§ Committed to creating long-term value for all stakeholders

§ Five of the
world’s Top 10
Tier One gold assets1

§ Global portfolio
of prime

§ Team with
proven record of delivery

§ Focus on 
disciplined growth and sustainable profitability


New York/Toronto, 2 January 2019 – Trading in the shares of the new company created by the merger of Barrick Gold and Randgold Resources started at the opening of business on the New York and Toronto Stock Exchanges this morning. The ringing of the opening bell at the NYSE was performed by the company’s executive chairman, John Thornton, accompanied by the president and chief executive officer, Mark Bristow.


The new company is still known as Barrick but its trading symbol on the NYSE will change to GOLD, the ticker formerly held by Randgold on NASDAQ. On the TSX, the ticker remains ABX.


The merger has created a sector-leading gold company which owns five of the industry’s Top 10 Tier One gold assets1 (Cortez and Goldstrike in Nevada, USA (100%); Kibali in DRC (45%); Loulo-Gounkoto in Mali (80%); and Pueblo Viejo in Dominican Republic (60%)) and two with the potential to become Tier One gold assets (Goldrush/Fourmile (100%) and Turquoise Ridge (75%), both in the USA). Barrick has the lowest total cash cost2 position among its senior gold peers3 and a diversified asset portfolio positioned for growth in many of the world’s most prolific gold districts.


Following the closing of the merger, Barrick’s board of directors was reconstituted with the following nine directors: John Thornton (executive chairman), Mark Bristow, María Ignacia Benítez, Gustavo Cisneros, Christopher Coleman, Michael Evans, Brian Greenspun Brett Harvey (lead independent director), and Andrew Quinn.


At the opening of markets today, Barrick had a market capitalization in excess of $23.75 billion with the largest reserves base among its senior gold peers4.


In a joint letter to stakeholders, John Thornton and Mark Bristow today said that with the best asset base and the strongest management team in the sector, Barrick was well placed to be the world’s most valued gold mining business.


“We will do so by optimizing our existing operations, pursuing new opportunities that meet strict investment criteria and developing them with disciplined efficiency. In all that we do we will be guided by a long-term strategy and clear implementation plans designed to deliver sustainable returns to our owners and real benefits to our partners, host countries and communities,” they said.


See Endnotes 1,2,3 and 4










Cortez and Goldstrike properties in Nevada, USA, operate as an integrated complex under the banner of Barrick Nevada. Operations at Cortez are made up of the Pipeline open pit operations and the Cortez Hills open pit and underground operations. The Rangefront twin declines currently under development will allow for improved access to the middle and lower zones of the Cortez Hills orebody enabling a shift to bulk mining at depth. Processing at Cortez consists of an oxide mill and CIL circuit, as well as heap leach. Goldstrike operations comprise the Betze-Post and South Arturo JV open pits and the Goldstrike underground mine. Refractory ore from both Cortez and Goldstrike operations, including double refractory ore stockpiles at Goldstrike, are processed through the Goldstrike roaster and autoclaves.

The Loulo-Gounkoto mining complex, located in the west of Mali, comprises the Loulo underground mines – Yalea and Gara – and the Gounkoto open pit mine. Production from Loulo started in 2005 as an open pit operation, followed by the development of the underground mines. Gounkoto, a greenfields discovery, poured its first gold in 2011, with its ore processed at the Loulo plant under a tolling agreement. Gounkoto is being extended through the development of a super pit.







The Kibali mine, located in the Democratic Republic of Congo, is one of the largest gold mines in Africa. It comprises an integrated open pit and an underground operation as well as a 7.2Mtpa processing plant. First gold was poured in 2013 from open pit operations and commissioning of the full underground operation was completed at the end of 2017.

Pueblo Viejo is an open pit mine situated in the Dominican Republic. It comprises two open pits – Moore and Monte Negro – and is one of the largest gold mines in the world with a projected life of more than 25 years. Development started in 2009 with first production occurring in 2012.









Construction of a third shaft combined with additional processing capacity will enable Turquoise Ridge – located in Nevada, USA – to increase its annual production to more than 500 000 ounces of gold from 2021/2022. At 15.56g/t, Turquoise Ridge has one of the highest reserve grades in the global gold mining industry.

1 See Endnote 5

Situated in Nevada, USA, Goldrush is set to become Barrick’s newest gold mine. Decline construction, detailed engineering and permitting are expected to take place between 2018 and 2020, with construction and initial production anticipated for either 2021 or 2022.

The discovery of Fourmile to the north of Goldrush further enhances Barrick’s position in an attractive gold mining jurisdiction where it has extensive infrastructure, experience and partnerships. Ongoing exploration has confirmed the continuity of mineralization in the greater Goldrush-Fourmile project area and has increased Barrick’s confidence that Goldrush and Fourmile are part of a 7km mineralized system.



1 M&I resources are shown inclusive of reserves. Reserves and resources are based on individual companies’ assumptions (see Endnote 4). Stated on an attributable basis.
2 Source: company disclosure. Stated on an attributable basis.


Cautionary statement on forward-looking information

Certain information contained or incorporated by reference in this fact sheet, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “anticipate”, “plan”, “assume”, “intend”, “project”, “pursue”, “goal”, “continue”, “budget”, “estimate”, “potential”, “may”, “will”, “can”, “should”, “could”, “would”, and similar expressions identify forward-looking statements. In particular, this fact sheet contains forward-looking statements including, without limitation, with respect to: (i) the potential for Goldrush/Fourmile and Turquoise Ridge to become Tier One Gold Assets; and (ii) the potential for Barrick to become the most valued gold mining business.

Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of the Company. Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this fact sheet in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include but are not limited to: risks relating to the Barrick’s credit rating; local and global political and economic conditions; Barrick’s economic model and liquidity risks; fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); financial services risk; the risks associated with Barrick’s brand, reputation and trust; environmental risks; safety and technology risks; the ability to realize the anticipated benefits of the merger with Randgold Resources or implementing the business plan for Barrick following the merger, or difficulty in integrating the business of Randgold with Barrick (including the retention of key employees); changes in or enforcement of national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in Canada, the United States, the Democratic Republic of Congo, Mali and other jurisdictions in which Barrick now carries on business or in which Barrick may carry on business in the future; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; legal or regulatory developments and changes; the outcome of any litigation, arbitration or other dispute proceeding; the impact of any acquisitions or similar transactions; competition and market risks; the impact of foreign exchange rates; pricing pressures; the possibility that future exploration results will not be consistent with expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; and business continuity and crisis management. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. Such forward-looking statements should therefore be construed in the light of such factors.

Many of these 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 fact sheet are qualified by these cautionary statements. Specific reference is made to the most recent Form 40- F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this fact sheet.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

No statement in this fact sheet is intended as a profit forecast, profit estimate or quantified financial benefits statement.

Additional information for US investors

Barrick’s mineral reserves and mineral resources have been estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects, as required by Canadian securities regulatory authorities. For United States reporting purposes, Industry Guide 7 (under the US Securities Exchange Act of 1934), as interpreted by the Staff of the SEC, applies different standards in order to classify mineralization as a reserve. [In addition, while the terms “measured,” “indicated” and “inferred” mineral resources are required pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects, the SEC does not recognize such terms. Canadian and JORC (2012) Code standards differ significantly from the requirements of the SEC, and mineral resource information contained herein and in the documents incorporated herein by reference is not comparable to similar information regarding mineral reserves disclosed in accordance with the requirements of the SEC. Investors should understand that “inferred” mineral resources have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. In addition, investors are cautioned not to assume that any part or all of any mineral resources constitute or will be converted into reserves. Accordingly, information contained in this fact sheet and in the documents incorporated by reference herein containing descriptions of Barrick’s mineral deposits may not be comparable to similar information made public by United States companies subject to the reporting requirements of United States federal securities laws and the rules and regulations thereunder.

Third party data

The total cash costs comparison of Barrick to its senior gold peers is based on data obtained from Wood Mackenzie as of 31 August 2018. Wood Mackenzie is an independent third party research and consultancy firm that provides data for, among others, the metals and mining industry. Wood Mackenzie is not affiliated with Barrick.

Where figures for Barrick are compared to its senior gold peers, the data from Wood Mackenzie has been used to ensure consistency in the compared measure across the Barrick and the comparator group. Barrick does not have the ability to verify the Wood Mackenzie figures and the non-GAAP financial performance measures used by Wood Mackenzie may not correspond to the non-GAAP financial performance measures calculated by Barrick or any of the other senior gold peers.

Technical information

The scientific and technical information contained in this factsheet has been reviewed and approved by: Rodney Quick, mineral resource management and evaluation executive of Barrick; Simon Bottoms, mineral resources manager: Africa and Middle East of Barrick; Rick Sims, Registered Member SME, vice president, reserves and resources of Barrick; and Robert Krcmarov, FAusIMM, executive vice president, exploration and growth of Barrick - each a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.


1.    A Tier One Gold Asset is a mine with a stated life in excess of 10 years with 2017 production of at least 500,000 ounces of gold and 2017 total cash cost per ounce within the bottom half of Wood Mackenzie’s cost curve tools (excluding state-owned and privately-owned mines). For purposes of determining Tier One Gold Assets, “Total cash cost” per ounce is based on data from Wood Mackenzie as of August 31, 2018. The Wood Mackenzie calculation of “Total cash cost” per ounce may not be identical to the manner in which Barrick calculates comparable measures. “Total cash cost” per ounce is a non-GAAP financial performance measure with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. “Total cash cost” per ounce should not be considered by investors as an alternative to operating profit, net profit attributable to shareholders, or to other IFRS measures. Wood Mackenzie is an independent third party research and consultancy firm that provides data for, among others, the metals and mining industry. Wood Mackenzie does not have any affiliation to Barrick. See also Endnote #2.

2.   “Lowest total cash cost” is based on data from Wood Mackenzie as of 31 August 2018. “Total cash cost” is a non-GAAP financial performance measure with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Financial comparisons between the post-merger Barrick and its senior gold peers are made on the basis of the data presented by Wood Mackenzie which may not be calculated in the same manner as Barrick calculates comparable measures. Barrick believes that total cash cost is a useful indicator for investors and management of a mining company’s performance as it provides an indication of a company’s profitability and efficiency, the trends in cash costs as the company’s operations mature, and a benchmark of performance to allow for comparison against other companies. This non-GAAP financial measure should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

3.   Senior gold peers means the following companies: Agnico Eagle Mines Limited, Goldcorp Inc., Newcrest Mining Limited, and Newmont Mining Corporation.

4.   “Largest reserves base” is based on data in the publicly filed disclosure of each senior gold peer. In calculating their respective reserves base, senior gold peers may make assumptions different than those made by Barrick.

5.    For additional detail regarding Turquoise Ridge, see the Technical Report on the Turquoise Ridge Mine, State of Nevada, U.S.A., dated March.

TD Canada Trust Tower, 161 Bay Street, Suite 3700, Toronto, ON M5J 2S1
Canada T +1 416 861 9911, F +1 416 861 2482
Mark Bristow
INVESTOR AND MEDIA RELATIONS Kathy du Plessis T +44 20 7557 7738, E-mail barrick@dpapr.com
GROUP CORPORATE COMMUNICATIONS AND INVESTOR RELATIONS EXECUTIVE Lois Wark T +44 20 7557 7745, E-mail lois.wark@barrick.com