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Annual Reportannual 2016 Barrick Goldbarrick Corporation of Owners Of Barrick Gold Corporation Annual Report 2016 Barrick Gold Corporation A Company of Owners Annual Report 2016 Our Vision is the generation of wealth through responsible mining – wealth for our owners, our people, and the countries and communities with which we partner. We aim to be the leading mining company focused on gold, growing our cash flow per share by developing and operating high-quality assets through disciplined allocation of human and financial capital and operational excellence. “ In 2016, we further strengthened our balance sheet and generated record free cash flow through a disciplined and rigorous approach to capital allocation. Going forward, digital technology and innovation will play an increasingly important role across our business as we seek to grow the long-term value of our portfolio with a focus on growing margins and returns over production volume.”Kelvin Dushnisky, President Our Assets are located in geopolitically stable regions with an increasing focus on our five core mines in the Americas. Proven and Probable Mineral Reserves6 As at Production Cost of Sales AISC1† Tonnes Grade Contained Golden Sunlight Hemlo December 31, 2016 (000s ozs) ($/oz) ($/oz) (000s ozs) (gm/t) (000s ozs) Turquoise Ridge JV Goldstrike 20% Cortez Goldstrike 1,096 852 714 70,685 3.55 8,077 19% ~70% of 2016 production Cortez 1,059 901 518 151,002 2.11 10,220 Pueblo Viejo 13% from core mines at Cost of Sales$793/oz Pueblo Viejo (60%) 700 564 490 85,821 2.93 8,087 1 8% and AISC $606/oz Lagunas Norte Lagunas Norte 435 651 529 70,670 1.86 4,218 Other Gold Mines: Porgera JV, Papua New Guinea Veladero 544 872 769 252,125 0.83 6,749 Kalgoorlie JV, Australia Acacia, Tanzania Other Copper Mines: Core mines sub-total 3,834 793 606 631,283 1.85 37,473 Zaldívar Copper JV 10% Jabal Sayid JV, Saudi Arabia Veladero Lumwana, Zambia Total Barrick 5,517 798 730 2,006,898 1.33 85,950 †Please see page 84 of the 2016 Financial Report for corresponding endnotes. Our Priorities executed in 2016 Focus on See more Free Cash Flow on page 7 Strengthen the See more Balance Sheet on page 7 Operational See more Excellence on page 8 Disciplined See more Capital Allocation on page 4 Proven and Probable Mineral Reserves6 As at Production Cost of Sales AISC1† Tonnes Grade Contained Golden Sunlight Hemlo December 31, 2016 (000s ozs) ($/oz) ($/oz) (000s ozs) (gm/t) (000s ozs) Turquoise Ridge JV Goldstrike 20% Cortez Goldstrike 1,096 852 714 70,685 3.55 8,077 19% ~70% of 2016 production Cortez 1,059 901 518 151,002 2.11 10,220 Pueblo Viejo 13% from core mines at Cost of Sales$793/oz Pueblo Viejo (60%) 700 564 490 85,821 2.93 8,087 1 8% and AISC $606/oz Lagunas Norte Lagunas Norte 435 651 529 70,670 1.86 4,218 Other Gold Mines: Porgera JV, Papua New Guinea Veladero 544 872 769 252,125 0.83 6,749 Kalgoorlie JV, Australia Acacia, Tanzania Other Copper Mines: Core mines sub-total 3,834 793 606 631,283 1.85 37,473 Zaldívar Copper JV 10% Jabal Sayid JV, Saudi Arabia Veladero Lumwana, Zambia Total Barrick 5,517 798 730 2,006,898 1.33 85,950 Barrick Gold Corporation | Annual Report 2016 1 Financial Highlights Gold Production Cost of Sales AISC1 (million ounces) ($/oz) ($/oz) 7.2 843 842 859 915 798 864 831 6.2 6.1 5.5 730 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 Total Debt Net Earnings Adjusted EBITDA1 ($ billions) ($ billions) ($ billions) 0.7 13.1 13.1 5.0 10.0 -2.9 -2.8 3.8 3.8 7.9 3.2 -10.4 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 Attributed Capital Operating Cash Flow Free Cash Flow1 Expenditures ($ billions) ($ billions) ($ billions) 5.0 4.2 1.5 1.12 2.82 2.6 2.3 2.2 -0.1 1.5 1.1 -1.1 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 2 Barrick Gold Corporation | Annual Report 2016 (In millions of US dollars, except per share data) 2016 2015 2014 (Based on IFRS) Revenues $ 8,558 $ 9,029 $ 10,239 Net earnings (loss) 655 (2,838) (2,907) e per shar 0.56 (2.44) (2.50) Adjusted net earnings1 818 344 793 e per shar 1 0.70 0.30 0.68 Operating cash flow 2,640 2,794 2 2,296 Free cash flow1 1,514 1,081 2 (136) EBITDA1 4,077 (710) (295) Adjusted EBITDA1 3,827 3,187 3,811 Cash and equivalents3 2,389 2,455 2,699 Dividends paid per share 0.08 0.14 0.20 Annualized dividend per share4 0.08 0.08 0.20 Gold production (000s oz) 5,517 6,117 6,249 Average spot gold price per ounce $ 1,251 $ 1,160 $ 1,266 Average realized gold price per ounce1 $ 1,248 $ 1,157 $ 1,265 Cost of sales per ounce $ 798 $ 859 $ 842 All-in sustaining costs per ounce1 $ 730 $ 831 $ 864 Copper production (Mlbs) 415 511 436 Average spot copper price per pound $ 2.21 $ 2.49 $ 3.11 Average realized copper price per pound1 $ 2.29 $ 2.37 $ 3.03 Cost of sales per pound $ 1.43 $ 1.65 $ 2.19 All-in sustaining costs per pound1 $ 2.05 $ 2.33 $ 2.79 1. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see pages 69–83 of the 2016 Financial Report. 2. 2015 Operating Cash Flow and Free Cash Flow includes $610 million in proceeds related to the Pueblo Viejo streaming transaction. 3. Includes $943 million cash primarily held at Acacia and Pueblo Viejo, which may not be readily deployed outside of Acacia and/or Pueblo Viejo. 4. Calculation based on annualizing the last dividend paid in the respective year. Contents Message from the Executive Chairman 4 | Message from the President 7 | Board of Directors 14 | Corporate Governance and Committees of the Board 15 | Executive Officers and Advisory Boards 16 | Partners 17 | Management’s Discussion and Analysis 18 | Mineral Reserves and Resources 86 | Financial Statements 98 | Notes to Financial Statements 103 | Shareholder Information 168 Barrick Gold Corporation | Annual Report 2016 3 MESSAGE FROM THE EXECUTIVE CHAIRMAN In the months since last year’s Annual Meeting, events around the world have only reinforced our assertion that “gold is here to stay.” While the future of the global economy is We trust our mine leaders to run their businesses always uncertain, it is clear that economic and safely and efficiently to maximize free cash geopolitical instability are currently on the rise, flow and long-term value; problems are solved with growing risks of protectionism, trade locally and quickly. Meanwhile, our head office wars, and international conflict. Deeper secular leaders focus on allocating capital, both human trends, particularly changes in the structure of and financial, and on setting strategy. Externally, labor markets and slowing economic growth, our dedication to partnership should make us have gone unattended. There are even economic the partner of choice for host governments and historians such as Robert Gordon, who believe communities, NGOs and indigenous groups, as that the high growth rates seen from 1870 to 1970 well as other mining companies. were anomalous and cannot be reproduced, Partnership also means being a company which, if correct, would likely inflame populist of owners. Last year, we created a program to anger, as expectations of ever-increasing make all our people owners, with shares in the prosperity are disappointed. Meanwhile, we Company. As far as we know, the program is the are seeing the return of the East Asian savings first of its kind, and it is producing a true culture glut that created some of the conditions for of owners. Owners take responsibility, hold each the financial crisis. other accountable, work with a sense of urgency, Regardless of whether these trends persist and always seek to improve. They are all in. over time or evolve in unforeseen ways, global Second, we have instituted an approach to volatility and uncertainty remind us of gold’s capital allocation that is robust, transparent, and essential function as a store and unit of value— reliable. Our overarching goal is to grow free but they also add greater complexity and risk cash flow per share no matter the price of gold. to our business. In the face of these challenges, All prospective investments—whether external we believe we will succeed by being true to acquisitions or internal allocations for exploration, ourselves. It is the things that make Barrick expansion, or other projects—compete for distinctive that will allow us to create long-term capital. They must meet our stated target of a value per share for you, our fellow owners, 10–15 percent return on invested capital through no matter the global environment. the metal price cycle, align with our strategic First, our partnership culture gives us an goals, undergo rigorous risk assessments, and be authentic, distinctive, and sustainable competitive able to grow our free cash flow per share, now advantage. The decentralized operating model and over the long term. that goes along with it ensures continual improvements in efficiency and productivity. 4 Barrick Gold Corporation | Annual Report 2016 John L. Thornton Executive Chairman Our leaders at our head office devote the We created the position of Chief Innovation greater part of their time to the allocation of Officer—another novel position for the mining capital and people.
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