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2009 Annual Report to Shareholders

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2009 Annual Report to Shareholders A New Era in Gold Barrick Gold Corporation Annual Report 2009 Gold surged to new highs in 2009 supported by strong investment demand and a shift by Central Banks to become net purchasers as gold re-emerges as an important asset class. 4 Message from the Chairman 7 Message from the President and CEO 10 Exceptional Gold Leverage 12 Operations 15 Projects in Construction 20 Reserve and Resource Development 22 Responsible Mining 28 Management’s Discussion and Analysis 96 Financial Statements 100 Notes to Consolidated Financial Statements 155 Mineral Reserves and Resources 163 Corporate Governance and Committees of the Board 164 Shareholder Information 166 Board of Directors and Senior Officers Barrick Gold Exceptional leverage to higher gold prices with the industry’s largest fully unhedged production and reserves and with new low cost production from its next generation of world-class mines. FINANCIAL HIGHLIGHTS REALIZED GOLD PRICES1 CASH MARGINS1 ADJUSTED OPERATING ADJUSTED CASH FLOW1 NET INCOME1 (US dollars per ounce) (US dollars per ounce) (US dollars millions) (US dollars millions) 985 519 2,899 1,810 872 1,661 429 2,254 621 276 1,768 1,036 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 Record realized price Record cash margins Record adjusted operating Record adjusted net in 2009 in 2009 cash flow in 2009 income in 2009 Barrick reported a record realized gold price, cash margins, adjusted operating cash flow and adjusted net income in 2009. (in millions of US dollars, except per share data) (US GAAP basis) 2009 2008 2007 Sales $ 8,136 $ 7,613 $ 6,014 Net income (loss) (4,274) 785 1,119 per share (4.73) 0.90 1.29 Adjusted net income1 1,810 1,661 1,036 per share 2.00 1.90 1.19 Operating cash flow (2,322) 2,254 1,768 Adjusted operating cash flow1 2,899 2,254 1,768 Cash and equivalents 2,564 1,437 2,207 Dividends per share 0.40 0.40 0.30 Operating Highlights Gold production (000s oz) 7,423 7,657 8,060 Average realized gold price per ounce1 $ 985 $ 872 $ 621 Total cash costs per ounce1 $ 466 $ 443 $ 345 Net cash costs per ounce1 $ 363 $ 337 $ 228 Copper production (M lbs) 393 370 402 Average realized copper price per pound1 $ 3.16 $ 3.39 $ 3.22 Total cash costs per pound1 $ 1.17 $ 1.19 $ 0.82 1 Non-GAAP measure – see pages 85–90 of the 2009 Financial Report. 2 Exceptional Leverage On Gold Industry’s Largest to Gold Price Fully Unhedged Production and Reserves New Low Cost From World-class Projects Production in Construction Project Development Built 7 Mines in 5 Years Excellence on Schedule Consistent Track Record From a Diversified and of Achieving Operating Balanced Geopolitical Targets Portfolio of Operations History of Reserve From Consistent Funding Replacement in Exploration and Disciplined Acquisitions Unwavering Commitment Maintained Listings on Dow To Responsible Mining Jones Sustainability Indexes Achieved 25% Improvement in Lost-time Injury Rate Financial Strength With Gold Industry’s Only ‘A’ Credit Rating Barrick Annual Report 2009 3 Peter Munk, Founder and Chairman (right) Aaron Regent, President and Chief Executive Officer Message from the Chairman Fellow shareholders, protect the value of their assets, thus pushing investment demand for gold to ever-higher levels. If we look back over the past decade, gold’s performance has been quite exceptional. Virtually no other asset After last year’s business failures, which were followed class can claim such a remarkable record and, as such, by even more dramatic government bailouts for we have seen gold reassert itself as an increasingly global banks and insurance companies, we now see important asset for global investors. In all but one sovereign states exposed to the dangers of financial of the past 10 years, gold closed higher than it did the implosion, further undermining confidence in the previous year. Over the same period, gold has world’s leading currencies. significantly outpaced the S&P 500. Governments could only counter the unprecedented Buyers of all stripes, be they institutional funds, economic upheaval of recent years by pumping retail investors or even coin collectors poured new enormous sums of “rescue” money into their systems – money into gold. They were joined by a smattering leaving the critical question of repayments to an even of central banks, and above all, an international more uncertain future. These debt levels, arguably group of professional wealth managers, seeking to unsustainable, further explain why many informed 4 Message from the Chairman people are questioning the wisdom of holding their Of course gold, like any other commodity, depends assets in currencies exposed to a risk of significant on supply as well as demand. And the supply devaluation. Their uncertainty has led to an ever- side of the equation also encourages an optimistic growing bias towards asset diversification, with a outlook. In contrast to growing investment clear preference for gold. The enormous growth demand, gold supply from mines peaked in 2001, in exchange traded funds that hold pure, physical and has since experienced a declining trend. gold is a clear manifestation of this trend. This reflects the increasing difficulty of finding, permitting and building mines. Moreover, the When we consider the nearly universal and same financial market upheaval that is driving gold continuing concern about the global economy and prices higher is also making it more difficult to its prospects, it is difficult not to be optimistic finance new mine developments, especially about gold. Whereas some investors, particularly considering the substantially higher costs of new the perennial gold bugs, predict a doubling, or even projects today. a tripling, of the current gold price, we at Barrick are expecting more realistic increases, similar to While, on balance, I remain somewhat pessimistic those we experienced over the past decade. While about the short-term health of the global economy, daily trading activities and unforeseen political and I am optimistic about Barrick’s prospects. In the economic factors will undoubtedly cause short- midst of a new era for gold, we are the gold industry term swings in the gold market, the fundamental leader. In 2009, we translated our bullish outlook trend is relatively predictable. This is because, in into action, by eliminating all of our remaining both of the two most likely economic scenarios – Gold Hedges. As a result, Barrick offers shareholders a steady, universal recovery, or a sluggish and unique leverage to gold with both the largest deteriorating global economy – the fundamental production and largest reserves in the industry. reasons to buy gold remain valid. In the first case, concerns about inflation will likely emerge, We continue to believe that our shares offer spurring gold buying to higher levels; in the second, investors an exceptional opportunity to participate concerns about currencies will increasingly in the gold market relative to our peers or to the encourage more purchasing of gold. gold exchange traded funds. Over the long term, Barrick management – with an excellent track In both scenarios, the memory of recent events record of acquisition-led growth and major new (talk of major economic upheaval and informed mine development – has proven its ability to ensure comments referring to the near collapse of the Barrick shares outperform spot gold. financial system), will remain longer with those whose occupation is to conserve wealth (whether Despite the multi-billion dollar cost of fully their own or as managers) than in any of the eliminating our Gold Hedges during 2009, we have previous post-war recessions. Likewise, the fact that maintained our ‘A’ rated balance sheet, the only gold performed so strongly in all major currencies one in our industry. Conservative fiscal during an entire decade, and outperformed virtually management has always contributed to our all other asset classes, will not be forgotten quickly. financial strength and has defined Barrick since its inception. Our financial capacity is that much more Message from the Chairman | Barrick Annual Report 2009 5 Message from the Chairman important, considering we have a large pipeline GOLD VS THE S&P 500 of economically viable projects to provide us with 3,800 1,200 organic growth – projects that will continue to lower our cash cost profile. Two of these projects, Buzwagi in Tanzania and Cortez Hills in Nevada, 3,000 900 are now in production. Equally, both the Pueblo Viejo project in the Dominican Republic, and the 2,200 600 Pascua-Lama project in Chile and Argentina, are in construction and remain on track and on budget. When complete, these world-class, long-life mines 1,400 300 will add low cost production to our portfolio. 600 0 On a personal and sombre level, our optimism 00 01 02 03 04 05 06 07 08 09 for the future, evolving during 2009, was cruelly Gold US$/oz S&P 500 Index tempered late last year by a personal tragedy for all of us at Barrick. In December 2009, Greg Wilkins, my dear friend and colleague of over commitment to the Company are fully recognized 25 years, passed away following a courageous battle by us and greatly appreciated. with cancer. As our President and CEO, Greg, with his bold leadership, strategic vision and an In conclusion, I must acknowledge and congratulate unyielding passion for success, helped to cement Aaron Regent on his first year as our new Barrick’s position as the global leader in our President and Chief Executive Officer. Over the industry. Since the day we started Barrick, Greg past year, he has consistently demonstrated the remained focused on our primary commitment: to creativity and keen strategic insight we were deliver strong performance and returns for our looking for in a chief executive.
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