Includes cumulative translation losses at June 30, 2022: $93 million (December 31, 2021: $94 million; June 30, 2021: $95 million)[2]Includes additional paid-in capital as at June 30, 2022: $1,874 million (December 31, 2021: $1,911 million; June 30, 2021: $1,996 million). |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parentheticals) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Equity | $ 32,534 | $ 32,307 | $ 32,174 |
Cumulative translation adjustments | |||
Equity | 93 | 94 | 95 |
Additional paid-in capital | |||
Equity | $ 1,874 | $ 1,911 | $ 1,996 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 6 Months Ended |
Jun. 30, 2022 | |
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. 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, 2022 | |
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, 2021 ("2021 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 5, 2022. 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, 2022 | |
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 2021 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 2021 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 $413 million (2021: $22 million net decrease) to the PER at our minesites for the three months ended June 30, 2022 and a net decrease of $439 million (2021: $239 million net decrease) for the six months ended June 30, 2022 primarily due to an increase in the discount rate. 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 $395 million as at June 30, 2022 (December 31, 2021: $411 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. On July 11, 2022, the Chilean government proposed changes to Chilean law that may affect the status of these refunds and therefore could have an impact on this judgment. In addition, we have recorded $42 million in VAT recoverable in Argentina as at June 30, 2022 (December 31, 2021: $48 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 17 for further details on contingencies. d) Covid-19 Barrick continues to work closely with our local communities on managing the impacts of the Covid-19 pandemic on our people and business. Our operations are not currently being impacted in any significant manner although we recognize the situation remains dynamic. We continue to monitor developments around the world. |
ACQUISITIONS AND DIVESTITURES
ACQUISITIONS AND DIVESTITURES | 6 Months Ended |
Jun. 30, 2022 | |
Business combinations and discontinued operations [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestitures a) Lagunas Norte On February 16, 2021, Barrick announced it had entered into an agreement to sell its 100% interest in the Lagunas Norte gold mine in Peru to Boroo Pte Ltd. ("Boroo") for total consideration of up to $81 million, with $20 million of cash consideration on closing, additional cash consideration of $10 million payable on the first anniversary of closing and $20 million payable on the second anniversary of closing, a 2% net smelter return royalty, which may be purchased by Boroo for a fixed period after closing for $16 million, plus a contingent payment of up to $15 million based on the two-year average gold price. An impairment reversal of $86 million was recognized in the first quarter of 2021. Refer to Note 13 for further details. The transaction closed on June 1, 2021 and we recognized a gain on sale of $4 million in the second quarter of 2021 based on a final fair value of consideration of $65 million. We remain contractually liable for all tax matters that existed prior to our divestiture until these matters are resolved. In addition, Boroo assumed 50% of the $173 million reclamation bond obligations for Lagunas Norte upon closing. Boroo was to assume the other 50% within one year of closing, however Barrick and Boroo continue to work together on a plan for Boroo to assume the remainder of this reclamation bond obligation. Barrick has no liability related to Lagunas Norte's closure obligation recorded in the financial statements. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2022 | |
Operating segments [Abstract] | |
Segment Information | Segment Information Barrick’s business is organized into eighteen minesites and one project. 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, and/or project level. Each individual minesite and the Pascua-Lama project are operating segments for financial reporting purposes. Our presentation of our reportable operating segments consists of nine gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, Veladero, North Mara and Bulyanhulu). The remaining operating segments, including our remaining gold mines, copper mines and project, have been grouped into an “other” category and will not be reported on individually. Segment performance is evaluated based on a number of measures including operating income before tax, production levels and unit production costs. Certain costs are managed on a consolidated basis and are therefore not reflected in segment income. Consolidated Statement of Income Information Cost of Sales For the three months ended June 30, 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 Veladero 119 55 31 1 (1) 33 North Mara 2 149 60 23 1 (1) 66 Bulyanhulu 2 118 57 14 — 5 42 Other Mines 2 521 312 110 4 18 77 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 three months ended June 30, 2021 Revenue Site operating costs, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Carlin 2 $572 $267 $59 $7 ($8) $247 Cortez 2 328 143 66 2 1 116 Turquoise Ridge 2 235 98 48 — — 89 Pueblo Viejo 2 369 122 55 1 9 182 Loulo-Gounkoto 2 329 110 69 5 6 139 Kibali 169 60 36 1 2 70 Veladero 91 40 20 — 2 29 North Mara 2 144 65 12 — 1 66 Bulyanhulu 2 82 38 13 — 1 30 Other Mines 2 719 305 146 3 16 249 Reportable segment total $3,038 $1,248 $524 $19 $30 $1,217 Share of equity investees (169) (60) (36) (1) (2) (70) Segment total $2,869 $1,188 $488 $18 $28 $1,147 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 Veladero 195 90 50 1 — 54 North Mara 2 280 110 33 2 — 135 Bulyanhulu 2 249 119 31 — 6 93 Other Mines 2 1,125 620 223 7 35 240 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 Consolidated Statement of Income Information Cost of Sales For the six months ended June 30, 2021 Revenue Site operating costs, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Carlin 2 $1,235 $555 $127 $10 ($9) $552 Cortez 2 620 286 130 5 2 197 Turquoise Ridge 2 504 198 99 — — 207 Pueblo Viejo 2 789 252 116 2 10 409 Loulo-Gounkoto 2 666 225 138 9 14 280 Kibali 323 120 68 1 1 133 Veladero 148 64 31 — 2 51 North Mara 2 263 121 27 — 2 113 Bulyanhulu 2 132 66 25 — 2 39 Other Mines 2 1,406 604 288 6 31 477 Reportable segment total $6,086 $2,491 $1,049 $33 $55 $2,458 Share of equity investees (323) (120) (68) (1) (1) (133) Segment total $5,763 $2,371 $981 $32 $54 $2,325 1 Includes accretion expense, which is included within finance costs in the consolidated statement of income. For the three months ended June 30, 2022, accretion expense was $9 million (2021: $8 million) and for the six months ended June 30, 2022, accretion expense was $16 million (2021: $13 million). 2 Includes non-controlling interest portion of revenues, cost of sales and segment income for the three months ended June 30, 2022 for Nevada Gold Mines $549 million, $354 million, $189 million (2021: $541 million, $314 million, $224 million), Pueblo Viejo $130 million, $78 million, $47 million (2021: $147 million, $70 million, $73 million), Loulo-Gounkoto $67 million, $39 million, $27 million (2021: $66 million, $36 million, $28 million), North Mara, Bulyanhulu and Buzwagi $43 million, $25 million, $17 million (2021: $42 million, $25 million, $18 million), and Tongon $9 million, $9 million, $(1) million (2021: $10 million, $8 million, $2 million) and for the six months ended June 30, 2022 for Nevada Gold Mines $1,105 million, $687 million, $417 million (2021: $1,098 million, $632 million, $460 million), Pueblo Viejo $265 million, $153 million, $106 million (2021: $321 million, $146 million, $171 million), Loulo-Gounkoto $131 million, $76 million, $54 million (2021: $133 million, $73 million, $56 million), North Mara, Bulyanhulu and Buzwagi $85 million, $47 million, $36 million (2021: $74 million, $48 million, $26 million) and Tongon $17 million, $18 million, $(2) million (2021: $20 million, $16 million, $3 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 2022 2021 2022 2021 Segment income $912 $1,147 $2,036 $2,325 Other revenue 39 24 24 86 Other cost of sales/amortization (8) (28) (18) (64) Exploration, evaluation and project expenses not attributable to segments (68) (59) (123) (106) General and administrative expenses (30) (47) (84) (85) Other income (loss) not attributable to segments 23 (4) 23 (3) Impairment (charges) reversals (3) (2) (5) 87 Loss on currency translation (6) (7) (9) (11) Closed mine rehabilitation 128 (6) 125 (29) Income from equity investees 89 104 188 207 Finance costs, net (includes non-segment accretion) (80) (83) (161) (165) Gain (loss) on non-hedge derivatives — (2) 7 (1) Income before income taxes $996 $1,037 $2,003 $2,241 Capital Expenditures Information Segment capital expenditures 1 For the three months ended June 30 For the six months ended June 30 2022 2021 2022 2021 Carlin $130 $141 $247 $233 Cortez 126 70 219 132 Turquoise Ridge 44 39 86 72 Pueblo Viejo 150 143 294 244 Loulo-Gounkoto 82 88 144 158 Kibali 21 20 38 31 Veladero 45 43 83 83 North Mara 35 19 57 37 Bulyanhulu 23 18 35 33 Other Mines 100 76 177 150 Reportable segment total $756 $657 $1,380 $1,173 Other items not allocated to segments 29 35 63 59 Total $785 $692 $1,443 $1,232 Share of equity investees (21) (20) (38) (31) Total $764 $672 $1,405 $1,201 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, 2022, cash expenditures were $755 million (2021: $658 million) and the increase in accrued expenditures was $9 million (2021: $14 million increase). For the six months ended June 30, 2022, cash expenditures were $1,366 million (2021: $1,197 million) and the increase in accrued expenditures was $39 million (2021: $4 million increase). Purchase Commitments At June 30, 2022, we had purchase obligations for supplies and consumables of $1,817 million (December 31, 2021: $1,718 million). Capital Commitments In addition to entering into various operational commitments in the normal course of business, we had capital commitments of $570 million at June 30, 2022 (December 31, 2021: $443 million). |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2022 | |
Revenue [abstract] | |
Revenue | Revenue For the three months ended June 30 For the six months ended June 30 2022 2021 2022 2021 Gold sales Spot market sales $2,524 $2,524 $4,950 $5,139 Concentrate sales 77 63 158 92 Provisional pricing adjustments (4) 2 — (1) $2,597 $2,589 $5,108 $5,230 Copper sales Concentrate sales $263 $234 $534 $445 Provisional pricing adjustments (52) — (36) 45 $211 $234 $498 $490 Other sales 1 51 70 106 129 Total $2,859 $2,893 $5,712 $5,849 |
COST OF SALES
COST OF SALES | 6 Months Ended |
Jun. 30, 2022 | |
Cost of sales [Abstract] | |
Cost of Sales | Cost of Sales Gold Copper Other 3 Total For the three months ended June 30 2022 2021 2022 2021 2022 2021 2022 2021 Site operating costs 1,2 $1,163 $1,016 $76 $65 $— $— $1,239 $1,081 Depreciation 1 438 448 34 46 4 6 476 500 Royalty expense 95 92 32 25 — — 127 117 Community relations 7 5 1 1 — — 8 6 $1,703 $1,561 $143 $137 $4 $6 $1,850 $1,704 Gold Copper Other 3 Total For the six months ended June 30 2022 2021 2022 2021 2022 2021 2022 2021 Site operating costs 1,2 $2,231 $2,036 $159 $130 $— $— $2,390 $2,166 Depreciation 1 857 902 72 94 7 11 936 1,007 Royalty expense 183 185 64 48 — — 247 233 Community relations 14 9 2 1 — — 16 10 $3,285 $3,132 $297 $273 $7 $11 $3,589 $3,416 1 Site operating costs and depreciation include charges to reduce the cost of inventory to net realizable value as follows: $31 million for the three months ended June 30, 2022 (2021: $nil) and $31 million for the six months ended June 30, 2022 (2021: $14 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, 2022 | |
Earnings per share [abstract] | |
Earnings per share | Earnings Per Share For the three months ended June 30 For the six months ended June 30 2022 2021 2022 2021 Basic Diluted Basic Diluted Basic Diluted Basic Diluted Net income $717 $717 $694 $694 $1,423 $1,423 $1,524 $1,524 Net income attributable to non-controlling interests (229) (229) (283) (283) (497) (497) (575) (575) Net income attributable to equity holders of Barrick Gold Corporation $488 $488 $411 $411 $926 $926 $949 $949 Weighted average shares outstanding 1,777 1,777 1,779 1,779 1,778 1,778 1,779 1,779 Basic and diluted earnings per share data attributable to the equity holders of Barrick Gold Corporation $0.27 $0.27 $0.23 $0.23 $0.52 $0.52 $0.53 $0.53 |
OTHER EXPENSE
OTHER EXPENSE | 6 Months Ended |
Jun. 30, 2022 | |
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 2022 2021 2022 2021 Other expense: Bank charges $— $4 $2 $6 Litigation 3 6 7 7 Porgera care and maintenance costs 14 15 27 26 Buzwagi supplies obsolescense — — 2 — Other 10 4 18 11 Total other expense $27 $29 $56 $50 Other income: Gain on sale of non-current assets ($20) ($7) ($22) ($10) Loss (gain) on non-hedge derivatives — 2 (7) 1 Loss (gain) on warrant investments at FVPL (2) 5 (4) 10 Insurance proceeds related to NGM — — (22) — Interest income on other assets (3) (3) (7) (6) Other — — (3) — Total other income ($25) ($3) ($65) ($5) Total $2 $26 ($9) $45 b) Impairment (Reversals) Charges For the three months ended June 30 For the six months ended June 30 2022 2021 2022 2021 Impairment (reversals) charges of non-current assets 1 $3 $2 $5 ($87) Total $3 $2 $5 ($87) 1 Refer to note 13 for further details. |
INCOME TAX EXPENSE
INCOME TAX EXPENSE | 6 Months Ended |
Jun. 30, 2022 | |
Income tax [Abstract] | |
Income Tax Expense | Income Tax Expense For the three months ended June 30 For the six months ended June 30 2022 2021 2022 2021 Current $206 $237 $483 $502 Deferred 73 106 97 215 Total $279 $343 $580 $717 Income tax expense was $580 million for the six months ended June 30, 2022 (2021: $717 million). The unadjusted effective income tax rate for the six months ended June 30, 2022 was 29% of income before income taxes. The underlying effective income tax rate on ordinary income for the six months ended June 30, 2022 was 27% 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; 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 (e.g. US dollars). The most significant balances relate to Argentine and Malian tax liabilities. In the six months ended June 30, 2022, a tax expense of $52 million (2021: $26 million tax expense) arose primarily from translation losses on tax balances in Argentina and Mali due to the weakening of the Argentine peso and the West African CFA franc, respectively, against the US dollar. These net translation losses are included within income tax expense. Withholding Taxes For the six months ended June 30, 2022, we have recorded $35 million (2021: $16 million related to Argentina and the United States) of dividend withholding taxes related to the undistributed earnings of our subsidiaries in Argentina and the United States. Nevada Mining Education Tax A new mining excise tax applied to gross proceeds became effective on July 1, 2021 following the passing of Assembly Bill 495 at the Nevada Legislative Session that ended on May 31, 2021. The revenue generated by this new excise tax will be directed towards education. The new excise tax is a tiered tax, with a maximum rate of 1.1% and the first payment in relation to the 2021 year was made in March 2022. The bill does not take into consideration expenses or costs incurred to generate gross proceeds, therefore, this tax is treated as a gross receipts tax and not as a tax based on income subject to IAS 12. As a result, this new tax is reported as a component of cost of sales and not as an income tax expense. Nevada Gold Mines |
CASH FLOW _ OTHER ITEMS
CASH FLOW – OTHER ITEMS | 6 Months Ended |
Jun. 30, 2022 | |
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 2022 2021 2022 2021 Adjustments for non-cash income statement items: Loss (gain) on non-hedge derivatives $— $2 ($7) $1 Loss (gain) on warrant investments at FVPL (2) 5 (4) 10 Share-based compensation expense (recovery) (6) 23 29 36 Change in estimate of rehabilitation costs at closed mines (128) 6 (125) 29 Insurance proceeds related to NGM 22 — — — Inventory impairment charges 24 — 24 8 Change in other assets and liabilities (3) (82) (18) (104) Settlement of share-based compensation (1) — (46) (44) Settlement of rehabilitation obligations (32) (30) (56) (52) Other operating activities ($126) ($76) ($203) ($116) Cash flow arising from changes in: Accounts receivable $41 ($29) $68 $6 Inventory (40) (97) (80) (111) Other current assets (68) (75) (172) (82) Accounts payable 42 28 17 (73) Other current liabilities (9) (24) 2 11 Change in working capital ($34) ($197) ($165) ($249) |
EQUITY ACCOUNTING METHOD INVEST
EQUITY ACCOUNTING METHOD INVESTMENT CONTINUITY | 6 Months Ended |
Jun. 30, 2022 | |
Interests in other entities [Abstract] | |
Equity Accounting Method Investment Continuity | Equity Accounting Method Investment Continuity Kibali Jabal Sayid Zaldívar Other Total At January 1, 2021 $3,279 $369 $967 $55 $4,670 Equity pick-up from equity investees 219 159 68 — 446 Dividends received from equity investees (231) (146) (142) (1) (520) Shareholder loan repayment — — — (2) (2) At December 31, 2021 $3,267 $382 $893 $52 $4,594 Equity pick-up from equity investees 66 73 49 — 188 Dividends received from equity investees (549) (70) (50) — (669) At June 30, 2022 $2,784 $385 $892 $52 $4,113 |
IMPAIRMENT OF GOODWILL AND OTHE
IMPAIRMENT OF GOODWILL AND OTHER ASSETS | 6 Months Ended |
Jun. 30, 2022 | |
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 2021 Annual Financial Statements for further information. For the six months ended June 30, 2022, we recorded net impairment charges of $5 million (2021: $87 million net impairment reversals) for non-current assets. Indicators of impairment and reversals 2022 Reko Diq On March 20, 2022, Barrick and the Governments of Pakistan and Balochistan reached agreement in principle on a framework that provides for the reconstitution of the Reko Diq project in the country’s Balochistan province. The project was suspended in 2011 due to a dispute over the legality of its licensing process, and in 2012, an impairment of $120 million was recorded related to our investment in the Reko Diq project. The reconstituted project will be held 50% by Barrick and 50% by Pakistani stakeholders, comprising a 10% free-carried, non-contributing share held by the Government of Balochistan, an additional 15% held by a special purpose company owned by the Government of Balochistan and 25% owned by other federal state-owned enterprises. Barrick will be the operator of the project and will be granted mining leases, an exploration license, surface rights and a mineral agreement stabilizing the fiscal regime applicable to the project for a specified period. If the definitive agreements are executed and the conditions to closing are satisfied, the project will be reconstituted. The reconstitution would resolve the damages originally awarded by the International Centre for the Settlement of Investment Disputes and disputed in the International Chamber of Commerce. Refer to Note 17 for more information. We have determined that no impairment reversal exists as at June 30, 2022 due to the uncertainty around definitive agreements being executed and conditions to closing being satisfied. 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. We have determined that as at June 30, 2022, 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 17 for more information. 2021 Lagunas Norte As described in Note 4, on February 16, 2021, we announced an agreement to sell our 100% interest in the Lagunas Norte gold mine in Peru to Boroo for total consideration of up to $81 million. An impairment reversal of $86 million was recognized in the first quarter of 2021 based on the March 31, 2021 fair value of the consideration to be received of $63 million. Lagunas Norte was in a net liability position, which resulted in an impairment reversal that exceeded the fair value less costs of disposal ("FVLCD"). The transaction closed on June 1, 2021. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Fair value measurements [Abstract] | |
Fair Value Measurements | Fair Value Measurements a) Assets and Liabilities Measured at Fair Value on a Recurring Basis As at June 30, 2022 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Aggregate fair value (Level 1) (Level 2) (Level 3) Cash and equivalents $5,780 $— $— $5,780 Other investments 1 74 — — 74 Derivatives — 59 — 59 Receivables from provisional copper and gold sales — 236 — 236 $5,854 $295 $— $6,149 1 Includes equity investments in other mining companies. b) Fair Values of Financial Assets and Liabilities As at June 30, 2022 As at December 31, 2021 Carrying amount Estimated fair value Carrying amount Estimated fair value Financial assets Other assets 1 $405 $405 $382 $382 Other investments 2 74 74 414 414 Derivative assets 3 59 59 53 53 $538 $538 $849 $849 Financial liabilities Debt 4 $5,144 $5,480 $5,150 $6,928 Other liabilities 519 519 473 473 $5,663 $5,999 $5,623 $7,401 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 Primarily consists of contingent consideration received as part of the sale of Massawa and Lagunas Norte. 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. The Company’s valuation techniques were presented in Note 26 of the 2021 Annual Financial Statements and have been consistently applied in these interim financial statements. |
CAPITAL STOCK
CAPITAL STOCK | 6 Months Ended |
Jun. 30, 2022 | |
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 1,770,936,335 common shares as at June 30, 2022). Our common shares have no par value. b) Dividends The Company’s practice has been to declare dividends after a quarter in the announcement of the results for the quarter. Dividends declared are paid in the same quarter. The Company’s dividend reinvestment plan resulted in 105,298 common shares issued to shareholders for the six months ended June 30, 2022. c) Return of Capital At the Annual and Special Meeting on May 4, 2021, shareholders approved a $750 million return of capital distribution. This distribution was derived from a portion of the proceeds from the divestiture of Kalgoorlie Consolidated Gold Mines in November 2019 and from other recent dispositions made by Barrick and its affiliates in line with our strategy of focusing on our core assets. The total return of capital distribution was paid in three equal tranches of $250 million on June 15, 2021, September 15, 2021 and December 15, 2021. d) Share Buyback Program At the February 15, 2022 meeting, the Board of Directors authorized a 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 second quarter of 2022, Barrick purchased 8.5 million common shares for a total of $173 million. 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, 2022 | |
Non-controlling interests [Abstract] | |
Non-controlling Interests Continuity | Non-controlling Interests Continuity Nevada Gold Mines Pueblo Viejo Tanzania Mines 1 Loulo-Gounkoto Tongon Other Total NCI in subsidiary at June 30, 2022 38.5 % 40 % 16 % 20 % 10.3 % Various At January 1, 2021 $5,978 $1,193 $263 $933 $39 ($37) $8,369 Share of income 980 174 35 71 6 — 1,266 Cash contributed — — — — — 12 12 Decrease in non-controlling interest (49) — — — — (37) (86) Disbursements (848) (178) — (51) (16) (18) (1,111) At December 31, 2021 $6,061 $1,189 $298 $953 $29 ($80) $8,450 Share of income (loss) 387 54 24 34 (2) — 497 Disbursements (384) (94) (12) (17) (17) — (524) At June 30, 2022 $6,064 $1,149 $310 $970 $10 ($80) $8,423 1 Tanzania mines consist of the two operating mines (North Mara and Bulyanhulu) and Buzwagi which transitioned into closure early in the third quarter of 2021). |
CONTINGENCIES
CONTINGENCIES | 6 Months Ended |
Jun. 30, 2022 | |
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 2021 Annual Financial Statements, and no new contingencies have occurred that are material to the Company since the issuance of the 2021 Annual Financial Statements. The description set out below should be read in conjunction with Note 35 “Contingencies” to the 2021 Annual Financial Statements. Litigation and Claims Update Proposed Canadian Securities Class Actions (Pascua-Lama) On March 22, 2022, the Ontario Superior Court of Justice rendered its decision concerning the Plaintiffs’ motion for leave to proceed with statutory secondary market misrepresentation claims pertaining to Barrick’s capital cost and schedule estimates for the Pascua-Lama project and various accounting and financial reporting matters. In its decision, the Court denied leave to proceed in respect of all but two of those claims. The Court solicited additional submissions from the parties before deciding whether to grant leave to proceed in respect of the two remaining claims. The parties delivered additional written submissions during May 2022 and supplemental oral argument on June 27, 2022. On July 18, 2022, the Court rendered a supplemental decision granting the Plaintiffs leave to proceed with the two claims in question as against Barrick and two of its former senior executives. The Company is seeking leave to appeal to the Divisional Court from the decision of the Superior Court to permit the Plaintiffs to proceed with the two claims referred to above. The Plaintiffs have filed an appeal with the Court of Appeal for Ontario from the decision of the Superior Court to deny leave to proceed in respect of the other claims pertaining to Barrick's capital cost and schedule estimates and accounting and financial reporting matters. In the Quebec action, the hearing of the proposed representative plaintiff’s appeal from the March 2020 decision denying leave to proceed and class certification took place on May 2, 2022. A decision in this matter is pending. Pascua-Lama – SMA Regulatory Sanctions On July 12, 2022, the Chilean Supreme Court issued a decision in which it rejected the appeal brought by a group of local farmers to challenge the September 2020 decision of the Antofagasta Environmental Court. In that decision, the Environmental Court had upheld the closure order and sanctions imposed by Chile's environmental regulator (the Superintendencia del Medio Ambiente or "SMA") on Compañia Minera Nevada ("CMN"), Barrick's Chilean subsidiary that holds the Chilean portion of the Pascua-Lama Project, in the Revised Resolution from January 2018, and also ordered the SMA to reevaluate two environmental infringements contained in the Revised Resolution. The SMA will now determine the appropriate administrative fine to be imposed on CMN with respect to those two environmental infringements in accordance with the Environmental Court's decision. No amounts have been recorded for any potential liability arising from this matter, as the Company cannot reasonably predict the amount of the additional administrative fine to be imposed by the SMA. Veladero – Tax Assessment and Criminal Charges On February 4, 2022, the Argentine Minister of Economy, the competent authority in this matter, issued a decision denying the application of the Canada-Argentina Tax Treaty to the Tax Assessment. MAS appealed this decision on February 18, 2022. Separately, on April 12, 2022, the trial court issued a ruling dismissing the criminal charges against the MAS directors in the Criminal Tax Case. The Argentinean Federal Tax Authority (“AFIP”) appealed this ruling to the Court of Appeals and both parties submitted their arguments on May 26, 2022. A decision of the Court of Appeals is pending. Writ of Kalikasan In the fall of 2021, the justice who was presiding over the panel of justices of the Court of Appeals hearing this matter was appointed to the Supreme Court of the Philippines. On March 2, 2022, the Supreme Court of the Philippines issued a Resolution dismissing the Company's March 12, 2020 Petition for Reconsideration of the Court's dismissal of the Company's Petition for Certiorari on January 15, 2020. On March 16, 2022, the Supreme Court of the Philippines issued a Resolution dismissing the Company's September 10, 2021 Petition for Certiorari of the Court of Appeals' Resolutions dated January 21, 2021 and June 14, 2021. On April 26, 2022, the Court of Appeals issued a Resolution constituting a new panel of justices to preside over the Writ of Kalikasan proceeding. The new panel will determine the outstanding motions before the Court of Appeals and preside over the trial. On June 30, 2022, the Company filed a Motion for Court-Annexed Mediation between the Company and the Province of Marinduque. Reko Diq Arbitration On March 20, 2022, the Company executed an Umbrella Agreement with Antofagasta plc and the Governments of Pakistan and Balochistan, pursuant to which, if the conditions to closing are satisfied, the project would be reconstituted with Barrick as the operator going forward and, following such reconstitution, Antofagasta would exit the project. Pursuant to the Umbrella Agreement, a Temporary Standstill Agreement would be executed once a certain condition of an escrow account in favor of Antofagasta in the amount of $900 million was satisfied. This condition was satisfied, and the Temporary Standstill Agreement went into effect on April 5, 2022. Pursuant to the Temporary Standstill Agreement, all legal and arbitral proceedings initiated by the parties in relation to the Reko Diq dispute are suspended while the parties work toward execution of definitive agreements and closing under the Umbrella Agreement. Porgera Special Mining Lease On April 7, 2022, the Shareholders’ Agreement for the new Porgera joint venture company was signed by Porgera (Jersey) Limited, which is an affiliate of Barrick Niugini Limited (“BNL”), and the state-owned Kumul Minerals (Porgera) Limited. The Shareholders’ Agreement will become effective following signature by Mineral Resources Enga Limited (“MRE”), the holder of the remaining 5% of the original Porgera joint venture not owned by BNL, which will allow for the incorporation of a new Porgera joint venture company and application by this entity for a new Special Mining Lease, a condition of the reopening of the Porgera mine under the Commencement Agreement. On April 21, 2022, the PNG National Parliament passed legislation to provide, among other things, certain agreed tax exemptions and tax stability for the new Porgera joint venture. This legislation was certified on May 30, 2022, and will come into effect following a public notice process under PNG law. On July 7, 2022, the Papua New Guinea Supreme Court dismissed the proceeding which had been initiated in December 2021 by a group of local landowners seeking a declaration that they own and can mine the minerals situated on their customary lands, including at the Porgera mine, and that certain provisions of the Mining Act and related provisions of the Papua New Guinea Constitution are invalid. The dismissal was based on technical grounds. BNL had intervened in this matter to protect its rights. Tanzania – Concentrate Export Ban and Related Disputes In March 2022, the Company made a further payment of $40 million, bringing the total amount paid to date to $140 million, toward the Settlement Amount, as provided under the signed agreement with the Government of Tanzania (“GoT”) for the resolution of all outstanding disputes between the GoT and the mining companies formerly operated by Acacia Mining plc (“Acacia”) and now managed by Barrick. Tanzanian Revenue Authority Assessments All of the tax disputes between the former Acacia and the Tanzanian Revenue Authority (“TRA”) were considered resolved as part of the settlement with the GoT described above under "Tanzania – Concentrate Export Ban and Related Disputes." In furtherance of this settlement, compromise and release agreements have been executed by the parties to each of the tax disputes. These agreements have been filed and adopted by the relevant courts in Tanzania for the full and final settlement of the tax disputes. Zaldívar Chilean Tax Assessment Court proceedings in this matter resumed in April 2022, following a delay due to the Covid-19 pandemic. The parties presented evidence to the Tax Court in this matter on May 6, 2022, and the decision of the Tax Court is pending. Kibali Customs Dispute The Company is engaged in discussions with the Customs Authority regarding the customs claims. A formal reassessment notice has not yet been issued by the Customs Authority with respect to these claims. Zaldívar Water Claims On March 30, 2022, the State Defense Council ("CDE"), an entity that represents the interests of the Chilean state, filed a lawsuit in the Environmental Court of Antofagasta against Compañía Minera Zaldívar SpA (“CMZ”), the joint venture company that operates the Zaldívar mine, and two other companies with mining operations that utilize water from a shared aquifer (Minera Escondida Ltda. and Albermarle Ltda.) The CDE claims that the extraction of groundwater by these companies since 2005 has caused environmental damage to the surrounding area. The CDE’s lawsuit seeks to require the companies to conduct a series of studies and undertake certain actions to protect and repair the alleged environmental damage in the area, and also to cease extracting water from the aquifer. CMZ presented its defense on June 15, 2022, and will submit evidence when the case reaches the evidentiary stage. The Company intends to continue to vigorously defend its position. No amounts have been recorded for any potential liability under this matter, as the Company cannot reasonably predict the outcome. |
MATERIAL ACCOUNTING POLICY IN_2
MATERIAL ACCOUNTING POLICY INFORMATION (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021 ("2021 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 5, 2022. |
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, 2022 | |
Operating segments [Abstract] | |
Schedules of segment information | 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 Veladero 119 55 31 1 (1) 33 North Mara 2 149 60 23 1 (1) 66 Bulyanhulu 2 118 57 14 — 5 42 Other Mines 2 521 312 110 4 18 77 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 three months ended June 30, 2021 Revenue Site operating costs, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Carlin 2 $572 $267 $59 $7 ($8) $247 Cortez 2 328 143 66 2 1 116 Turquoise Ridge 2 235 98 48 — — 89 Pueblo Viejo 2 369 122 55 1 9 182 Loulo-Gounkoto 2 329 110 69 5 6 139 Kibali 169 60 36 1 2 70 Veladero 91 40 20 — 2 29 North Mara 2 144 65 12 — 1 66 Bulyanhulu 2 82 38 13 — 1 30 Other Mines 2 719 305 146 3 16 249 Reportable segment total $3,038 $1,248 $524 $19 $30 $1,217 Share of equity investees (169) (60) (36) (1) (2) (70) Segment total $2,869 $1,188 $488 $18 $28 $1,147 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 Veladero 195 90 50 1 — 54 North Mara 2 280 110 33 2 — 135 Bulyanhulu 2 249 119 31 — 6 93 Other Mines 2 1,125 620 223 7 35 240 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 Consolidated Statement of Income Information Cost of Sales For the six months ended June 30, 2021 Revenue Site operating costs, royalties and community relations Depreciation Exploration, evaluation and project expenses Other expenses (income) 1 Segment income (loss) Carlin 2 $1,235 $555 $127 $10 ($9) $552 Cortez 2 620 286 130 5 2 197 Turquoise Ridge 2 504 198 99 — — 207 Pueblo Viejo 2 789 252 116 2 10 409 Loulo-Gounkoto 2 666 225 138 9 14 280 Kibali 323 120 68 1 1 133 Veladero 148 64 31 — 2 51 North Mara 2 263 121 27 — 2 113 Bulyanhulu 2 132 66 25 — 2 39 Other Mines 2 1,406 604 288 6 31 477 Reportable segment total $6,086 $2,491 $1,049 $33 $55 $2,458 Share of equity investees (323) (120) (68) (1) (1) (133) Segment total $5,763 $2,371 $981 $32 $54 $2,325 1 Includes accretion expense, which is included within finance costs in the consolidated statement of income. For the three months ended June 30, 2022, accretion expense was $9 million (2021: $8 million) and for the six months ended June 30, 2022, accretion expense was $16 million (2021: $13 million). 2 Includes non-controlling interest portion of revenues, cost of sales and segment income for the three months ended June 30, 2022 for Nevada Gold Mines $549 million, $354 million, $189 million (2021: $541 million, $314 million, $224 million), Pueblo Viejo $130 million, $78 million, $47 million (2021: $147 million, $70 million, $73 million), Loulo-Gounkoto $67 million, $39 million, $27 million (2021: $66 million, $36 million, $28 million), North Mara, Bulyanhulu and Buzwagi $43 million, $25 million, $17 million (2021: $42 million, $25 million, $18 million), and Tongon $9 million, $9 million, $(1) million (2021: $10 million, $8 million, $2 million) and for the six months ended June 30, 2022 for Nevada Gold Mines $1,105 million, $687 million, $417 million (2021: $1,098 million, $632 million, $460 million), Pueblo Viejo $265 million, $153 million, $106 million (2021: $321 million, $146 million, $171 million), Loulo-Gounkoto $131 million, $76 million, $54 million (2021: $133 million, $73 million, $56 million), North Mara, Bulyanhulu and Buzwagi $85 million, $47 million, $36 million (2021: $74 million, $48 million, $26 million) and Tongon $17 million, $18 million, $(2) million (2021: $20 million, $16 million, $3 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 2022 2021 2022 2021 Segment income $912 $1,147 $2,036 $2,325 Other revenue 39 24 24 86 Other cost of sales/amortization (8) (28) (18) (64) Exploration, evaluation and project expenses not attributable to segments (68) (59) (123) (106) General and administrative expenses (30) (47) (84) (85) Other income (loss) not attributable to segments 23 (4) 23 (3) Impairment (charges) reversals (3) (2) (5) 87 Loss on currency translation (6) (7) (9) (11) Closed mine rehabilitation 128 (6) 125 (29) Income from equity investees 89 104 188 207 Finance costs, net (includes non-segment accretion) (80) (83) (161) (165) Gain (loss) on non-hedge derivatives — (2) 7 (1) Income before income taxes $996 $1,037 $2,003 $2,241 Capital Expenditures Information Segment capital expenditures 1 For the three months ended June 30 For the six months ended June 30 2022 2021 2022 2021 Carlin $130 $141 $247 $233 Cortez 126 70 219 132 Turquoise Ridge 44 39 86 72 Pueblo Viejo 150 143 294 244 Loulo-Gounkoto 82 88 144 158 Kibali 21 20 38 31 Veladero 45 43 83 83 North Mara 35 19 57 37 Bulyanhulu 23 18 35 33 Other Mines 100 76 177 150 Reportable segment total $756 $657 $1,380 $1,173 Other items not allocated to segments 29 35 63 59 Total $785 $692 $1,443 $1,232 Share of equity investees (21) (20) (38) (31) Total $764 $672 $1,405 $1,201 |
REVENUE (Tables)
REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue [abstract] | |
Schedule of revenue by type | For the three months ended June 30 For the six months ended June 30 2022 2021 2022 2021 Gold sales Spot market sales $2,524 $2,524 $4,950 $5,139 Concentrate sales 77 63 158 92 Provisional pricing adjustments (4) 2 — (1) $2,597 $2,589 $5,108 $5,230 Copper sales Concentrate sales $263 $234 $534 $445 Provisional pricing adjustments (52) — (36) 45 $211 $234 $498 $490 Other sales 1 51 70 106 129 Total $2,859 $2,893 $5,712 $5,849 |
COST OF SALES (Tables)
COST OF SALES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Cost of sales [Abstract] | |
Schedule of cost of sales | Gold Copper Other 3 Total For the three months ended June 30 2022 2021 2022 2021 2022 2021 2022 2021 Site operating costs 1,2 $1,163 $1,016 $76 $65 $— $— $1,239 $1,081 Depreciation 1 438 448 34 46 4 6 476 500 Royalty expense 95 92 32 25 — — 127 117 Community relations 7 5 1 1 — — 8 6 $1,703 $1,561 $143 $137 $4 $6 $1,850 $1,704 Gold Copper Other 3 Total For the six months ended June 30 2022 2021 2022 2021 2022 2021 2022 2021 Site operating costs 1,2 $2,231 $2,036 $159 $130 $— $— $2,390 $2,166 Depreciation 1 857 902 72 94 7 11 936 1,007 Royalty expense 183 185 64 48 — — 247 233 Community relations 14 9 2 1 — — 16 10 $3,285 $3,132 $297 $273 $7 $11 $3,589 $3,416 1 Site operating costs and depreciation include charges to reduce the cost of inventory to net realizable value as follows: $31 million for the three months ended June 30, 2022 (2021: $nil) and $31 million for the six months ended June 30, 2022 (2021: $14 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, 2022 | |
Earnings per share [abstract] | |
Schedule of earnings per share | For the three months ended June 30 For the six months ended June 30 2022 2021 2022 2021 Basic Diluted Basic Diluted Basic Diluted Basic Diluted Net income $717 $717 $694 $694 $1,423 $1,423 $1,524 $1,524 Net income attributable to non-controlling interests (229) (229) (283) (283) (497) (497) (575) (575) Net income attributable to equity holders of Barrick Gold Corporation $488 $488 $411 $411 $926 $926 $949 $949 Weighted average shares outstanding 1,777 1,777 1,779 1,779 1,778 1,778 1,779 1,779 Basic and diluted earnings per share data attributable to the equity holders of Barrick Gold Corporation $0.27 $0.27 $0.23 $0.23 $0.52 $0.52 $0.53 $0.53 |
OTHER EXPENSE (Tables)
OTHER EXPENSE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 2022 2021 2022 2021 Other expense: Bank charges $— $4 $2 $6 Litigation 3 6 7 7 Porgera care and maintenance costs 14 15 27 26 Buzwagi supplies obsolescense — — 2 — Other 10 4 18 11 Total other expense $27 $29 $56 $50 Other income: Gain on sale of non-current assets ($20) ($7) ($22) ($10) Loss (gain) on non-hedge derivatives — 2 (7) 1 Loss (gain) on warrant investments at FVPL (2) 5 (4) 10 Insurance proceeds related to NGM — — (22) — Interest income on other assets (3) (3) (7) (6) Other — — (3) — Total other income ($25) ($3) ($65) ($5) Total $2 $26 ($9) $45 b) Impairment (Reversals) Charges For the three months ended June 30 For the six months ended June 30 2022 2021 2022 2021 Impairment (reversals) charges of non-current assets 1 $3 $2 $5 ($87) Total $3 $2 $5 ($87) 1 Refer to note 13 for further details. |
INCOME TAX EXPENSE (Tables)
INCOME TAX EXPENSE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Income tax [Abstract] | |
Schedule of income tax expense (recovery) | For the three months ended June 30 For the six months ended June 30 2022 2021 2022 2021 Current $206 $237 $483 $502 Deferred 73 106 97 215 Total $279 $343 $580 $717 |
CASH FLOW _ OTHER ITEMS (Tables
CASH FLOW – OTHER ITEMS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 2022 2021 2022 2021 Adjustments for non-cash income statement items: Loss (gain) on non-hedge derivatives $— $2 ($7) $1 Loss (gain) on warrant investments at FVPL (2) 5 (4) 10 Share-based compensation expense (recovery) (6) 23 29 36 Change in estimate of rehabilitation costs at closed mines (128) 6 (125) 29 Insurance proceeds related to NGM 22 — — — Inventory impairment charges 24 — 24 8 Change in other assets and liabilities (3) (82) (18) (104) Settlement of share-based compensation (1) — (46) (44) Settlement of rehabilitation obligations (32) (30) (56) (52) Other operating activities ($126) ($76) ($203) ($116) Cash flow arising from changes in: Accounts receivable $41 ($29) $68 $6 Inventory (40) (97) (80) (111) Other current assets (68) (75) (172) (82) Accounts payable 42 28 17 (73) Other current liabilities (9) (24) 2 11 Change in working capital ($34) ($197) ($165) ($249) |
EQUITY ACCOUNTING METHOD INVE_2
EQUITY ACCOUNTING METHOD INVESTMENT CONTINUITY (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Interests in other entities [Abstract] | |
Schedules of equity accounting method investments | Kibali Jabal Sayid Zaldívar Other Total At January 1, 2021 $3,279 $369 $967 $55 $4,670 Equity pick-up from equity investees 219 159 68 — 446 Dividends received from equity investees (231) (146) (142) (1) (520) Shareholder loan repayment — — — (2) (2) At December 31, 2021 $3,267 $382 $893 $52 $4,594 Equity pick-up from equity investees 66 73 49 — 188 Dividends received from equity investees (549) (70) (50) — (669) At June 30, 2022 $2,784 $385 $892 $52 $4,113 |
FAIR VALUE MEASUREMENTS FAIR VA
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2022 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs Aggregate fair value (Level 1) (Level 2) (Level 3) Cash and equivalents $5,780 $— $— $5,780 Other investments 1 74 — — 74 Derivatives — 59 — 59 Receivables from provisional copper and gold sales — 236 — 236 $5,854 $295 $— $6,149 1 Includes equity investments in other mining companies. b) Fair Values of Financial Assets and Liabilities As at June 30, 2022 As at December 31, 2021 Carrying amount Estimated fair value Carrying amount Estimated fair value Financial assets Other assets 1 $405 $405 $382 $382 Other investments 2 74 74 414 414 Derivative assets 3 59 59 53 53 $538 $538 $849 $849 Financial liabilities Debt 4 $5,144 $5,480 $5,150 $6,928 Other liabilities 519 519 473 473 $5,663 $5,999 $5,623 $7,401 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 Primarily consists of contingent consideration received as part of the sale of Massawa and Lagunas Norte. 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, 2022 | |
Non-controlling interests [Abstract] | |
Schedule of non-controlling interest | Nevada Gold Mines Pueblo Viejo Tanzania Mines 1 Loulo-Gounkoto Tongon Other Total NCI in subsidiary at June 30, 2022 38.5 % 40 % 16 % 20 % 10.3 % Various At January 1, 2021 $5,978 $1,193 $263 $933 $39 ($37) $8,369 Share of income 980 174 35 71 6 — 1,266 Cash contributed — — — — — 12 12 Decrease in non-controlling interest (49) — — — — (37) (86) Disbursements (848) (178) — (51) (16) (18) (1,111) At December 31, 2021 $6,061 $1,189 $298 $953 $29 ($80) $8,450 Share of income (loss) 387 54 24 34 (2) — 497 Disbursements (384) (94) (12) (17) (17) — (524) At June 30, 2022 $6,064 $1,149 $310 $970 $10 ($80) $8,423 1 Tanzania mines consist of the two operating mines (North Mara and Bulyanhulu) and Buzwagi which transitioned into closure early in the third quarter of 2021). |
CRITICAL JUDGMENTS, ESTIMATES_2
CRITICAL JUDGMENTS, ESTIMATES, ASSUMPTIONS AND RISKS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Chile | Pascua-Lama [Member] | |||||
Disclosure of detailed information about accounting judgments and estimates [Line Items] | |||||
Receipts from value added tax refunds | $ 395 | $ 395 | $ 411 | ||
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 | 42 | 42 | $ 48 | ||
Provision for decommissioning, restoration and rehabilitation costs [member] | |||||
Disclosure of detailed information about accounting judgments and estimates [Line Items] | |||||
Increase (decrease) in other provisions | $ (413) | $ (22) | $ (439) | $ (239) |
ACQUISITIONS AND DIVESTITURES (
ACQUISITIONS AND DIVESTITURES (Details) - Lagunas Norte [Member] - USD ($) $ in Millions | 3 Months Ended | ||||
Jun. 01, 2023 | Jun. 01, 2022 | Jun. 01, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Disclosure of detailed information about business combination [line items] | |||||
Proportion of ownership interest sold | 100% | ||||
NSR royalty rate | 2% | ||||
Purchase price of NSR | $ 16 | ||||
Reversal of impairment loss | $ 86 | ||||
Gain (loss) recognised on measurement to fair value less costs to sell or on disposal of assets or disposal groups constituting discontinued operation | $ 4 | ||||
Proportion of reclamation bond obligations assumed by Boroo Pte Ltd. | 50% | 50% | |||
Provision for decommissioning, restoration and rehabilitation costs | $ 173 | ||||
Cash and equivalents | |||||
Disclosure of detailed information about business combination [line items] | |||||
Portion of consideration paid (received) consisting of cash and cash equivalents | (20) | ||||
Other receivables [Member] | First anniversary after closing [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Consideration paid (received) | $ (10) | ||||
Other receivables [Member] | Second anniversary after closing [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Consideration paid (received) | $ (20) | ||||
At fair value [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Consideration paid (received) | (65) | ||||
Maximum [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Consideration paid (received) | (81) | ||||
Maximum [Member] | Contingent consideration [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Consideration paid (received) | $ (15) |
SEGMENT INFORMATION Narrative (
SEGMENT INFORMATION Narrative (Details) | Jun. 30, 2022 minesite investment |
Operating segments [Abstract] | |
Number of minesite locations | 18 |
Number of projects | investment | 1 |
Number of gold mines | 9 |
SEGMENT INFORMATION - Consolida
SEGMENT INFORMATION - Consolidated Statements of Income Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of operating segments [line items] | ||||
Revenue (notes 5 and 6) | $ 2,859 | $ 2,893 | $ 5,712 | $ 5,849 |
Depreciation | 476 | 500 | 936 | 1,007 |
Exploration, evaluation and project expenses | 100 | 77 | 167 | 138 |
Other expenses (income) | 2 | 26 | (9) | 45 |
Segment income | 996 | 1,037 | 2,003 | 2,241 |
Profit (loss), attributable to non-controlling interests | 229 | 283 | 497 | 575 |
Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Segment income | 912 | 1,147 | 2,036 | 2,325 |
Operating segments | Carlin [Member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue (notes 5 and 6) | 748 | 572 | 1,455 | 1,235 |
Site operating costs, royalties and community relations | 371 | 267 | 681 | 555 |
Depreciation | 80 | 59 | 149 | 127 |
Exploration, evaluation and project expenses | 5 | 7 | 7 | 10 |
Other expenses (income) | 3 | (8) | (18) | (9) |
Segment income | 289 | 247 | 636 | 552 |
Operating segments | Cortez [Member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue (notes 5 and 6) | 284 | 328 | 648 | 620 |
Site operating costs, royalties and community relations | 131 | 143 | 283 | 286 |
Depreciation | 48 | 66 | 110 | 130 |
Exploration, evaluation and project expenses | 4 | 2 | 6 | 5 |
Other expenses (income) | 1 | 1 | 1 | 2 |
Segment income | 100 | 116 | 248 | 197 |
Operating segments | Turquoise Ridge | ||||
Disclosure of operating segments [line items] | ||||
Revenue (notes 5 and 6) | 232 | 235 | 427 | 504 |
Site operating costs, royalties and community relations | 117 | 98 | 224 | 198 |
Depreciation | 44 | 48 | 86 | 99 |
Exploration, evaluation and project expenses | 4 | 0 | 4 | 0 |
Other expenses (income) | 0 | 0 | 1 | 0 |
Segment income | 67 | 89 | 112 | 207 |
Operating segments | Pueblo Viejo | ||||
Disclosure of operating segments [line items] | ||||
Revenue (notes 5 and 6) | 318 | 369 | 656 | 789 |
Site operating costs, royalties and community relations | 136 | 122 | 265 | 252 |
Depreciation | 60 | 55 | 118 | 116 |
Exploration, evaluation and project expenses | 12 | 1 | 14 | 2 |
Other expenses (income) | 4 | 9 | 5 | 10 |
Segment income | 106 | 182 | 254 | 409 |
Revenue, attributable to non-controlling interests | 130 | 147 | 265 | 321 |
Cost of sales, attributable to non-controlling interests | 78 | 70 | 153 | 146 |
Profit (loss), attributable to non-controlling interests | 47 | 73 | 106 | 171 |
Operating segments | Loulo-Gounkoto [Member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue (notes 5 and 6) | 331 | 329 | 653 | 666 |
Site operating costs, royalties and community relations | 129 | 110 | 252 | 225 |
Depreciation | 64 | 69 | 127 | 138 |
Exploration, evaluation and project expenses | 1 | 5 | 3 | 9 |
Other expenses (income) | 5 | 6 | 7 | 14 |
Segment income | 132 | 139 | 264 | 280 |
Revenue, attributable to non-controlling interests | 67 | 66 | 131 | 133 |
Cost of sales, attributable to non-controlling interests | 39 | 36 | 76 | 73 |
Profit (loss), attributable to non-controlling interests | 27 | 28 | 54 | 56 |
Operating segments | Kibali [Member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue (notes 5 and 6) | 145 | 169 | 282 | 323 |
Site operating costs, royalties and community relations | 57 | 60 | 112 | 120 |
Depreciation | 33 | 36 | 61 | 68 |
Exploration, evaluation and project expenses | 1 | 1 | 4 | 1 |
Other expenses (income) | 5 | 2 | 15 | 1 |
Segment income | 49 | 70 | 90 | 133 |
Operating segments | Veladero | ||||
Disclosure of operating segments [line items] | ||||
Revenue (notes 5 and 6) | 119 | 91 | 195 | 148 |
Site operating costs, royalties and community relations | 55 | 40 | 90 | 64 |
Depreciation | 31 | 20 | 50 | 31 |
Exploration, evaluation and project expenses | 1 | 0 | 1 | 0 |
Other expenses (income) | (1) | 2 | 0 | 2 |
Segment income | 33 | 29 | 54 | 51 |
Operating segments | North Mara [Member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue (notes 5 and 6) | 149 | 144 | 280 | 263 |
Site operating costs, royalties and community relations | 60 | 65 | 110 | 121 |
Depreciation | 23 | 12 | 33 | 27 |
Exploration, evaluation and project expenses | 1 | 0 | 2 | 0 |
Other expenses (income) | (1) | 1 | 0 | 2 |
Segment income | 66 | 66 | 135 | 113 |
Operating segments | Bulyanhulu [Member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue (notes 5 and 6) | 118 | 82 | 249 | 132 |
Site operating costs, royalties and community relations | 57 | 38 | 119 | 66 |
Depreciation | 14 | 13 | 31 | 25 |
Exploration, evaluation and project expenses | 0 | 0 | 0 | 0 |
Other expenses (income) | 5 | 1 | 6 | 2 |
Segment income | 42 | 30 | 93 | 39 |
Operating segments | Other | ||||
Disclosure of operating segments [line items] | ||||
Revenue (notes 5 and 6) | 521 | 719 | 1,125 | 1,406 |
Site operating costs, royalties and community relations | 312 | 305 | 620 | 604 |
Depreciation | 110 | 146 | 223 | 288 |
Exploration, evaluation and project expenses | 4 | 3 | 7 | 6 |
Other expenses (income) | 18 | 16 | 35 | 31 |
Segment income | 77 | 249 | 240 | 477 |
Operating segments | Reportable segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue (notes 5 and 6) | 2,965 | 3,038 | 5,970 | 6,086 |
Site operating costs, royalties and community relations | 1,425 | 1,248 | 2,756 | 2,491 |
Depreciation | 507 | 524 | 988 | 1,049 |
Exploration, evaluation and project expenses | 33 | 19 | 48 | 33 |
Other expenses (income) | 39 | 30 | 52 | 55 |
Segment income | 961 | 1,217 | 2,126 | 2,458 |
Operating segments | Segment total [Member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue (notes 5 and 6) | 2,820 | 2,869 | 5,688 | 5,763 |
Site operating costs, royalties and community relations | 1,368 | 1,188 | 2,644 | 2,371 |
Depreciation | 474 | 488 | 927 | 981 |
Exploration, evaluation and project expenses | 32 | 18 | 44 | 32 |
Other expenses (income) | 34 | 28 | 37 | 54 |
Segment income | 912 | 1,147 | 2,036 | 2,325 |
Accretion expense | 9 | 8 | 16 | 13 |
Operating segments | Nevada Gold Mines [Member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue, attributable to non-controlling interests | 549 | 541 | 1,105 | 1,098 |
Cost of sales, attributable to non-controlling interests | 354 | 314 | 687 | 632 |
Profit (loss), attributable to non-controlling interests | 189 | 224 | 417 | 460 |
Operating segments | North Mara, Bulyanhulu, and Buzwagi [Member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue, attributable to non-controlling interests | 43 | 42 | 85 | 74 |
Cost of sales, attributable to non-controlling interests | 25 | 25 | 47 | 48 |
Profit (loss), attributable to non-controlling interests | 17 | 18 | 36 | 26 |
Operating segments | Tongon [Member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue, attributable to non-controlling interests | 9 | 10 | 17 | 20 |
Cost of sales, attributable to non-controlling interests | 9 | 8 | 18 | 16 |
Profit (loss), attributable to non-controlling interests | (1) | 2 | (2) | 3 |
Material reconciling items [member] | Kibali [Member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue (notes 5 and 6) | (145) | (169) | (282) | (323) |
Site operating costs, royalties and community relations | (57) | (60) | (112) | (120) |
Depreciation | (33) | (36) | (61) | (68) |
Exploration, evaluation and project expenses | (1) | (1) | (4) | (1) |
Other expenses (income) | (5) | (2) | (15) | (1) |
Segment income | $ (49) | $ (70) | $ (90) | $ (133) |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Reconciliation of Segment Income to Income Before Income Taxes | ||||
Segment income | $ 996 | $ 1,037 | $ 2,003 | $ 2,241 |
Revenue | 2,859 | 2,893 | 5,712 | 5,849 |
Other cost of sales/amortization | (1,850) | (1,704) | (3,589) | (3,416) |
Exploration, evaluation and project expenses not attributable to segments | (100) | (77) | (167) | (138) |
General and administrative expenses | (30) | (47) | (84) | (85) |
Other income (loss) not attributable to segments | (2) | (26) | 9 | (45) |
Impairment (charges) reversals | (3) | (2) | (5) | 87 |
Loss on currency translation | (6) | (7) | (9) | (11) |
Closed mine rehabilitation | 128 | (6) | 125 | (29) |
Income from equity investees | 89 | 104 | 188 | 207 |
Finance costs, net (includes non-segment accretion) | (89) | (91) | (177) | (178) |
Gain (loss) on non-hedge derivatives | 0 | (2) | 7 | (1) |
Operating segments [member] | ||||
Reconciliation of Segment Income to Income Before Income Taxes | ||||
Segment income | 912 | 1,147 | 2,036 | 2,325 |
Other items not allocated to segments | ||||
Reconciliation of Segment Income to Income Before Income Taxes | ||||
Revenue | 39 | 24 | 24 | 86 |
Other cost of sales/amortization | (8) | (28) | (18) | (64) |
Exploration, evaluation and project expenses not attributable to segments | (68) | (59) | (123) | (106) |
General and administrative expenses | (30) | (47) | (84) | (85) |
Other income (loss) not attributable to segments | 23 | (4) | 23 | (3) |
Impairment (charges) reversals | (3) | (2) | (5) | 87 |
Loss on currency translation | (6) | (7) | (9) | (11) |
Closed mine rehabilitation | 128 | (6) | 125 | (29) |
Income from equity investees | 89 | 104 | 188 | 207 |
Finance costs, net (includes non-segment accretion) | (80) | (83) | (161) | (165) |
Gain (loss) on non-hedge derivatives | $ 0 | $ (2) | $ 7 | $ (1) |
SEGMENT INFORMATION - Capital E
SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||||
Capital expenditures | $ 764 | $ 672 | $ 1,405 | $ 1,201 | |
Cash capital expenditures | 755 | 658 | 1,366 | 1,197 | |
Increase (decrease) in accrued capital expenditures | 9 | 14 | 39 | 4 | |
Purchase obligation for supplies and consumables | 1,817 | 1,817 | $ 1,718 | ||
Capital commitments | 570 | 570 | $ 443 | ||
Reportable segments [member] | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | 785 | 692 | 1,443 | 1,232 | |
Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | 756 | 657 | 1,380 | 1,173 | |
Operating segments | Carlin [Member] | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | 130 | 141 | 247 | 233 | |
Operating segments | Cortez [Member] | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | 126 | 70 | 219 | 132 | |
Operating segments | Turquoise Ridge | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | 44 | 39 | 86 | 72 | |
Operating segments | Pueblo Viejo | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | 150 | 143 | 294 | 244 | |
Operating segments | Loulo-Gounkoto [Member] | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | 82 | 88 | 144 | 158 | |
Operating segments | Kibali [Member] | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | 21 | 20 | 38 | 31 | |
Operating segments | Veladero | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | 45 | 43 | 83 | 83 | |
Operating segments | North Mara [Member] | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | 35 | 19 | 57 | 37 | |
Operating segments | Bulyanhulu [Member] | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | 23 | 18 | 35 | 33 | |
Operating segments | Other Mines | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | 100 | 76 | 177 | 150 | |
Other items not allocated to segments | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | 29 | 35 | 63 | 59 | |
Material reconciling items [member] | Other Mines | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditures | $ (21) | $ (20) | $ (38) | $ (31) |
REVENUE - Revenue by Type (Deta
REVENUE - Revenue by Type (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue by type | ||||
Revenue | $ 2,859 | $ 2,893 | $ 5,712 | $ 5,849 |
Gold | ||||
Revenue by type | ||||
Revenue | 2,597 | 2,589 | 5,108 | 5,230 |
Spot market sales | ||||
Revenue by type | ||||
Revenue | 2,524 | 2,524 | 4,950 | 5,139 |
Concentrate sales | ||||
Revenue by type | ||||
Revenue | 77 | 63 | 158 | 92 |
Gold provisional pricing adjustments [Member] | ||||
Revenue by type | ||||
Revenue | (4) | 2 | 0 | (1) |
Copper | ||||
Revenue by type | ||||
Revenue | 211 | 234 | 498 | 490 |
Copper concentrate [Member] | ||||
Revenue by type | ||||
Revenue | 263 | 234 | 534 | 445 |
Copper provisional pricing adjustments [Member] | ||||
Revenue by type | ||||
Revenue | (52) | 0 | (36) | 45 |
Other sales | ||||
Revenue by type | ||||
Revenue | $ 51 | $ 70 | $ 106 | $ 129 |
COST OF SALES (Details)
COST OF SALES (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of detailed information about cost of sales [Line Items] | ||||
Site operating costs | $ 1,239 | $ 1,081 | $ 2,390 | $ 2,166 |
Depreciation expense | 476 | 500 | 936 | 1,007 |
Royalty expense | 127 | 117 | 247 | 233 |
Community relations | 8 | 6 | 16 | 10 |
Cost of sales | 1,850 | 1,704 | 3,589 | 3,416 |
Inventory write-down | 31 | 0 | 31 | 14 |
Gold | ||||
Disclosure of detailed information about cost of sales [Line Items] | ||||
Site operating costs | 1,163 | 1,016 | 2,231 | 2,036 |
Depreciation expense | 438 | 448 | 857 | 902 |
Royalty expense | 95 | 92 | 183 | 185 |
Community relations | 7 | 5 | 14 | 9 |
Cost of sales | 1,703 | 1,561 | 3,285 | 3,132 |
Copper | ||||
Disclosure of detailed information about cost of sales [Line Items] | ||||
Site operating costs | 76 | 65 | 159 | 130 |
Depreciation expense | 34 | 46 | 72 | 94 |
Royalty expense | 32 | 25 | 64 | 48 |
Community relations | 1 | 1 | 2 | 1 |
Cost of sales | 143 | 137 | 297 | 273 |
Other | ||||
Disclosure of detailed information about cost of sales [Line Items] | ||||
Site operating costs | 0 | 0 | 0 | 0 |
Depreciation expense | 4 | 6 | 7 | 11 |
Royalty expense | 0 | 0 | 0 | 0 |
Community relations | 0 | 0 | 0 | 0 |
Cost of sales | $ 4 | $ 6 | $ 7 | $ 11 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Basic earnings per share [abstract] | ||||
Net income | $ 717 | $ 694 | $ 1,423 | $ 1,524 |
Net income attributable to non-controlling interests | (229) | (283) | (497) | (575) |
Net income attributable to equity holders of Barrick Gold Corporation - Basic | $ 488 | $ 411 | $ 926 | $ 949 |
Weighted average shares outstanding - Basic (in shares) | 1,777 | 1,779 | 1,778 | 1,779 |
Basic earnings per share data attributable to the equity holders of Barrick Gold Corporation (in USD per share) | $ 0.27 | $ 0.23 | $ 0.52 | $ 0.53 |
Diluted earnings per share [abstract] | ||||
Net income | $ 717 | $ 694 | $ 1,423 | $ 1,524 |
Net income attributable to non-controlling interests | (229) | (283) | (497) | (575) |
Net income attributable to equity holders of Barrick Gold Corporation - Diluted | $ 488 | $ 411 | $ 926 | $ 949 |
Weighted average shares outstanding - Diluted (in shares) | 1,777 | 1,779 | 1,778 | 1,779 |
Diluted earnings per share data attributable to the equity holders of Barrick Gold Corporation (in USD per share) | $ 0.27 | $ 0.23 | $ 0.52 | $ 0.53 |
OTHER EXPENSE - Other Expense (
OTHER EXPENSE - Other Expense (Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other expense [Abstract] | ||||
Bank charges | $ 0 | $ 4 | $ 2 | $ 6 |
Litigation | 3 | 6 | 7 | 7 |
Porgera care and maintenance costs | 14 | 15 | 27 | 26 |
Buzwagi supplies obsolescense | 0 | 0 | 2 | 0 |
Other | 10 | 4 | 18 | 11 |
Total other expense | 27 | 29 | 56 | 50 |
Other income [Abstract] | ||||
Gain on sale of non-current assets | (20) | (7) | (22) | (10) |
Loss (gain) on non-hedge derivatives | 0 | 2 | (7) | 1 |
Loss on warrant investments at fair value through profit or loss ("FVPL") | (2) | 5 | (4) | 10 |
Insurance proceeds related to NGM | 0 | 0 | (22) | 0 |
Interest income on other assets | (3) | (3) | (7) | (6) |
Other | 0 | 0 | (3) | 0 |
Total other income | (25) | (3) | (65) | (5) |
Total | $ 2 | $ 26 | $ (9) | $ 45 |
OTHER EXPENSE - Impairment reve
OTHER EXPENSE - Impairment reversal (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Impairment (reversals) charges | $ 3 | $ 2 | $ 5 | $ (87) |
Non-current assets | ||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Impairment (reversals) charges | $ 3 | $ 2 | $ 5 | $ (87) |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Current tax | ||||
Current tax | $ 206 | $ 237 | $ 483 | $ 502 |
Deferred tax | ||||
Deferred tax expense (income) | 73 | 106 | 97 | 215 |
Income tax expense | $ 279 | $ 343 | $ 580 | $ 717 |
INCOME TAX EXPENSE Narrative (D
INCOME TAX EXPENSE Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 01, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of major components of tax expense (income) [Line Items] | |||||
Income tax expense (recovery) | $ 279 | $ 343 | $ 580 | $ 717 | |
Average effective tax rate | 29% | ||||
Adjusted effective tax rate | 27% | ||||
Net translation losses (gains) from exchange differences of the Argentine peso and CFA franc | $ 52 | 26 | |||
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% | ||||
NEVADA | Maximum [Member] | |||||
Disclosure of major components of tax expense (income) [Line Items] | |||||
Mining excise tax rate | 1.10% | ||||
Argentina and United States | |||||
Disclosure of major components of tax expense (income) [Line Items] | |||||
Dividends withholdings taxes | $ 35 | $ 16 |
CASH FLOW _ OTHER ITEMS (Detail
CASH FLOW – OTHER ITEMS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flow arising from changes in: | ||||
Loss (gain) on non-hedge derivatives | $ 0 | $ 2 | $ (7) | $ 1 |
Loss (gain) on warrant investments at FVPL | (2) | 5 | (4) | 10 |
Share-based compensation expense (recovery) | (6) | 23 | 29 | 36 |
Change in estimate of rehabilitation costs at closed mines | (128) | 6 | (125) | 29 |
Insurance proceeds related to NGM | 22 | 0 | 0 | 0 |
Inventory impairment charges | 24 | 0 | 24 | 8 |
Change in other assets and liabilities | (3) | (82) | (18) | (104) |
Settlement of share-based compensation | (1) | 0 | (46) | (44) |
Settlement of rehabilitation obligations | (32) | (30) | (56) | (52) |
Other operating activities | (126) | (76) | (203) | (116) |
Cash flow arising from changes in: | ||||
Accounts receivable | 41 | (29) | 68 | 6 |
Inventory | (40) | (97) | (80) | (111) |
Other current assets | (68) | (75) | (172) | (82) |
Accounts payable | 42 | 28 | 17 | (73) |
Other current liabilities | (9) | (24) | 2 | 11 |
Change in working capital | $ (34) | $ (197) | $ (165) | $ (249) |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure of joint ventures [line items] | |||||
Investments, beginning balance | $ 4,594 | ||||
Equity pick-up from equity investees | $ 89 | $ 104 | 188 | $ 207 | |
Investments, ending balance | 4,113 | 4,113 | $ 4,594 | ||
Joint ventures [member] | |||||
Disclosure of joint ventures [line items] | |||||
Investments, beginning balance | 4,594 | 4,670 | 4,670 | ||
Equity pick-up from equity investees | 188 | 446 | |||
Dividends received from equity investees | (669) | (520) | |||
Shareholder loan repayment | (2) | ||||
Investments, ending balance | 4,113 | 4,113 | 4,594 | ||
Kibali [Member] | |||||
Disclosure of joint ventures [line items] | |||||
Investments, beginning balance | 3,267 | 3,279 | 3,279 | ||
Equity pick-up from equity investees | 66 | 219 | |||
Dividends received from equity investees | (549) | (231) | |||
Shareholder loan repayment | 0 | ||||
Investments, ending balance | 2,784 | $ 2,784 | 3,267 | ||
Proportion of ownership interest in associate | 45% | ||||
Jabal Sayid | |||||
Disclosure of joint ventures [line items] | |||||
Investments, beginning balance | $ 382 | 369 | 369 | ||
Equity pick-up from equity investees | 73 | 159 | |||
Dividends received from equity investees | (70) | (146) | |||
Shareholder loan repayment | 0 | ||||
Investments, ending balance | 385 | 385 | 382 | ||
Zaldívar | |||||
Disclosure of joint ventures [line items] | |||||
Investments, beginning balance | 893 | 967 | 967 | ||
Equity pick-up from equity investees | 49 | 68 | |||
Dividends received from equity investees | (50) | (142) | |||
Shareholder loan repayment | 0 | ||||
Investments, ending balance | 892 | 892 | 893 | ||
Other | |||||
Disclosure of joint ventures [line items] | |||||
Investments, beginning balance | 52 | $ 55 | 55 | ||
Equity pick-up from equity investees | 0 | 0 | |||
Dividends received from equity investees | 0 | (1) | |||
Shareholder loan repayment | (2) | ||||
Investments, ending balance | $ 52 | $ 52 | $ 52 |
IMPAIRMENT OF GOODWILL AND OT_2
IMPAIRMENT OF GOODWILL AND OTHER ASSETS Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 01, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2012 | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||||||||
Impairment (reversals) charges | $ 3 | $ 2 | $ 5 | $ (87) | ||||
Reko Diq [Member] | ||||||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||||||||
Impairment (reversals) charges | $ 0 | $ 120 | ||||||
Proportion of ownership interest in joint venture | 50% | |||||||
Proportion of ownership interests held by non-controlling interests | 50% | |||||||
Reko Diq [Member] | Government of Balochistan | ||||||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||||||||
Proportion of ownership interests held by non-controlling interests | 10% | |||||||
Reko Diq [Member] | Other federal state-owned enterprises | ||||||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||||||||
Proportion of ownership interests held by non-controlling interests | 25% | |||||||
Reko Diq [Member] | Government of Balochistan special purpose company | ||||||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||||||||
Proportion of ownership interests held by non-controlling interests | 15% | |||||||
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% | |||||||
Lagunas Norte [Member] | ||||||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||||||||
Impairment (reversals) charges | $ (86) | |||||||
Percentage of ownership interest sold | 100% | |||||||
Lagunas Norte [Member] | Maximum [Member] | ||||||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||||||||
Consideration paid (received) | $ (81) | |||||||
Lagunas Norte [Member] | At fair value [member] | ||||||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||||||||
Consideration paid (received) | $ (63) |
FAIR VALUE MEASUREMENTS - Asset
FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of fair value measurement of assets [abstract] | ||
Assets | $ 46,842 | $ 46,890 |
Recurring fair value measurement | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets (liabilities) | 6,149 | |
Recurring fair value measurement | Cash and equivalents | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets | 5,780 | |
Recurring fair value measurement | Other investments | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets | 74 | |
Recurring fair value measurement | Derivatives | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets | 59 | |
Recurring fair value measurement | Receivables from provisional copper and gold sales | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets | 236 | |
Level 1 of fair value hierarchy [member] | Recurring fair value measurement | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets (liabilities) | 5,854 | |
Level 1 of fair value hierarchy [member] | Recurring fair value measurement | Cash and equivalents | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets | 5,780 | |
Level 1 of fair value hierarchy [member] | Recurring fair value measurement | Other investments | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets | 74 | |
Level 1 of fair value hierarchy [member] | Recurring fair value measurement | Derivatives | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets | 0 | |
Level 1 of fair value hierarchy [member] | Recurring fair value measurement | Receivables from provisional copper and gold sales | ||
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) | 295 | |
Significant other observable inputs (Level 2) | Recurring fair value measurement | Cash and equivalents | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets | 0 | |
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 | Derivatives | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets | 59 | |
Significant other observable inputs (Level 2) | Recurring fair value measurement | Receivables from provisional copper and gold sales | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets | 236 | |
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 | Cash and equivalents | ||
Disclosure of fair value measurement of assets [abstract] | ||
Assets | 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 | Derivatives | ||
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 | ||
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 Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Carrying amount | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | $ 538 | $ 849 |
Financial liabilities | 5,663 | 5,623 |
Carrying amount | Debt | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 5,144 | 5,150 |
Carrying amount | Other liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 519 | 473 |
Carrying amount | Other assets | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 405 | 382 |
Carrying amount | Other investments [Member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 74 | 414 |
Carrying amount | Derivatives | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 59 | 53 |
At fair value [member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 538 | 849 |
Financial liabilities | 5,999 | 7,401 |
At fair value [member] | Debt | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 5,480 | 6,928 |
At fair value [member] | Other liabilities | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial liabilities | 519 | 473 |
At fair value [member] | Other assets | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 405 | 382 |
At fair value [member] | Other investments [Member] | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | 74 | 414 |
At fair value [member] | Derivatives | ||
Disclosure of fair value measurement of assets and liabilities [Line Items] | ||
Financial assets | $ 59 | $ 53 |
CAPITAL STOCK (Details)
CAPITAL STOCK (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Feb. 15, 2022 | Dec. 15, 2021 | Sep. 15, 2021 | Jun. 15, 2021 | Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | May 04, 2021 | ||
Capital Stock | |||||||||
Return of capital | $ 250 | ||||||||
Increase (decrease) through treasury share transactions, equity | $ (173) | ||||||||
Capital stock | |||||||||
Capital Stock | |||||||||
Number of shares issued in dividend reinvestment plan with owners | 105,000 | 104,000 | |||||||
Return of capital | $ 250 | ||||||||
Increase (decrease) through treasury share transactions, equity | $ (136) | ||||||||
Other equity interest | |||||||||
Capital Stock | |||||||||
Approved return of capital distribution | $ 750 | ||||||||
Return of capital | $ 0 | ||||||||
Increase (decrease) through treasury share transactions, equity | [1] | $ (37) | |||||||
Other equity interest | Tranche 3 | |||||||||
Capital Stock | |||||||||
Return of capital | $ 250 | ||||||||
Other equity interest | Tranche 2 | |||||||||
Capital Stock | |||||||||
Return of capital | $ 250 | ||||||||
Other equity interest | Tranche 1 [Member] | |||||||||
Capital Stock | |||||||||
Return of capital | $ 250 | ||||||||
Common shares | Capital stock | |||||||||
Capital Stock | |||||||||
Number of shares issued (shares) | 1,770,936,335 | 1,770,936,335 | |||||||
Par value per share (in dollars per share) | $ 0 | $ 0 | |||||||
Number of shares issued in dividend reinvestment plan with owners | 105,298 | ||||||||
Number of shares repurchased | 8,500,000 | ||||||||
Common shares | Capital stock | Not later than one year [member] | |||||||||
Capital Stock | |||||||||
Authorized cash outflow for repurchase of outstanding shares | $ 1,000 | ||||||||
[1]Includes additional paid-in capital as at June 30, 2022: $1,874 million (December 31, 2021: $1,911 million; June 30, 2021: $1,996 million). |
NON-CONTROLLING INTERESTS - Con
NON-CONTROLLING INTERESTS - Continuity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure of subsidiaries [line items] | |||||
Non-controlling interests, beginning balance | $ 8,450 | ||||
Profit (loss), attributable to non-controlling interests | $ 229 | $ 283 | 497 | $ 575 | |
Cash contributed | 0 | $ 6 | 0 | 12 | |
Disbursements | 524 | 471 | |||
Non-controlling interests, ending balance | 8,423 | 8,423 | $ 8,450 | ||
Subsidiaries [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Non-controlling interests, beginning balance | 8,450 | 8,369 | 8,369 | ||
Profit (loss), attributable to non-controlling interests | 497 | 1,266 | |||
Cash contributed | 12 | ||||
Increase (decrease) in non-controlling interest | (86) | ||||
Disbursements | (524) | (1,111) | |||
Non-controlling interests, ending balance | 8,423 | $ 8,423 | 8,450 | ||
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 | $ 6,061 | 5,978 | 5,978 | ||
Profit (loss), attributable to non-controlling interests | 387 | 980 | |||
Cash contributed | 0 | ||||
Increase (decrease) in non-controlling interest | (49) | ||||
Disbursements | (384) | (848) | |||
Non-controlling interests, ending balance | 6,064 | $ 6,064 | 6,061 | ||
Pueblo Viejo | |||||
Disclosure of subsidiaries [line items] | |||||
Proportion of ownership interests held by non-controlling interests | 40% | ||||
Non-controlling interests, beginning balance | $ 1,189 | 1,193 | 1,193 | ||
Profit (loss), attributable to non-controlling interests | 54 | 174 | |||
Cash contributed | 0 | ||||
Increase (decrease) in non-controlling interest | 0 | ||||
Disbursements | (94) | (178) | |||
Non-controlling interests, ending balance | 1,149 | $ 1,149 | 1,189 | ||
Tanzania Mines [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Proportion of ownership interests held by non-controlling interests | 16% | ||||
Non-controlling interests, beginning balance | $ 298 | 263 | 263 | ||
Profit (loss), attributable to non-controlling interests | 24 | 35 | |||
Cash contributed | 0 | ||||
Increase (decrease) in non-controlling interest | 0 | ||||
Disbursements | (12) | 0 | |||
Non-controlling interests, ending balance | 310 | $ 310 | 298 | ||
Loulo-Gounkoto [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Proportion of ownership interests held by non-controlling interests | 20% | ||||
Non-controlling interests, beginning balance | $ 953 | 933 | 933 | ||
Profit (loss), attributable to non-controlling interests | 34 | 71 | |||
Cash contributed | 0 | ||||
Increase (decrease) in non-controlling interest | 0 | ||||
Disbursements | (17) | (51) | |||
Non-controlling interests, ending balance | 970 | $ 970 | 953 | ||
Tongon [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Proportion of ownership interests held by non-controlling interests | 10.30% | ||||
Non-controlling interests, beginning balance | $ 29 | 39 | 39 | ||
Profit (loss), attributable to non-controlling interests | (2) | 6 | |||
Cash contributed | 0 | ||||
Increase (decrease) in non-controlling interest | 0 | ||||
Disbursements | (17) | (16) | |||
Non-controlling interests, ending balance | 10 | 10 | 29 | ||
Other [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Non-controlling interests, beginning balance | (80) | $ (37) | (37) | ||
Profit (loss), attributable to non-controlling interests | 0 | 0 | |||
Cash contributed | 12 | ||||
Increase (decrease) in non-controlling interest | (37) | ||||
Disbursements | 0 | (18) | |||
Non-controlling interests, ending balance | $ (80) | $ (80) | $ (80) |
CONTINGENCIES (Details)
CONTINGENCIES (Details) | 6 Months Ended | |||||
Jun. 30, 2022 USD ($) | Jul. 18, 2022 claim | Jul. 12, 2022 claim | Mar. 31, 2022 USD ($) | Mar. 30, 2022 Companies | Mar. 22, 2022 claim | |
Porgera | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Percent of ownership by other parties in joint ventures | 5% | |||||
Reko Diq Arbitration [Member] | Reko Diq [Member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Escrow account condition for Antofagasta | $ 900,000,000 | |||||
Zaldivar Water Claims [Member] | Zaldivar [Member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Estimated financial effect of contingent liabilities | 0 | |||||
Number of other companies with mining operations utilizing shared aquifer water | Companies | 2 | |||||
Legal proceedings contingent liability [member] | Pascua Lama SMA Regulatory Sanctions [Member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Contingent liabilities, number of claims pending leave to proceed | claim | 2 | |||||
Estimated financial effect of contingent liabilities | 0 | |||||
Legal proceedings contingent liability [member] | CANADA | Canadian Class Action [Member] | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Contingent liabilities, number of claims pending leave to proceed | claim | 2 | 2 | ||||
Tax contingent liability [member] | Tanzania Concentrate Export Ban and Related Disputes | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Subsequent payments to resolve outstanding tax claims | $ 40,000,000 | |||||
Total amount paid to date to resolve outstanding tax claims | $ 140,000,000 |