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2004 Annual Report

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2004 Annual Report BARRICK GOLD CORPORATION BARRICK Annual Report Annual 2004 2004 Annual Report Annual Barrick is one of the world’s largest gold mining companies, with operating and development properties in the US, Canada, Australia, Peru, Chile, Argentina and Tanzania. What’s next: Growth. Our vision is to be the world’s best gold mining company Building Mines. Building Value. by fi nding, developing and producing quality reserves in a profi table and socially responsible manner. Barrick shares are traded on the Toronto, New York, London and Swiss stock exchanges and the Paris Bourse. You can contact us toll-free within Canada and the United States: 800-720-7415 email us at: [email protected] BARRICK GOLD BARRICK visit our investor relations website: www.barrick.com TT39748-BAR39748-BAR CoverCover andand Spine.inddSpine.indd 1 33/16/05/16/05 11:01:59:01:59 PMPM Delivering Growth. Building Mines Ltd. ada, Barrick’s pipeline of gold development projects is unrivaled in size, quality, and immediacy. Three new mines will be in production in 2005, Cannting: of Bowne another in early 2006, with two more to follow in subsequent years. Forward-Looking Statements Certain information contained or incorporated by reference in this Annual Report 2004, including any information as to our future financial or operating performance, constitutes “forward-looking statements”. All statements, Building Value other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by us, are Barrick is targeting a 12% compound annual growth rate in inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking gold production, 2004-2007 – substantially higher than statements. Such factors include, but are not limited to: fluctuations in the currency markets (such as the Canadian and Australian dollars versus the US dollar); fluctuations in the spot and forward price of gold or certain other any of our peers. Reserves have increased to 89 million ounces, Inc. Pri Moveable Design:ept and Genesis Inc. Typesetting: commodities (such as silver, copper, diesel fuel and electricity); changes in US dollar interest rates or gold lease and with our aggressive exploration strategy and large world-class rates that could impact the mark-to-market value of outstanding derivative instruments and ongoing payments/ receipts under interest rate swaps and variable rate debt obligations; risks arising from holding derivative gold districts we expect to grow them further. instruments (such as credit risk, market liquidity risk and mark-to-market risk); changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada, the Our new mines are all high-quality assets with conventional United States, Australia, Chile, Peru, Argentina, Tanzania, Russia or Barbados or other countries in which we do open-pit technology and are also geopolitically well-diversifi ed. or may carry on business in the future; business opportunities that may be presented to, or pursued by, us; our ability to successfully integrate acquisitions; operating or technical difficulties in connection with mining or Their contribution to our bottom line is expected development activities; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; adverse changes in our credit rating; to be immediate, and signifi cant. and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these © Copyright 2005 Barrick Gold Corporation Conc Barrick Gold Corporation 2005 © Copyright uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this Annual Report 2004 are qualified by these cautionary statements. Specific reference is made to Barrick’s most recent Form 40-F/Annual Information Form on file with the US Securities and Exchange Commission and Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. TT39748-BAR39748-BAR CoverCover andand Spine.inddSpine.indd 2 33/16/05/16/05 11:02:01:02:01 PMPM FINANCIAL HIGHLIGHTS Barrick Gold Corporation Barrick is one of the world’s largest gold mining companies, with operating and development properties in the US, Canada, Australia, Peru, Chile, Argentina and Tanzania. Our vision is to be the world’s best gold mining company by fi nding, developing and producing quality reserves in a profi table and socially responsible manner. Barrick shares are traded on the Toronto, New York, London and Swiss stock exchanges and the Paris Bourse. Financial Highlights (in millions of US dollars, except per share data) (US GAAP basis) 2004 2003 2002 Gold Sales $1,932 $2,035 $1,967 Net Income for the Year 248 200 193 Operating Cash Flow 506 519 588 Cash and Equivalents 1,398 970 1,044 Shareholders’ Equity 3,563 3,494 3,334 Net Income per Share (Diluted) 0.46 0.37 0.36 Operating Cash Flow per Share 0.95 0.97 1.09 Dividends per Share 0.22 0.22 0.22 Operating Highlights Gold Production (thousands of ounces) 4,958 5,510 5,695 Average Realized Gold Price per Ounce $391 $366 $339 Total Cash Costs per Ounce1 $212 $189 $177 Total Production Costs per Ounce $298 $279 $268 Reserves: Proven and Probable (thousands of ounces)2 89,056 85,952 86,927 1. See page 67 for a discussion of non-GAAP measures. 2. For the remainder of this report – for a breakdown of reserves and resources by category in respect of each of Barrick’s mines and development projects, see page 126. Contents Financial Highlights pg. 1 Financial Statements pg. 76 Letter to Shareholders pg. 2 Notes to Financial Statements pg. 80 Responsible Mining pg. 8 Reserves pg. 125 Reserves: Replacement and Growth pg. 11 Corporate Governance and Financial Strategy pg. 18 Committees of the Board pg. 131 Operations Review pg. 20 Board of Directors and Officers pg. 132 Management’s Discussion and Analysis pg. 25 Shareholder Information pg. 134 Corporate Information pg. 136 1 1 LETTER TO SHAREHOLDERS Building Mines. Building Value. We met or surpassed the goals we set for ourselves in almost every area of our business, and once again we were able to demonstrate Barrick’s leadership, both in sustainable development and in social responsibility. Dear Shareholders: By all accounts, 2004 was a successful year targeted to increase our production by 40% for Barrick and its stakeholders. Our shares by 2007, and drive the Company’s future outperformed gold and those of our peer group growth and profi tability. In 2004, four of our in 2004. We met or surpassed the goals we set development projects moved from the engineering for ourselves in almost every area of our business, stage to construction, with three of the four and once again we were able to demonstrate expected to contribute to our production in 2005, Barrick’s leadership, both in sustainable and the fourth, Cowal, expected to pour gold development and in social responsibility. in the fi rst quarter of 2006. During the year, we also announced positive development Our share price performance in 2004 reaffi rms decisions for two new projects, Pascua-Lama what we said in last year’s letter to our and East Archimedes. shareholders: Barrick is on track, with the right people and the right strategies for the challenges In last year’s letter, we also pledged that we and opportunities that lie ahead. would put new energy into communicating our exciting future to the investment community – We said that 2004 would be a year of transition – and we did. a year of building a new generation of mines 2 LETTER TO SHAREHOLDERS Challenges for the industry... The gold price was up 6% during 2004 in US as demand in developing countries, such as dollar terms, which, for the industry as a whole, China, put upward pressure on commodity should have meant signifi cantly higher profi ts and prices. These increases, combined with the cash fl ow. Instead, fi nancial results for the industry currency impacts, were a key factor in the rise failed to meet expectations due to a number of of gold production costs by some 15% on an challenges that impeded performance. industry-wide basis. The rise in the gold price over the last two years Although gold prices in US dollars were up in was tied very closely to the devaluation of the the last two years, industry production has been US dollar. As the dollar fell, the gold price steadily contracting since 2002. Investment in appreciated. We not only expect this close inverse the gold industry had been limited until 2003, correlation between the two to continue, when the gold price started to climb. The lack we believe the combination of soaring US defi cits of investment resulted in very few large, and the trend of decreasing mine supply will new discoveries, and these require a lead time provide a strong but volatile US-dollar gold price of some 7 to 10 years before coming into environment over the next three to fi ve years.
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