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Barrick Annual Report 2011 | 2011 Highlights

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Barrick Annual Report 2011 | 2011 Highlights A Symbol of Value Barrick Gold Corporation | Annual Report 2011 Record Investing in fi nancial high return resultss projects Operational excellencee Exploration success Surfacing Focus on valuee responsible p mining 2011 Highlights Record adjusted Record adjusted operating Record EBITDA Increased dividend 25% to 60¢ net earnings in 2011 cash flow in 2011 in 2011 on an annualized basis 8,376 60 4,666 5,680 5,241 48 3,517 6,521 40 2,899 1,810 3,370 0 0 0 0 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 ADJUSTED NET EARNINGS1 ADJUSTED OPERATING EBITDA1,4 ANNUALIZED DIVIDEND2 1 (US dollars millions) CASH FLOW (US dollars millions) (US cents per share) (US dollars millions) Replaced gold reserves, Increased copper reserves, Record gold total cash and net cash margins in 2011 grew resources in 2011 grew resources in 2011 1,239 1,118 40 37 20 32 76 80 62 935 819 9 140 140 140 9 15 13 13 521 625 13 6 7 0 0 300 200 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 GOLD RESERVES AND COPPER RESERVES AND TOTAL CASH MARGINS1 NET CASH MARGINS1 3 3 RESOURCES RESOURCES (US dollars per ounce) (US dollars per ounce) (Ounces millions) (Pounds billions) Inferred Resources M&I Resources 2P Reserves 2 Barrick Annual Report 2011 | 2011 Highlights Barrick delivered record fi nancial results in 2011, demonstrating exceptional leverage to the gold price. Beyond 2011, Pueblo Viejo and Pascua-Lama are scheduled to begin contributing low cost production in 2012 and 2013, respectively. Barrick’s depth of expertise and high quality asset portfolio continue to create value for shareholders, including the new, highly prospective gold discoveries in Nevada, Red Hill and Goldrush. (In millions of US dollars, except per share data4) 2011 2010 2009 Revenues $ 14,312 $ 11,001 $ 8,136 Net earnings (loss) 4,484 3,582 (4,274) per share 4.49 3.63 (4.73) Adjusted net earnings1 4,666 3,517 1,810 per share 4.67 3.56 2.00 Operating cash fl ow 5,315 4,585 (2,322) Adjusted operating cash fl ow1 5,680 5,241 2,899 EBITDA1,4 8,376 6,521 3,370 Cash and equivalents 2,745 3,968 2,564 Dividends paid per share 0.51 0.44 0.40 Annualized dividend per share2 0.60 0.48 0.40 Gold production (000s oz) 7,676 7,765 7,397 Average realized gold price per ounce1 $ 1,578 $ 1,228 $ 985 Total cash costs per ounce1 $ 460 $ 409 $ 464 Net cash costs per ounce1 $ 339 $ 293 $ 360 Copper production (M lbs) 451 368 393 Average realized copper price per pound1 $ 3.82 $ 3.41 $ 3.16 Total cash costs per pound1 $ 1.75 $ 1.10 $ 1.17 1. Non-GAAP fi nancial measure – see pages 94–101 of the 2011 Financial Report. 2. Calculation based on annualizing the last dividend paid in the respective year. 3. See pages 181–188 of the 2011 Annual Report for additional information on reserves and resources. 4. 2010 and 2011 results are based on IFRS; 2009 results are based on US GAAP. 2009 EBITDA is on an adjusted basis. 3 Message from the Founder and Chairman Message from the Founder and Chairman the world’s key currencies will continue to erode in Peter Munk the decade ahead, as indeed it has over the past Founder and Chairman 50 years. If that is so, the price of gold will maintain its upward trajectory. In what is perhaps the strongest vote of confi dence, a growing number of central banks have been accumulating gold bullion to diversify their foreign currency reserves. In 2011, central banks purchased about 440 tonnes of gold, more than in any year since 1964. Given the strength of gold, you won’t be surprised to learn that 2011 was Barrick’s most profi table year ever. We’re especially proud that we continue to offer increased leverage to the price of Fellow shareholders, gold. In the past seven years, as gold prices have It’s been nearly 60 years since I started my fi rst risen 260%, Barrick’s earnings per share have climbed company, and yet 2011 stands out as perhaps the 900%. Compared with the preceding year, our most tumultuous year of my career. Like you, I adjusted net earnings increased by 33% in 2011, watched in amazement as the Western world lurched reaching $4.7 billion. Over the same period, our cash from one crisis to the next and as global currencies, margins expanded by 37%. These strong fi nancial equities and debt markets ebbed and fl owed, often results allowed us to again raise our dividend, by violently and unpredictably. Along the way, in 25% last year. Over the past fi ve years, we have response to the turmoil, the price of gold hit another increased our dividend by 170%, returning more all-time high just above $1,920 per ounce in September. capital to shareholders than ever before. And once again, pundits proclaimed that gold is vastly overvalued, a fragile bubble just waiting to burst. Barrick Adjusted EPS* vs Gold I’m the fi rst to acknowledge that nothing goes US$ Returns 900% up forever. But in the case of gold, that old adage is 900% an excuse for lazy thinking. The fact is, the underlying factors that have supported a steady rise in gold 750% prices for the past decade remain fi rmly in place. 600% The geopolitical and fi scal problems we face are 450% long-term and structural and they’re not going away 260% anytime soon – arguably, they’re getting worse. In this 300% environment, gold remains one of the few investments 150% that fund managers can be optimistic about. After all, gold is the currency that cannot be debased by 0% printing more of it. It’s the only currency that is the 2004 2005 2006 2007 2008 2009 2010 2011 liability of no government. I’ve long been on the record as saying that I am * 2004 EPS based on US GAAP. not a gold bug. I’m still not a gold bug. Yet there’s a strong case to be made that the purchasing power of 4 Barrick Annual Report 2011 | Message from the Founder and Chairman “ We’re especially proud that we continue to offer increased leverage to the price of gold.” For all that, I’m sorry to report that our share Barrick Adjusted EPS* vs Share Price to price has not performed as well as I think it should. Earnings Multiple Barrick is the world’s largest gold company. Our track US$6 60 record, our A-rated balance sheet, our performance, and our management team are all exceptional. We 5 50 have by far the largest gold reserves and the best 4 40 pipeline in the industry. Since Barrick’s founding in 3 30 1983, our number-one objective has been to perform for our shareholders. Only with that single-minded 2 20 focus could we grow from a small junior to the 1 10 biggest gold producer in the world. Today, however, our most serious challenge is our stock performance. 0 0 It’s simply not good enough. 2004 2005 2006 2007 2008 2009 2010 2011 Clearly, there could be a variety of reasons for this unacceptable development, but I consider the * 2004 EPS based on US GAAP. introduction of the spectacularly successful gold exchange traded funds (ETFs) to be a key factor. As gold producers, to see their shares trade once again gold ETFs have become ever more popular, a growing near earlier multiples, need to offer the one thing that number of institutional holders have trimmed their investors today crave universally – and what ETFs can’t investments in gold mining companies, plowing that offer – a meaningful, growing and regular dividend. money into ETFs. Total gold ETF assets have reached Considering many gold miners are currently free nearly $140 billion, a staggering fi gure that helps cash fl ow constrained, pursuing such a strategy may to explain why the gold industry’s multiples have prove diffi cult. This suggests that the new name of compressed signifi cantly, even while our earnings the game for gold miners will be about maximizing per share have sharply increased, and the prevailing free cash fl ow without compromising the continuous outlook for gold itself is very positive. This trend has growth in production that shareholders have come been so relentless that we now see equities of so- to expect. Only by doing both of these things can called “senior” gold producers not only selling at a gold miners expect to attract and expand their fraction of their historic price to earnings multiples, constituency of major holders. but sometimes even below those of diversifi ed metal This solution will clearly advantage Barrick, as producers. This would have been unthinkable only a strong cash-fl ow generator with low cash costs, a few years ago. Traditionally, gold companies have world-class mines and the industry’s largest reserve traded at multiples four to eight times higher than base. These attributes not only distinguish Barrick diversifi ed mining companies. from ETFs that pay no dividend but, importantly, they While the diagnosis of a problem is a necessary position the Company as an attractive investment precondition for fi nding a solution, it is by far not the opportunity across equity markets generally, many of same. There are no doubt differing views on how to which continue to struggle in these diffi cult times.
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