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2005 Annual Report

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2005 Annual Report Delivering Value from Assets People Projects Annual Report 2005 Barrick’s vision is to be the world’s best gold mining company by finding, acquiring, developing, and producing quality reserves in a profitable and socially responsible manner. It has quality assets, an unrivalled pipeline of projects and more than 20,000 dedicated employees working on five continents to deliver value. In 2006, the Company will start to realize the opportunities that are available as a result of its new strength, breadth and scale. Barrick shares are traded on the Toronto, New York, London, Euronext-Paris and Swiss stock exchanges. Financial Highlights (US$ millions, except per share data) (US GAAP basis) 2005 2004 2003 Gold sales $ 2,350 $ 1,932 $ 2,035 Net income for the year 401 248 200 Operating cash flow 726 509 519 Cash and equivalents 1,037 1,398 970 Shareholders’ equity 3,850 3,574 3,481 Net income per share (diluted) 0.75 0.46 0.37 Operating cash flow per share 1.35 0.95 0.97 Dividends per share 0.22 0.22 0.22 Operating Highlights Gold production (thousands of ounces) 5,460 4,958 5,510 Average realized gold price per ounce $ 439 $ 391 $ 366 Total cash costs per ounce1 $ 227 $ 214 $ 189 Total production costs per ounce $ 303 $ 300 $ 279 Gold reserves: proven and probable (thousands of ounces) 2 88,591 89,056 85,952 1. See page 44 for a discussion of total cash costs performance 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. Table of Contents 2 Letter to Shareholders 17 Regional Business Units 78 Financial Statements 6 Barrick and Placer Dome 18 North America 82 Notes to Consolidated Financial Statements 10 Responsible Mining 20 South America 125 Mineral Reserves and Resources 12 Financial Strategy 23 Australia/Africa 131 Corporate Governance and 25 Russia/Central Asia 14 Barrick Overview Committees of the Board 29 Management’s Discussion 134 Shareholder Information and Analysis 136 Corporate Information Financial Highlights 1 Letter to Shareholders Peter Munk, Chairman (left) Gregory C. Wilkins, President and Chief Executive Officer The Company now deals from strength. Going forward, it will enjoy the advantages of scale that are critical for continuing, long-term success in our industry. Dear Shareholders, 2005 was a transformative year for our Company. and looks forward to working with them in this We brought three new mines into production, met great new venture. Together, we are building a or exceeded our financial and other targets in almost much stronger enterprise that will create value for every area of our business, and launched a successful shareholders, employees, and the communities bid to acquire Placer Dome Inc. in which we live and work. As a result, Barrick now holds a preeminent While the acquisition was certainly the biggest position within the gold mining industry. We are one news of 2005, it does not exist in isolation. It was of the very few with the strength, breadth and scale made possible by the success of the comprehensive to handle the challenges facing our sector, and seize business plan that we initiated in 2003. We have been its equally significant opportunities. methodically implementing it ever since, with a single The Company now deals from strength. Going overriding objective: to create value for shareholders. forward, it will enjoy the advantages of scale that Indeed, Barrick shares outperformed the Philadelphia are critical for continuing, long-term success in our Gold and Silver Sector Index from 2003 until we industry. We will discuss the transaction and its launched our bid for Placer Dome. We expect that value to shareholders at greater length later in this they will provide superior value once again, as we letter, but first want to take this opportunity to deliver on the strategic rationale of the acquisition. welcome our new shareholders. The entire Barrick In following our business plan, we reorganized team respects the skills of Placer Dome employees, Barrick into the decentralized regional business 2 Letter to Shareholders units that now serve our expanding global activities fundamentals. Global investment demand more so well, and we made a Company-wide commitment than doubled in 2005; the combined gold holdings to leadership, urgent action, accountability, and of all gold ETFs (Exchange Traded Funds) rose results. We developed cost-mitigation strategies to by 115%; and some central banks have suggested address industry-wide pressures, and we laid out that they may add to reserves. an aggressive schedule for bringing into production Against this backdrop of growing demand, supply six new mines between 2005 and 2009. is flat. The industry’s overall lack of investment in Three of those new mines came into production exploration and development, between 1998 and in 2005, and a fourth project, Cowal, continued to 2003, is now being felt. There are few new major advance. Collectively, they came within 5% of our discoveries, and mine production rose by a modest overall $1.2 billion development budget, discussed 1% in 2005. in the 2004 Letter to Shareholders. The new mines All of this is bullish for the gold price, but helped drive rising production and profitability it comes at a time of challenges for the industry. during the year, just as we anticipated in last year’s Attractive deposits are in increasingly remote annual report. locations; permitting and review is more rigorous We posted excellent financial results in 2005, and and time-consuming; capital and operating costs our production and cash costs were in line with our are higher; social responsibility standards, rightly, original guidance, in a difficult cost environment. continue to rise; and the expertise needed to produce We further strengthened our management team gold is at a greater premium than ever before. during the year, and we maintained our strong Few companies will be able to benefit from commitment to responsible mining through our today’s opportunities, because few have the track health and safety, environmental, and community record and strength to handle this array of challenges. development programs. Barrick is one of the few. With this strong year behind us, we are confident We have consistently maintained our that we will complete the integration of Placer investment in exploration and development, and Dome quickly and effectively, and begin realizing the have the new mines and pipeline of development synergies and potential of this powerful new company. projects to show for it. We have the expertise, financial strength and corporate good citizenship Gold Price, Industry Issues… to meet the technical, regulatory, environmental, and the Barrick Strategy and community requirements now associated with We are now shaping Barrick to ensure we remain an producing gold – profitably, and responsibly. All industry leader. Gold prices and the outlook for gold this places us in a very strong competitive position. are both strong, yet the industry continues to face very significant challenges. We will continue to address Delivering Value in 2005 those challenges and improve our competitive In 2005, net income increased 62% to $401 million and position, while reaping gold-price benefits. cash flow from operations rose 43% to $726 million. Gold had an excellent year in 2005, with highs Profits increased, as production rose from that had not been seen since 1981. The rally, which 1.1 million ounces in the first quarter to 1.65 million began in 2001 and was originally driven by a declining ounces by year-end. The new generation of mines US dollar, is now widely considered to be based on drove these increases, and can be expected to Letter to Shareholders 3 continue with their contribution in 2006, the first Veladero (Argentina) in Q4, with proven and full year of production for all three. probable reserves of 12.6 million ounces of Barrick was the only senior producer to be gold, marking the start of production from the in line with its original production and cash cost highly prospective Frontera District on the guidance for 2005. We produced 5.46 million ounces Chile/Argentina border. of gold and our total cash cost per ounce for the year was $227. Our strong financial results for 2005 reflect three We have an unrelenting focus on cost-mitigation. key factors: growth in production, due to the Our currency and commodity hedging programs contribution made by our three new mines; the help us avoid cost pressures in these areas, or greatly rising gold price; and our focus on keeping cash reduce their impact. costs low so as to expand our operating margins. We also continue to strengthen our continuous improvement and supply chain management The Way Ahead programs. The Placer Dome acquisition will deliver value to The industry’s tire shortage is a good example shareholders from the assets, people and projects of of the success of our approach. We are increasing the combined companies. Placer Dome’s key assets the life of our existing tires by as much as 25% and lie in close proximity to Barrick’s, and our collective we are using our purchasing power to ensure a more projects comprise an unrivalled pipeline for growth. dependable tire supply. The fit is excellent. We are finding other innovative ways to manage We expect the acquisition to be accretive to costs. For example, we commissioned our own Net Asset Value, reserves, resources and production electric power facility at Goldstrike, the Western 102 per share, and to allow us to capture $200 million Power Plant, in early November – the first business worth of synergies a year, beginning in 2007.
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