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<SEC-DOCUMENT>0001204459-04-000067.txt : 20040217
<SEC-HEADER>0001204459-04-000067.hdr.sgml : 20040216
<ACCEPTANCE-DATETIME>20040217124833
ACCESSION NUMBER:		0001204459-04-000067
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040217
FILED AS OF DATE:		20040217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARRICK GOLD CORP
		CENTRAL INDEX KEY:			0000756894
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09059
		FILM NUMBER:		04606175

	BUSINESS ADDRESS:	
		STREET 1:		BCE PLACE, TD CANADA TRUST TOWER
		STREET 2:		161 BAY STREET SUITE 3700
		CITY:			TORONTO ONTARIO CANA
		STATE:			A6
		ZIP:			M5J2S1
		BUSINESS PHONE:		4163077470

	MAIL ADDRESS:	
		STREET 1:		BCE PLACE, TD CANADA TRUST TOWER
		STREET 2:		P O BOX 212 TORONTO
		CITY:			ONTARIO M5J2S1
		STATE:			A6
		ZIP:			M5J2S1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BARRICK RESOURCES CORP
		DATE OF NAME CHANGE:	19860109
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>barrickf6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html>

<head>

<title>Barrick Corporation: Form 6-K - Prepared by TNT Filings Inc.</title>
</head>

<body>

<font FACE="Times New Roman PS"><b>
<p>&nbsp;</p>
<hr>
<p align="center">&nbsp;</p>
<p align="center"><font style="font-size: 11pt">SECURITIES AND EXCHANGE
COMMISSION <br>
Washington, DC 20549 </font></p>
<p align="center"><font size="6">Form 6-K </font></p>
</b></font><font FACE="Times New Roman PSMT">
<p align="center"><font style="font-size: 11pt">Report of Foreign Private Issuer
<br>
Pursuant to Rule 13a-16 or 15d-16 of <br>
the Securities Exchange Act of 1934 </font></p>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="60%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="43%" align="center">
      <font FACE="Times New Roman PSMT" style="font-size: 11pt">For the month
      of: February, 2004</font></td>
      <td WIDTH="32%" align="center">
      <font FACE="Times New Roman PSMT" style="font-size: 11pt">Commission File
      Number:</font></td>
      <td WIDTH="25%" align="center">
      <font FACE="Times New Roman PSMT" style="font-size: 11pt">1-9059</font></td>
    </tr>
  </table>
  </center>
</div>
<p>&nbsp;</p>
</font><font FACE="Times New Roman PS"><b>
<p align="center"><font size="6">BARRICK GOLD CORPORATION <br>
</font></b></font><font FACE="Times New Roman PSMT" size="2">(Name of
Registrant)</font></p>
<p align="center"><b><font FACE="Times New Roman PS" style="font-size: 11pt">BCE
Place, TD Canada Trust Tower <br>
Suite 3700 <br>
161 Bay Street, P.O. Box 212 <br>
Toronto, Ontario <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Canada M5J 2S1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
<font FACE="Times New Roman PS" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<br>
</font></b><font FACE="Times New Roman PSMT"><font size="2">(Address of
Principal Executive Offices) </font></p>
<blockquote>
  <p><font style="font-size: 11pt">Indicate by check mark whether the registrant
  files or will file annual reports under cover of Form 20-F or Form 40-F:
  </font></p>
  <p align="center"><font style="font-size: 11pt">Form 20-F&nbsp; ___&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Form 40-F<u>&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp;&nbsp; </u></font></p>
  <p><font style="font-size: 11pt">Indicate by check mark if the registrant is
  submitting the Form 6-K in paper as permitted by Regulation S-T Rule
  101(b)(1): ___ </font></p>
  <p><font style="font-size: 11pt">Indicate by check mark if the registrant is
  submitting the form 6-K in paper as permitted by Regulation S-T Rule
  101(b)(7): ___ </font></p>
  <p><font style="font-size: 11pt">Indicate by check mark whether the registrant
  by furnishing the information contained in this Form is also thereby
  furnishing the information to the Commission pursuant to Rule 12g3-2(b) under
  the Securities Exchange Act of 1934: </font></p>
  <p align="center"><font style="font-size: 11pt">Yes&nbsp;&nbsp; ___&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  No <u>&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp;&nbsp; </u></font></p>
  <p><font style="font-size: 11pt">If &quot;Yes&quot; is marked, indicate below the file
  number assigned to the registrant in connection with Rule 12g3-2(b): N/A
  </font></p>
</blockquote>
</font><hr><p Style='page-break-before:always'><font FACE="Times New Roman PS"><b>
<p align="center">INCORPORATION BY REFERENCE</b></font><font FACE="Times New Roman PSMT">
</p>
<blockquote>
  <p ALIGN="JUSTIFY"><font style="font-size: 11pt">The Registrant's Management's
  Discussion and Analysis of Financial Results for the quarter ended December
  31, 2003 and the Comparative Unaudited Financial Statements and the notes
  thereto prepared in accordance with U.S. generally accepted accounting
  principles for that same period (contained on pages 7 to 43 of Exhibit 1 of
  this Form 6-K Commission File No. 1-9059 furnished to the Commission on
  February 17, 2004), are incorporated by reference into the Registrant's
  registration statement on Form F-3 (No. 333-14148). </font></p>
</blockquote>
</font>
<p>&nbsp;</p>
<hr><p Style='page-break-before:always'><font FACE="Times New Roman PS"><b>
<blockquote>
  <p align="center">SIGNATURES </p>
  </b></font><font FACE="Times New Roman PSMT" style="font-size: 11pt">
  <p>Pursuant to the requirements of the Securities Exchange Act of 1934, the
  Registrant has duly caused this report to be signed on its behalf by the
  undersigned, thereunto duly authorized. </p>
</blockquote>
</font>
<div align="right">
  <table CELLSPACING="0" BORDER="0" WIDTH="35%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td COLSPAN="3" width="340">
      <font FACE="Times New Roman PS" style="font-size: 11pt"><b>BARRICK GOLD
      CORPORATION</b></font></td>
    </tr>
    <tr>
      <td WIDTH="74">&nbsp;</td>
      <td WIDTH="55">&nbsp;</td>
      <td WIDTH="207">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="74">&nbsp;</td>
      <td WIDTH="55">&nbsp;</td>
      <td WIDTH="207">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="74"><font FACE="Times New Roman PSMT" style="font-size: 11pt">
      By:</font></td>
      <td WIDTH="55"><font FACE="Times New Roman PSMT" style="font-size: 11pt">
      /s/</font></td>
      <td WIDTH="207" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Times New Roman PSMT" style="font-size: 11pt">
      Jamie C. Sokalsky</font></td>
    </tr>
    <tr>
      <td WIDTH="74">&nbsp;</td>
      <td WIDTH="55"><font FACE="Times New Roman PSMT" style="font-size: 11pt">
      Name:</font></td>
      <td WIDTH="207" style="border-top-style: solid; border-top-width: 1"><font FACE="Times New Roman PSMT" style="font-size: 11pt">
      Jamie C. Sokalsky</font></td>
    </tr>
    <tr>
      <td WIDTH="74">&nbsp;</td>
      <td WIDTH="55"><font FACE="Times New Roman PSMT" style="font-size: 11pt">
      Title:</font></td>
      <td WIDTH="207"><font FACE="Times New Roman PSMT" style="font-size: 11pt">
      Senior Vice President and</font></td>
    </tr>
    <tr>
      <td WIDTH="74">&nbsp;</td>
      <td WIDTH="55">&nbsp;</td>
      <td WIDTH="207"><font FACE="Times New Roman PSMT" style="font-size: 11pt">
      Chief Financial Officer</font></td>
    </tr>
  </table>
</div>
<font FACE="Times New Roman PSMT" style="font-size: 11pt">
<blockquote>
  <p>Date: February 17, 2004</p>
</blockquote>
</font><hr><p Style='page-break-before:always'>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="47%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="100%" colspan="2" align="center">
      <font FACE="Times New Roman PS"><b>EXHIBIT</b></font></td>
    </tr>
    <tr>
      <td WIDTH="17%">&nbsp;</td>
      <td WIDTH="83%">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="17%">
      <font FACE="Times New Roman PSMT" style="font-size: 11pt; text-decoration:underline">
      Exhibit</font></td>
      <td WIDTH="83%">
      <font FACE="Times New Roman PSMT" style="font-size: 11pt; text-decoration:underline">
      Description of Exhibit</font></td>
    </tr>
    <tr>
      <td WIDTH="17%">&nbsp;</td>
      <td WIDTH="83%">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="17%" valign="top"><font FACE="Times New Roman PSMT" style="font-size: 11pt">
      1</font></td>
      <td WIDTH="83%" rowspan="4" valign="top"><font FACE="Times New Roman PSMT" style="font-size: 11pt">
      <a href="barrick4q.htm" style="text-decoration: none">Barrick Gold Corporation's Fourth Quarter
      Report for 2003, including the Comparative
      Unaudited Financial Statements prepared in
      accordance with U.S. generally accepted
      accounting principles (&quot;U.S. GAAP&quot;) and the
      notes thereto for the quarter ended December
      31, 2003 and Management's Discussion and
      Analysis (U.S. GAAP) for the same period</a></font></td>
    </tr>
    <tr>
      <td WIDTH="17%" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="17%" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="17%" valign="top">&nbsp;</td>
    </tr>
    </table>
  </center>
</div>

</body>

</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>3
<FILENAME>barrick4q.htm
<DESCRIPTION>BARRICK GOLD CORP. - 4TH QUARTER RESULTS
<TEXT>
<html>

<head>

<title>Barrick Gold: 4th Quarter Report - Prepared by TNT Filings Inc.</title>
</head>

<body>

<p>&nbsp;</p>
<hr>

<p><img border="0" src="barricklogo.gif" width="170" height="92"></p>
<font FACE="Interstate"><b>
<p><font size="2">FOURTH QUARTER REPORT 2003 </font></b><font size="2"><br>
<br>
Based on US GAAP and expressed in US dollars </font></p>
</font><font FACE="Interstate" SIZE="6">
<p>Barrick Earns $77 Million ($0.14 per share) in Fourth Quarter <br>
</font><font FACE="Interstate" size="5">Achieves 2003 Production and Cost
Targets </p>
<div align="center">
  <center>
  <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1">
    <tr>
      <td width="100%" height="33" bgcolor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1">
      <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font color="#FFFFFF">&nbsp;Highlights</font></b></td>
    </tr>
    <tr>
      <td width="100%" height="346" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">&nbsp;<blockquote>
        <ul>
          <li>Fourth quarter net income was $77 million, or $0.14 per share, and
          full year net income was $200 million, or $0.37 per share <br>
&nbsp;</li>
          <li>Fourth quarter production was 1.3 million ounces of gold at a
          total cash cost of $199<sup>1</sup> per ounce. Full year production
          was 5.51 million ounces at a total cash cost of $189<sup>1</sup> per
          ounce, the lowest cash cost of the senior producers <br>
&nbsp;</li>
          <li>Excluding the $86 million Inmet settlement, fourth quarter and
          full year cash flow from operations in 2003 exceeded 2002 <br>
&nbsp;</li>
          <li>Reserves as at December 31, 2003 stood at 86 million ounces<sup>2</sup>
          based on a $325 gold price, amongst the largest in the industry <br>
&nbsp;</li>
          <li>The Company announced a No-Hedge Policy for gold with a goal of
          reducing the hedge position to zero over time. The position was
          reduced by 600,000 ounces in the quarter and 2.6 million ounces for
          the year. <br>
&nbsp;</li>
          <li>Veladero's construction commenced; Alto Chicama's Environmental
          Impact Study (EIS) was submitted and public hearings were completed in
          the fourth quarter 2003, with approval anticipated in the second
          quarter of 2004; Tulawaka received development approval and is now
          under construction <br>
&nbsp;</li>
          <li>The Company announced today that it has appointed Mr. Peter Godsoe,
          Chairman of Scotiabank, as an independent member of the Board of
          Directors <br>
&nbsp;</font></li>
          <li><font FACE="Interstate" size="2">The Company announced today that
          Barrick and Falconbridge agreed to partner on the Kabanga Nickel
          Project in Tanzania </li>
        </ul>
      </blockquote>
      </font>
      <p>&nbsp;</td>
    </tr>
  </table>
  </center>
</div>
</font><font FACE="Interstate" size="2">
<p>Barrick Gold Corporation today reported earnings of $77 million ($0.14 per
share) and operating cash flow of $134 million ($220 million prior to the Inmet
settlement of $86 million) for fourth quarter 2003, compared to earnings of $54
million ($0.10 per share) and operating cash flow of $195 million in the year
earlier period. Higher earnings for the fourth quarter 2003 compared to the same
period in 2002 reflect a $51 per ounce higher realized gold price and a $60
million increase in non-hedge derivative gains (2003 - $46million gain versus
2002 $14 million loss). These were partly offset by higher cash operating costs,
provisions of $14 million for the Inmet settlement and $10 million for
reclamation costs and an $18 million lower income tax recovery. Lower operating
cash flow in the current quarter and the full year primarily relates to the
payment of $86 million on the Inmet settlement. </p>
</font><font FACE="Interstate" SIZE="1">
<p>-------------------------------------------------------</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="2%" valign="top"><font FACE="Interstate" style="font-size: 9pt">
    <sup>1</sup></font></td>
    <td WIDTH="98%"><font FACE="Interstate" style="font-size: 9pt">For an
    explanation of non-GAAP performance measures refer to pages
    <a href="#p17" style="text-decoration: none">17</a>-<a href="#p18" style="text-decoration: none">18</a>
    of Management's Discussion and Analysis.<br>
&nbsp;</font></td>
  </tr>
  <tr>
    <td WIDTH="2%" valign="top"><font FACE="Interstate" style="font-size: 9pt">
    <sup>2</sup></font></td>
    <td WIDTH="98%" rowspan="2"><font FACE="Interstate" style="font-size: 9pt">
    Calculated in accordance with National Instrument 43-101 as required by
    Canadian securities regulatory authorities. For United States reporting
    purposes, Industry Guide 7 (under the Securities Exchange Act of 1934), as
    interpreted by the Staff of the SEC, applies different standards in order to
    classify mineralization as a reserve. Accordingly, for U.S. reporting
    purposes, Alto Chicama is classified as mineralized material. For additional
    information on reserves see the tables and related footnotes on pages 48-51.</font></td>
  </tr>
  <tr>
    <td WIDTH="2%">&nbsp;</td>
  </tr>
</table>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="49%">&nbsp;</td>
    <td WIDTH="51%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="49%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="51%"><font FACE="Interstate" SIZE="2"><b>
    <p align="right">PRESS RELEASE</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate" size="2">
<p>Excluding the Inmet settlement, fourth quarter and full year cash flow from
operations was higher in 2003 than 2002. For 2003, net income was $200 million
($0.37 per share) and operating cash flow was $521 million ($607 million prior
to the Inmet settlement), compared to net income of $193 million ($0.36 per
share) and operating cash flow of $589 million in the year earlier period. </p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &quot;Overall, our portfolio of properties performed well - we had a solid
operating performance in 2003 and met our guidance,&quot; said Greg Wilkins,
President and Chief Executive Officer. &quot;Our focus for 2004 will be building our
new mines and growing our production profile.&quot; </p>
<b>
<p>PRODUCTION AND COSTS </p>
</b>
<p>In fourth quarter 2003, Barrick produced 1.3 million ounces of gold at a
total cash cost of $199 per ounce, compared to 1.6 million ounces at $174 per
ounce, for the prior year quarter. Lower production and higher costs were
primarily attributable to expected lower grades and higher energy costs, as well
as higher royalties and other costs related to the rising spot gold price. </p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year, the Company produced 5.51 million ounces of gold at a total
cash cost of $189 per ounce, achieving the Company's overall guidance for the
year, even though cash costs were impacted by rising gold prices which increased
royalty and mining tax payments. Higher production and lower costs at Betze-Post,
Kalgoorlie and Pierina more than offset lower production and higher costs at
Meikle and Bulyanhulu. </p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In 2002 the Company produced 5.7 million ounces at a total cash cost of $177
per ounce. Lower production in 2003 was due largely to the closure of five mines
during 2002. </p>
<b>
<p>RESERVES </p>
</b>
<p>At year-end the Company had proven and probable reserves of 86 million ounces
of gold based on a $325 gold price, after producing 5.51 million ounces, (6.5
million ounces in-situ) compared to reserves of 86.9 million ounces in 2002,
virtually replacing 2003 production. Using a $375 gold price for sensitivity
purposes, the reserves at December 31, 2003 would be about 92 million ounces.
</p>
<p ALIGN="JUSTIFY">Two of the Company's deposits have significant silver
resources. Pascua-Lama has one of the largest silver resources in the world,
with 584 million ounces in-situ while Eskay Creek has 43 million ounces. </p>
<p>GOLD HEDGE POSITION REDUCED </p>
<p>In fourth quarter 2003, the Company announced that it had adopted a No-Hedge
Policy on its gold production. Under the new policy, Barrick will not add any
new gold hedge contracts. The Company is committed to reducing its hedge book to
zero over time. &quot;While the policy of hedging a portion of our gold production
has contributed to our balance sheet strength,&quot; said Mr. Wilkins, &quot;we no longer
consider hedging to be necessary in today's business climate.&quot; During the
quarter, the Company reduced its hedge position by 600,000 ounces, by delivering
a portion of production against hedge contracts at a price that approximated the
prevailing spot price. For fourth quarter 2003, the Company averaged a realized
price of $394 per ounce, $2 per ounce higher than the average spot price. For
the year, Barrick realized an average price of $366 per ounce compared to the
average spot price of $363 per ounce. The 2003 year-end hedge position was 15.5
million ounces, down 2.6 million ounces, or 14%, from year-end 2002 (down 8.6
million ounces, or 36%, over the last two years). At December 31, 2003, the
Company's hedge position represented 18% of its proven and probable reserves and
14% of its reserves and measured and indicated resources.<font FACE="Times New Roman">
</p>
</font><b>
<p>SHARE BUYBACK </p>
</b>
<p>Barrick repurchased 8.8 million of its common shares at an average purchase
price of $17.56 per share, for a total cost of $154 million in 2003. The Company
expects to continue its share buy-back program. </p>
<b>
<p>2004 OUTLOOK </p>
</b>
<p>As previously announced, the Company projects 2004 production to be between
4.9 - 5.0 million ounces at an average total cash cost of $205-$215 per ounce,
as Pierina and Betze-Post mine lower grade ore, and higher expected spot gold
prices continue to increase gold related costs. The Company plans to further
reduce its hedge contracts in </p>
</font><font FACE="Interstate" SIZE="1">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%"><font FACE="Interstate" SIZE="2"><b>
    <p align="center">2</b></font></td>
    <td WIDTH="46%"><font FACE="Interstate" SIZE="2"><b>
    <p align="right">PRESS RELEASE</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font><font FACE="Interstate" size="2">
<p>2004 by a minimum of 1.5 million ounces, 300,000 of which has already been
accomplished. While the Company's hedge contracts allow for full flexibility to
deliver all of its production into the spot gold market, to achieve this target
it may choose to deliver a portion of production against hedge contracts at
prices below spot price. </p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production and total cash costs in the first quarter 2004 are anticipated to
be weaker than the remainder of the year due to the sequencing of the mining
operations. For the year, amortization is expected to be about $480 - $490
million, administration expense is expected to be approximately $80 million and
exploration, development and business development expense is expected to be
approximately $110 million, with the possibility that positive results could
lead to additional exploration spending. Capital expenditures for 2004 are
anticipated to be approximately $770 million, as we advance the construction of
our development projects. </p>
<b>
<p>DEVELOPMENT PROJECTS UPDATE </p>
</b>
<p>Barrick advanced on all projects in its mine development pipeline in fourth
quarter 2003. &quot;During 2003, we focused on detailed engineering and on
delineation of our development projects as we readied ourselves for building our
four new mines,&quot; said Peter Kinver, Chief Operating Officer. &quot;These projects
will provide additional production and lower cash costs for years to come.&quot; </p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At Veladero in Argentina, the Environmental Impact Statement (EIS) approval
was received in fourth quarter 2003 and construction commenced. Road work and
pre-strip activities are currently underway as well as construction of the
valley fill heap leach, truck shops, assay lab, and camp facilities. There are
currently over 700 construction workers on-site, with peak employment expected
to reach approximately 1,500 comprising 500 permanent staff and 1,000
construction workers. Veladero is expected to commence production in 2005. As
mineralization was classified as a reserve for U.S. reporting purposes as of
October 1, 2003, development costs at Veladero are now being capitalized.
Significant progress was made on advancing project financing for Veladero in
2003. It is anticipated that the financing will be completed in 2004. </p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The EIS for Alto Chicama in Peru was submitted at the end of the third
quarter 2003. Public hearings were held during the fourth quarter 2003, and
approval anticipated in second quarter 2004. </p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As 2003 ended, the Company received development approval for its Tulawaka
project in Tanzania. Construction on this 70% owned joint venture commenced in
the fourth quarter 2003, with projected average annual production of 125,000
ounces at a total cash cost of $175 per ounce on a 100% basis. Production is
expected to begin in first quarter 2005. Total capital approved for project
development is $49 million. </p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the Company's Cowal property in Australia, construction of mine
infrastructure commenced in January 2004. Mine development is anticipated during
the first quarter, leading to commercial production in early 2006. At Pascua-Lama
in Chile/Argentina, work continues on the engineering optimization of the
project, with a production decision expected in early second quarter 2004. </p>
<b>
<p align="left">EXPLORATION UPDATE </p>
</b>
<p ALIGN="left">During fourth quarter 2003, Barrick was actively exploring 44
projects in nine countries. Drilling was carried out on 19 projects during the
quarter. &quot;Our investment in exploration over the past few years will continue to
yield results going forward,&quot; said Alex Davidson, Executive Vice President,
Exploration. &quot;Our large land position provides us with opportunities in key
prospective districts.&quot; </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In North America, an underground drill program was completed at
the end of December on the Rossi property in Nevada (60% joint venture with
Meridian Gold). The objective of the program was to better define the Storm
resource and an updated resource calculation is expected in the first half of
2004. A drill program at Goldstrike was focused on near term resource additions
on targets north of the Betze-Post pit. The results from the program were very
positive and drilling will continue during the first half </p>
<font FACE="Interstate" SIZE="1">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center"><font size="2"><b>3</b></font></td>
    <td WIDTH="46%"><font FACE="Interstate" SIZE="2"><b>
    <p align="right">PRESS RELEASE</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<p ALIGN="left">of 2004. The drill program at Gold Hill, located north of Round
Mountain, confirmed and refined the geological model, and an updated resource
estimate will be completed in the first half of 2004. At the Eskay Creek
property in northern British Columbia, results from the drill program completed
in third quarter 2003 highlighted the potential of the 22 Zone, located 2
kilometres south of the mine. A winter drill program is planned to test for
mineralization along strike and at depth. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In South America, drill programs were also completed on
properties in the Alto Chicama district where the Company has an excellent
portfolio of prospects as well as in Chile and southern Argentina. Results are
being evaluated and follow up work is planned in 2004. Early stage exploration
carried out in Peru continues to identify and prioritize targets for detailed
follow up.<i> </p>
</i>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During fourth quarter 2003, Barrick entered into a strategic relationship
with QGX Limited which has prospective exploration properties in Mongolia. </p>
<b>
<p>NEW DEVELOPMENTS </p>
</b>
<p align="left">On January 28, 2004, Barrick announced that it agreed to a share
purchase and strategic relationship in Russia with Highland Gold Mining, based
in London. In total, Barrick has now invested cash of US$84 million for a total
stake of 17% of Highland. The Highland partnership will give Barrick the right,
but not the obligation, to participate on an exclusive basis for up to 50% on
any acquisition made by Highland Gold in Russia. Highland holds similar rights
for any acquisition made by Barrick in certain regions in Russia. &quot;The Highland
transaction represents an important next step in the development of Barrick's
strategy in Russia - one of the most prospective gold regions anywhere in the
world,&quot; commented Mr. Wilkins. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On February 12, 2004 Barrick and Falconbridge have signed a
Letter of Intent to negotiate Definitive Agreements regarding Barrick's Kabanga
Nickel Project. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Kabanga Nickel Project was acquired by Barrick in the Sutton
Resources transaction in 1999. Since the acquisition, Barrick has significantly
enhanced the value of the Project by increasing the known resource estimate at
Kabanga Main and discovering the adjacent MNB deposit. The Project is located in
northwestern Tanzania, approximately 385 kilometres west of the Bulyanhulu gold
mine and 100 kilometres northwest of the Tulawaka gold project, which is
currently under construction. Kabanga has a current resource of 26.4 million
tonnes grading 2.6% nickel for approximately 700,000 tonnes of contained nickel.
</p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Letter of Intent provides that Falconbridge can earn a 50%
interest in Kabanga by: </p>
</font><font FACE="Interstate" SIZE="1">
<font FACE="Symbol MT" LANG="JA" SIZE="1">
<blockquote>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"></font><font FACE="Interstate" SIZE="2">Meeting the next
    $45 million of expenditures on the execution of a well defined Work Plan
    over a period not exceeding 27 months; <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font></font><font FACE="Interstate" size="2">Completing the Work Plan
    and completing a
    </font><font FACE="Interstate" SIZE="1"><font FACE="Interstate" size="2">
    Bankable Feasibility Study within 3 years of reaching definitive
    agreements; and <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" SIZE="2">Making certain other payments
    totaling US$13.5 million to Barrick upon achieving certain milestones. </li>
  </ul>
</blockquote>
<b>
<p>CORPORATE GOVERNANCE GUIDELINES</b></font><font FACE="Interstate" SIZE="1"><font FACE="Arial" SIZE="2">
</p>
</font><font FACE="Interstate" size="2">
<p ALIGN="left">Following on the September 2003 appointment of Mr. Gustavo
Cisneros, Chairman of the Cisneros Group of Companies, as an independent
director to Barrick's Board, the Company announced today that it was pleased to
appoint Mr. Peter Godsoe, Chairman of Scotiabank, as an independent Director to
the Board. &quot;Our Board will be strengthened by his breadth of business experience
and knowledge of international capital markets,&quot; said Peter Munk, Founder and
Chairman. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrick Gold Corporation is building new low-cost, long-life
mines in highly prospective gold mining districts around the globe. It has the
lowest cash costs among major gold producers and the only A-rated balance sheet
with a cash position of nearly $1 billion. Barrick's shares are traded under the
ticker symbol ABX on the Toronto, New York, London and Swiss stock exchanges and
the Paris Bourse. </p>
<font FACE="Interstate" SIZE="1">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center"><font size="2"><b>4</b></font></td>
    <td WIDTH="46%"><font FACE="Interstate" SIZE="2"><b>
    <p align="right">PRESS RELEASE</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></font></font>
<p>&nbsp;</p>
<div align="left">
  <table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td><font FACE="Interstate" SIZE="6">Key Statistics</font></td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td><font FACE="Interstate" style="font-size: 9pt">(in United States
      dollars, US GAAP basis)</font></td>
      <td COLSPAN="4" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">Three
      months ended Dec. 31,</font></td>
      <td align="right">&nbsp;</td>
      <td COLSPAN="4" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">Twelve
      months ended Dec. 31,</font></td>
    </tr>
    <tr>
      <td style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-size: 9pt">(Unaudited)</font></td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:solid; border-top-width:1">&nbsp;</td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:solid; border-top-width:1">
      <b>
      <font FACE="Interstate" SIZE="2">2003</font></b></td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:solid; border-top-width:1">&nbsp;</td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:solid; border-top-width:1">
      <font FACE="Interstate" SIZE="2">2002</font></td>
      <td align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:solid; border-top-width:1">&nbsp;</td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:solid; border-top-width:1">
      <b>
      <font FACE="Interstate" SIZE="2">2003</font></b></td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:solid; border-top-width:1">&nbsp;</td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:solid; border-top-width:1">
      <font FACE="Interstate" SIZE="2">2002</font></td>
    </tr>
    <tr>
      <td style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Operating Results</font></td>
      <td align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td><font FACE="Interstate" SIZE="2">Gold production (thousands of ounces)</font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><b><font FACE="Interstate" SIZE="2">1,301</font></b></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font FACE="Interstate" SIZE="2">1,596</font></td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><b><font FACE="Interstate" SIZE="2">5,510</font></b></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font FACE="Interstate" SIZE="2">5,695</font></td>
    </tr>
    <tr>
      <td bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Gold sold (thousands of ounces)</font></td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">1,362</font></b></td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,540</font></td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">5,554</font></b></td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">5,805</font></td>
    </tr>
    <tr>
      <td><font FACE="Interstate" SIZE="2">Per ounce data</font></td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
    </tr>
    <tr>
      <td bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Average spot gold
      price</font></td>
      <td align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">392</font></b></td>
      <td align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">323</font></td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">363</font></b></td>
      <td align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">310</font></td>
    </tr>
    <tr>
      <td><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Average realized
      gold price</font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><b><font FACE="Interstate" SIZE="2">394</font></b></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font FACE="Interstate" SIZE="2">343</font></td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><b><font FACE="Interstate" SIZE="2">366</font></b></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font FACE="Interstate" SIZE="2">339</font></td>
    </tr>
    <tr>
      <td bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Cash operating
      costs<sup>(3)</sup></font></td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">186</font></b></td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">166</font></td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">177</font></b></td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">170</font></td>
    </tr>
    <tr>
      <td><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Total cash costs<sup>(1)
      (3)</sup></font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><b><font FACE="Interstate" SIZE="2">199</font></b></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font FACE="Interstate" SIZE="2">174</font></td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><b><font FACE="Interstate" SIZE="2">189</font></b></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font FACE="Interstate" SIZE="2">177</font></td>
    </tr>
    <tr>
      <td style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Total production costs<sup>(3)</sup></font></td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">292</font></b></td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">267</font></td>
      <td align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">279</font></b></td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">268</font></td>
    </tr>
    <tr>
      <td style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Financial Results</b> (millions)</font></td>
      <td align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
      <td align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Gold sales</font></td>
      <td align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">536</font></b></td>
      <td align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">526</font></td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">2,035</font></b></td>
      <td align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,967</font></td>
    </tr>
    <tr>
      <td><font FACE="Interstate" SIZE="2">Net income</font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><b><font FACE="Interstate" SIZE="2">77</font></b></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font FACE="Interstate" SIZE="2">54</font></td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><b><font FACE="Interstate" SIZE="2">200</font></b></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font FACE="Interstate" SIZE="2">193</font></td>
    </tr>
    <tr>
      <td bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Operating cash flow</font></td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">134</font></b></td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">195</font></td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">521</font></b></td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">589</font></td>
    </tr>
    <tr>
      <td><font FACE="Interstate" SIZE="2">Operating cash flow excluding Inmet
      settlement</font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><b><font FACE="Interstate" SIZE="2">220</font></b></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font FACE="Interstate" SIZE="2">195</font></td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><b><font FACE="Interstate" SIZE="2">607</font></b></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font FACE="Interstate" SIZE="2">589</font></td>
    </tr>
    <tr>
      <td bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Per share data (dollars)</font></td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Net income (basic
      and diluted)</font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><b><font FACE="Interstate" SIZE="2">0.14</font></b></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font FACE="Interstate" SIZE="2">0.10</font></td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><b><font FACE="Interstate" SIZE="2">0.37</font></b></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font FACE="Interstate" SIZE="2">0.36</font></td>
    </tr>
    <tr>
      <td bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Operating cash
      flow</font></td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">0.26</font></b></td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.36</font></td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">0.97</font></b></td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1.09</font></td>
    </tr>
    <tr>
      <td><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Operating cash
      flow excluding Inmet settlement</font></td>
      <td align="right">&nbsp;</td>
      <td align="right"><b><font FACE="Interstate" SIZE="2">0.42</font></b></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font FACE="Interstate" SIZE="2">0.36</font></td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right"><b><font FACE="Interstate" SIZE="2">1.13</font></b></td>
      <td align="right">&nbsp;</td>
      <td align="right"><font FACE="Interstate" SIZE="2">1.09</font></td>
    </tr>
    <tr>
      <td style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Common shares outstanding (as at Dec. 31)
      (millions)<sup>(2)</sup></font></td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">535</font></b></td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">542</font></td>
      <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">535</font></b></td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">542</font></td>
    </tr>
  </table>
</div>
<table CELLSPACING="0" BORDER="0" WIDTH="58%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td>&nbsp;</td>
    <td COLSPAN="2" align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td bgcolor="#FFFFFF">&nbsp;</td>
    <td COLSPAN="2" align="right" bgcolor="#FFFFFF"><font FACE="Interstate" SIZE="2"><u>As at Dec.
    31,</u></font></td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF"><font FACE="Interstate" SIZE="2"><u>As at Dec. 31,</u></font></td>
  </tr>
  <tr>
    <td style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Financial Position </font>
    <font FACE="Interstate" SIZE="1">(millions)</font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td><font FACE="Interstate" SIZE="2">Cash and equivalents</font></td>
    <td align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td align="right"><b><font FACE="Interstate" SIZE="2">970</font></b></td>
    <td align="right"><font size="2">$</font></td>
    <td align="right"><font FACE="Interstate" SIZE="2">$ 1,044</font></td>
  </tr>
  <tr>
    <td bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Working capital</font></td>
    <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">1,015</font></b></td>
    <td align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">839</font></td>
  </tr>
  <tr>
    <td><font FACE="Interstate" SIZE="2">Long-term debt</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><b><font FACE="Interstate" SIZE="2">719</font></b></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font FACE="Interstate" SIZE="2">761</font></td>
  </tr>
  <tr>
    <td style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Shareholders' equity</font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">3,494</font></b></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">3,334</font></td>
  </tr>
</table>
<font FACE="Interstate" style="font-size: 9pt"><sup>
<p>1</sup> Comprises cash operating costs, royalties and production taxes.<sup><br>
2</sup></font><font style="font-size: 9pt"> </font>
<font FACE="Interstate" style="font-size: 9pt">Includes shares issuable upon
exchange of BGI (Barrick Gold Inc.), formerly Homestake Canada Inc.,
exchangeable shares.<sup><br>
3</sup></font><font style="font-size: 9pt"> </font>
<font FACE="Interstate" style="font-size: 9pt">For an explanation of non-GAAP
performance measures refer to pages <a href="#p16" style="text-decoration: none">
16</a>-<a href="#p18" style="text-decoration: none">18</a> of Management's
Discussion and Analysis.</p>
<font FACE="Interstate" SIZE="1">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center"><font size="2"><b>5</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>SUMMARY INFORMATION</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font>
<p align="right">&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="79%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td width="168">&nbsp;</td>
    <td width="65">&nbsp;</td>
    <td colspan="14" width="559"><font FACE="Interstate" SIZE="6">Production and
    Cost Summary</font></td>
  </tr>
  <tr>
    <td width="168">&nbsp;</td>
    <td COLSPAN="5" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" width="303">
    <p align="center"><font FACE="Interstate" SIZE="2"><b>Production</b>
    (attributable ounces)</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" width="49">&nbsp;</td>
    <td COLSPAN="9" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" width="272">
    <p align="center"><font size="2"><b>Total Cash Costs</b> (US$/oz) <sup>(1)</sup></font></td>
  </tr>
  <tr>
    <td width="168">&nbsp;</td>
    <td COLSPAN="2" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" width="122">
    <font FACE="Interstate" SIZE="2">3 months ended 12/31,</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" width="42">&nbsp;</td>
    <td COLSPAN="2" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" width="139">
    <font FACE="Interstate" SIZE="2">12 months ended 12/31,</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" width="49">&nbsp;</td>
    <td COLSPAN="4" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" width="122">
    <font FACE="Interstate" SIZE="2">3 months ended 12/31,</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" width="21">&nbsp;</td>
    <td COLSPAN="4" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" width="129">
    <font FACE="Interstate" SIZE="2">12 months ended 12/31,</font></td>
  </tr>
  <tr>
    <td style="border-bottom-style: solid; border-bottom-width: 1" width="168">
    <font FACE="Interstate" SIZE="2">(Unaudited)</font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="65">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="57">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" width="42">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="75">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="64">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" width="49">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="31">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="39">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="13">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="39">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" width="21">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="30">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="37">
    <font FACE="Interstate" SIZE="2">2003</font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="16">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="46">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td style="border-top-style: solid; border-top-width: 1" width="168" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>North America</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="65" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="57" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: none; border-top-width: medium" width="42" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="75" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="64" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: none; border-top-width: medium" width="49" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="31" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="39" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="13" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="39" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: none; border-top-width: medium" width="21" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="30" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="37" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="16" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="46" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td width="168"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Goldstrike - Open Pit</font></td>
    <td align="right" width="65"><font FACE="Interstate" SIZE="2"><b>324,951</b></font></td>
    <td align="right" width="57"><font FACE="Interstate" SIZE="2">406,224</font></td>
    <td align="right" width="42">&nbsp;</td>
    <td align="right" width="75"><font FACE="Interstate" SIZE="2"><b>1,559,461</b></font></td>
    <td align="right" width="64"><font FACE="Interstate" SIZE="2">1,409,985</font></td>
    <td align="right" width="49">&nbsp;</td>
    <td align="right" width="31"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td align="right" width="39"><font FACE="Interstate" SIZE="2"><b>250</b></font></td>
    <td align="right" width="13"><font FACE="Interstate" SIZE="2">$</font></td>
    <td align="right" width="39"><font FACE="Interstate" SIZE="2">220</font></td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="30"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td align="right" width="37"><font FACE="Interstate" SIZE="2"><b>233</b></font></td>
    <td align="right" width="16"><font FACE="Interstate" SIZE="2">$</font></td>
    <td align="right" width="46"><font FACE="Interstate" SIZE="2">228</font></td>
  </tr>
  <tr>
    <td width="168" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Goldstrike - Underground</font></td>
    <td align="right" width="65" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>147,199</b></font></td>
    <td align="right" width="57" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">192,631</font></td>
    <td align="right" width="42" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="75" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>551,664</b></font></td>
    <td align="right" width="64" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">640,336</font></td>
    <td align="right" width="49" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="31" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="39" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>261</b></font></td>
    <td align="right" width="13" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="39" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">184</font></td>
    <td align="right" width="21" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="30" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="37" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>253</b></font></td>
    <td align="right" width="16" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="46" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">198</font></td>
  </tr>
  <tr>
    <td width="168"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Goldstrike Property Total</font></td>
    <td align="right" width="65"><font FACE="Interstate" SIZE="2"><b>472,150</b></font></td>
    <td align="right" width="57"><font FACE="Interstate" SIZE="2">598,855</font></td>
    <td align="right" width="42">&nbsp;</td>
    <td align="right" width="75"><font FACE="Interstate" SIZE="2"><b>2,111,125</b></font></td>
    <td align="right" width="64"><font FACE="Interstate" SIZE="2">2,050,321</font></td>
    <td align="right" width="49">&nbsp;</td>
    <td align="right" width="31">&nbsp;</td>
    <td align="right" width="39"><font FACE="Interstate" SIZE="2"><b>253</b></font></td>
    <td align="right" width="13">&nbsp;</td>
    <td align="right" width="39"><font FACE="Interstate" SIZE="2">209</font></td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="30">&nbsp;</td>
    <td align="right" width="37"><font FACE="Interstate" SIZE="2"><b>238</b></font></td>
    <td align="right" width="16">&nbsp;</td>
    <td align="right" width="46"><font FACE="Interstate" SIZE="2">218</font></td>
  </tr>
  <tr>
    <td width="168" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Eskay
    Creek</font></td>
    <td align="right" width="65" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>83,387</b></font></td>
    <td align="right" width="57" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">96,954</font></td>
    <td align="right" width="42" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="75" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>352,070</b></font></td>
    <td align="right" width="64" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">358,718</font></td>
    <td align="right" width="49" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="31" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="39" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>20</b></font></td>
    <td align="right" width="13" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="39" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">51</font></td>
    <td align="right" width="21" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="30" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="37" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>52</b></font></td>
    <td align="right" width="16" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="46" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">40</font></td>
  </tr>
  <tr>
    <td width="168"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Round
    Mountain</font></td>
    <td align="right" width="65"><font FACE="Interstate" SIZE="2"><b>91,059</b></font></td>
    <td align="right" width="57"><font FACE="Interstate" SIZE="2">88,614</font></td>
    <td align="right" width="42">&nbsp;</td>
    <td align="right" width="75"><font FACE="Interstate" SIZE="2"><b>392,649</b></font></td>
    <td align="right" width="64"><font FACE="Interstate" SIZE="2">377,747</font></td>
    <td align="right" width="49">&nbsp;</td>
    <td align="right" width="31">&nbsp;</td>
    <td align="right" width="39"><font FACE="Interstate" SIZE="2"><b>190</b></font></td>
    <td align="right" width="13">&nbsp;</td>
    <td align="right" width="39"><font FACE="Interstate" SIZE="2">212</font></td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="30">&nbsp;</td>
    <td align="right" width="37"><font FACE="Interstate" SIZE="2"><b>173</b></font></td>
    <td align="right" width="16">&nbsp;</td>
    <td align="right" width="46"><font FACE="Interstate" SIZE="2">187</font></td>
  </tr>
  <tr>
    <td width="168" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Hemlo</font></td>
    <td align="right" width="65" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>64,930</b></font></td>
    <td align="right" width="57" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">83,179</font></td>
    <td align="right" width="42" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="75" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>267,888</b></font></td>
    <td align="right" width="64" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">269,057</font></td>
    <td align="right" width="49" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="31" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="39" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>227</b></font></td>
    <td align="right" width="13" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="39" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">184</font></td>
    <td align="right" width="21" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="30" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="37" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>226</b></font></td>
    <td align="right" width="16" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="46" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">224</font></td>
  </tr>
  <tr>
    <td width="168"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Holt-McDermott</font></td>
    <td align="right" width="65"><font FACE="Interstate" SIZE="2"><b>23,203</b></font></td>
    <td align="right" width="57"><font FACE="Interstate" SIZE="2">21,502</font></td>
    <td align="right" width="42">&nbsp;</td>
    <td align="right" width="75"><font FACE="Interstate" SIZE="2"><b>89,515</b></font></td>
    <td align="right" width="64"><font FACE="Interstate" SIZE="2">83,577</font></td>
    <td align="right" width="49">&nbsp;</td>
    <td align="right" width="31">&nbsp;</td>
    <td align="right" width="39"><font FACE="Interstate" SIZE="2"><b>210</b></font></td>
    <td align="right" width="13">&nbsp;</td>
    <td align="right" width="39"><font FACE="Interstate" SIZE="2">193</font></td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="30">&nbsp;</td>
    <td align="right" width="37"><font FACE="Interstate" SIZE="2"><b>239</b></font></td>
    <td align="right" width="16">&nbsp;</td>
    <td align="right" width="46"><font FACE="Interstate" SIZE="2">173</font></td>
  </tr>
  <tr>
    <td style="border-bottom-style: solid; border-bottom-width: 1" width="168" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Marigold</font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="65" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>12,953</b></font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="57" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">11,086</font></td>
    <td align="right" style="border-bottom-style: none; border-bottom-width: medium" width="42" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="75" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>47,396</b></font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="64" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">27,422</font></td>
    <td align="right" style="border-bottom-style: none; border-bottom-width: medium" width="49" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="31" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="39" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>187</b></font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="13" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="39" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">144</font></td>
    <td align="right" style="border-bottom-style: none; border-bottom-width: medium" width="21" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="30" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="37" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>171</b></font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="16" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="46" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">187</font></td>
  </tr>
  <tr>
    <td style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="168">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="65">
    <font FACE="Interstate" SIZE="2"><b>747,682</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="57">
    <font FACE="Interstate" SIZE="2">900,190</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" width="42">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="75">
    <font FACE="Interstate" SIZE="2"><b>3,260,643</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="64">
    <font FACE="Interstate" SIZE="2">3,166,842</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" width="49">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="31">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="39">
    <font FACE="Interstate" SIZE="2"><b>219</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="13">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="39">
    <font FACE="Interstate" SIZE="2">182</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" width="21">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="30">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="37">
    <font FACE="Interstate" SIZE="2"><b>209</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="16">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="46">
    <font FACE="Interstate" SIZE="2">193</font></td>
  </tr>
  <tr>
    <td style="border-top-style: solid; border-top-width: 1" width="168" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>South America</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="65" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="57" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: none; border-top-width: medium" width="42" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="75" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="64" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: none; border-top-width: medium" width="49" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="31" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="39" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="13" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="39" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: none; border-top-width: medium" width="21" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="30" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="37" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="16" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="46" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-bottom-style: solid; border-bottom-width: 1" width="168">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Pierina</font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="65">
    <font FACE="Interstate" SIZE="2"><b>205,852</b></font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="57">
    <font FACE="Interstate" SIZE="2">281,188</font></td>
    <td align="right" style="border-bottom-style: none; border-bottom-width: medium" width="42">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="75">
    <font FACE="Interstate" SIZE="2"><b>911,723</b></font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="64">
    <font FACE="Interstate" SIZE="2">898,228</font></td>
    <td align="right" style="border-bottom-style: none; border-bottom-width: medium" width="49">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="31">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="39">
    <font FACE="Interstate" SIZE="2"><b>89</b></font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="13">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="39">
    <font FACE="Interstate" SIZE="2">95</font></td>
    <td align="right" style="border-bottom-style: none; border-bottom-width: medium" width="21">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="30">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="37">
    <font FACE="Interstate" SIZE="2"><b>83</b></font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="16">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="46">
    <font FACE="Interstate" SIZE="2">80</font></td>
  </tr>
  <tr>
    <td style="border-top-style: solid; border-top-width: 1" width="168" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>Australia/Africa</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="65" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="57" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: none; border-top-width: medium" width="42" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="75" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="64" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: none; border-top-width: medium" width="49" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="31" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="39" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="13" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="39" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: none; border-top-width: medium" width="21" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="30" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="37" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="16" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="46" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td width="168"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Plutonic</font></td>
    <td align="right" width="65"><font FACE="Interstate" SIZE="2"><b>88,233</b></font></td>
    <td align="right" width="57"><font FACE="Interstate" SIZE="2">84,018</font></td>
    <td align="right" width="42">&nbsp;</td>
    <td align="right" width="75"><font FACE="Interstate" SIZE="2"><b>333,947</b></font></td>
    <td align="right" width="64"><font FACE="Interstate" SIZE="2">307,377</font></td>
    <td align="right" width="49">&nbsp;</td>
    <td align="right" width="31">&nbsp;</td>
    <td align="right" width="39"><font FACE="Interstate" SIZE="2"><b>196</b></font></td>
    <td align="right" width="13">&nbsp;</td>
    <td align="right" width="39"><font FACE="Interstate" SIZE="2">187</font></td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="30">&nbsp;</td>
    <td align="right" width="37"><font FACE="Interstate" SIZE="2"><b>193</b></font></td>
    <td align="right" width="16">&nbsp;</td>
    <td align="right" width="46"><font FACE="Interstate" SIZE="2">184</font></td>
  </tr>
  <tr>
    <td width="168" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Darlot</font></td>
    <td align="right" width="65" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>37,336</b></font></td>
    <td align="right" width="57" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">40,061</font></td>
    <td align="right" width="42" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="75" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>154,977</b></font></td>
    <td align="right" width="64" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">145,443</font></td>
    <td align="right" width="49" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="31" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="39" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>182</b></font></td>
    <td align="right" width="13" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="39" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">163</font></td>
    <td align="right" width="21" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="30" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="37" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>164</b></font></td>
    <td align="right" width="16" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="46" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">168</font></td>
  </tr>
  <tr>
    <td width="168"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Lawlers</font></td>
    <td align="right" width="65"><font FACE="Interstate" SIZE="2"><b>27,355</b></font></td>
    <td align="right" width="57"><font FACE="Interstate" SIZE="2">28,571</font></td>
    <td align="right" width="42">&nbsp;</td>
    <td align="right" width="75"><font FACE="Interstate" SIZE="2"><b>99,223</b></font></td>
    <td align="right" width="64"><font FACE="Interstate" SIZE="2">113,291</font></td>
    <td align="right" width="49">&nbsp;</td>
    <td align="right" width="31">&nbsp;</td>
    <td align="right" width="39"><font FACE="Interstate" SIZE="2"><b>268</b></font></td>
    <td align="right" width="13">&nbsp;</td>
    <td align="right" width="39"><font FACE="Interstate" SIZE="2">188</font></td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="30">&nbsp;</td>
    <td align="right" width="37"><font FACE="Interstate" SIZE="2"><b>249</b></font></td>
    <td align="right" width="16">&nbsp;</td>
    <td align="right" width="46"><font FACE="Interstate" SIZE="2">179</font></td>
  </tr>
  <tr>
    <td style="border-bottom-style: solid; border-bottom-width: 1" width="168" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Kalgoorlie</font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="65" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>115,498</b></font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="57" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">98,356</font></td>
    <td align="right" style="border-bottom-style: none; border-bottom-width: medium" width="42" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="75" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>436,098</b></font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="64" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">360,025</font></td>
    <td align="right" style="border-bottom-style: none; border-bottom-width: medium" width="49" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="31" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="39" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>215</b></font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="13" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="39" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">231</font></td>
    <td align="right" style="border-bottom-style: none; border-bottom-width: medium" width="21" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="30" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="37" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>209</b></font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="16" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="46" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">222</font></td>
  </tr>
  <tr>
    <td style="border-top-style: solid; border-top-width: 1" width="168">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="65">
    <font FACE="Interstate" SIZE="2"><b>268,422</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="57">
    <font FACE="Interstate" SIZE="2">251,006</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium" width="42">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="75">
    <font FACE="Interstate" SIZE="2"><b>1,024,245</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="64">
    <font FACE="Interstate" SIZE="2">926,136</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium" width="49">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="31">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="39">
    <font FACE="Interstate" SIZE="2"><b>208</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="13">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="39">
    <font FACE="Interstate" SIZE="2">200</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium" width="21">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="30">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="37">
    <font FACE="Interstate" SIZE="2"><b>200</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="16">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="46">
    <font FACE="Interstate" SIZE="2">196</font></td>
  </tr>
  <tr>
    <td style="border-bottom-style: solid; border-bottom-width: 1" width="168" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Bulyanhulu</font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="65" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>78,737</b></font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="57" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">100,776</font></td>
    <td align="right" style="border-bottom-style: none; border-bottom-width: medium" width="42" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="75" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>313,551</b></font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="64" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">356,319</font></td>
    <td align="right" style="border-bottom-style: none; border-bottom-width: medium" width="49" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="31" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="39" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>316</b></font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="13" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="39" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">185</font></td>
    <td align="right" style="border-bottom-style: none; border-bottom-width: medium" width="21" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="30" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="37" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>246</b></font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="16" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="46" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">198</font></td>
  </tr>
  <tr>
    <td style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="168">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="65">
    <font FACE="Interstate" SIZE="2"><b>347,159</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="57">
    <font FACE="Interstate" SIZE="2">351,782</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" width="42">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="75">
    <font FACE="Interstate" SIZE="2"><b>1,337,796</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="64">
    <font FACE="Interstate" SIZE="2">1,282,455</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" width="49">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="31">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="39">
    <font FACE="Interstate" SIZE="2"><b>230</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="13">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="39">
    <font FACE="Interstate" SIZE="2">195</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" width="21">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="30">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="37">
    <font FACE="Interstate" SIZE="2"><b>210</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="16">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="46">
    <font FACE="Interstate" SIZE="2">196</font></td>
  </tr>
  <tr>
    <td style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="168" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>Other/Mines closed in 2002</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="65" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="57" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">62,357</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" width="42" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="75" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="64" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">347,352</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" width="49" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="31" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="39" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="13" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="39" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">199</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" width="21" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="30" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="37" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="16" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="46" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">189</font></td>
  </tr>
  <tr>
    <td style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="168">
    <font FACE="Interstate" SIZE="2"><b>Total</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="65">
    <font FACE="Interstate" SIZE="2"><b>1,300,693</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="57">
    <font FACE="Interstate" SIZE="2">1,595,517</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" width="42">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="75">
    <font FACE="Interstate" SIZE="2"><b>5,510,162</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="64">
    <font FACE="Interstate" SIZE="2">5,694,877</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" width="49">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="31">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="39">
    <font FACE="Interstate" SIZE="2"><b>199</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="13">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="39">
    <font FACE="Interstate" SIZE="2">174</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" width="21">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="30">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="37">
    <font FACE="Interstate" SIZE="2"><b>189</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="16">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="46">
    <font FACE="Interstate" SIZE="2">177</font></td>
  </tr>
  <tr>
    <td style="border-top-style: solid; border-top-width: 1" width="168">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="65">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="57">&nbsp;</td>
    <td align="right" style="border-top-style: none; border-top-width: medium" width="42">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="75">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="64">&nbsp;</td>
    <td align="right" style="border-top-style: none; border-top-width: medium" width="49">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="31">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="39">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="13">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="39">&nbsp;</td>
    <td align="right" style="border-top-style: none; border-top-width: medium" width="21">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="30">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="37">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="16">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="46">&nbsp;</td>
  </tr>
  <tr>
    <td width="168">&nbsp;</td>
    <td align="right" width="65">&nbsp;</td>
    <td align="right" width="57">&nbsp;</td>
    <td align="right" width="42">&nbsp;</td>
    <td align="right" width="75">&nbsp;</td>
    <td align="right" width="64">&nbsp;</td>
    <td align="right" width="49">&nbsp;</td>
    <td align="right" colspan="8" width="226"><font FACE="Interstate" SIZE="2">
    <div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
      <p align="center"><b>Total Production Costs</b> (US$/oz) <sup>(1)</sup></font></div>
    </td>
  </tr>
  <tr>
    <td width="168">&nbsp;</td>
    <td align="right" width="65">&nbsp;</td>
    <td align="right" width="57">&nbsp;</td>
    <td align="right" width="42">&nbsp;</td>
    <td align="right" width="75">&nbsp;</td>
    <td align="right" width="64">&nbsp;</td>
    <td align="right" width="49">&nbsp;</td>
    <td COLSPAN="4" align="right" dir="ltr" style="border-bottom-style: solid; border-bottom-width: 1" width="122">
    <font FACE="Interstate" SIZE="2">3 months ended 12/31,</font></td>
    <td align="right" dir="ltr" style="border-bottom-style: none; border-bottom-width: medium" width="21">&nbsp;</td>
    <td COLSPAN="4" align="right" dir="ltr" style="border-bottom-style: solid; border-bottom-width: 1" width="129">
    <font FACE="Interstate" SIZE="2">12 months ended 12/31,</font></td>
  </tr>
  <tr>
    <td style="border-bottom-style: solid; border-bottom-width: 1" width="168">
    <font FACE="Interstate" SIZE="2">(Unaudited)</font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="65">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="57">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="42">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="75">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="64">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="49">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="31">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="39">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="13">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="39">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" width="21">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="30">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="37">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="16">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" width="46">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td COLSPAN="3" width="290" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Direct mining costs at market foreign exchange rates</font></td>
    <td width="42" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="75" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="64" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="49" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="31" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="39" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>225</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="13" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="39" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">185</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium" width="21" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="30" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="37" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>210</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="16" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="46" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">191</font></td>
  </tr>
  <tr>
    <td COLSPAN="3" width="290"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Gains realized on currency hedge contracts</font></td>
    <td width="42">&nbsp;</td>
    <td align="right" width="75">&nbsp;</td>
    <td align="right" width="64">&nbsp;</td>
    <td align="right" width="49">&nbsp;</td>
    <td align="right" width="31">&nbsp;</td>
    <td align="right" width="39"><font FACE="Interstate" SIZE="2"><b>(18)</b></font></td>
    <td align="right" width="13">&nbsp;</td>
    <td align="right" width="39"><font FACE="Interstate" SIZE="2">(1)</font></td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="30">&nbsp;</td>
    <td align="right" width="37"><font FACE="Interstate" SIZE="2"><b>(12)</b></font></td>
    <td align="right" width="16">&nbsp;</td>
    <td align="right" width="46"><font FACE="Interstate" SIZE="2">(1)</font></td>
  </tr>
  <tr>
    <td style="border-bottom-style: solid; border-bottom-width: 1" width="168" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; By-product credits</font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="65" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="57" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="42" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="75" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="64" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="49" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="31" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="39" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>(21)</b></font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="13" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="39" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(18)</font></td>
    <td align="right" style="border-bottom-style: none; border-bottom-width: medium" width="21" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="30" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="37" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>(21)</b></font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="16" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="46" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(20)</font></td>
  </tr>
  <tr>
    <td style="border-top-style: solid; border-top-width: 1" width="168">
    <font FACE="Interstate" SIZE="2"><b>Cash operating costs</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="65">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="57">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="42">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="75">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="64">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="49">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="31">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="39">
    <font FACE="Interstate" SIZE="2"><b>186</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="13">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="39">
    <font FACE="Interstate" SIZE="2">166</font></td>
    <td align="right" style="border-top-style: none; border-top-width: medium" width="21">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="30">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="37">
    <font FACE="Interstate" SIZE="2"><b>177</b></font></td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="16">&nbsp;</td>
    <td align="right" style="border-top-style: solid; border-top-width: 1" width="46">
    <font FACE="Interstate" SIZE="2">170</font></td>
  </tr>
  <tr>
    <td width="168" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Royalties</font></td>
    <td align="right" width="65" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="57" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="42" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="75" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="64" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="49" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="31" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="39" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>10</b></font></td>
    <td align="right" width="13" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="39" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">7</font></td>
    <td align="right" width="21" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="30" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="37" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>9</b></font></td>
    <td align="right" width="16" bgcolor="#E6E6E6">&nbsp;</td>
    <td align="right" width="46" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">6</font></td>
  </tr>
  <tr>
    <td style="border-bottom-style: solid; border-bottom-width: 1" width="168">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Production taxes</font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="65">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="57">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="42">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="75">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="64">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="49">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="31">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="39">
    <font FACE="Interstate" SIZE="2"><b>3</b></font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="13">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="39">
    <font FACE="Interstate" SIZE="2">1</font></td>
    <td align="right" style="border-bottom-style: none; border-bottom-width: medium" width="21">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="30">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="37">
    <font FACE="Interstate" SIZE="2"><b>3</b></font></td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="16">&nbsp;</td>
    <td align="right" style="border-bottom-style: solid; border-bottom-width: 1" width="46">
    <font FACE="Interstate" SIZE="2">1</font></td>
  </tr>
  <tr>
    <td WIDTH="168" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>Total cash costs</b></font></td>
    <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="57" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>199</b></font></td>
    <td WIDTH="13" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">174</font></td>
    <td WIDTH="21" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>189</b></font></td>
    <td WIDTH="16" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">177</font></td>
  </tr>
  <tr>
    <td WIDTH="233" COLSPAN="2"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Amortization and reclamation</font></td>
    <td WIDTH="57" align="right">&nbsp;</td>
    <td WIDTH="42" align="right">&nbsp;</td>
    <td WIDTH="75" align="right">&nbsp;</td>
    <td WIDTH="64" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="31" align="right">&nbsp;</td>
    <td WIDTH="39" align="right"><font FACE="Interstate" SIZE="2"><b>93</b></font></td>
    <td WIDTH="13" align="right">&nbsp;</td>
    <td WIDTH="39" align="right"><font FACE="Interstate" SIZE="2">93</font></td>
    <td WIDTH="21" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="37" align="right"><font FACE="Interstate" SIZE="2"><b>90</b></font></td>
    <td WIDTH="16" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">91</font></td>
  </tr>
  <tr>
    <td WIDTH="168" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>Total production costs</b></font></td>
    <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="57" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>292</b></font></td>
    <td WIDTH="13" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">267</font></td>
    <td WIDTH="21" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>279</b></font></td>
    <td WIDTH="16" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">268</font></td>
  </tr>
</table>
<font FACE="Interstate" style="font-size: 9pt"><sup>
<p>1 </sup>For an explanation of non-GAAP performance measures refer to pages
<a href="#p16" style="text-decoration: none">16</a>-<a href="#p18" style="text-decoration: none">18</a>
of Management's Discussion and Analysis.</p>
<font FACE="Interstate" SIZE="1">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center"><font size="2"><b>6</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>SUMMARY INFORMATION</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font><font FACE="Interstate" SIZE="6">
<p>Management's Discussion and Analysis of Financial and Operating Results </p>
</font></font><font FACE="Interstate" size="2"><b>
<p>GOLD SALES </p>
</b>
<p>Revenue for fourth quarter 2003 was $536 million on gold sales of 1.36
million ounces, compared to $526 million in revenue on gold sales of 1.54
million ounces for the year earlier quarter. A $51 per ounce (15%) increase in
the realized gold price due to higher spot gold prices more than offset the
lower sales volumes. During the fourth quarter, spot gold prices ranged from a
high of $416 to a low of $369 per ounce, averaging $392 per ounce. The Company
realized an average of $394 per ounce during the quarter, as it delivered
600,000 ounces against gold hedge contracts, with the remainder at spot gold
prices. The Company plans to further reduce its hedge contracts in 2004 by a
minimum of 1.5 million ounces. While the Company's hedge contracts allow for
full flexibility to deliver all of its production into the spot gold market, to
achieve this target it may chose to deliver a portion of production against
hedge contracts at prices below spot price. </p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The year-end gold hedge position declined to 15.5 million ounces, down 2.6
million ounces year over year. The fourth quarter reduction was accomplished by
delivering a portion of production against hedge contracts that approximated the
prevailing spot price. In keeping with the no-hedge policy, Barrick will
continue to pursue opportunities to further reduce its hedge position with the
objective of reducing it to zero over time. The position has been reduced by 8.6
million ounces or 36% over the past two years. </p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At year-end, the unrealized mark-to-market on the derivative instruments
position, including gold and silver forward sales contracts, as well as
currency and interest rate hedge programs, was negative $1.4 billion. This
mark-to-market value represents the replacement value of these contracts based
on current market levels, and does not represent an economic obligation for
payment by Barrick. Barrick's obligations under its gold sales contracts are to
deliver an agreed upon quantity of gold at a hedge price by the termination date
on the contracts (2013 in most cases). </p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In accordance with hedge accounting rules, the positive mark-to-market value
of $326 million relating to our currency and interest rate hedge programs is
recorded as an asset on our balance sheet. The mark-to-market value of our
normal sales gold and silver contracts is not recorded on the balance sheet, as
accounting rules that govern these contracts do not require balance sheet
recognition. Instead, in accordance with US GAAP, the economic impact of these
sales contracts is reflected in the financial statements as Barrick physically
delivers gold and silver under the contracts.<b> </p>
<p>REVIEW OF OPERATIONS AND DEVELOPMENT PROJECTS </p>
</b>
<p ALIGN="left">For the fourth quarter 2003, production of 1.3 million ounces
and total cash cost of $199<sup>1</sup> per ounce were in line with plan.
Operating performance for the year was also in line with guidance, with
production of 5.51 million ounces at a total cash cost of $189<sup>1</sup> per
ounce. As at December 31, 2003 reserves stood at 86 million ounces<sup>2</sup>
at a $325 gold price. Using a $375 gold price for sensitivity purposes, the
reserves at December 31, 2003 would be about 92 million ounces as these mines
sequence through lower grade ore. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For 2004 we expect production of 4.9 to 5.0 million ounces at a
total cash cost of $205 to $215 per ounce. </p>
</font><font FACE="Interstate" style="font-size: 9pt"><font FACE="Interstate">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td valign="top" style="border-bottom-style: solid; border-bottom-width: 1" width="9">&nbsp;</td>
    <td valign="top" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" style="font-size: 9pt"><sup>1</sup></font></td>
    <td rowspan="2" valign="top" colspan="2">
    <font FACE="Interstate" style="font-size: 9pt">For an explanation of non-GAAP
    performance measures refer to<font FACE="Interstate"> pages
    <a href="#p17" style="text-decoration: none">17</a>-<a href="#p18" style="text-decoration: none">18</a>
    of Management's Discussion and Analysis.</font></font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top"><font FACE="Interstate" style="font-size: 9pt"><sup>2</sup></font></td>
    <td rowspan="2" valign="top" colspan="2">
    <font FACE="Interstate" style="font-size: 9pt">Calculated in accordance with
    National Instrument 43-101 as required<font FACE="Interstate"> by Canadian
    securities regulatory authorities. For United States reporting purposes,
    Industry Guide 7 (under the Securities Exchange Act of 1934), as interpreted
    by the Staff of the SEC, applies different standards in order to classify
    mineralization as a reserve. Accordingly, for U.S. reporting purposes, Alto
    Chicama is classified as mineralized material. For additional information on
    reserves see the tables and related footnotes on pages 48-51.</font></font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
  </tr>
</table>
</font><font FACE="Interstate" SIZE="1">
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%">&nbsp;</td>
    <td WIDTH="7%">&nbsp;</td>
    <td WIDTH="46%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center"><font size="2"><b>7</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></font><font FACE="Interstate" size="2">
<p>The decline in production and increase in costs is primarily attributed to
Pierina and Betze-Post due to lower grades resulting from mine sequencing. </p>
<b>
<p>NORTH AMERICAN REGION </p>
</b>
<p ALIGN="JUSTIFY">Barrick's North American Region consists of seven mines:
Betze-Post, Meikle, Round Mountain, Hemlo, Eskay Creek, Holt McDermott and
Marigold.</font><b><font FACE="Interstate" size="2"> </font></b></p>
<font FACE="Interstate" style="font-size: 9pt" SIZE="1">
<blockquote>
  <ul>
    <li>
    <p ALIGN="JUSTIFY"><font FACE="Interstate" size="2">The region produced
    748,000 ounces during the fourth quarter 2003, 17% lower than the prior year
    quarter, at a total cash cost that was 16% higher than the prior year
    quarter. <br>
&nbsp;</li>
    </font><font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" size="2">For the year, production and
    total cash costs were in line with plan at 3,300,000 ounces at a total cash
    cost of $209 per ounce. <br>
&nbsp;</li>
    </font><font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" size="2">For 2004 the region is expected
    to produce in the range of 2,950,000 to 3,020,000 ounces of gold at a total
    cash cost of $223 to $232 per ounce. </li>
  </ul>
</blockquote>
<dir>
  </font><font FACE="Interstate" SIZE="1" style="font-size: 9pt">
</dir>
</font></font></font></font>
<table CELLSPACING="0" BORDER="0" WIDTH="40%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="141"><font FACE="Interstate" size="2"><b>Goldstrike Property</b></font></td>
    <td WIDTH="83" align="right"><font FACE="Interstate" size="2">(Nevada)</font></td>
    <td WIDTH="71" align="right">&nbsp;</td>
    <td WIDTH="64" align="right">&nbsp;</td>
    <td WIDTH="72" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="141">&nbsp;</td>
    <td WIDTH="83" align="right">&nbsp;</td>
    <td WIDTH="71" align="right">&nbsp;</td>
    <td WIDTH="64" align="right">&nbsp;</td>
    <td WIDTH="72" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="141" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">Q4 '03</font></b></td>
    <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Q4 '02</font></td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="141" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Production</font></td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="141"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Open Pit</font></td>
    <td WIDTH="83" align="right"><b><font FACE="Interstate" SIZE="2">324,951 </font>
    </b>
    </td>
    <td WIDTH="71" align="right"><font size="2">&nbsp;&nbsp; </font>
    <font FACE="Interstate" SIZE="2">406,224</font></td>
    <td WIDTH="64" align="right"><b><font FACE="Interstate" SIZE="2">1,559,461</font></b></td>
    <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2">1,409,985</font></td>
  </tr>
  <tr>
    <td WIDTH="141" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Underground</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">147,199</font></b></td>
    <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">192,631</font></td>
    <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">551,664</font></b></td>
    <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">640,336</font></td>
  </tr>
  <tr>
    <td WIDTH="141" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">Goldstrike Total</font></td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">472,150 </font></b></td>
    <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">598,855</font></td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">2,111,125</font></b></td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">2,050,321</font></td>
  </tr>
  <tr>
    <td WIDTH="141" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Total cash cost/oz</font></td>
    <td WIDTH="83" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="71" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="141"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Open Pit</font></td>
    <td WIDTH="83" align="right"><b><font FACE="Interstate" SIZE="2">$ 250</font></b></td>
    <td WIDTH="71" align="right"><font FACE="Interstate" SIZE="2">$ 220</font></td>
    <td WIDTH="64" align="right"><b><font FACE="Interstate" SIZE="2">$ 233</font></b></td>
    <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2">$ 228</font></td>
  </tr>
  <tr>
    <td WIDTH="141" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Underground</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">261</font></b></td>
    <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">184</font></td>
    <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">253</font></b></td>
    <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">198</font></td>
  </tr>
  <tr>
    <td WIDTH="141" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">Goldstrike Total</font></td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$ 253</font></b></td>
    <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$ 210</font></td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$ 238</font></b></td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$ 218</font></td>
  </tr>
</table>
<font FACE="Interstate" SIZE="2"><b>
<p>Goldstrike Property </b>- Open Pit</font><b><font FACE="Interstate" size="2">
</p>
</font></b><font FACE="Symbol MT" LANG="JA" SIZE="1">
<blockquote>
  <ul>
    <li></font><font FACE="Interstate" SIZE="2">Although the open pit met its
    production target for the year, production decreased 20% compared to the
    year earlier quarter as throughput declined 10% due to unscheduled downtime
    at the roaster and planned lower grades. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" SIZE="2">Total cash costs during fourth
    quarter 2003 were 14% higher than the prior year. The higher cash costs were
    due to lower production and were partially offset by lower mining costs. As
    in previous quarters, a reduced fleet size, facilitated by in-pit dumping,
    has reduced overall mining costs. Costs were negatively affected by higher
    processing costs, as well as higher royalties and production taxes (up $7
    per ounce over the year earlier quarter) due to the higher spot gold price.
    <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" size="2">The higher processing costs were
    due to higher than expected acid consumption, coupled with a higher acid
    unit price. The higher acid consumption is attributable to the high
    carbonate material mined during the fourth quarter 2003.<b> <br>
&nbsp;</li>
    </b></font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" size="2">For the year, open pit produced
    1,559,461 ounces, 60,000 more than the 2003 plan, at marginally higher
    costs. Higher than modeled tons and grade from the northeast and 8<sup>th</sup>
    west layback contributed to the positive production variance. </font>
    <font FACE="Interstate" SIZE="1"><b><br>
&nbsp;</li>
    </b></font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" size="2">Drilling at the Goldstrike-North
    Pit target, located immediately north of Betze-Post, has returned positive
    results, allowing an upgrade of the target to reserves. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" size="2">Underground infill drilling at
    Rossi located near Goldstrike has intersected significantly higher grades
    than previous drill programs. A total of 50 holes on two stations have been
    completed. This program has increased drill density to a 50 foot by 50 foot
    spacing in the 49er Zone. A resource calculation will be completed during
    first quarter 2004. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" size="2">Production at Betze Post for
    2004 is expected to be in the range of 1,340,000 to 1,360,000 ounces of gold
    at cash costs at $250 to $260 per ounce. The production and cost variances
    from 2003 are primarily due to planned lower grades. </li>
  </ul>
</blockquote>
<b>
<p>Goldstrike Property </b>- Underground</font><b><font FACE="Interstate" size="2">
</p>
</font></b><b></b><font FACE="Symbol MT" LANG="JA" SIZE="1">
<blockquote>
  <ul>
    <li></font><font FACE="Interstate" size="2">Underground production and costs
    continued to be affected by ground conditions at Rodeo and the mining of
    remnant blocks at Meikle. Ground support rehabilitation efforts are on-going
    and have proven successful in providing increases to Rodeo production during
    fourth quarter 2003. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" size="2">Remnant mining at Meikle was
    re-sequenced to maximize ore recovery and ground stability. Cash costs for
    the quarter were pushed higher by difficult ground </li>
    </font>
  </ul>
</blockquote>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center"><font size="2"><b>8</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font><font FACE="Interstate" size="2">
<blockquote>
  <blockquote>
    <p>conditions. As a result, labour, contract services, ground support
    material, and maintenance repairs were higher than plan. Royalties and taxes
    were above plan due to the increased gold price. </p>
  </blockquote>
  </font>
  <ul>
    <li><font FACE="Interstate" size="2">For 2003, the mine produced 551,664
    ounces, 68,000 ounces less than the 2003 plan, due to the ground conditions,
    infrastructure completion, and remnant constraints mentioned above. Total
    cash costs were $253 per ounce for the year. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" size="2">Production for 2004 is expected
    to be in the range of 590,000 to 610,000 ounces of gold at cash costs of
    $245 to $255 per ounce. Higher production is a result of higher recoveries,
    while positive cost variances are due to decreased dependence on remnant
    stopes. </li>
  </ul>
</blockquote>
<div align="left" style="width: 392; height: 95">
  <table CELLSPACING="0" BORDER="0" WIDTH="392" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="207" COLSPAN="2"><font FACE="Interstate" size="2"><b>Eskay
      Creek </b>(British Columbia)</font></td>
      <td WIDTH="55">&nbsp;</td>
      <td WIDTH="68">&nbsp;</td>
      <td WIDTH="62">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="148">&nbsp;</td>
      <td WIDTH="59" align="right">&nbsp;</td>
      <td WIDTH="55" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="62" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="148" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">Q4 '03</font></b></td>
      <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Q4 '02</font></td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">2003</font></b></td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2002</font></td>
    </tr>
    <tr>
      <td WIDTH="148" bgcolor="#E6E6E6"><font size="2">Production</font></td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">83,387</font></b></td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">96,954</font></td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">352,070</font></b></td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">358,718</font></td>
    </tr>
    <tr>
      <td WIDTH="148" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">Total cash cost / oz</font></td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <b>
      <font FACE="Interstate" SIZE="2">$20</font></b></td>
      <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">$ 51</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <b>
      <font FACE="Interstate" SIZE="2">$ 52</font></b></td>
      <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">$ 40</font></td>
    </tr>
  </table>
</div>
</font><font FACE="Symbol MT" LANG="JA" SIZE="1">
<blockquote>
  <ul>
    <li></font><font FACE="Interstate" SIZE="2">Fourth quarter 2003 production
    was 14% lower than the prior year quarter, due to a decrease in tons
    processed. Tons were down, as the mine focused on backfilling to eliminate a
    backlog affecting the availability of production stopes. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" SIZE="2">Fourth quarter costs benefited
    from significantly higher silver prices, resulting in a $25 per ounce higher
    silver by-product credit over the prior year quarter. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" SIZE="2">For the year, the mine produced
    352,070 ounces at a total cash cost of $52 per ounce. Although the mine had
    a strong fourth quarter, it reduced its mining rate from plan in order to
    minimize dilution. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" SIZE="2">An 18,000 metre drill program
    was completed at the end of September. The focus has been on the 22 Zone,
    located south of the mine. Results have been positive, with a 60,000 ton
    mineralized zone being identified. An additional drill program has been
    scheduled for first half 2004 to further define the mineralization.<br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" SIZE="2">Production for 2004 is expected
    to be in the range of 300,000 to 310,000 ounces of gold at cash costs of
    $100 to $105 per ounce. Lower production and higher <font FACE="Interstate">
    costs are a result of mining at lower reserve grades and mining further away
    from primary facilities. </font></li>
  </ul>
</blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="40%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="260" COLSPAN="3"><font FACE="Interstate" size="2"><b>Round
    Mountain </b>(Nevada) (50% share)</font></td>
    <td WIDTH="65">&nbsp;</td>
    <td WIDTH="62">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="145">&nbsp;</td>
    <td WIDTH="56" align="right">&nbsp;</td>
    <td WIDTH="55" align="right">&nbsp;</td>
    <td WIDTH="65" align="right">&nbsp;</td>
    <td WIDTH="62" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="145" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">Q4 '03</font></b></td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Q4 '02</font></td>
    <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="145" bgcolor="#E6E6E6"><font size="2" FACE="Interstate">Production</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">91,059</font></b></td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">88,614</font></td>
    <td WIDTH="65" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">392,649</font></b></td>
    <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">377,747</font></td>
  </tr>
  <tr>
    <td WIDTH="145" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">Total cash cost / oz</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$ 190</font></b></td>
    <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$ 212</font></td>
    <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$ 173</font></b></td>
    <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$ 187</font></td>
  </tr>
</table>
<font FACE="Symbol MT" LANG="JA" SIZE="1">
<blockquote>
  <ul>
    <li></font><font FACE="Interstate">Higher ounces produced during fourth
    quarter 2003 compared to the prior year period resulted from higher
    recoveries from the dedicated leach pad. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate">The transformer failure in third quarter
    2003 continues to limit the processing of higher-grade ore. Higher
    recoveries and an increase in the tons processed from the lower grade
    run-of-mine leach ore more than offset this event, allowing the mine to
    exceed planned production by 3% for the quarter. A new transformer will be
    in service early in first quarter 2004; at that time, normal operations are
    expected to resume. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate">For the year, the mine produced 392,649
    ounces to Barrick's account. This represents another new annual production
    record for Round Mountain. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate">Due to positive results from the nearby
    Gold Hill deposit, it will be upgraded to a resource. A 2004 underground
    exploration program is currently being planned to follow up on encouraging
    high grade drilling intercepts behind the existing ultimate pit wall. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate">Production for 2004 is expected to be in
    the range of 355,000 and 365,000 ounces of gold at total cash costs of $205
    to $215 per ounce. Production will decrease due to lower leach pad
    recoveries, while higher costs are a result of lower production and
    processing higher cost stockpiled ore.</font><b><font FACE="Interstate">
    </li>
  </ul>
</blockquote>
</font></b><font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center"><font size="2"><b>9</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<p align="right">&nbsp;</p>
</font></font>
<table CELLSPACING="0" BORDER="0" WIDTH="40%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="205" COLSPAN="2"><font FACE="Interstate" size="2"><b>Hemlo </b>
    (Ontario) (50% share)</font></td>
    <td WIDTH="54">&nbsp;</td>
    <td WIDTH="64">&nbsp;</td>
    <td WIDTH="62">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="145" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="145" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">Q4 '03</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Q4 '02</font></td>
    <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="145" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Production</font></td>
    <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">64,930</font></b></td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">83,179</font></td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">267,888</font></b></td>
    <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">269,057</font></td>
  </tr>
  <tr>
    <td WIDTH="145" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">Total cash cost / oz</font></td>
    <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$ 227</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$ 184</font></td>
    <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$ 226</font></b></td>
    <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$ 224</font></td>
  </tr>
</table>
<font FACE="Symbol MT" LANG="JA" SIZE="1">
<blockquote>
  <ul>
    <li></font><font FACE="Interstate" SIZE="2">Production decreased 22% in
    fourth quarter 2003 compared to the prior year period, due to a 25%
    reduction in grades. Higher grade stopes from 2002 were replaced with lower
    grade ore from the pit as a result of a plugged backfill line and poor
    ground conditions which complicated drilling and blasting. Backfill issues
    have now been resolved, while work continues on the drilling and blasting
    issues. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" SIZE="2">Cash costs per ounce increased
    due to lower production and higher labour costs relating to the
    implementation of a number of organization changes, including a manpower
    rationalization program. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li>
    <p ALIGN="JUSTIFY"></font><font FACE="Interstate" SIZE="2">For the year, the
    mine produced 267,888 ounces at a total cash cost of $226 per ounce to
    Barrick's account. Production and cash costs were in line with plan. </font>
    <font FACE="Interstate" SIZE="1"><b><br>
&nbsp;</li>
    </b></font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" size="2">Production for 2004 is expected
    to be in the range of 260,000 and 270,000 ounces of gold at total cash costs
    of $215 to $225 per ounce in line with 2003. </li>
  </ul>
</blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="40%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="207" COLSPAN="2"><font FACE="Interstate" size="2"><b>
    Holt-McDermott </b>(Ontario)</font></td>
    <td WIDTH="54">&nbsp;</td>
    <td WIDTH="63">&nbsp;</td>
    <td WIDTH="62">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="144" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="61" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="54" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="63" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="62" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="144" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">Q4 '03</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Q4 '02</font></td>
    <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="144" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Production</font></td>
    <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">23,203</font></b></td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">21,502</font></td>
    <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">89,515</font></b></td>
    <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">83,577</font></td>
  </tr>
  <tr>
    <td WIDTH="144" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">Total cash cost / oz</font></td>
    <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$ 210</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$ 193</font></td>
    <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$ 239</font></b></td>
    <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$ 173</font></td>
  </tr>
</table>
</font><font FACE="Symbol MT" LANG="JA" SIZE="1">
<blockquote>
  <ul>
    <li></font><font FACE="Interstate" SIZE="2">Fourth quarter 2003 production
    increased by 8% compared to the prior year quarter, due to improved grades
    and throughput (up 3% and 6% respectively). <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" SIZE="2">Due to Holt's limited mine life,
    drilling and development costs are being expensed, pushing cash costs
    higher. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" size="2">As previously announced, the
    Mine is expected to cease operations by fourth quarter 2004. As a result,
    production is expected to decrease to approximately 50,000 ounces at a cash
    cost of $215 to $225 per ounce. </li>
  </ul>
</blockquote>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="40%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="149"><font FACE="Interstate" SIZE="2"><b>Other Properties</b></font></td>
    <td WIDTH="60" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="61" align="right">&nbsp;</td>
    <td WIDTH="62" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="149">&nbsp;</td>
    <td WIDTH="60" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="61" align="right">&nbsp;</td>
    <td WIDTH="62" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="149" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">Q4 '03</font></b></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Q4 '02</font></td>
    <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="149" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Production</font></td>
    <td WIDTH="60" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">12,953</font></b></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">73,443</font></td>
    <td WIDTH="61" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">47,396</font></b></td>
    <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">374,774</font></td>
  </tr>
  <tr>
    <td WIDTH="149" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">Total cash cost / oz</font></td>
    <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$194</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$188</font></td>
    <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$172</font></b></td>
    <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$189</font></td>
  </tr>
</table>
<font FACE="Symbol MT" LANG="JA" SIZE="1">
<blockquote>
  <ul>
    <li></font><font FACE="Interstate" SIZE="2">The only mine remaining in this
    category in 2003 is our 33% interest in the Marigold Mine, which produced
    more gold than plan at cash costs in line with plan. <br>
&nbsp;</font></li>
    <li><font FACE="Interstate" SIZE="2">Lower production for this category
    during fourth quarter 2003 compared to the year earlier quarter relates to
    the closure of five mines in 2002 due to the depletion of reserves. <br>
&nbsp;</font></li>
    <li><font FACE="Interstate" SIZE="2">Production for 2004 at Marigold is
    expected to be 55,000 ounces to Barrick's account at cash costs between $170
    and 180 per ounce. </li>
  </ul>
</blockquote>
<b>
<p>SOUTH AMERICAN REGION </p>
</b>
<p ALIGN="JUSTIFY">Barrick's South America Region consists of the Pierina mine
and three significant development projects: Alto Chicama, Veladero and Pascua-Lama.
</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="40%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="142"><font FACE="Interstate" SIZE="2"><b>Pierina </b>(Peru)</font></td>
    <td WIDTH="65" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="62" align="right">&nbsp;</td>
    <td WIDTH="60" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="142">&nbsp;</td>
    <td WIDTH="65" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="62" align="right">&nbsp;</td>
    <td WIDTH="60" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="142" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">Q4 '03</font></b></td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Q4 '02</font></td>
    <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="142" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Production</font></td>
    <td WIDTH="65" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">205,852</font></b></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">281,188</font></td>
    <td WIDTH="62" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">911,723</font></b></td>
    <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">898,228</font></td>
  </tr>
  <tr>
    <td WIDTH="142" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">Total cash cost / oz</font></td>
    <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$89</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$95</font></td>
    <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$ 83</font></b></td>
    <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$ 80</font></td>
  </tr>
</table>
<font FACE="Symbol MT" LANG="JA" SIZE="1">
<blockquote>
  <ul>
    <li></font><font FACE="Interstate" SIZE="2">For the year, Pierina met its
    production and cash costs targets. <br>
&nbsp;</font></li>
    <li><font FACE="Interstate" SIZE="2">Fourth quarter 2003 production was 27%
    lower than the prior year quarter, while cash costs per ounce ran 6% higher.
    Variances to production and total cash costs are a result of planned lower
    grades offset by increased tons mined. Pierina is now mining in lower grade
    areas of the ore body. <br>
&nbsp;</font></li>
    <li><font FACE="Interstate" SIZE="2">2003 is the Mine's last year of
    production in the 900,000-ounce range, before stepping down to lower
    production levels, as mining moves to lower grade areas in the open pit in
    2004. The Mine is expected to produce between 640,000 and 645,000 ounces of
    gold with total cash costs of $95 to $100 per ounce in 2004. </li>
  </ul>
</blockquote>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center"><font size="2"><b>10</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font><b>
<p align="left">Development Projects </p>
<p align="left">Alto Chicama </b>(Peru)<b> </p>
</b>
<p ALIGN="left">The Company's Alto Chicama project remains on-schedule for a
first gold pour in second half 2005. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Environmental Impact Statement (EIS) for the Alto Chicama
Project was submitted September 29, 2003. Public hearings were held during
fourth quarter 2003, with approval expected in second quarter 2004. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During third quarter 2003, Barrick's Board of Directors approved
the project for a $340 million investment. Average annual production is
projected at 540,000 ounces, with a cash cost of $135 per ounce over the first
decade. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic engineering is now complete on the Alto Chicama project,
and detailed engineering commenced in fourth quarter 2003. Other project
activities include: </p>
</font><font FACE="Symbol MT" LANG="JA" SIZE="1">
<blockquote>
  <ul>
    <li>
    <p align="left"></font><font FACE="Interstate" SIZE="2">Access road
    construction, with completion expected in June 2004. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li>
    <p ALIGN="left"></font><font FACE="Interstate" SIZE="2">Power line
    construction will commence immediately upon receipt of EIS approval,
    anticipated in second quarter 2004. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li>
    <p ALIGN="left"></font><font FACE="Interstate" size="2">Purchasing
    activities and tendering will commence during second quarter 2004. </font>
    </li>
  </ul>
</blockquote>
<p ALIGN="left"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exploration in the Alto Chicama
district is focused on the area around the Lagunas Norte deposit. The Company
has an excellent portfolio of prospects in the area and will be accelerating the
exploration of these during 2004. Prospects within 5 kilometers of Lagunas
Norte, which include Lagunas Sur and La Capilla, are showing encouraging
results. Other targets are being evaluated. </p>
<b>
<p align="left">Veladero </b>(Argentina)<b> </p>
</b>
<p align="left">Veladero's EIS was approved in fourth quarter 2003 and full
construction has commenced. </p>
<p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth quarter accomplishments at Veladero included: </p>
</font><font FACE="Symbol MT" LANG="JA" SIZE="1">
<blockquote>
  <ul>
    <li>
    <p align="left"></font><font FACE="Interstate" SIZE="2">Equipment
    deliveries, as major support equipment arrived on-site. Pioneering of new
    roads is on schedule with the first 20 operators working around-the-clock.
    Pre-strip activities also have begun. <br>
&nbsp;</li>
    <font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li>
    <p align="left"></font><font FACE="Interstate">Valley fill heap leach
    construction has commenced; truck shops, assay lab, permanent camp and
    construction camp are in progress. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li>
    <p ALIGN="left"></font><font FACE="Interstate">The construction project has
    over 700 construction workers on-site. Peak employment will be 500 permanent
    staff and 1,000 construction workers. </font></li>
  </ul>
</blockquote>
<p ALIGN="left"><font FACE="Interstate">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veladero is expected to produce 530,000
ounces annually at an average total cash cost of $155 per ounce (subject to
exchange rate fluctuations and applicable export duties). Production is expected
in late 2005. </font></p>
<p ALIGN="left"><font FACE="Interstate">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costs for Veladero are being capitalized
from October 1, 2003, as mineralization has now been classified as a reserve for
U.S. reporting purposes. </p>
<b>
<p align="left">Pascua-Lama </b>(Chile/Argentina)<b> </p>
</b>
<p align="left">Work continues with the engineering optimization of the project,
with a production decision expected in early second quarter 2004. The reserves
at Pascua-Lama are just under 17 million ounces of gold. The project also
contains 584 million ounces of contained silver making it one of the largest
silver resources in the world. </p>
<b>
<p align="left">AUSTRALIA/AFRICA REGION </p>
</b>
<p align="left">Barrick's Australia/Africa Region consists of four mines in
Australia: Kalgoorlie, Plutonic, Darlot, Lawlers plus Bulyanhulu in Africa.
Significant development projects include Cowal in Australia and Tulawaka in
Tanzania. Tulawaka is expected to commence production in early 2005 with Cowal
coming on in late 2005. </p>
</font><font FACE="Interstate" SIZE="1"></font>
<font FACE="Symbol MT" LANG="JA" SIZE="1">
<blockquote>
  <ul>
    <li>
    <p align="left"></font><font FACE="Interstate">The region produced 347,000
    ounces during the fourth quarter 2003, in line with the prior year quarter
    at a total cash cost that was 18% higher than the prior year quarter. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li>
    <p align="left"></font><font FACE="Interstate">For the year, production was
    in line with plan at 1,300,000 ounces and total cash costs were 6% higher
    than plan at $210 per ounce. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li>
    <p ALIGN="left"></font><font FACE="Interstate">For 2004, the region is
    expected to produce in the range of 1,310,000 and 1,335,000 ounces at a
    total cash cost of $219 to $233 per ounce. </li>
  </ul>
</blockquote>
</font><font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center"><font size="2"><b>11</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="40%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="242" COLSPAN="2"><font FACE="Interstate" SIZE="2"><b>Plutonic
    (Western Australia)</b></font></td>
    <td WIDTH="81">&nbsp;</td>
    <td WIDTH="80">&nbsp;</td>
    <td WIDTH="85">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="151">&nbsp;</td>
    <td WIDTH="89" align="right">&nbsp;</td>
    <td WIDTH="81" align="right">&nbsp;</td>
    <td WIDTH="80" align="right">&nbsp;</td>
    <td WIDTH="85" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="151" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="89" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">Q4 '03</font></b></td>
    <td WIDTH="81" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Q4 '02</font></td>
    <td WIDTH="80" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="85" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="151" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Production</font></td>
    <td WIDTH="89" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">88,233</font></b></td>
    <td WIDTH="81" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">84,018</font></td>
    <td WIDTH="80" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">333,947</font></b></td>
    <td WIDTH="85" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">307,377</font></td>
  </tr>
  <tr>
    <td WIDTH="151" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">Total cash cost / oz</font></td>
    <td WIDTH="89" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$ 196</font></b></td>
    <td WIDTH="81" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$ 187</font></td>
    <td WIDTH="80" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$ 193</font></b></td>
    <td WIDTH="85" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$ 184</font></td>
  </tr>
</table>
<font FACE="Symbol MT" LANG="JA" SIZE="1">
<blockquote>
  <ul>
    <li></font><font FACE="Interstate" SIZE="2">Production for fourth quarter
    2003 was 5% above the prior year period, reflecting both higher grades and
    mining rates from the underground. Cash costs were higher than the prior
    year period primarily due to a higher Australian dollar exchange rate. <br>
&nbsp;</font></li>
    <li><font FACE="Interstate" SIZE="2">During the quarter, construction of the
    paste fill plant was completed. With the plant operating at design capacity,
    the expected benefits of improved ore recovery, reduced dilution and
    improved mining flexibility are being realized. <br>
&nbsp;</font></li>
    <li><font FACE="Interstate" SIZE="2">For the full year, the mine produced
    333,947 ounces, 39,000 ounces higher than plan, driven by increased grades,
    higher throughput and improved recovery rates. Total cash costs were in line
    with plan. <br>
&nbsp;</font></li>
    <li><font FACE="Interstate" SIZE="2">Production for 2004 is expected to be
    between 315,000 and 320,000 ounces of gold at total cash costs of $185 to
    $195 per ounce. The production decrease is due to lower open pit ore tons
    being mined.<b> </li>
  </ul>
</blockquote>
</b></font>
<table CELLSPACING="0" BORDER="0" WIDTH="40%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="202" COLSPAN="2"><font FACE="Interstate" SIZE="2"><b>Darlot
    (Western Australia)</b></font></td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="63" align="right">&nbsp;</td>
    <td WIDTH="68" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="145">&nbsp;</td>
    <td WIDTH="55" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="63" align="right">&nbsp;</td>
    <td WIDTH="68" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="145" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">Q4 '03</font></b></td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Q4 '02</font></td>
    <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="145" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Production</font></td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">37,336</font></b></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">40,061</font></td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">154,977</font></b></td>
    <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">145,443</font></td>
  </tr>
  <tr>
    <td WIDTH="145" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">Total cash cost / oz</font></td>
    <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$ 182</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$ 163</font></td>
    <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$ 164</font></b></td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$ 168</font></td>
  </tr>
</table>
<font FACE="Interstate" SIZE="2">
<blockquote>
  <ul>
    <li>Fourth quarter 2003 production was 7% lower than the prior year period,
    as a result of lower grades and reduced recoveries. <br>
&nbsp;</li>
    <li>Production and total cash costs for the full year were better than plan
    by 8% and 7% respectively. <br>
&nbsp;</li>
    <li>Production for 2004 is expected to be between 140,000 and 145,000 ounces
    of gold at total cash costs of $190 to $205 per ounce due to lower grades
    processed. The increase in total cash costs is due to an increase in direct
    mining costs and lower production. </li>
  </ul>
</blockquote>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="40%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="215" COLSPAN="2"><font FACE="Interstate" SIZE="2"><b>Lawlers
    (Western Australia)</b></font></td>
    <td WIDTH="46">&nbsp;</td>
    <td WIDTH="57">&nbsp;</td>
    <td WIDTH="67">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="156">&nbsp;</td>
    <td WIDTH="57" align="right">&nbsp;</td>
    <td WIDTH="46" align="right">&nbsp;</td>
    <td WIDTH="57" align="right">&nbsp;</td>
    <td WIDTH="67" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="156" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="57" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">Q4 '03</font></b></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Q4 '02</font></td>
    <td WIDTH="57" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="156" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Production</font></td>
    <td WIDTH="57" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">27,355</font></b></td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">28,571</font></td>
    <td WIDTH="57" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">99,223</font></b></td>
    <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">113,291</font></td>
  </tr>
  <tr>
    <td WIDTH="156" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">Total cash cost / oz</font></td>
    <td WIDTH="57" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$ 268</font></b></td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$ 188</font></td>
    <td WIDTH="57" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$ 249</font></b></td>
    <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$ 179</font></td>
  </tr>
</table>
<font FACE="Symbol MT" LANG="JA" SIZE="1">
<blockquote>
  <ul>
    <li></font><font FACE="Interstate" SIZE="2">Fourth quarter 2003 production
    was 4% lower than the prior year period, due largely to lower head grades
    partially offset by higher throughput. The increased cash cost per ounce is
    primarily due to the increased throughput. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" SIZE="2">The upgraded crusher improved
    throughput levels. As a result, unit processing costs have declined, as
    fixed processing costs are offset by additional tonnage combined with lower
    maintenance expense. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" SIZE="2">For the full year, the mine
    produced 99,223 ounces, 12,000 ounces lower than plan, driven largely by
    lower head grades. Total cash costs were 17% higher than plan due to lower
    production and higher processing costs.<i> <br>
&nbsp;</li>
    </i></font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" SIZE="2">Production and total cash costs
    for 2004 are expected to be similar to 2003 - 100,000 to 105,000 ounces of
    gold at $250 to $265 per ounce.</font><i><font FACE="Interstate" size="2">
    </li>
  </ul>
</blockquote>
</font></i>
<table CELLSPACING="0" BORDER="0" WIDTH="40%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="203" COLSPAN="2"><font FACE="Interstate" SIZE="2"><b>Kalgoorlie
    </b>(50% share)</font></td>
    <td WIDTH="61">&nbsp;</td>
    <td WIDTH="56">&nbsp;</td>
    <td WIDTH="65">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="146" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-top-style: none; border-top-width: medium">
    &nbsp;</td>
    <td WIDTH="61" align="right" style="border-top-style: none; border-top-width: medium">
    &nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: none; border-top-width: medium">
    &nbsp;</td>
    <td WIDTH="65" align="right" style="border-top-style: none; border-top-width: medium">
    &nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="146" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1">
    <b>
    <font FACE="Interstate" SIZE="2">Q4 '03</font></b></td>
    <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1">
    <font FACE="Interstate" SIZE="2">Q4 '02</font></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="146" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Production</font></td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">115,498</font></b></td>
    <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">98,356</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">436,098</font></b></td>
    <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">360,025</font></td>
  </tr>
  <tr>
    <td WIDTH="146" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">Total cash cost / oz</font></td>
    <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$ 215</font></b></td>
    <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$ 231</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$ 209</font></b></td>
    <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$ 222</font></td>
  </tr>
</table>
<font FACE="Symbol MT" LANG="JA" SIZE="1">
<blockquote>
  <ul>
    <li></font><font FACE="Interstate" SIZE="2">Kalgoorlie's strong performance
    continued into fourth quarter 2003, as the mine produced 17% more ounces
    than the prior year period. Mining continues to capture high-grade pillars.
    <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" SIZE="2">Total cash costs were lower than
    the prior year period due to higher processing rates, grades and recoveries.
    <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" SIZE="2">For the year, the mine produced
    436,098 ounces, 92,000 ounces above plan, due to the higher grades being
    achieved in the pit. Total cash costs were lower than plan as a result of
    the increased production. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" SIZE="2">Production for 2004 is expected
    in the range of 395,000 and 400,000 ounces of gold at total cash costs of
    $230 to $240 per ounce. The decrease in </li>
  </ul>
</blockquote>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center"><font size="2"><b>12</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<blockquote>
  <blockquote>
    <p>production is due to expected lower grades and planned maintenance on the
    SAG mill, while the increase in cash costs is due to lower production and
    marginally higher open pit costs. </p>
  </blockquote>
</blockquote>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="40%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="199" COLSPAN="2"><font FACE="Interstate" SIZE="2"><b>Bulyanhulu
    </b>(Tanzania)</font></td>
    <td WIDTH="63">&nbsp;</td>
    <td WIDTH="61">&nbsp;</td>
    <td WIDTH="64">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="147">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="63" align="right">&nbsp;</td>
    <td WIDTH="61" align="right">&nbsp;</td>
    <td WIDTH="64" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="147" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">Q4 '03</font></b></td>
    <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Q4 '02</font></td>
    <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="147" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Production</font></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">78,737</font></b></td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">100,776</font></td>
    <td WIDTH="61" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">313,551</font></b></td>
    <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">356,319</font></td>
  </tr>
  <tr>
    <td WIDTH="147" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">Total cash cost / oz</font></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$ 316</font></b></td>
    <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$ 185</font></td>
    <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$ 246</font></b></td>
    <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$ 198</font></td>
  </tr>
</table>
<font FACE="Symbol MT" LANG="JA" SIZE="1">
<blockquote>
  <ul>
    <li></font><font FACE="Interstate" SIZE="2">Fourth quarter 2003 production
    was 20% lower than the prior year period but in line with the stabilization
    plan announced at the beginning of the third quarter 2003. <br>
&nbsp;</font></li>
    <li><font FACE="Interstate" SIZE="2">Cash costs for the quarter were higher
    than the prior year period, reflecting the reduced mining rate as the
    operation is being stabilized. <br>
&nbsp;</font></li>
    <li><font FACE="Interstate" SIZE="2">With the successful completion of the
    flotation expansion and adjustments made through first half 2003, recovery
    rates are now averaging 88.5%. <br>
&nbsp;</font></li>
    <li><font FACE="Interstate" SIZE="2">The mining rate for fourth quarter 2003
    averaged 2,790 tons per day (tpd). This was a 7% increase over the
    stabilization plan rate. <br>
&nbsp;</font></li>
    <li><font FACE="Interstate" SIZE="2">Results for the quarter are in line
    with the stabilization plan. For the full year the Mine produced 313,551
    ounces at a total cash cost of $246 per ounce. <br>
&nbsp;</font></li>
    <li><font FACE="Interstate" SIZE="2">Production for 2004 is expected in the
    range of 360,000 and 365,000 ounces of gold at total cash costs of $240 to
    $260 per ounce. The increase in production is due to higher grades and
    increased mining productivity as a result of the stabilization plan. </li>
  </ul>
</blockquote>
<b>
<p>Development Projects </p>
<p>Cowal </b>(Australia)<b> </p>
</b>
<p ALIGN="JUSTIFY">At the Company's Cowal property in Australia, construction of
mine infrastructure commenced in January 2004. Mine development is anticipated
during the first quarter, leading to initial production in early 2006. </p>
<b>
<p>Tulawaka Project (Tanzania) </p>
</b>
<p>The Tulawaka project is under construction and reached several milestones
during fourth quarter 2003: </p>
</font><font FACE="Symbol MT" LANG="JA" SIZE="1">
<blockquote>
  <ul>
    <li></font><font FACE="Interstate" SIZE="2">A Special Mining Licence was
    granted by the Minister of Energy and Minerals of Tanzania in November 2003.
    <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" SIZE="2">Forestry rights were
    obtained/acquired in late November; provisional water rights were obtained
    in December 2003. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" SIZE="2">Development Agreement (fiscal
    stability) was finalized on December 29<sup>th</sup>, 2003. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li>
    <p ALIGN="JUSTIFY"></font><font FACE="Interstate" SIZE="2">Barrick finalized
    a term sheet with our Joint Venture partner (30%), Exploration Minieres du
    Nord (MDN), to finance their portion of the Tulawaka development
    expenditures. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" SIZE="2">Mobilization of contractors
    began in December 2003. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" SIZE="2">North West zone exploration
    drilling has outlined a new quartz vein mineralized system approximately 15
    kilometers northwest of the East Zone deposit. </li>
  </ul>
</blockquote>
<b>
<p>AMORTIZATION </p>
</b>
<p ALIGN="left">Amortization totaled $132 million, or $93 per ounce,
for fourth quarter 2003, compared to $144 million or $88 per ounce
in the year earlier quarter. The decrease in fourth quarter amortization was
primarily due to a decrease in ounces sold compared to the prior year period as
well as corporate amortization. For the full year, amortization was $522
million, or $90 per ounce, compared to $519 million, or $85 per ounce, for 2002.
Amortization was higher on a per ounce basis and also in aggregate due to a
change in the production mix across our portfolio of mines, which more than
offset the effect of a decrease in ounces sold. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Two accounting policy changes affecting amortization took effect
in first quarter 2003. First, FAS 143 changed the method for accounting for
reclamation and closure costs. Amortization increased by $2 million for fourth
quarter 2003 to reflect the amortization of the increase to property, plant and
equipment from adopting the new standard at the beginning of 2003. </p>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center"><font size="2"><b>13</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The second change relates to the amortization of underground
development costs to exclude estimates of future underground development costs
from the current period amortization. The new accounting policy for underground
mines had minimal impact on our fourth quarter results. For the year-ended
December 31, 2003, the effect of this change on amortization increased it by $1
million. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization in 2004 is expected to be in the $480 million to
$490 million range. </p>
<b>
<p align="left">ADMINISTRATION </p>
</b>
<p ALIGN="left">Fourth quarter 2003 administration costs were $20 million, an
increase of $5 million over the year earlier period. The increase relates mainly
to additional salaries, reorganization, legal insurance and regulatory costs.
</p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration costs in 2004 are expected to be approximately
$80 million. </p>
<b>
<p align="left">EXPLORATION AND BUSINESS DEVELOPMENT </p>
</b>
<p align="left">Exploration and business development expenses of $36 million in
fourth quarter 2003 were $9 million higher than the year earlier quarter. In the
fourth quarter 2003, the Company expensed $8 million on development activities
at Alto Chicama, and $19 million on its exploration program with business
development initiatives accounting for the remainder. In the prior year quarter,
the Company expensed $17 million on development activities at Veladero and Alto
Chicama, $8 million on its exploration program, and the remainder on business
development initiatives. Compared to the prior year quarter, exploration costs
were up because of higher spending in North America and Tanzania. Spending on
development activities at Veladero was capitalized in fourth quarter 2003 as
Veladero achieved SEC reserve status in October 2003. For the full year, the
Company expensed $54 million on development activities (2002 - $49 million); and
$62 million on its exploration program (2002 - $38 million); with the remainder
on business development initiatives. The year over year increase reflects the
higher volume of expensed development activities at Veladero and Alto Chicama,
and the Company's continued focus and investment in its exploration program. </p>
<p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Looking forward to 2004, the Company expects exploration and
business development expenses to be approximately $110 million, as it continues
to advance the Alto Chicama project and to support its grassroots exploration
program. </p>
<b>
<p align="left">INMET LITIGATION </p>
</b>
<p align="left">In the fourth quarter 2003, the Company recorded a charge to
earnings of $14 million following a court ruling on the Inmet litigation which
awarded pre-judgment interest to Inmet. This ruling was in addition to $72
million awarded to Inmet in 2001 (including post-judgment interest), and put the
full amount of the accrued litigation paid to Inmet at $86 million. </p>
<b>
<p align="left">OTHER INCOME/EXPENSE </p>
</b>
<p ALIGN="left">For the fourth quarter 2003, interest and other income was $11
million, an increase of $10 million compared to the prior year period. In fourth
quarter 2003, the Company realized $7 million in gains on various asset sales,
including $3 million on various land parcels in the United States, and earned
interest on its cash balances of $9 million. These amounts were offset by other
expenses totaling $5 million, mainly relating to provisions against certain
investments and royalties. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the year earlier quarter, the Company earned $12 million of
interest on its cash balances, offset by losses on the write-down of various
assets. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and other income in 2004 is expected to be
approximately $35 million. </p>
<b>
<p align="left">INTEREST EXPENSE </p>
</b>
<p align="left">The Company incurred $12 million in interest costs in fourth
quarter 2003, compared to $14 million in the year earlier quarter, relating
primarily to its $500 million of debentures and the Bulyanhulu project
financing. The increase in the amount of interest capitalized - $4 million in
2003 compared to $1 million in 2002 is due to the </p>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center"><font size="2"><b>14</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<p align="left">capitalization of interest on Veladero project costs, which
began in October 2003. The Company's $80 million variable rate bonds as well as
70% of the Company's $500 million of debentures, which have been swapped from
fixed to floating rates using interest rate swaps, bear interest at variable
rates. The decrease in interest incurred for the fourth quarter 2003 reflects
the impact of lower market interest rates on these variable rate debt
obligations. </p>
<p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the full year, interest incurred decreased from $59 million
to $49 million mainly due to the decline in market interest rates. Interest
capitalized increased from $2 million to $5 million due to amounts capitalized
at Veladero in 2003. Interest expense in 2004 is expected to be about $27
million. </p>
<b>
<p align="left">NON-HEDGE DERIVATIVE GAINS </p>
</b>
<p ALIGN="left">In fourth quarter 2003, non-hedge derivative gains totaled $46
million, relating mainly to currency and gold lease rate contracts. The Company
recorded unrealized gains of $21 million on its gold lease rate contracts, due
mainly to lower gold lease rates. The Company also transferred unrealized gains
of $9 million from OCI to earnings on its Australian dollar cash flow hedge
contracts due to changes in the timing of the hedged items, which caused the
termination of hedge accounting under FAS 133. The loss of $14 million in the
prior year quarter relates primarily to losses on interest rate contracts,
including lease rate swaps, due to movements in interest rates. </p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward prices under the Company's gold sales contracts are fixed and have no
lease rate exposure. For a notional amount representing approximately one fifth
of the contracts, the Company swapped out of the implied fixed lease rates into
floating lease rates to take advantage of lower short-term lease rates. As gold
prices, gold lease rates and interest rates decline/(increase), an unrealized
mark-to-market gain/(loss) on these swap contracts occurs and is recorded in
earnings each quarter. The Company expects to see ongoing fluctuations, which
could be significant, in the fair value of these swap contracts in the future as
gold prices, gold lease rates and interest rates change. </p>
<b>
<p>INCOME TAXES </p>
</b>
<p>In fourth quarter 2003, the Company recorded a net income tax credit of $4
million, compared to a net income tax credit of $22 million in the prior year
quarter. The credit in fourth quarter 2003 primarily reflects a release of
valuation allowances totaling $18 million of which $15 million was in Argentina,
due to the higher spot gold price. Excluding this valuation allowance release,
the underlying tax expense was $14 million. The credit for fourth quarter 2002
mainly reflects the net impact of tax planning completed in the period and the
outcome of certain tax uncertainties. Income tax expense for the year-ended
December 31, 2003 also includes a release of valuation allowances against
deferred tax assets totaling $21 million in the second quarter 2003, resulting
from actions completed during that quarter which provided assurance of the
future realization of such assets. Excluding the total valuation allowance
release of $39 million, the Company's effective tax rate for the year-ended
December 31, 2003 was 20%, compared to 9% for the year earlier period. Compared
to the Canadian federal tax rate of 38%, the Company's lower effective tax rate
is mainly due to: the utilization of previously unrecognized tax loss carry
forwards, which mitigated extra taxes that would have arisen from the increase
in average spot gold prices from $310 per ounce in 2002 to $363 per ounce in
2003. Non-hedge derivative gains taxed in a low tax rate jurisdiction also
contributed to a lower effective tax rate. The Company's tax rate rises in a
higher spot gold price environment, as a larger portion of its earnings are
taxed in higher tax-rate jurisdictions. </p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For 2004, excluding the effect of non-hedge derivative gains and any changes
in tax valuation allowances, the Company expects its effective tax rate to be
approximately 30%, assuming a spot gold price of $400 per ounce. </p>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center"><font size="2"><b>15</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font><b>
<p align="left"><a name="p16"></a>STATEMENT OF COMPREHENSIVE INCOME </p>
</b>
<p ALIGN="left">Comprehensive income consists of net income or loss, that,
together with certain other economic gains and losses, that are collectively
described as &quot;other comprehensive income&quot; and are excluded from the income
statement. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comprehensive income totaled $162 million in fourth quarter
2003, compared to $65 million in the year earlier quarter. The primary reason
for the increase in 2003 relates to unrealized gains on foreign currency cash
flow hedge contracts and increases in the market value of available for sale
securities over the past year. </p>
<b>
<p align="left">LIQUIDITY AND CAPITAL RESOURCES </p>
</b>
<p align="left">The Company believes its ability to generate substantial cash
flow from operations is one of its fundamental financial strengths. Combined
with its large cash balance of almost $1 billion at December 31, 2003 and $1
billion undrawn bank facility, the Company has sufficient access to capital
resources to develop its internal projects and maintain a strong exploration
program. </p>
<b>
<p align="left">OPERATING ACTIVITIES </p>
</b>
<p ALIGN="left">The Company generated operating cash flow of $134 million in
fourth quarter 2003, compared to $195 million in the year earlier period.
Operating cash flow in fourth quarter 2003 includes the payment of $86 million
on the settlement of the Inmet litigation. Excluding this item, the Company
generated higher operating cash flow in 2003 due to higher realized gold prices,
and lower payments of reclamation and closure costs, offset by higher cash
operating costs and higher income tax payments. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company's operating cash flow in 2003 was significantly
affected by timing differences between cash payments of tax installments, which
are based on 2002 taxable income, and accruals for current taxes based on
expected 2003 taxable income. In fourth quarter 2003, this timing difference
resulted in a net decrease to operating cash flow of $12 million. For the
twelve-month period ended December 31, 2003, this timing difference resulted in
a net decrease in operating cash flow of $57 million. As taxable income is
significantly affected by<font FACE="Interstate"> changes in spot gold prices,
any timing differences resulting from these changes could impact the Company's
future operating cash flow. </p>
<b>
<p align="left">INVESTING ACTIVITIES </p>
</b>
<p ALIGN="left">The Company's principal investing activities in 2003 were for
sustaining capital at its existing operating mines, new mine development and
acquisitions of investments. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures for fourth quarter 2003 totaled $106
million, compared to $62 million for the year earlier period. The increase was
primarily due to amounts spent at Veladero ($49 million), which began
construction in the fourth quarter. Capital expenditures also included $17
million in Australia, mainly for underground development and new mining
equipment, $18 million in North America for maintenance capital, and $9 million
in Tanzania spent at the Bulyanhulu Mine on underground development. In South
America, capital expenditures totaled $10 million (excluding Veladero) relating
to Pierina and engineering and development work at Pascua-Lama. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company expects capital spending to increase substantially
in 2004 to approximately $770 million, as it advances the construction of
Veladero, Cowal and Alto Chicama. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In fourth quarter 2003, the Company spent $44 million to acquire
a 10% interest in Highland Gold. Combined with a further investment of $40
million in early 2004, the Company raised its equity interest in Highland to
approximately 17%. The Company also spent a further $9 million on investments in
other junior mining companies. </p>
<b>
<p align="left">FINANCING ACTIVITIES </p>
</b>
<p align="left">During fourth quarter 2003, the Company's cash outflow on
financing activities was $54 million, compared with $81 million in the year
earlier period. The lower outflow in fourth quarter 2003 was largely due to
proceeds from the exercise of stock options and the timing of payments on our
long-term debt obligations. </p>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center"><font size="2"><b>16</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font><b>
<p><a name="p17"></a>NON-GAAP MEASURES </p>
</b>
<p>The Company has included cost per ounce data because it understands that
certain investors use this information to determine the Company's ability to
generate earnings as well as cash flow for use in investing and other
activities. The Company has also included a measure of operating cash flow
excluding the settlement of litigation. Litigation settlements are infrequent in
occurrence, and therefore including this non-GAAP<sup>1</sup> measure of
performance provides a more comparable basis for assessing the company's cash
flow performance in 2003 compared with 2002. The Company believes that
conventional measures of performance prepared in accordance with GAAP do not
fully illustrate the ability of its operating mines to generate cash flow. Non-GAAP
measures do not have any standardized meaning prescribed by US GAAP, and
therefore they may not be comparable to similar measures employed by other
companies. The data are intended to provide additional information and should
not be considered in isolation or as a substitute for measures of performance
prepared in accordance with GAAP. The measures are not necessarily indicative of
operating profit or cash flow from operations as determined under GAAP. Where
cost per ounce data is computed by dividing GAAP operating cost components by
ounces sold, the Company has not provided formal reconciliations of these
statistics. Where GAAP operating costs are adjusted in computing cost per ounce
data, the Company has provided reconciliations below.</p>
</font>
<p>&nbsp;</p>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center"><font size="2"><b>17</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<p><a name="p18"></a></p>
<table CELLSPACING="0" BORDER="0" WIDTH="78%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="500" COLSPAN="2"><b><font FACE="Interstate" size="2">
    Reconciliation of Total Cash Costs Per Ounce to Financial Statements<sup>1</sup></font></b></td>
    <td WIDTH="101">&nbsp;</td>
    <td WIDTH="91">&nbsp;</td>
    <td WIDTH="91">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="410" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="90" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="101" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="91" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="91" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="410" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="191" COLSPAN="2" align="right"><font FACE="Interstate" size="2">
    Three months ended</font></td>
    <td WIDTH="182" COLSPAN="2" align="right"><font FACE="Interstate" size="2">
    Twelve months ended</font></td>
  </tr>
  <tr>
    <td WIDTH="410">&nbsp;</td>
    <td WIDTH="90" align="right">&nbsp;</td>
    <td WIDTH="101" align="right"><font FACE="Interstate" size="2">December 31,</font></td>
    <td WIDTH="91" align="right">&nbsp;</td>
    <td WIDTH="91" align="right"><font FACE="Interstate" size="2">December 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="410" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">(In millions of United States dollars
    except per ounce amounts)</font></td>
    <td WIDTH="90" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" size="2">2003</font></b></td>
    <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">2002</font></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" size="2">2003</font></b></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="410" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Cost of sales and other
    operating expenses per financial statements</font></td>
    <td WIDTH="90" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">$ 310</font></b></td>
    <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$ 284</font></td>
    <td WIDTH="91" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">$ 1,134</font></b></td>
    <td WIDTH="91" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$1,071</font></td>
  </tr>
  <tr>
    <td WIDTH="410" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">Reclamation costs/other</font></td>
    <td WIDTH="90" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" size="2">(39)</font></b></td>
    <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">(16)</font></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" size="2">(83)</font></b></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">(43)</font></td>
  </tr>
  <tr>
    <td WIDTH="410" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" size="2">Cost of sales and other operating expenses
    for per ounce calculation</font></td>
    <td WIDTH="90" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" size="2">$ 271</font></b></td>
    <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" size="2">$268</font></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" size="2">$1,051</font></b></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" size="2">$1,028</font></td>
  </tr>
  <tr>
    <td WIDTH="410"><font FACE="Interstate" size="2">Ounces sold (thousands)</font></td>
    <td WIDTH="90" align="right"><b><font FACE="Interstate" size="2">1,362</font></b></td>
    <td WIDTH="101" align="right"><font FACE="Interstate" size="2">1,540</font></td>
    <td WIDTH="91" align="right"><b><font FACE="Interstate" size="2">5,554</font></b></td>
    <td WIDTH="91" align="right"><font FACE="Interstate" size="2">5,805</font></td>
  </tr>
  <tr>
    <td WIDTH="410" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Total cash costs per ounce</font></td>
    <td WIDTH="90" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">$ 199</font></b></td>
    <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$ 174</font></td>
    <td WIDTH="91" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">$ 189</font></b></td>
    <td WIDTH="91" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$ 177</font></td>
  </tr>
  <tr>
    <td WIDTH="410" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="90" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="101" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="91" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="91" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
  </tr>
  <tr>
    <td COLSPAN="5" width="783"><font FACE="Interstate" size="2">
    <ol>
      <li>Total cash costs per ounce data are calculated in accordance with The
      Gold Institute Production Cost Standard (the &quot;Standard&quot;). Adoption of the
      Standard is voluntary, and the data presented may not be comparable to
      data presented by other gold producers. Cash costs per ounce are derived
      from amounts included in the Statements of Income and include mine site
      operating costs such as mining, processing, administration, royalties and
      production taxes, but exclude amortization, reclamation costs, financing
      costs, and capital, development and exploration costs.</li>
    </ol>
    </font></td>
  </tr>
  <tr>
    <td WIDTH="410">&nbsp;</td>
    <td WIDTH="90">&nbsp;</td>
    <td WIDTH="101">&nbsp;</td>
    <td WIDTH="91">&nbsp;</td>
    <td WIDTH="91">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="601" COLSPAN="3"><font FACE="Interstate" size="2"><b>
    Reconciliation of Amortization and Reclamation Costs Per Ounce to Financial
    Statements</b></font></td>
    <td WIDTH="91">&nbsp;</td>
    <td WIDTH="91">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="410" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="90" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="101" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="91" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="91" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="410" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="191" COLSPAN="2" align="right"><font FACE="Interstate" size="2">
    Three months ended</font></td>
    <td WIDTH="182" COLSPAN="2" align="right"><font FACE="Interstate" size="2">
    Twelve months ended</font></td>
  </tr>
  <tr>
    <td WIDTH="410">&nbsp;</td>
    <td WIDTH="90" align="right">&nbsp;</td>
    <td WIDTH="101" align="right"><font FACE="Interstate" size="2">December 31,</font></td>
    <td WIDTH="91" align="right">&nbsp;</td>
    <td WIDTH="91" align="right"><font FACE="Interstate" size="2">December 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="410" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">(In millions of United States dollars
    except per ounce amounts)</font></td>
    <td WIDTH="90" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" size="2">2003</font></b></td>
    <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">2002</font></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" size="2">2003</font></b></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="410" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" size="2">Amortization per financial statements</font></td>
    <td WIDTH="90" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" size="2">$ 132</font></b></td>
    <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" size="2">$ 144</font></td>
    <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" size="2">$ 522</font></b></td>
    <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" size="2">$ 519</font></td>
  </tr>
  <tr>
    <td WIDTH="410"><font FACE="Interstate" size="2">Amortization recorded on
    property, plant and equipment</font></td>
    <td WIDTH="90" align="right">&nbsp;</td>
    <td WIDTH="101" align="right">&nbsp;</td>
    <td WIDTH="91" align="right">&nbsp;</td>
    <td WIDTH="91" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="410" bgcolor="#FFFFFF"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp; not at
    operating mine sites</font></td>
    <td WIDTH="90" align="right" bgcolor="#FFFFFF"><b><font FACE="Interstate" size="2">(4)</font></b></td>
    <td WIDTH="101" align="right" bgcolor="#FFFFFF"><font FACE="Interstate" size="2">(10)</font></td>
    <td WIDTH="91" align="right" bgcolor="#FFFFFF"><b><font FACE="Interstate" size="2">(25)</font></b></td>
    <td WIDTH="91" align="right" bgcolor="#FFFFFF"><font FACE="Interstate" size="2">(26)</font></td>
  </tr>
  <tr>
    <td WIDTH="410" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Amortization for per ounce
    calculation</font></td>
    <td WIDTH="90" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">128</font></b></td>
    <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">134</font></td>
    <td WIDTH="91" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">497</font></b></td>
    <td WIDTH="91" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">493</font></td>
  </tr>
  <tr>
    <td WIDTH="410" bgcolor="#FFFFFF"><font FACE="Interstate" size="2">Reclamation costs</font></td>
    <td WIDTH="90" align="right" bgcolor="#FFFFFF"><b><font FACE="Interstate" size="2">-</font></b></td>
    <td WIDTH="101" align="right" bgcolor="#FFFFFF"><font FACE="Interstate" size="2">9</font></td>
    <td WIDTH="91" align="right" bgcolor="#FFFFFF"><b><font FACE="Interstate" size="2">-</font></b></td>
    <td WIDTH="91" align="right" bgcolor="#FFFFFF"><font FACE="Interstate" size="2">35</font></td>
  </tr>
  <tr>
    <td WIDTH="410" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" size="2">Amortization and reclamation costs for per
    ounce calculation</font></td>
    <td WIDTH="90" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" size="2">$ 128</font></b></td>
    <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" size="2">$ 143</font></td>
    <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" size="2">$ 497</font></b></td>
    <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" size="2">$ 528</font></td>
  </tr>
  <tr>
    <td WIDTH="410" bgcolor="#FFFFFF"><font FACE="Interstate" size="2">Ounces sold (thousands)</font></td>
    <td WIDTH="90" align="right" bgcolor="#FFFFFF"><b><font FACE="Interstate" size="2">1,362</font></b></td>
    <td WIDTH="101" align="right" bgcolor="#FFFFFF"><font FACE="Interstate" size="2">1,540</font></td>
    <td WIDTH="91" align="right" bgcolor="#FFFFFF"><b><font FACE="Interstate" size="2">5,554</font></b></td>
    <td WIDTH="91" align="right" bgcolor="#FFFFFF"><font FACE="Interstate" size="2">5,805</font></td>
  </tr>
  <tr>
    <td WIDTH="410" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Amortization costs per
    ounce</font></td>
    <td WIDTH="90" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">$ 93</font></b></td>
    <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$ 88</font></td>
    <td WIDTH="91" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">$ 90</font></b></td>
    <td WIDTH="91" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$ 85</font></td>
  </tr>
  <tr>
    <td WIDTH="410" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Interstate" size="2">Amortization and reclamation costs per
    ounce</font></td>
    <td WIDTH="90" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Interstate" size="2">$ 93</font></b></td>
    <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Interstate" size="2">$ 93</font></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Interstate" size="2">$ 90</font></b></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Interstate" size="2">$ 91</font></td>
  </tr>
  <tr>
    <td WIDTH="410" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="90" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="500" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" size="2"><b>Reconciliation of Operating Cash Flow
    Excluding The Inmet Settlement</b></font></td>
    <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="410">&nbsp;</td>
    <td WIDTH="90" align="right">&nbsp;</td>
    <td WIDTH="101" align="right">&nbsp;</td>
    <td WIDTH="91" align="right">&nbsp;</td>
    <td WIDTH="91" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="410">&nbsp;</td>
    <td WIDTH="191" COLSPAN="2" align="right"><font FACE="Interstate" size="2">
    Three months ended</font></td>
    <td WIDTH="182" COLSPAN="2" align="right"><font FACE="Interstate" size="2">
    Twelve months ended</font></td>
  </tr>
  <tr>
    <td WIDTH="410">&nbsp;</td>
    <td WIDTH="90" align="right">&nbsp;</td>
    <td WIDTH="101" align="right"><font FACE="Interstate" size="2">December 31,</font></td>
    <td WIDTH="91" align="right">&nbsp;</td>
    <td WIDTH="91" align="right"><font FACE="Interstate" size="2">December 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="410" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" size="2">(In millions of United States dollars
    except per share amounts)</font></td>
    <td WIDTH="90" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" size="2">2003</font></b></td>
    <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" size="2">2002</font></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" size="2">2003</font></b></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" size="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="410" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Operating cash flow per
    financial statements</font></td>
    <td WIDTH="90" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">$ 134</font></b></td>
    <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$ 195</font></td>
    <td WIDTH="91" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">$ 521</font></b></td>
    <td WIDTH="91" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$ 589</font></td>
  </tr>
  <tr>
    <td WIDTH="410" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">Inmet settlement</font></td>
    <td WIDTH="90" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" size="2">86</font></b></td>
    <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">--</font></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" size="2">86</font></b></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">--</font></td>
  </tr>
  <tr>
    <td WIDTH="410" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" size="2">Operating cash flow excluding Inmet
    settlement</font></td>
    <td WIDTH="90" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" size="2">$220</font></b></td>
    <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" size="2">$195</font></td>
    <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" size="2">$607</font></b></td>
    <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" size="2">$589</font></td>
  </tr>
  <tr>
    <td WIDTH="410"><font FACE="Interstate" size="2">Per share data:</font></td>
    <td WIDTH="90" align="right">&nbsp;</td>
    <td WIDTH="101" align="right">&nbsp;</td>
    <td WIDTH="91" align="right">&nbsp;</td>
    <td WIDTH="91" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="410" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Operating cash flow</font></td>
    <td WIDTH="90" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">$0.26</font></b></td>
    <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$0.36</font></td>
    <td WIDTH="91" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">$0.97</font></b></td>
    <td WIDTH="91" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$1.09</font></td>
  </tr>
  <tr>
    <td WIDTH="410" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" size="2">Operating cash flow excluding Inmet
    settlement</font></td>
    <td WIDTH="90" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" size="2">$0.42</font></b></td>
    <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" size="2">$0.36</font></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" size="2">$1.13</font></b></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" size="2">$1.09</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center"><font size="2"><b>18</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<p>&nbsp;</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="386"><font FACE="Interstate" SIZE="2"><b>FINANCIAL RISK
    MANAGEMENT</b></font></td>
    <td WIDTH="477">&nbsp;</td>
  </tr>
  <tr>
    <td COLSPAN="2" width="863"><font FACE="Interstate" SIZE="2"><b>Forward Gold
    Sales Hedge Position (as of December 31, 2003)</b></font></td>
  </tr>
  <tr>
    <td WIDTH="386" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="477" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="386" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Gold ounces hedged</font></td>
    <td WIDTH="477" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">15.5 million ounces (or slightly less than
    three years of expected future production)</font></td>
  </tr>
  <tr>
    <td WIDTH="386" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Current termination date of gold sales
    contracts</font></td>
    <td WIDTH="477" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2013 in most cases</font></td>
  </tr>
  <tr>
    <td WIDTH="386" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Average projected realizable gold sales
    contract price at</font></td>
    <td WIDTH="477" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$400/oz<sup>1</sup></font></td>
  </tr>
  <tr>
    <td WIDTH="386" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">2013 termination date.</font></td>
    <td WIDTH="477" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="386" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="477" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="386"><font FACE="Interstate" SIZE="2">Delivery obligations</font></td>
    <td WIDTH="477"><font FACE="Interstate" SIZE="2">Barrick will deliver gold
    production from operations against gold sales contracts by the</font></td>
  </tr>
  <tr>
    <td WIDTH="386">&nbsp;</td>
    <td WIDTH="477"><font FACE="Interstate" SIZE="2">termination date (which is
    currently 2013 in most cases). However, Barrick may choose</font></td>
  </tr>
  <tr>
    <td WIDTH="386">&nbsp;</td>
    <td WIDTH="477"><font FACE="Interstate" SIZE="2">to settle any gold sales
    contract in advance of this termination date at any time, at its</font></td>
  </tr>
  <tr>
    <td WIDTH="386">&nbsp;</td>
    <td WIDTH="477"><font FACE="Interstate" SIZE="2">discretion. Historically,
    delivery has occurred in advance of the contractual termination</font></td>
  </tr>
  <tr>
    <td WIDTH="386">&nbsp;</td>
    <td WIDTH="477"><font FACE="Interstate" SIZE="2">date. This means Barrick
    can deliver gold at the higher of spot prices, or prices under</font></td>
  </tr>
  <tr>
    <td WIDTH="386" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="477" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">the hedge contracts, until the termination
    date of these contracts.</font></td>
  </tr>
  <tr>
    <td WIDTH="386" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Average forecast minimum realizable
    contract gold</font></td>
    <td WIDTH="477" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$309/oz<sup>1,2,3</sup></font></td>
  </tr>
  <tr>
    <td WIDTH="386" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">sales price for delivery of
    100% of expected future</font></td>
    <td WIDTH="477" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="386" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">production into existing
    sales contracts over the next</font></td>
    <td WIDTH="477" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="386" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">three years.</font></td>
    <td WIDTH="477" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="386" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Unrealized mark to market loss at December
    31, 2003</font></td>
    <td WIDTH="477" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$(1,725) billion<sup>4</sup></font></td>
  </tr>
  <tr>
    <td WIDTH="386" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&quot;Capped price&quot; variable price gold sales
    contracts</font></td>
    <td WIDTH="477" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">None</font></td>
  </tr>
  <tr>
    <td WIDTH="386" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">outstanding</font></td>
    <td WIDTH="477" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
</table>
<font FACE="Interstate" style="font-size: 9pt">
<p>1. Approximate estimated value based on current market US dollar interest
rates and an average lease rate assumption of 1.5% <br>
2. Accelerating gold deliveries could potentially lead to reduced contango that
would otherwise have built-up over time. <br>
3. Assumes delivery of 100% of expected future production against current gold
sales contracts which would exhaust all remaining gold hedge positions. <br>
4. At a spot gold price of $415 per ounce.</p>
</font><font FACE="Interstate" size="2">
<p>In all of the Company's master trading agreements, which govern the terms of
its gold sales contracts with its 19 counterparties, the following applies: </p>
</font><font FACE="Symbol MT" LANG="JA" SIZE="1">
<blockquote>
  <ul>
    <li></font><font FACE="Interstate" SIZE="2">The counterparties do not have
    unilateral and discretionary 'right to break' provisions. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" SIZE="2">There are no credit downgrade
    provisions. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" SIZE="2">The Company is not subject to
    any margin calls - regardless of the price of gold. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li></font><font FACE="Interstate" SIZE="2">The Company has the right to
    accelerate the delivery of gold at any time during the life of its
    contracts. This flexibility is demonstrated by the terms that allow it to
    deliver under hedge contracts at any time on two days notice, or keep these
    hedge contracts outstanding for as long as 15 years. This feature means that
    the Company can sell its gold at the market price or the hedge price,
    whichever is higher, to the termination date of our contracts (2013 in most
    cases). </li>
  </ul>
</blockquote>
<p align="left">The Company's trading agreements with its counterparties do
provide for early close out of certain transactions in the event of a material
negative change in its ability to produce gold for delivery under its hedging
agreements, or a lack of gold market, and for customary events of default such
as covenant breaches, insolvency or bankruptcy. The significant financial
covenants are: </p>
</font><font FACE="Symbol MT" LANG="JA" SIZE="1">
<blockquote>
  <ul>
    <li>
    <p align="left"></font><font FACE="Interstate" SIZE="2">Barrick must
    maintain a minimum consolidated net worth of at least US$2 billion -
    currently, it is US$3.5 billion. <br>
&nbsp;</li>
    </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
    <li>
    <p ALIGN="left"></font><font FACE="Interstate" SIZE="2">Barrick must
    maintain a maximum long-term debt to consolidated net worth ratio of 1.5:1 -
    currently, it is under 0.25 :1. <br>
&nbsp;</font></li>
    <li>
    <p ALIGN="left"><font FACE="Interstate" SIZE="2">Barrick's agreements
    exclude unrealized valuations in the calculation of consolidated net worth.
    </font></li>
  </ul>
</blockquote>
<p ALIGN="left"><font FACE="Interstate" SIZE="2">The foregoing information is a
summary of certain aspects of the Company's forward sales program and is not
intended to be comprehensive. For a more complete understanding, reference
should be made to the Company's website (www.barrick.com). </p>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>19</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font><font FACE="Interstate" SIZE="2">
<p ALIGN="JUSTIFY" dir="ltr">The estimated fair value of all derivative
instruments at December 31, 2003 was approximately $1.4 billion negative. The
year-to-date change in the fair value of the company's derivative instruments is
detailed as follows; Mark-to-Market (Fair Value) at December 31, 2003 of all
derivative instruments:</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="60%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td COLSPAN="3" width="589"><font FACE="Interstate" SIZE="2"><b>
    Mark-to-Market (Fair Value) at September 30, 2003 of all derivative
    instruments:</b></font></td>
  </tr>
  <tr>
    <td WIDTH="400">&nbsp;</td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="134" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="400" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="134" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="400" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Gold forward sales position</font></td>
    <td WIDTH="187" COLSPAN="2" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$
    (1,725)</font></td>
  </tr>
  <tr>
    <td WIDTH="400"><font FACE="Interstate" SIZE="2">Silver forward sales
    position</font></td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="134" align="right"><font FACE="Interstate" SIZE="2">(20)</font></td>
  </tr>
  <tr>
    <td WIDTH="400" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Foreign currency position</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="134" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">288</font></td>
  </tr>
  <tr>
    <td WIDTH="400" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Interest rate position</font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="134" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">38</font></td>
  </tr>
  <tr>
    <td WIDTH="400" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">All derivative instruments</font></td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="134" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$ (1,419)</font></td>
  </tr>
  <tr>
    <td WIDTH="400">&nbsp;</td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="134" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td COLSPAN="3" width="589"><font FACE="Interstate" SIZE="2"><b>Continuity
    Schedule of the Change in the Mark-to-Market Value of our gold forward sales
    position</b> (millions)</font></td>
  </tr>
  <tr>
    <td WIDTH="400">&nbsp;</td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="134" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="400" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Fair value as at December 31, 2002 -
    Unrealized loss</font></td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="134" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(639)</font></td>
  </tr>
  <tr>
    <td WIDTH="400"><font FACE="Interstate" SIZE="2">Impact of change in spot
    price (from $347 per ounce to $415 per ounce)</font></td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="134" align="right"><font FACE="Interstate" SIZE="2">(1,088)</font></td>
  </tr>
  <tr>
    <td WIDTH="400" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Contango earned period to
    date</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="134" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">138</font></td>
  </tr>
  <tr>
    <td WIDTH="400"><font FACE="Interstate" SIZE="2">Impact of change in
    valuation inputs other than spot metal prices</font></td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="134" align="right"><font FACE="Interstate" SIZE="2">(66)</font></td>
  </tr>
  <tr>
    <td WIDTH="400" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(e.g. interest rates and lease rates)</font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="134" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="400" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Fair value as at December 31, 2003 -
    Unrealized loss</font></td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="134" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(1,725)</font></td>
  </tr>
</table>
<font FACE="Interstate" SIZE="2">
<p>The mark-to-market value of the gold contracts is based on a spot gold price
of $415 per ounce and market rates for LIBOR and gold lease rates. The mark-to-market value
of the contracts would approach zero
(breakeven) at a spot gold price of approximately $303 per ounce,  assuming all other variables are constant. The
mark-to-market value represents the replacement value of these contracts based
on current market levels, and does not represent an economic obligation for
payment by Barrick. Barrick's obligations under the gold sales contracts are to
deliver an agreed upon quantity of gold at hedge price by the termination date
on the contracts (2013 in most cases). </p>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>20</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="81%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="506" COLSPAN="3"><font FACE="Interstate" SIZE="6">Consolidated
    Statements of Income</font></td>
    <td WIDTH="34">&nbsp;</td>
    <td WIDTH="49">&nbsp;</td>
    <td WIDTH="25">&nbsp;</td>
    <td WIDTH="77">&nbsp;</td>
    <td WIDTH="41">&nbsp;</td>
    <td WIDTH="64">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="429"><font FACE="Interstate" style="font-size: 9pt">(in millions
    of United States dollars, except per share data, US GAAP basis)</font></td>
    <td WIDTH="160" COLSPAN="4" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Three months ended Dec. 31,</font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="166" align="right" style="border-bottom-style: solid; border-bottom-width: 1" colspan="3">
    <font FACE="Interstate" SIZE="2">Twelve months ended Dec. 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="429"><font FACE="Interstate" style="font-size: 9pt">(Unaudited)</font></td>
    <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="25" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="429" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>Gold sales (note 13)</b></font></td>
    <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>536</b></font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">526</font></td>
    <td WIDTH="25" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>2,035</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">1,967</font></td>
  </tr>
  <tr>
    <td WIDTH="429"><font FACE="Interstate" SIZE="2"><b>Costs and expenses</b></font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="25" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="77" align="right">&nbsp;</td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="64" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="429" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Cost of sales and other
    operating expenses <sup>1</sup> (notes 3 and 13)</font></td>
    <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>310</b></font></td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">284</font></td>
    <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>1,134</b></font></td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,071</font></td>
  </tr>
  <tr>
    <td WIDTH="429"><font FACE="Interstate" SIZE="2">Amortization (note 13)</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2"><b>132</b></font></td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="49" align="right"><font FACE="Interstate" SIZE="2">144</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2"><b>522</b></font></td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2">519</font></td>
  </tr>
  <tr>
    <td WIDTH="429" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Administration</font></td>
    <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>20</b></font></td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">15</font></td>
    <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>83</b></font></td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">64</font></td>
  </tr>
  <tr>
    <td WIDTH="429"><font FACE="Interstate" SIZE="2">Merger and related costs</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="49" align="right"><font FACE="Interstate" SIZE="2">(2)</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2">(2)</font></td>
  </tr>
  <tr>
    <td WIDTH="429" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Exploration and business development</font></td>
    <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>36</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">27</font></td>
    <td WIDTH="25" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>137</b></font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">104</font></td>
  </tr>
  <tr>
    <td WIDTH="429" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>498</b></font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">468</font></td>
    <td WIDTH="25" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>1,876</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">1,756</font></td>
  </tr>
  <tr>
    <td WIDTH="429" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="25" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="429" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Other income/expense (note
    4)</font></td>
    <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>11</b></font></td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1</font></td>
    <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>52</b></font></td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">29</font></td>
  </tr>
  <tr>
    <td WIDTH="429" bgcolor="#FFFFFF"><font FACE="Interstate" SIZE="2">Inmet litigation (note 12B)</font></td>
    <td WIDTH="25" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#FFFFFF"><font FACE="Interstate" SIZE="2"><b>(14)</b></font></td>
    <td WIDTH="34" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#FFFFFF"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="25" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="77" align="right" bgcolor="#FFFFFF"><font FACE="Interstate" SIZE="2"><b>(16)</b></font></td>
    <td WIDTH="41" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="64" align="right" bgcolor="#FFFFFF"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="429" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Interest expense</font></td>
    <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(8)</b></font></td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(13)</font></td>
    <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(44)</b></font></td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(57)</font></td>
  </tr>
  <tr>
    <td WIDTH="429" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Non-hedge derivative gains (losses) (note
    11E)</font></td>
    <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>46</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(14)</font></td>
    <td WIDTH="25" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>71</b></font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(6)</font></td>
  </tr>
  <tr>
    <td WIDTH="429" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>Income before income taxes and other
    items</b></font></td>
    <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>73</b></font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">32</font></td>
    <td WIDTH="25" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>222</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">177</font></td>
  </tr>
  <tr>
    <td WIDTH="429" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Income tax (expense) recovery (note 5)</font></td>
    <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>4</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">22</font></td>
    <td WIDTH="25" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>(5)</b></font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">16</font></td>
  </tr>
  <tr>
    <td WIDTH="429" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>Income before cumulative effect of
    changes in accounting principles</b></font></td>
    <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>77</b></font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">54</font></td>
    <td WIDTH="25" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>217</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">193</font></td>
  </tr>
  <tr>
    <td WIDTH="429" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Cumulative effect of changes in accounting
    principles (note 2)</font></td>
    <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="25" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>(17)</b></font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="429" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>Net income</b></font></td>
    <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>77</b></font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">54</font></td>
    <td WIDTH="25" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>200</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">193</font></td>
  </tr>
  <tr>
    <td WIDTH="429">&nbsp;</td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="25" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="77" align="right">&nbsp;</td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="64" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="429" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>Earnings per share data
    (note 6):</b></font></td>
    <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="429"><font FACE="Interstate" SIZE="2"><b>Income before cumulative
    effect of changes in accounting principles</b></font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="77" align="right">&nbsp;</td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="64" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="429" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Basic and diluted</font></td>
    <td WIDTH="25" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.14</b></font></td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.10</font></td>
    <td WIDTH="25" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.40</b></font></td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.36</font></td>
  </tr>
  <tr>
    <td WIDTH="429"><font FACE="Interstate" SIZE="2"><b>Net income</b></font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="77" align="right">&nbsp;</td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="64" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="429" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Basic and diluted</font></td>
    <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>0.14</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">0.10</font></td>
    <td WIDTH="25" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>0.37</b></font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">0.36</font></td>
  </tr>
  <tr>
    <td WIDTH="429" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="25" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="429"><font FACE="Interstate" style="font-size: 9pt">1. Exclusive
    of amortization (note 3)</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="77" align="right">&nbsp;</td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="64" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="796" COLSPAN="9"><font FACE="Interstate" style="font-size: 9pt">
    <a href="#notes" style="text-decoration: none">The accompanying notes are an
    integral part of these unaudited interim consolidated financial statements</a></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>21</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="788" COLSPAN="9"><font FACE="Interstate" SIZE="6">Consolidated
    Statements of Cash Flow</font></td>
  </tr>
  <tr>
    <td WIDTH="380"><font FACE="Interstate" style="font-size: 9pt">(in millions
    of United States dollars, US GAAP basis)</font></td>
    <td WIDTH="198" COLSPAN="4" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Three months ended Dec. 31,</font></td>
    <td WIDTH="40" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="170" align="right" colspan="3" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Twelve months ended Dec. 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="380" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" style="font-size: 9pt">(Unaudited)</font></td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="40" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="380" dir="ltr" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <p dir="ltr"><b>OPERATING ACTIVITIES</b></font></td>
    <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="75" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="380"><font FACE="Interstate" SIZE="2">Net income for the period</font></td>
    <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2"><b>77</b></font></td>
    <td WIDTH="32" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">54</font></td>
    <td WIDTH="40" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="75" align="right"><font FACE="Interstate" SIZE="2"><b>200</b></font></td>
    <td WIDTH="37" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="58" align="right"><font FACE="Interstate" SIZE="2">193</font></td>
  </tr>
  <tr>
    <td WIDTH="380" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Amortization (note 13)</font></td>
    <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>132</b></font></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">144</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="75" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>522</b></font></td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">519</font></td>
  </tr>
  <tr>
    <td WIDTH="380"><font FACE="Interstate" SIZE="2">Changes in capitalized
    mining costs</font></td>
    <td WIDTH="64" align="right">&nbsp;</td>
    <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2"><b>3</b></font></td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">18</font></td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="75" align="right"><font FACE="Interstate" SIZE="2"><b>37</b></font></td>
    <td WIDTH="37" align="right">&nbsp;</td>
    <td WIDTH="58" align="right"><font FACE="Interstate" SIZE="2">29</font></td>
  </tr>
  <tr>
    <td WIDTH="380" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Deferred income taxes (note
    5)</font></td>
    <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>16</b></font></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(66)</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="75" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(49)</b></font></td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(75)</font></td>
  </tr>
  <tr>
    <td WIDTH="380"><font FACE="Interstate" SIZE="2">Inmet litigation settlement
    (note 12B)</font></td>
    <td WIDTH="64" align="right">&nbsp;</td>
    <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2"><b>(86)</b></font></td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="75" align="right"><font FACE="Interstate" SIZE="2"><b>(86)</b></font></td>
    <td WIDTH="37" align="right">&nbsp;</td>
    <td WIDTH="58" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="380" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Gains on sale of long-lived
    assets (note 4)</font></td>
    <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(7)</b></font></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(3)</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="75" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(39)</b></font></td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(8)</font></td>
  </tr>
  <tr>
    <td WIDTH="380" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Other items (note 14)</font></td>
    <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>(1)</b></font></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">48</font></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>(64)</b></font></td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(69)</font></td>
  </tr>
  <tr>
    <td WIDTH="380" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>Net cash provided by operating
    activities</b></font></td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>134</b></font></td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">195</font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>521</b></font></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">589</font></td>
  </tr>
  <tr>
    <td WIDTH="380" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>INVESTING ACTIVITIES</b></font></td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="380" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Property, plant and
    equipment</font></td>
    <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="75" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="380"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Capital expenditures (note 13)</font></td>
    <td WIDTH="64" align="right">&nbsp;</td>
    <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2"><b>(106)</b></font></td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">(62)</font></td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="75" align="right"><font FACE="Interstate" SIZE="2"><b>(322)</b></font></td>
    <td WIDTH="37" align="right">&nbsp;</td>
    <td WIDTH="58" align="right"><font FACE="Interstate" SIZE="2">(228)</font></td>
  </tr>
  <tr>
    <td WIDTH="380" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Sales proceeds</font></td>
    <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>10</b></font></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">4</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="75" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>48</b></font></td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">11</font></td>
  </tr>
  <tr>
    <td WIDTH="380"><font FACE="Interstate" SIZE="2">Purchase of investments</font></td>
    <td WIDTH="64" align="right">&nbsp;</td>
    <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2"><b>(53)</b></font></td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="75" align="right"><font FACE="Interstate" SIZE="2"><b>(55)</b></font></td>
    <td WIDTH="37" align="right">&nbsp;</td>
    <td WIDTH="58" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="380" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Short-term cash deposits</font></td>
    <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">159</font></td>
  </tr>
  <tr>
    <td WIDTH="380" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>Net cash used in investing activities</b></font></td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>(149)</b></font></td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(58)</font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>(329)</b></font></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(58)</font></td>
  </tr>
  <tr>
    <td WIDTH="380" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>FINANCING ACTIVITIES</b></font></td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="380"><font FACE="Interstate" SIZE="2">Capital stock</font></td>
    <td WIDTH="64" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="75" align="right">&nbsp;</td>
    <td WIDTH="37" align="right">&nbsp;</td>
    <td WIDTH="58" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="380" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Proceeds from shares issued on exercise of stock options</font></td>
    <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>18</b></font></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="75" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>29</b></font></td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">83</font></td>
  </tr>
  <tr>
    <td WIDTH="380"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Repurchased for cash (note 9A)</font></td>
    <td WIDTH="64" align="right">&nbsp;</td>
    <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="75" align="right"><font FACE="Interstate" SIZE="2"><b>(154)</b></font></td>
    <td WIDTH="37" align="right">&nbsp;</td>
    <td WIDTH="58" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="380" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Long-term debt repayments</font></td>
    <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(14)</b></font></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(22)</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="75" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(23)</b></font></td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(25)</font></td>
  </tr>
  <tr>
    <td WIDTH="380" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Dividends</font></td>
    <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>(58)</b></font></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(59)</font></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>(118)</b></font></td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(119)</font></td>
  </tr>
  <tr>
    <td WIDTH="380" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>Net cash used in financing activities</b></font></td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>(54)</b></font></td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(81)</font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>(266)</b></font></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(61)</font></td>
  </tr>
  <tr>
    <td WIDTH="380" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Increase (decrease) in cash and equivalents</font></td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>(69)</b></font></td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">56</font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>(74)</b></font></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">470</font></td>
  </tr>
  <tr>
    <td WIDTH="380" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>Cash and equivalents at beginning of
    period</b></font></td>
    <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>1,039</b></font></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">988</font></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>1,044</b></font></td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">574</font></td>
  </tr>
  <tr>
    <td WIDTH="380" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>Cash and equivalents at end of period</b></font></td>
    <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>970</b></font></td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">1,044</font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>970</b></font></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">1,044</font></td>
  </tr>
  <tr>
    <td WIDTH="788" COLSPAN="9"><font FACE="Interstate" SIZE="2"><br>
    </font><font FACE="Interstate" style="font-size: 9pt">
    <a href="#notes" style="text-decoration: none">The accompanying notes are an
    integral part of these unaudited interim consolidated financial statements</a></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>22</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="554"><font FACE="Interstate" SIZE="6">Consolidated Balance Sheets</font></td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="86" align="right">&nbsp;</td>
    <td WIDTH="55" align="right">&nbsp;</td>
    <td WIDTH="96" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="554"><font FACE="Interstate" style="font-size: 9pt">(in millions
    of United States dollars, US GAAP basis)</font></td>
    <td WIDTH="128" COLSPAN="2" align="right"><font FACE="Interstate" SIZE="2">
    As at Dec. 31,</font></td>
    <td WIDTH="153" COLSPAN="2" align="right"><font FACE="Interstate" SIZE="2">
    As at Dec. 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="554" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" style="font-size: 9pt">(Unaudited)</font></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="86" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="55" align="right">&nbsp;</td>
    <td WIDTH="96" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="554" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>ASSETS</b></font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="554"><font FACE="Interstate" SIZE="2">Current assets</font></td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="86" align="right">&nbsp;</td>
    <td WIDTH="55" align="right">&nbsp;</td>
    <td WIDTH="96" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="554" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Cash and equivalents</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="86" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>970</b></font></td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="96" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,044</font></td>
  </tr>
  <tr>
    <td WIDTH="554"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Accounts receivable</font></td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="86" align="right"><font FACE="Interstate" SIZE="2"><b>69</b></font></td>
    <td WIDTH="55" align="right">&nbsp;</td>
    <td WIDTH="96" align="right"><font FACE="Interstate" SIZE="2">72</font></td>
  </tr>
  <tr>
    <td WIDTH="554" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Inventories (note 8)</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="86" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>157</b></font></td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="96" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">159</font></td>
  </tr>
  <tr>
    <td WIDTH="554" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Other current
    assets (note 8)</font></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="86" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>169</b></font></td>
    <td WIDTH="55" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="96" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">47</font></td>
  </tr>
  <tr>
    <td WIDTH="554" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>1,365</b></font></td>
    <td WIDTH="55" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">1,322</font></td>
  </tr>
  <tr>
    <td WIDTH="554"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Investments</font></td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="86" align="right"><font FACE="Interstate" SIZE="2"><b>127</b></font></td>
    <td WIDTH="55" align="right">&nbsp;</td>
    <td WIDTH="96" align="right"><font FACE="Interstate" SIZE="2">41</font></td>
  </tr>
  <tr>
    <td WIDTH="554" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Property, plant and equipment</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="86" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>3,131</b></font></td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="96" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3,311</font></td>
  </tr>
  <tr>
    <td WIDTH="554"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Capitalized mining costs, net</font></td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="86" align="right"><font FACE="Interstate" SIZE="2"><b>235</b></font></td>
    <td WIDTH="55" align="right">&nbsp;</td>
    <td WIDTH="96" align="right"><font FACE="Interstate" SIZE="2">272</font></td>
  </tr>
  <tr>
    <td WIDTH="554" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Unrealized fair value of derivative contracts</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="86" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>256</b></font></td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="96" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">78</font></td>
  </tr>
  <tr>
    <td WIDTH="554" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Other assets</font></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="86" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>248</b></font></td>
    <td WIDTH="55" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="96" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">237</font></td>
  </tr>
  <tr>
    <td WIDTH="554" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>Total assets</b></font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>5,362</b></font></td>
    <td WIDTH="55" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">5,261</font></td>
  </tr>
  <tr>
    <td WIDTH="554" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>LIABILITIES AND SHAREHOLDERS' EQUITY</b></font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="554" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Current liabilities</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="86" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="96" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="554"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Accounts payable</font></td>
    <td WIDTH="40" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="86" align="right"><font FACE="Interstate" SIZE="2"><b>245</b></font></td>
    <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="96" align="right"><font FACE="Interstate" SIZE="2">213</font></td>
  </tr>
  <tr>
    <td WIDTH="554" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Other current
    liabilities</font></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="86" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>105</b></font></td>
    <td WIDTH="55" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="96" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">270</font></td>
  </tr>
  <tr>
    <td WIDTH="554" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>350</b></font></td>
    <td WIDTH="55" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">483</font></td>
  </tr>
  <tr>
    <td WIDTH="554" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Long-term debt</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="86" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>719</b></font></td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="96" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">761</font></td>
  </tr>
  <tr>
    <td WIDTH="554"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Other long-term obligations</font></td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="86" align="right"><font FACE="Interstate" SIZE="2"><b>569</b></font></td>
    <td WIDTH="55" align="right">&nbsp;</td>
    <td WIDTH="96" align="right"><font FACE="Interstate" SIZE="2">528</font></td>
  </tr>
  <tr>
    <td WIDTH="554" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Deferred income
    tax liabilities</font></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="86" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>230</b></font></td>
    <td WIDTH="55" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="96" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">155</font></td>
  </tr>
  <tr>
    <td WIDTH="554" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>Total liabilities</b></font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>1,868</b></font></td>
    <td WIDTH="55" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">1,927</font></td>
  </tr>
  <tr>
    <td WIDTH="554" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>Shareholders' equity</b></font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="554"><font FACE="Interstate" SIZE="2">Capital stock</font></td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="86" align="right"><font FACE="Interstate" SIZE="2"><b>4,115</b></font></td>
    <td WIDTH="55" align="right">&nbsp;</td>
    <td WIDTH="96" align="right"><font FACE="Interstate" SIZE="2">4,148</font></td>
  </tr>
  <tr>
    <td WIDTH="554" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Deficit</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="86" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(694)</b></font></td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="96" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(689)</font></td>
  </tr>
  <tr>
    <td WIDTH="554"><font FACE="Interstate" SIZE="2">Accumulated other
    comprehensive income (loss) (note 7)</font></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="86" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>73</b></font></td>
    <td WIDTH="55" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="96" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(125)</font></td>
  </tr>
  <tr>
    <td WIDTH="554" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>Total shareholders' equity</b></font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>3,494</b></font></td>
    <td WIDTH="55" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">3,334</font></td>
  </tr>
  <tr>
    <td WIDTH="554" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>Total liabilities and shareholders'
    equity</b></font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>5,362</b></font></td>
    <td WIDTH="55" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">5,261</font></td>
  </tr>
  <tr>
    <td WIDTH="839" colspan="5"><font FACE="Interstate" style="font-size: 9pt">
    <br>
    <a href="#notes" style="text-decoration: none">The accompanying notes are an
    integral part of these unaudited interim consolidated financial statements</a></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>23</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<p align="right">&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="766" COLSPAN="5"><font FACE="Interstate" SIZE="6">Consolidated
    Statements of Shareholders' Equity</font></td>
  </tr>
  <tr>
    <td WIDTH="766" colspan="5"><font FACE="Interstate" SIZE="6">and
    Comprehensive Income</font></td>
  </tr>
  <tr>
    <td WIDTH="563"><font FACE="Interstate" SIZE="2"><b>CONSOLIDATED STATEMENT
    OF SHAREHOLDERS' EQUITY</b></font></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="39" align="right">&nbsp;</td>
    <td WIDTH="68" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="563" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" style="font-size: 9pt">(in millions of United States
    dollars, US GAAP basis) (Unaudited)</font></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="563" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>Common shares</b> (number in millions)</font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="563"><font FACE="Interstate" SIZE="2">At January 1</font></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="40" align="right"><b><font FACE="Interstate" SIZE="2">542</font></b></td>
    <td WIDTH="39" align="right">&nbsp;</td>
    <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">536</font></td>
  </tr>
  <tr>
    <td WIDTH="563" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Issued for cash/on exercise of stock options</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">2</font></b></td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">6</font></td>
  </tr>
  <tr>
    <td WIDTH="563" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Repurchased for
    cash (note 9A)</font></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">(9)</font></b></td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="563" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">At Dec. 31</font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">535</font></b></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">542</font></td>
  </tr>
  <tr>
    <td WIDTH="563" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>Common shares</b></font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="563" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">At January 1</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">4,148</font></b></td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">4,062</font></td>
  </tr>
  <tr>
    <td WIDTH="563"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Issued for cash/on exercise of stock options</font></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="40" align="right"><b><font FACE="Interstate" SIZE="2">34</font></b></td>
    <td WIDTH="39" align="right">&nbsp;</td>
    <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">86</font></td>
  </tr>
  <tr>
    <td WIDTH="563" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Repurchased for
    cash (note 9A)</font></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">(67)</font></b></td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="563" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">At Dec. 31</font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">4,115</font></b></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">4,148</font></td>
  </tr>
  <tr>
    <td WIDTH="563" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>Deficit</b></font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="563"><font FACE="Interstate" SIZE="2">At January 1</font></td>
    <td WIDTH="48" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="40" align="right"><b><font FACE="Interstate" SIZE="2">(689)</font></b></td>
    <td WIDTH="39" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">(763)</font></td>
  </tr>
  <tr>
    <td WIDTH="563" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Net income</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">200</font></b></td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">193</font></td>
  </tr>
  <tr>
    <td WIDTH="563"><font FACE="Interstate" SIZE="2">Dividends</font></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="40" align="right"><b><font FACE="Interstate" SIZE="2">(118)</font></b></td>
    <td WIDTH="39" align="right">&nbsp;</td>
    <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">(119)</font></td>
  </tr>
  <tr>
    <td WIDTH="563" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Repurchase of common shares<sup>(1)</sup></font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(87)</font></b></td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="563" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">At Dec. 31</font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">(694)</font></b></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(689)</font></td>
  </tr>
  <tr>
    <td WIDTH="563" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Accumulated other comprehensive income
    (note 7)</font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">73</font></b></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(125)</font></td>
  </tr>
  <tr>
    <td WIDTH="563" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>Total shareholders' equity at Dec. 31</b></font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">3,494</font></b></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">3,334</font></td>
  </tr>
  <tr>
    <td WIDTH="563"><font FACE="Interstate" style="font-size: 9pt"><sup>1</sup>
    Represents the excess of cash paid over the average book value repurchased
    as part of the share buyback plan.</font></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="39" align="right">&nbsp;</td>
    <td WIDTH="68" align="right">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="435"><font FACE="Interstate" SIZE="2"><b>CONSOLIDATED STATEMENTS
    OF COMPREHENSIVE INCOME</b></font></td>
    <td WIDTH="165" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    <u>Three months ended Dec. 31,</u></font></td>
    <td WIDTH="183" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    <u>Twelve months ended Dec. 31,</u></font></td>
  </tr>
  <tr>
    <td WIDTH="435" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" style="font-size: 9pt">(in millions of United States
    dollars, US GAAP basis) (Unaudited)</font></td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="36" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="31" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="435" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Net income</font></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>77</b></font></td>
    <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">54</font></td>
    <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>200</b></font></td>
    <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">193</font></td>
  </tr>
  <tr>
    <td WIDTH="435"><font FACE="Interstate" SIZE="2">Foreign currency
    translation adjustments (note 7)</font></td>
    <td WIDTH="43" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><font FACE="Interstate" SIZE="2"><b>2</b></font></td>
    <td WIDTH="20" align="right">&nbsp;</td>
    <td WIDTH="49" align="right"><font FACE="Interstate" SIZE="2">2</font></td>
    <td WIDTH="36" align="right">&nbsp;</td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2"><b>(3)</b></font></td>
    <td WIDTH="31" align="right">&nbsp;</td>
    <td WIDTH="65" align="right"><font FACE="Interstate" SIZE="2">(21)</font></td>
  </tr>
  <tr>
    <td WIDTH="435" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Transfers of realized gains
    on cash flow hedges to earnings (note 7)</font></td>
    <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(17)</b></font></td>
    <td WIDTH="20" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(8)</font></td>
    <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(61)</b></font></td>
    <td WIDTH="31" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(21)</font></td>
  </tr>
  <tr>
    <td WIDTH="435"><font FACE="Interstate" SIZE="2">Hedge ineffectiveness
    transferred to earnings (note 7)</font></td>
    <td WIDTH="43" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><font FACE="Interstate" SIZE="2"><b>(5)</b></font></td>
    <td WIDTH="20" align="right">&nbsp;</td>
    <td WIDTH="49" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="36" align="right">&nbsp;</td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2"><b>(12)</b></font></td>
    <td WIDTH="31" align="right">&nbsp;</td>
    <td WIDTH="65" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="435" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Change in gains accumulated
    in OCI for cash flow hedges (note 7)</font></td>
    <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>81</b></font></td>
    <td WIDTH="20" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">17</font></td>
    <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>230</b></font></td>
    <td WIDTH="31" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">28</font></td>
  </tr>
  <tr>
    <td WIDTH="435"><font FACE="Interstate" SIZE="2">Additional minimum pension
    liability (note 7)</font></td>
    <td WIDTH="43" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="20" align="right">&nbsp;</td>
    <td WIDTH="49" align="right"><font FACE="Interstate" SIZE="2">(2)</font></td>
    <td WIDTH="36" align="right">&nbsp;</td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="31" align="right">&nbsp;</td>
    <td WIDTH="65" align="right"><font FACE="Interstate" SIZE="2">(2)</font></td>
  </tr>
  <tr>
    <td WIDTH="435" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Transfers of realized
    losses on available-for-sale securities to earnings (note 7)</font></td>
    <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>1</b></font></td>
    <td WIDTH="20" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">4</font></td>
    <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>8</b></font></td>
    <td WIDTH="31" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">4</font></td>
  </tr>
  <tr>
    <td WIDTH="435"><font FACE="Interstate" SIZE="2">Unrealized gains (losses)
    on available-for-sale securities (note 7)</font></td>
    <td WIDTH="43" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><font FACE="Interstate" SIZE="2"><b>23</b></font></td>
    <td WIDTH="20" align="right">&nbsp;</td>
    <td WIDTH="49" align="right"><font FACE="Interstate" SIZE="2">(2)</font></td>
    <td WIDTH="36" align="right">&nbsp;</td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2"><b>36</b></font></td>
    <td WIDTH="31" align="right">&nbsp;</td>
    <td WIDTH="65" align="right"><font FACE="Interstate" SIZE="2">(6)</font></td>
  </tr>
  <tr>
    <td WIDTH="435" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="36" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="31" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="435" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>Comprehensive income</b></font></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>162</b></font></td>
    <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="49" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">65</font></td>
    <td WIDTH="36" align="right" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="45" align="right" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>398</b></font></td>
    <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">175</font></td>
  </tr>
  <tr>
    <td WIDTH="435" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="775" COLSPAN="9"><font FACE="Interstate" style="font-size: 9pt">
    <a href="#notes" style="text-decoration: none">The accompanying notes are an
    integral part of these unaudited interim consolidated financial statements</a></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>24</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<p align="right">&nbsp;</p>
<font FACE="Interstate" SIZE="6">
<p><a name="notes"></a>Notes to Unaudited Interim Consolidated Financial
Statements <br>
(US GAAP) </p>
</font><font FACE="Interstate" SIZE="2">
<p align="left">Tabular dollar amounts in millions of United States dollars,
unless otherwise indicated, US GAAP basis. References to C$ and A$ are to
Canadian and Australian dollars, respectively. </p>
<b>
<p align="left">1</b></font><font size="2"> </font>
<font FACE="Interstate" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
BASIS OF PREPARATION </p>
</b>
<blockquote>
  <p ALIGN="left">The United States dollar is the principal currency of our
  operations. We prepare and file our primary consolidated financial statements
  in United States dollars and under United States generally accepted accounting
  principles (&quot;US GAAP&quot;). The accompanying unaudited interim consolidated
  financial statements have been prepared in accordance with US GAAP for the
  preparation of interim financial information. Accordingly, they do not include
  all of the information and disclosures required by US GAAP for annual
  consolidated financial statements. Except as disclosed in note 2, the
  accounting policies used in the preparation of the accompanying unaudited
  interim consolidated financial statements are the same as those described in
  our audited consolidated financial statements and the notes thereto for the
  three years ended December 31, 2002. </p>
  <p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the opinion of management, all adjustments considered
  necessary for fair presentation of results for the periods presented have been
  reflected in these financial statements. These unaudited interim consolidated
  financial statements should be read in conjunction with the audited annual
  consolidated financial statements and the notes thereto for the three years
  ended December 31, 2002. </p>
  <p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The preparation of financial statements under US GAAP requires
  us to make estimates and assumptions that affect: </p>
  <ul>
    <li>
    <p ALIGN="left">the reported amounts of assets and liabilities; <br>
&nbsp;</li>
    <li>
    <p ALIGN="left">disclosures of contingent assets and liabilities; and <br>
&nbsp;</li>
    <li>
    <p ALIGN="left">revenues and expenses recorded in each reporting period.
    </li>
  </ul>
  <p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The most significant estimates and assumptions that affect our
  financial position and results of operations are those that use estimates of
  proven and probable gold reserves; future estimates of costs and expenses;
  and/or assumptions of future commodity prices, interest rates and foreign
  currency rates. Such estimates and assumptions include: </p>
  <ul>
    <li>
    <p ALIGN="left">decisions as to whether exploration and mine development
    costs should be capitalized or expensed; <br>
&nbsp;</li>
    <li>
    <p ALIGN="left">assessments of whether property, plant and equipment, ore in
    stockpiles and capitalized mining costs may be impaired; <br>
&nbsp;</li>
    <li>
    <p ALIGN="left">assessments of our ability to realize the benefits of
    deferred income tax assets; <br>
&nbsp;</li>
    <li>
    <p ALIGN="left">the useful lives of long-lived assets and the rate at which
    we record amortization in earnings; <br>
&nbsp;</li>
    <li>
    <p ALIGN="left">the estimated fair value of asset retirement obligations;
    <br>
&nbsp;</li>
    <li>
    <p ALIGN="left">the timing and amounts of forecasted future expenditures
    that represent the hedged items underlying hedging relationships for our
    cash flow hedge contracts; <br>
&nbsp;</li>
    <li>
    <p ALIGN="left">the estimated fair values of derivative instruments; the
    value of slow-moving and obsolete inventories (which are stated at the lower
    of average cost and net realizable value); and <br>
&nbsp;</li>
    <li>
    <p ALIGN="left">assessments of the likelihood and amounts of contingencies.
    </li>
  </ul>
</blockquote>
</font><font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>25</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate" SIZE="2">
<blockquote>
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We regularly review the estimates and assumptions that affect
  our financial statements; however, what actually happens could differ from
  those estimates and assumptions. </p>
</blockquote>
<b>
<p align="left">2</b></font></font><font FACE="Interstate" size="2"> </font>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt"><b>
<font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ACCOUNTING CHANGES </p>
</font><font FACE="Interstate" size="2">
<p align="left">A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FAS 143,
Accounting for asset retirement obligations </p>
</font></b><font FACE="Interstate" size="2">
<blockquote>
  <p align="left">On January 1, 2003, we adopted FAS 143 and changed our
  accounting policy for recording obligations relating to the retirement of
  long-lived assets. FAS 143 applies to legal obligations associated with the
  retirement of long-lived assets that result from the acquisition,
  construction, development and/or the normal operation of a long-lived asset.
  Under FAS 143 we record the fair value of a liability for an asset retirement
  obligation in the period in which it is incurred. When the liability is
  initially recorded, we capitalize the cost by increasing the carrying amount
  of the related long-lived asset. Over time, the liability is increased to
  reflect an interest element (accretion expense) considered in its initial
  measurement at fair value, and the capitalized cost is amortized over the
  useful life of the related asset. Upon settlement of the liability, we will
  record a gain or loss if the actual cost incurred is different than the
  liability recorded. On adoption of FAS 143 we recorded on our balance sheet an
  increase in property, plant and equipment by $39 million; an increase in other
  long-term obligations by $32 million; and an increase in deferred income tax
  liabilities by $3 million. In the first quarter of 2003, we recorded in our
  income statement a $4 million credit for the cumulative effect of this
  accounting change. </p>
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Following the adoption of FAS 143, the total amount of
  recognized liabilities for asset retirement obligations was $334 million.
  These liabilities mainly relate to obligations at our active and inactive
  mines to perform reclamation and remediation activities to meet existing
  environmental laws and regulations that govern our mining properties. </p>
  </font></font><font SIZE="2" face="Times New Roman">
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The comparative amount of these liabilities would have been
  $353</font><font FACE="Interstate" SIZE="1" style="font-size: 9pt"><font FACE="Times New Roman" SIZE="2">
  million at December 31, 2001, using the principles of FAS 143, and using
  current information, assumptions and interest rates. </font></p>
  <p align="left"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the three-month
  period ended December 31, 2003, the effect on earnings of adopting FAS 143 was
  a decrease in income before the cumulative effect of accounting changes by $2
  million ($nil per share), and for the twelve-month period ended December 31,
  2003 the effect was a decrease in income before the cumulative effect of
  accounting changes by $43 million ($ 0.08 per share). </font></p>
  <p align="left"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the three-month
  period ended December 31, 2002, the effect of adopting FAS 143 would have been
  a decrease in income before the cumulative effect of accounting changes by $1
  million ($nil per share), and for the twelve-month period ended December 31,
  2002, the effect would have been a decrease in income before the cumulative
  effect of accounting changes by $5 million ($0.01 per share). </p>
</blockquote>
</font><font FACE="Interstate" size="2"><b>
<p align="left">B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization
of underground development costs </p>
</b>
<blockquote>
  <p ALIGN="left">Effective January 1, 2003, we changed our accounting policy
  for amortization of underground mine development costs to exclude estimates of
  future underground development costs. Future underground development costs,
  which are significant, are necessary to develop our underground ore bodies,
  expected to be mined in some cases over the next 25 years. </p>
  <p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Previously, we amortized the total of historical capitalized
  costs and estimated future costs using the units of production method over
  total proven and probable reserves at our underground mining operations. This
  accounting change was made to better match amortization with ounces of gold
  sold and to remove the inherent uncertainty in estimating future development
  costs from amortization calculations. </p>
</blockquote>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>26</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2" FACE="Interstate" style="font-size: 9pt"><b>
    NOTES TO FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font><font FACE="Interstate" size="2">
<blockquote>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Under our revised accounting policy, costs incurred to access
specific ore blocks or areas, and that only provide benefit over the life of
that area, are amortized over the proven and probable reserves within the
specific ore block or area. Infrastructure and other common costs which have a
useful life over the entire mine life continue to be amortized over total proven
and probable reserves of the mine. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The cumulative effect of this change at January 1, 2003, was to
decrease property, plant and equipment by $19 million, and increase deferred
income tax liabilities by $2 million. In the first quarter of 2003 we recorded
in our income statement a $21 million charge for the cumulative effect of this
change. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the three-month period ended December 31, 2003, the effect
of adopting this accounting change was a decrease in income before the
cumulative effect of accounting changes by $ 0.04 million ($nil per share), and
for the twelve-month period ended December 31, 2003, the effect was a decrease
in income before the cumulative effect of accounting changes by $0.16 million
($nil per share). </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the comparative income statements had been adjusted for the
retroactive application of this change in amortization policy, there would have
been no effect on net income for the three-month period ended December 31, 2002,
or twelve-month period ended December 31, 2002. </p>
</blockquote>
<b>
<p>C&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in estimates <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pension costs</b> </p>
<blockquote>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In 2003, we reduced the assumed rate of return on pension plan assets from
8.5% to 7%. The effect of this change in 2003 was to increase pension cost
expense by $2 million for the full year. </p>
</blockquote>
<b>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proven and probable reserves</b> </p>
<blockquote>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the twelve-month period ended December 31, 2003, we expensed development
costs totaling $17 million at our Veladero Project in Argentina because in
accordance with our accounting policy for these costs, we do not capitalize
development costs incurred until after proven and probable reserves, as defined
by United States reporting standards, have been found. Effective October 1,
2003, we determined that the project met the definition of reserves for United
States reporting purposes. Following this determination we began capitalizing
development costs at the Veladero project prospectively for future periods.<b>
</p>
</blockquote>
<p>3</b></font><font size="2"> </font><b><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COST
OF SALES AND OTHER OPERATING EXPENSES </p>
</font></b>
<blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="739" bordercolorlight="#000000" cellpadding="0" bordercolordark="#000000" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="327" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="201" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Three months ended December 31,</font></td>
    <td WIDTH="211" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Twelve months ended December 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="327" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="86" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="115" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="118" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="327" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Cost of sales<sup>(1)</sup></font></td>
    <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$ 282</font></b></td>
    <td WIDTH="115" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$ 294</font></td>
    <td WIDTH="118" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$ 1,100</font></b></td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$ 1,114</font></td>
  </tr>
  <tr>
    <td WIDTH="327"><font FACE="Interstate" SIZE="2">By-product revenues</font></td>
    <td WIDTH="86" align="right"><b><font FACE="Interstate" SIZE="2">(28)</font></b></td>
    <td WIDTH="115" align="right"><font FACE="Interstate" SIZE="2">(30)</font></td>
    <td WIDTH="118" align="right"><b><font FACE="Interstate" SIZE="2">(114)</font></b></td>
    <td WIDTH="93" align="right"><font FACE="Interstate" SIZE="2">(119)</font></td>
  </tr>
  <tr>
    <td WIDTH="327" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Royalty expenses</font></td>
    <td WIDTH="86" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">14</font></b></td>
    <td WIDTH="115" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">11</font></td>
    <td WIDTH="118" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">50</font></b></td>
    <td WIDTH="93" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">37</font></td>
  </tr>
  <tr>
    <td WIDTH="327"><font FACE="Interstate" SIZE="2">Production taxes</font></td>
    <td WIDTH="86" align="right"><b><font FACE="Interstate" SIZE="2">3</font></b></td>
    <td WIDTH="115" align="right"><font FACE="Interstate" SIZE="2">2</font></td>
    <td WIDTH="118" align="right"><b><font FACE="Interstate" SIZE="2">15</font></b></td>
    <td WIDTH="93" align="right"><font FACE="Interstate" SIZE="2">5</font></td>
  </tr>
  <tr>
    <td WIDTH="327" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Reclamation and other
    closure costs (note 2A)</font></td>
    <td WIDTH="86" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="115" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">7</font></td>
    <td WIDTH="118" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="93" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">34</font></td>
  </tr>
  <tr>
    <td WIDTH="327" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">Accretion expense on
    reclamation/closure obligations and other reclamation/closure costs (note 2A)</font></td>
    <td WIDTH="86" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">39</font></b></td>
    <td WIDTH="115" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="118" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">83</font></b></td>
    <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="327" style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:solid; border-top-width:1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="86" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$ 310</font></b></td>
    <td WIDTH="115" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$ 284</font></td>
    <td WIDTH="118" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$ 1,134</font></b></td>
    <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$ 1,071</font></td>
  </tr>
</table>
<font FACE="Interstate" style="font-size: 9pt">
<p>(1) Cost of sales includes all costs that are capitalized to inventory,
except for amortization of property, plant and equipment. <br>
The amount of amortization capitalized into inventory, but excluded from cost
of sales was $128 million in the three months ended December 31, 2003 (2002 -
$134 million); and $497 million in the twelve months ended December 31, 2003
(2002 - $493 million). </p>
</blockquote>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>27</b></font></td>
    <td WIDTH="46%">
    <p align="right" dir="ltr"><font size="2" FACE="Interstate"><b>NOTES TO
    FINANCIAL STATEMENTS</b></font></td>
    </font>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate" SIZE="2"><b>
<blockquote>
<p>Amortization of capitalized mining costs</b> </p>
<p>We charge most mine operating costs to inventory as incurred. However, we
defer and amortize certain mining costs associated with open-pit deposits that
have diverse ore grades and waste-to-ore ton ratios over the mine life. These
mining costs arise from the removal of waste rock at our open-pit mines, and we
commonly refer to them as &quot;deferred stripping costs&quot;. We charge to inventory
amortization of amounts deferred based on a &quot;stripping ratio&quot; using the
units-of-production method. This accounting method results in the smoothing of
these costs over the life of mine, rather than expensing them as incurred. Some
mining companies expense these costs as incurred, which may result in the
reporting of greater volatility in period-to-period results of operations. The
application of our deferred stripping accounting policy in the three months
ended December 31, 2003 resulted in an increase in operating costs by $3 million
compared to actual costs incurred (three months ended December 31, 2002 - $18
million increase), and for the twelve months ended December 31, 2003, the
application resulted in an increase in operating costs by $37 million compared
to actual costs incurred (twelve months ended December 31, 2002 - $29 million
increase).</font><font FACE="Times New Roman" SIZE="2"> </p>
</font><font FACE="Interstate" SIZE="2">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized mining costs are an asset that represents the excess of costs
capitalized over the related amortization recorded, although it is possible that
a liability could arise if cumulative amortization exceeds costs capitalized.
The carrying amount of capitalized mining costs is grouped with related mining
property, plant and equipment for impairment testing purposes.</font><font FACE="Times New Roman" SIZE="2">
</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="259" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Average stripping ratios<b> <sup>(1)</sup></b></font></td>
    <td WIDTH="146" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="112" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="133" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="106" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="259" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="260" COLSPAN="2" align="right" style="border-bottom-style: none; border-bottom-width: medium">
    <font FACE="Interstate" SIZE="2">Three months ended December 31,</font></td>
    <td WIDTH="241" COLSPAN="2" align="right" style="border-bottom-style: none; border-bottom-width: medium">
    <font FACE="Interstate" SIZE="2">Twelve months ended December 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="259" style="border-top-style: none; border-top-width: medium; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="146" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="112" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="133" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="106" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="259" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Open Pit (Goldstrike)</font></td>
    <td WIDTH="146" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">112:1</font></b></td>
    <td WIDTH="112" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">112:1</font></td>
    <td WIDTH="133" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">112:1</font></b></td>
    <td WIDTH="106" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">112:1</font></td>
  </tr>
  <tr>
    <td WIDTH="259" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Interstate" SIZE="2">Pierina</font></td>
    <td WIDTH="146" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Interstate" SIZE="2">48:1</font></b></td>
    <td WIDTH="112" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Interstate" SIZE="2">48:1</font></td>
    <td WIDTH="133" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Interstate" SIZE="2">48:1</font></b></td>
    <td WIDTH="106" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Interstate" SIZE="2">48:1</font></td>
  </tr>
</table>
<font FACE="Interstate" SIZE="2"><sup>
<p>(1)</sup> The stripping ratio is calculated as the ratio of total tons (ore
and waste) of material to be moved compared to total recoverable ounces in
proven and probable gold reserves. </p>
<p>The average remaining life of the above-mentioned open-pit mine operations
for which we capitalize mining costs is eight years. The full amount of
stripping costs incurred will be expensed by the end of the mine lives. </p>
</blockquote>
<b>
<p>4</b></font><font size="2"> </font><font FACE="Interstate" SIZE="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTHER INCOME/EXPENSE </p>
</b></font>
<blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="77%" bordercolorlight="#000000" cellpadding="0" bordercolordark="#000000" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="310" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="222" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Three months ended December 31,</font></td>
    <td WIDTH="237" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Twelve months ended December 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="310" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="116" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="106" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="310" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Interest income</font></td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">9</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">12</font></td>
    <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">34</font></b></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">30</font></td>
  </tr>
  <tr>
    <td WIDTH="310"><font FACE="Interstate" SIZE="2">Gains on sale of long-lived
    assets</font></td>
    <td WIDTH="72" align="right">&nbsp;</td>
    <td WIDTH="44" align="right"><b><font FACE="Interstate" SIZE="2">7</font></b></td>
    <td WIDTH="56" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">3</font></td>
    <td WIDTH="91" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><b><font FACE="Interstate" SIZE="2">39</font></b></td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">8</font></td>
  </tr>
  <tr>
    <td WIDTH="310" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Foreign currency
    translation gains (losses)</font></td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">8</font></b></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(2)</font></td>
    <td WIDTH="91" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">2</font></b></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1</font></td>
  </tr>
  <tr>
    <td WIDTH="310"><font FACE="Interstate" SIZE="2">Losses on available for
    sale securities</font></td>
    <td WIDTH="72" align="right">&nbsp;</td>
    <td WIDTH="44" align="right"><b><font FACE="Interstate" SIZE="2">(5)</font></b></td>
    <td WIDTH="56" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="91" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><b><font FACE="Interstate" SIZE="2">(12)</font></b></td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">(4)</font></td>
  </tr>
  <tr>
    <td WIDTH="310" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Other items</font></td>
    <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">(8)</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(12)</font></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">(11)</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(6)</font></td>
  </tr>
  <tr>
    <td WIDTH="310" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">11</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">1</font></td>
    <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">52</font></b></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">29</font></td>
  </tr>
</table>
<font FACE="Interstate" SIZE="2">
<p>In 2003, we sold various assets, including several land positions around
inactive mine sites in the United States; as well as the East Malartic Mill and
Bousquet mine in Canada. We may continue to sell further land positions around
our inactive mine sites in the United States. These land positions have been
fully amortized, and therefore any proceeds would likely generate gains on sale,
before selling costs and taxes. </p>
</blockquote>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>28</b></font></td>
    <td WIDTH="46%">
    <p align="right" dir="ltr"><font size="2" FACE="Interstate"><b>NOTES TO
    FINANCIAL STATEMENTS</b></font></td>
    </font>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate" SIZE="2"><b>
<p>5&nbsp; </b></font><font size="2">&nbsp;</font><font FACE="Interstate" SIZE="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INCOME
TAXES </p>
</b></font>
<blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="77%" bordercolorlight="#000000" cellpadding="0" bordercolordark="#000000" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="289" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Income tax recovery (expense)</font></td>
    <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="89" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="289" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="234" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    Three months ended December 31,</font></td>
    <td WIDTH="242" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    Twelve months ended December 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="289" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="89" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="289" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Current</font></td>
    <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">20</font></b></td>
    <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(44)</font></td>
    <td WIDTH="89" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">(54)</font></b></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(59)</font></td>
  </tr>
  <tr>
    <td WIDTH="289" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Deferred</font></td>
    <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">(16)</font></b></td>
    <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">66</font></td>
    <td WIDTH="89" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">49</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">75</font></td>
  </tr>
  <tr>
    <td WIDTH="289" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">4</font></b></td>
    <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">22</font></td>
    <td WIDTH="89" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">(5)</font></b></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">16</font></td>
  </tr>
</table>
<b>
<p></b><font FACE="Interstate" size="2">Following a corporate reorganization of
certain North American subsidiaries in second quarter 2003, we released
valuation allowances totaling $21 million previously recorded against certain
deferred income tax assets in entities that did not have any current sources of
income. The tax benefits from these previously unrecognized tax assets are now
expected to be realized, and this benefit was recorded as a component of the $49
million deferred income tax credit for 2003. In fourth quarter 2003, we released
valuation allowances totaling $18 million, that mainly includes allowances of
$15 million that had been recorded against deferred tax assets in Argentina.
Following the approval to begin construction at Veladero and the classification
of mineralized material as proven and probable reserves in fourth quarter 2003,
we concluded that sufficient evidence existed to support the realization of
deferred tax assets, and a valuation allowance was no longer required. Excluding
the $39 million valuation allowance release our underlying effective tax rate
for 2003 was 20%. The two major reasons why this rate differs from the Canadian
federal statutory rate of 38% include: non-hedge derivative gains in a low
tax-rate jurisdiction caused our effective tax rate to decrease by 6%; and the
benefits of previously unrecognized tax loss carry forwards in various foreign
subsidiaries which were utilized to offset higher levels of taxable income due
to the higher gold price environment which caused our effective tax rate to
decrease by 12%. </p>
</blockquote>
<b>
<p>6</b></font><font size="2"> </font><font FACE="Interstate" SIZE="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EARNINGS PER SHARE</b></font><font FACE="Minion" SIZE="2"> </p>
</font><font FACE="Interstate" SIZE="2">
<blockquote>
<p>Net income per share was calculated using the weighted average number of
common shares outstanding for the three-month period ended December 31, 2003,
which amounted to 534 million shares (2002 - 542 million shares), and for the
twelve-month period ended December 31, 2003 amounted to 539 million shares (2002
- - 541 million shares).
</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted net income per share reflects the dilutive effect
of the exercise of common share purchase options outstanding as at the end of
the period. The number of shares for the diluted net income per share
calculation for the three- month period ended December 31, 2003 amounted to 536
million shares (2002 - 543 million shares) and for the twelve-month period ended
December 31, 2003 amounted to 539 million shares (2002 - 541 million shares).
</p>
</blockquote>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>29</b></font></td>
    <td WIDTH="46%">
    <p align="right" dir="ltr"><font size="2" FACE="Interstate"><b>NOTES TO
    FINANCIAL STATEMENTS</b></font></td>
    </font>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate" SIZE="2"><b>
<p>7</b></font><font size="2"> </font><font FACE="Interstate" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMPREHENSIVE INCOME </p>
</b>
<blockquote>
<p>Comprehensive income consists of net income and other gains and losses that
are excluded from net income. These other gains and losses consist mainly of
gains and losses on derivative instruments accounted for as cash flow hedges;
unrealized gains and losses on available-for-sale securities; and foreign
currency translation adjustments. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="311">&nbsp;</td>
    <td WIDTH="81" align="right">&nbsp;</td>
    <td WIDTH="31" align="right">&nbsp;</td>
    <td WIDTH="38" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="39" align="right">&nbsp;</td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="36" align="right">&nbsp;</td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="37" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="311" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Parts of comprehensive income</font></td>
    <td WIDTH="81" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="31" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="311" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="283" COLSPAN="7" align="center"><font FACE="Interstate" SIZE="2">
    Three months ended December 31,</font></td>
    <td WIDTH="286" COLSPAN="8" align="center"><font FACE="Interstate" SIZE="2">
    Twelve months ended December 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="311" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="81" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="31" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="64" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="66" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="311" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="81" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>Pre-tax</b></font></td>
    <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>Tax</b></font></td>
    <td WIDTH="68" COLSPAN="2" align="right"><font FACE="Interstate" SIZE="2">
    Pre-tax</font></td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Tax</font></td>
    <td WIDTH="74" COLSPAN="2" align="right"><font FACE="Interstate" SIZE="2">
    <b>Pre-tax</b></font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>Tax</b></font></td>
    <td WIDTH="66" COLSPAN="2" align="right"><font FACE="Interstate" SIZE="2">
    Pre-tax</font></td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Tax</font></td>
  </tr>
  <tr>
    <td WIDTH="311" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="81" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>amount</b></font></td>
    <td WIDTH="69" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>effect</b></font></td>
    <td WIDTH="68" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">amount</font></td>
    <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">effect</font></td>
    <td WIDTH="74" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>amount</b></font></td>
    <td WIDTH="79" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>effect</b></font></td>
    <td WIDTH="66" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">amount</font></td>
    <td WIDTH="67" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">effect</font></td>
  </tr>
  <tr>
    <td WIDTH="311" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Foreign currency translation adjustments</font></td>
    <td WIDTH="81" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$ 2</b></font></td>
    <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">2</font></td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>(3)</b></font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(21)</font></td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="311"><font FACE="Interstate" SIZE="2">Transfers of realized gains
    on cash flow</font></td>
    <td WIDTH="81" align="right">&nbsp;</td>
    <td WIDTH="31" align="right">&nbsp;</td>
    <td WIDTH="38" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="39" align="right">&nbsp;</td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="36" align="right">&nbsp;</td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="37" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="311"><font FACE="Interstate" SIZE="2">hedges to earnings (note
    11F)</font></td>
    <td WIDTH="81" align="right"><font FACE="Interstate" SIZE="2"><b>(29)</b></font></td>
    <td WIDTH="31" align="right">&nbsp;</td>
    <td WIDTH="38" align="right"><font FACE="Interstate" SIZE="2"><b>12</b></font></td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="34" align="right"><font FACE="Interstate" SIZE="2">(7)</font></td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="35" align="right"><font FACE="Interstate" SIZE="2">(1)</font></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="39" align="right"><font FACE="Interstate" SIZE="2"><b>(91)</b></font></td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="34" align="right"><font FACE="Interstate" SIZE="2"><b>30</b></font></td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="36" align="right"><font FACE="Interstate" SIZE="2">(25)</font></td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="37" align="right"><font FACE="Interstate" SIZE="2">4</font></td>
  </tr>
  <tr>
    <td WIDTH="311" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Hedge ineffectiveness
    transferred to</font></td>
    <td WIDTH="81" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="31" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="311" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">earnings (note 11F)</font></td>
    <td WIDTH="81" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(9)</b></font></td>
    <td WIDTH="31" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="38" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>4</b></font></td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(19)</b></font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>7</b></font></td>
    <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="311"><font FACE="Interstate" SIZE="2">Change in gains accumulated
    in OCI for cash</font></td>
    <td WIDTH="81" align="right">&nbsp;</td>
    <td WIDTH="31" align="right">&nbsp;</td>
    <td WIDTH="38" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="39" align="right">&nbsp;</td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="36" align="right">&nbsp;</td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="37" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="311"><font FACE="Interstate" SIZE="2">flow hedges (note 11F)</font></td>
    <td WIDTH="81" align="right"><font FACE="Interstate" SIZE="2"><b>119</b></font></td>
    <td WIDTH="31" align="right">&nbsp;</td>
    <td WIDTH="38" align="right"><font FACE="Interstate" SIZE="2"><b>(38)</b></font></td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="34" align="right"><font FACE="Interstate" SIZE="2">31</font></td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="35" align="right"><font FACE="Interstate" SIZE="2">(14)</font></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="39" align="right"><font FACE="Interstate" SIZE="2"><b>349</b></font></td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="34" align="right"><font FACE="Interstate" SIZE="2"><b>(119)</b></font></td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="36" align="right"><font FACE="Interstate" SIZE="2">49</font></td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="37" align="right"><font FACE="Interstate" SIZE="2">(21)</font></td>
  </tr>
  <tr>
    <td WIDTH="311" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Additional minimum pension
    liability</font></td>
    <td WIDTH="81" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="31" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="38" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(2)</font></td>
    <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(2)</font></td>
    <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="311"><font FACE="Interstate" SIZE="2">Transfers of realized
    losses on available for</font></td>
    <td WIDTH="81" align="right">&nbsp;</td>
    <td WIDTH="31" align="right">&nbsp;</td>
    <td WIDTH="38" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="39" align="right">&nbsp;</td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="36" align="right">&nbsp;</td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="37" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="311"><font FACE="Interstate" SIZE="2">sale securities to earnings</font></td>
    <td WIDTH="81" align="right"><font FACE="Interstate" SIZE="2"><b>1</b></font></td>
    <td WIDTH="31" align="right">&nbsp;</td>
    <td WIDTH="38" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="34" align="right"><font FACE="Interstate" SIZE="2">4</font></td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="35" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="39" align="right"><font FACE="Interstate" SIZE="2"><b>8</b></font></td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="34" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="36" align="right"><font FACE="Interstate" SIZE="2">4</font></td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="37" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="311" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Unrealized gains (losses)
    on available for sale</font></td>
    <td WIDTH="81" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="31" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="311" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">securities</font></td>
    <td WIDTH="81" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>23</b></font></td>
    <td WIDTH="31" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(2)</font></td>
    <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>36</b></font></td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(6)</font></td>
    <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="311" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="81" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>$ 107</b></font></td>
    <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>(22)</b></font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">26</font></td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;(15)</font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>280</b></font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>(82)</b></font></td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(1)</font></td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(17)</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="358" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Accumulated other comprehensive income
    (loss) (OCI)</font></td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="358" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="236" align="right" colspan="6" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">
    <p align="center"><b>At December 31, 2003</b></font></td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="214" COLSPAN="5" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">At December 31, 2002</font></td>
  </tr>
  <tr>
    <td WIDTH="358" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="91" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">Pre-tax</font></b></td>
    <td WIDTH="77" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">Tax effect</font></b></td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">Total</font></b></td>
    <td WIDTH="106" COLSPAN="2" align="right"><font FACE="Interstate" SIZE="2">
    Pre-tax</font></td>
    <td WIDTH="79" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Tax effect</font></td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Total</font></td>
  </tr>
  <tr>
    <td WIDTH="358" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="91" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">amount</font></b></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="106" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">amount</font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="358" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Foreign currency translation adjustments</font></td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">(147)</font></b></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">(147)</font></b></td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(144)</font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(144)</font></td>
  </tr>
  <tr>
    <td WIDTH="358"><font FACE="Interstate" SIZE="2">Accumulated gains on cash
    flow hedges (note 11F)</font></td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="40" align="right"><b><font FACE="Interstate" SIZE="2">288</font></b></td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="34" align="right"><b><font FACE="Interstate" SIZE="2">(99)</font></b></td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="38" align="right"><b><font FACE="Interstate" SIZE="2">189</font></b></td>
    <td WIDTH="54" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">49</font></td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="43" align="right"><font FACE="Interstate" SIZE="2">(17)</font></td>
    <td WIDTH="38" align="right">&nbsp;</td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">32</font></td>
  </tr>
  <tr>
    <td WIDTH="358" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Additional minimum pension
    liability</font></td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(7)</font></b></td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="38" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(7)</font></b></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(7)</font></td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="43" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(7)</font></td>
  </tr>
  <tr>
    <td WIDTH="358"><font FACE="Interstate" SIZE="2">Unrealized gains (losses)
    on available-for-sale</font></td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="38" align="right">&nbsp;</td>
    <td WIDTH="54" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="43" align="right">&nbsp;</td>
    <td WIDTH="38" align="right">&nbsp;</td>
    <td WIDTH="45" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="358" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">securities</font></td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">38</font></b></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">38</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(6)</font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(6)</font></td>
  </tr>
  <tr>
    <td WIDTH="358" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">172</font></b></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">(99)</font></b></td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">73</font></b></td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(108)</font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(17)</font></td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(125)</font></td>
  </tr>
</table>
</blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>30</b></font></td>
    <td WIDTH="46%">
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></font></td>
    </font>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate" SIZE="2"><b>
<p>8&nbsp;&nbsp; </b></font><font size="2">&nbsp;</font><font FACE="Interstate" SIZE="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INVENTORIES
AND OTHER CURRENT ASSETS </p>
</b></font>
<blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="58%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="268" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="151" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b><font FACE="Interstate" SIZE="2">
    At December 31, 2003</font></b></td>
    <td WIDTH="157" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">
    At December 31, 2002</font></td>
  </tr>
  <tr>
    <td WIDTH="268" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Inventories</font></td>
    <td WIDTH="102" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="107" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="268"><font FACE="Interstate" SIZE="2">Gold in process and ore in
    stockpiles</font></td>
    <td WIDTH="102" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right"><b><font FACE="Interstate" SIZE="2">99</font></b></td>
    <td WIDTH="107" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="48" align="right"><font FACE="Interstate" SIZE="2">100</font></td>
  </tr>
  <tr>
    <td WIDTH="268" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Mine operating supplies</font></td>
    <td WIDTH="102" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b><font FACE="Interstate" SIZE="2">58</font></b></td>
    <td WIDTH="107" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">59</font></td>
  </tr>
  <tr>
    <td WIDTH="268" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="102" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b><font FACE="Interstate" SIZE="2">157</font></b></td>
    <td WIDTH="107" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">159</font></td>
  </tr>
  <tr>
    <td WIDTH="268" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Other current assets</font></td>
    <td WIDTH="102" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="107" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="268"><font FACE="Interstate" SIZE="2">Derivative assets (note 11)</font></td>
    <td WIDTH="102" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><b><font FACE="Interstate" SIZE="2">154</font></b></td>
    <td WIDTH="107" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><font FACE="Interstate" SIZE="2">37</font></td>
  </tr>
  <tr>
    <td WIDTH="268" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Prepaid expenses</font></td>
    <td WIDTH="102" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b><font FACE="Interstate" SIZE="2">15</font></b></td>
    <td WIDTH="107" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">10</font></td>
  </tr>
  <tr>
    <td WIDTH="268" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="102" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b><font FACE="Interstate" SIZE="2">169</font></b></td>
    <td WIDTH="107" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">47</font></td>
  </tr>
</table>
<font FACE="Interstate" SIZE="2">
<p align="left">Gold in process and ore in stockpiles excludes $64 million
(December 31, 2002 - $61 million) of stockpiled ore, which is not expected to be
processed in the following 12 months. This amount is included in other assets.
</p>
</blockquote>
<b>
<p align="left">9</b></font><font size="2"> </font><b>
<font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAPITAL STOCK </p>
<p align="left">A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share repurchase program </p>
</font></b>
<font FACE="Interstate" SIZE="2">
<blockquote>
<p align="left">During the twelve-month period ended December 31, 2003, we
repurchased 8.75 million common shares at an average cost of $17.56 per share.
</p>
</blockquote>
</font><b><font FACE="Interstate" size="2">
<p align="left">B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrick Gold Inc. (&quot;BGI&quot;) exchangeable shares </p>
</font></b>
<font FACE="Interstate" size="2">
<blockquote>
<p ALIGN="left">In connection with a 1998 acquisition, BGI, formerly Homestake
Canada Inc., issued 11.1 million BGI exchangeable shares. Each BGI exchangeable
share is exchangeable for 0.53 of a Barrick common share at any time at the
option of the holder and has essentially the same voting, dividend (payable in
Canadian dollars), and other rights as 0.53 of a Barrick common share. BGI is a
subsidiary that holds our interest in the Hemlo and Eskay Creek Mines. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At December 31, 2003, $1.5 million BGI exchangeable shares were
outstanding, which are equivalent to $0.8 million Barrick common shares. The
equivalent common share amounts are reflected in the number of common shares
outstanding. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At any time on or after December 31, 2008, or when fewer than
1.4 million BGI exchangeable shares are outstanding, we have the right to
require the exchange of each outstanding BGI exchangeable share for 0.53 of a
Barrick common share. While there are exchangeable shares outstanding, we are
required to present summary consolidated financial information relating to BGI
for holders of exchangeable shares. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="77%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="286" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">Summarized financial information for BGI</font></td>
    <td WIDTH="96" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="155" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="286" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="229" COLSPAN="4" align="right"><font FACE="Interstate" size="2">
    Three months ended December 31,</font></td>
    <td WIDTH="253" COLSPAN="3" align="right"><font FACE="Interstate" size="2">
    Twelve months ended December 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="286" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="135" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" size="2">2003</font></b></td>
    <td WIDTH="92" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">2002</font></td>
    <td WIDTH="155" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" size="2">2003</font></b></td>
    <td WIDTH="96" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="286" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" size="2">Total revenues and other income</font></td>
    <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" size="2">$</font></b></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" size="2">61</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" size="2">$</font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" size="2">62</font></td>
    <td WIDTH="155" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" size="2">$&nbsp;&nbsp; 226</font></b></td>
    <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" size="2">$</font></td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" size="2">203</font></td>
  </tr>
  <tr>
    <td WIDTH="286" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">Less: costs and expenses</font></td>
    <td WIDTH="96" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" size="2">70</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">53</font></td>
    <td WIDTH="155" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" size="2">245</font></b></td>
    <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">191</font></td>
  </tr>
  <tr>
    <td WIDTH="286" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" size="2">Income (loss) before taxes:</font></td>
    <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" size="2">(9)</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" size="2">9</font></td>
    <td WIDTH="155" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" size="2">(19)</font></b></td>
    <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" size="2">12</font></td>
  </tr>
  <tr>
    <td WIDTH="286" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">Net income (loss)</font></td>
    <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" size="2">$</font></b></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" size="2">(27)</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">$</font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">6</font></td>
    <td WIDTH="155" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" size="2">$&nbsp;&nbsp; (38)</font></b></td>
    <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">$</font></td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" size="2">(1)</font></td>
  </tr>
  <tr>
    <td WIDTH="286" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="155" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
</table>
</blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>31</b></font></td>
    <td WIDTH="46%">
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></font></td>
    </font>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="68%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="317" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="172" COLSPAN="2" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="186" COLSPAN="2" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="317" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="172" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">At December 31, 2003</font></b></td>
    <td WIDTH="186" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">At December 31, 2002</font></td>
  </tr>
  <tr>
    <td WIDTH="317" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Current assets</font></td>
    <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="74" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">72</font></b></td>
    <td WIDTH="112" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">91</font></td>
  </tr>
  <tr>
    <td WIDTH="317" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Non-current assets</font></td>
    <td WIDTH="96" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="74" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">233</font></b></td>
    <td WIDTH="112" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">236</font></td>
  </tr>
  <tr>
    <td WIDTH="317" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Total assets</font></td>
    <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="74" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">305</font></b></td>
    <td WIDTH="112" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">327</font></td>
  </tr>
  <tr>
    <td WIDTH="317" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Current liabilities</font></td>
    <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="74" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">20</font></b></td>
    <td WIDTH="112" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">75</font></td>
  </tr>
  <tr>
    <td WIDTH="317" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Intercompany notes payable</font></td>
    <td WIDTH="96" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="74" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">546</font></b></td>
    <td WIDTH="112" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">407</font></td>
  </tr>
  <tr>
    <td WIDTH="317"><font FACE="Interstate" SIZE="2">Other long-term liabilities</font></td>
    <td WIDTH="96" align="right">&nbsp;</td>
    <td WIDTH="74" align="right"><b><font FACE="Interstate" SIZE="2">11</font></b></td>
    <td WIDTH="112" align="right">&nbsp;</td>
    <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2">18</font></td>
  </tr>
  <tr>
    <td WIDTH="317" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Deferred income taxes</font></td>
    <td WIDTH="96" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="74" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">67</font></b></td>
    <td WIDTH="112" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">122</font></td>
  </tr>
  <tr>
    <td WIDTH="317" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Shareholders' equity</font></td>
    <td WIDTH="96" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="74" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">(339)</font></b></td>
    <td WIDTH="112" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(295)</font></td>
  </tr>
  <tr>
    <td WIDTH="317" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Total liabilities and shareholders' equity</font></td>
    <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="74" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">305</font></b></td>
    <td WIDTH="112" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">327</font></td>
  </tr>
  <tr>
    <td WIDTH="317" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="74" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="112" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
</table>
</blockquote>
<font FACE="Interstate" SIZE="2"><b>
<p>10</b></font><font size="2"> </font><font FACE="Interstate" SIZE="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMPLOYEE STOCK-BASED COMPENSATION</b> <br>
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock options </p>
</b></font>
<blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="71%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="274" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Stock option activity (shares in millions)</font></td>
    <td WIDTH="76" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="99" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="74" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="274" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="76" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Common</font></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Weighted</font></td>
    <td WIDTH="99" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Common</font></td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="74" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Weighted</font></td>
  </tr>
  <tr>
    <td WIDTH="274">&nbsp;</td>
    <td WIDTH="76" align="right"><font FACE="Interstate" SIZE="2">shares</font></td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">average</font></td>
    <td WIDTH="99" align="right"><font FACE="Interstate" SIZE="2">shares</font></td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="74" align="right"><font FACE="Interstate" SIZE="2">average</font></td>
  </tr>
  <tr>
    <td WIDTH="274" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="76" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(number)</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">price (C$)</font></td>
    <td WIDTH="99" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(number)</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="74" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">price (US$)</font></td>
  </tr>
  <tr>
    <td WIDTH="274" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">At December 31, 2002</font></td>
    <td WIDTH="76" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">18.9</font></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="99" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">3.1</font></td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="74" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="274"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Granted</font></td>
    <td WIDTH="76" align="right"><font FACE="Interstate" SIZE="2">4.8</font></td>
    <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">28.61</font></td>
    <td WIDTH="99" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="74" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="274" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Exercised</font></td>
    <td WIDTH="76" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(1.0)</font></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">23.99</font></td>
    <td WIDTH="99" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(0.7)</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="74" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">13.07</font></td>
  </tr>
  <tr>
    <td WIDTH="274" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Canceled or expired</font></td>
    <td WIDTH="76" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(1.2)</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">27.95</font></td>
    <td WIDTH="99" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(0.1)</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="74" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">22.88</font></td>
  </tr>
  <tr>
    <td WIDTH="274" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">At December 31, 2003</font></td>
    <td WIDTH="76" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">21.5</font></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="99" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">2.3</font></td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="74" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
</table>
<font FACE="Interstate" SIZE="2">
<p>Under Accounting Principles Board Opinion No. 25 (Accounting for Stock Issued
to Employees) (APB 25), we recognize compensation cost for stock options in
earnings based on the excess, if any, of the quoted market price of the stock at
the grant date of the award over the option exercise price. Generally, the
exercise price for stock options granted to employees equals the fair market
value of our common stock at the date of grant, resulting in no compensation
cost. </p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FASB Statement No. 123 (Accounting for Stock-Based Compensation) ( FAS 123)
encourages, but does not require, companies to record compensation cost for
stock-based employee compensation plans based on the fair value of options
granted. We have elected to continue to account for stock-based compensation
using the intrinsic value method prescribed in APB 25 and its related
interpretations, and to provide disclosures of the pro forma effects of adoption
had we recorded compensation expense under the fair value method.<b> </p>
</blockquote>
</b></font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>32</b></font></td>
    <td WIDTH="46%">
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></font></td>
    </font>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="78%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="319" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Stock option expense<b> </b>(per share
    amounts in dollars)</font></td>
    <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="319" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="224" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    Three months ended December 31,</font></td>
    <td WIDTH="230" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    Twelve months ended December 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="319" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="319" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Pro forma effects</font></td>
    <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="319"><font FACE="Interstate" SIZE="2">Net income, as reported</font></td>
    <td WIDTH="67" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right"><b><font FACE="Interstate" SIZE="2">77</font></b></td>
    <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">54</font></td>
    <td WIDTH="71" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="49" align="right"><b><font FACE="Interstate" SIZE="2">200</font></b></td>
    <td WIDTH="54" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">193</font></td>
  </tr>
  <tr>
    <td WIDTH="319" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Stock option expense</font></td>
    <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">(6)</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(6)</font></td>
    <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">(24)</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(21)</font></td>
  </tr>
  <tr>
    <td WIDTH="319" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Pro forma net income</font></td>
    <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">71</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">48</font></td>
    <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">176</font></b></td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">172</font></td>
  </tr>
  <tr>
    <td WIDTH="319" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Net income per share</font></td>
    <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="319"><font FACE="Interstate" SIZE="2">As reported <b><sup>1</sup></b></font></td>
    <td WIDTH="67" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right"><b><font FACE="Interstate" SIZE="2">0.14</font></b></td>
    <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">0.10</font></td>
    <td WIDTH="71" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="49" align="right"><b><font FACE="Interstate" SIZE="2">0.37</font></b></td>
    <td WIDTH="54" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">0.36</font></td>
  </tr>
  <tr>
    <td WIDTH="319" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Pro forma <b><sup>1</sup></b></font></td>
    <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">0.14</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">0.09</font></td>
    <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">0.33</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">0.32</font></td>
  </tr>
</table>
<font FACE="Interstate" SIZE="1">
<p></font><font FACE="Interstate" SIZE="2"><sup>1 </sup>basic and diluted </p>
</blockquote>
</font><b><font FACE="Interstate" size="2">
<p>11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DERIVATIVE INSTRUMENTS </p>
<p>A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative instruments </p>
</font></b><font FACE="Interstate" size="2">
  <blockquote>
  <p>We use derivative financial instruments to mitigate the effects of certain
  risks that are inherent in our business, and also to take advantage of
  opportunities to secure attractive pricing for commodities, currencies and
  interest rates, utilizing our credit capacity to do so. The inherent risks
  that we most often attempt to mitigate by the use of derivative instruments
  occur from changes in commodity prices (gold and silver), interest rates and
  foreign currency exchange rates. Because we produce gold and silver, incur
  costs in foreign currencies and invest and borrow in US dollars and are
  therefore subject to US interest rates, all of our derivative contracts cover
  natural underlying asset or liability positions. The purpose of the hedging
  elements of our derivative program is that changes in the values of cash flows
  from hedged items are offset by equivalent changes in the values of
  derivatives instruments. </p>
  <p>We do not hold derivatives for the purpose of speculation; our risk
  management programs are designed to enable us to plan our business effectively
  and, where possible, mitigate adverse effects of future movements in gold and
  silver prices, interest rates and foreign currency exchange rates. </p>
  <p>For a more detailed description of the types of derivative instruments we
  use, and our accounting policies for derivative instruments, refer to note 23
  to our audited consolidated financial statements for the three years ended
  December 31, 2002. </p>
</blockquote>
<b>
<p>B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold and silver hedge contracts </p>
  <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward gold sales contracts</b> </p>
  <blockquote>
  <p>We have fixed price forward gold sales contracts with various
  counterparties for 15.5 million ounces of future gold production. The terms of
  the contracts are governed by master trading agreements that we have in place
  with the counterparties to the contracts. The contracts have final delivery
  dates over the next 10 to 15 years, but we have the right to accelerate the
  delivery date at any time over these periods. Contract prices are established
  at inception through to an interim date. Based on the contractual terms of the
  fixed-price contracts and current spot and forward gold market prices, the
  average price that would be realized if all production in the next three years
  was used to deliver into these contracts would be $309 per ounce. If we do not
  deliver at this interim date, a new interim date is set. The price for the new
  interim date is determined in accordance with the master trading agreements
  which have contractually agreed price adjustment mechanisms based on the
  market gold price. The master trading agreements have both fixed and floating
  price mechanisms. The fixed price represents the market price at the start
  date (or previous </p>
  </blockquote>
  </font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>33</b></font></td>
    <td WIDTH="46%">
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></font></td>
    </font>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
  <font FACE="Interstate" SIZE="2">
  <blockquote>
  <p>interim date) of the contract plus a premium based on the difference
  between the forward price of gold and the current market price of gold. For
  the majority of fixed-price forward gold sales contracts, selling prices are
  fixed through 2006. If at an interim date we opt for a floating price, the
  floating price represents the spot market price of gold plus or minus the
  difference between the previously fixed price and the market gold price at
  that interim date. Forward gold market prices, are principally influenced by
  the current market price of gold, gold lease rates and U.S. dollar interest
  rates. The final realized selling price under the contracts will depend on the
  timing of the actual future delivery date, the market price of gold at the
  start of the contract and the actual amount of the premium of the forward
  price of gold over the spot price of gold on the dates that fixed selling
  prices are set. </p>
  <p>We use gold lease rate swap contracts to manage our gold lease rate
  exposure. Based on the fact that historical short-term gold lease rates have
  been lower than longer-term gold lease rates, and because fixed price forward
  gold sales contracts have fixed gold lease rates, we have used these gold
  lease rate swap contracts to economically achieve a more optimal term
  structure for gold lease costs. Under these swaps we receive a fixed gold
  lease rate, and pay a floating gold lease rate on 3.3 million ounces of gold
  spread from 2004 to 2013. The swaps are associated with forward gold sales
  contracts with expected delivery dates beyond 2006. The contracts are
  accounted for as non-hedge derivatives. </p>
  <b>
  <p>Major customers </p>
  </b>
  <p>The largest single counterparty as of December 31, 2003 made up 12% of the
  ounces of outstanding forward gold sales contracts</font><font FACE="Times New Roman" SIZE="2">.
  </p>
  </font><font FACE="Interstate" SIZE="2"><b>
  <p>Forward silver sales contracts </b></p>
  <p ALIGN="JUSTIFY">Forward silver sales contracts have similar delivery terms
  and pricing mechanisms as forward gold sales contracts. At December 31, 2003,
  we had fixed-price commitments to deliver 22.3 million ounces of silver over
  periods of up to 10 to 15 years. </p>
  </blockquote>
  </font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>34</b></font></td>
    <td WIDTH="46%">
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></font></td>
    </font>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate" SIZE="2"><b>
<p>C&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative instruments outstanding as at December 31,
2003</b> </p>
</font>
<blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="244" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>Maturity</b></font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2004</font></td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2005</font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2006</font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2007</font></td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2008+</font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Total</font></td>
  </tr>
  <tr>
    <td WIDTH="244" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>Written silver call options</b></font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="244"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Ounces
    (thousands)</font></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">5,000</font></td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">2,000</font></td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="39" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">7,000</font></td>
  </tr>
  <tr>
    <td WIDTH="244" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Average exercise price
    per ounce</font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">6.04</font></td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">5.00</font></td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">5.74</font></td>
  </tr>
  <tr>
    <td WIDTH="244" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>Interest rate contracts</b></font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="244" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Receive-fixed swaps</font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="244"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Notional
    amount (millions)</font></td>
    <td WIDTH="35" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">50</font></td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="39" align="right"><font FACE="Interstate" SIZE="2">100</font></td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="47" align="right"><font FACE="Interstate" SIZE="2">575</font></td>
    <td WIDTH="44" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">275</font></td>
    <td WIDTH="40" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">1,000</font></td>
  </tr>
  <tr>
    <td WIDTH="244" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Fixed
    rate (%)</font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3.6%</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3.0%</font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3.5%</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">4.0%</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3.6%</font></td>
  </tr>
  <tr>
    <td WIDTH="244"><font FACE="Interstate" SIZE="2">Pay-fixed swaps</font></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="46" align="right">&nbsp;</td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="39" align="right">&nbsp;</td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="244" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Notional
    amount (millions)</font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">324</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">324</font></td>
  </tr>
  <tr>
    <td WIDTH="244" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Fixed rate (%)</font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">5.7%</font></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">5.7%</font></td>
  </tr>
  <tr>
    <td WIDTH="244" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Net notional position</font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">50</font></td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">100</font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">575</font></td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(49)</font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">676</font></td>
  </tr>
  <tr>
    <td WIDTH="244" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>Foreign currency contracts</b></font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="244" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Canadian Dollar Forwards</font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="244"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; C$
    (millions)</font></td>
    <td WIDTH="35" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">442</font></td>
    <td WIDTH="44" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">329</font></td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="39" align="right"><font FACE="Interstate" SIZE="2">145</font></td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="47" align="right"><font FACE="Interstate" SIZE="2">96</font></td>
    <td WIDTH="44" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">22</font></td>
    <td WIDTH="40" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">1,034</font></td>
  </tr>
  <tr>
    <td WIDTH="244" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Average
    Price (US&#162)</font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.68</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.67</font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.72</font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.67</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.68</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.68</font></td>
  </tr>
  <tr>
    <td WIDTH="244"><font FACE="Interstate" SIZE="2">Australian Dollar Forwards</font></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="46" align="right">&nbsp;</td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="39" align="right">&nbsp;</td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="244" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; A$
    (millions)</font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">591</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">440</font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">193</font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">139</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">19</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,382</font></td>
  </tr>
  <tr>
    <td WIDTH="244"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Average
    Price (US&#162)</font></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">0.57</font></td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">0.58</font></td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="39" align="right"><font FACE="Interstate" SIZE="2">0.55</font></td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><font FACE="Interstate" SIZE="2">0.58</font></td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">0.53</font></td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">0.57</font></td>
  </tr>
  <tr>
    <td WIDTH="244" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Australian Dollar Min-Max
    Contracts</font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="244"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; A$
    (millions)</font></td>
    <td WIDTH="35" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">20</font></td>
    <td WIDTH="44" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">10</font></td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="39" align="right"><font FACE="Interstate" SIZE="2">10</font></td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="40" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">40</font></td>
  </tr>
  <tr>
    <td WIDTH="244" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Average
    Cap Price (US&#162)</font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.53</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.52</font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.52</font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.53</font></td>
  </tr>
  <tr>
    <td WIDTH="244"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Average
    Floor Price (US&#162)</font></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">0.52</font></td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">0.51</font></td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="39" align="right"><font FACE="Interstate" SIZE="2">0.51</font></td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">0.52</font></td>
  </tr>
  <tr>
    <td WIDTH="244" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>Fuel contracts</b></font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="244"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Barrels
    WTI (thousands)</font></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">360</font></td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">180</font></td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="39" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">540</font></td>
  </tr>
  <tr>
    <td WIDTH="244" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Cap</font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">30</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">30</font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">30</font></td>
  </tr>
  <tr>
    <td WIDTH="244" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Floor</font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">23</font></td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">22</font></td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">23</font></td>
  </tr>
</table>
</blockquote>
<p>&nbsp;</p>
<blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="79%" height="200" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="356" height="16" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>Classification of interest rate and
    foreign currency contracts</b></font></td>
    <td WIDTH="107" align="right" height="16" style="border-bottom-style: solid; border-bottom-width: 1">
    </td>
    <td WIDTH="106" align="right" height="16" style="border-bottom-style: solid; border-bottom-width: 1">
    </td>
    <td WIDTH="110" align="right" height="16" style="border-bottom-style: solid; border-bottom-width: 1">
    </td>
    <td WIDTH="97" align="right" height="16" style="border-bottom-style: solid; border-bottom-width: 1">
    </td>
  </tr>
  <tr>
    <td WIDTH="356" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="107" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Cash flow</font></td>
    <td WIDTH="106" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Fair value</font></td>
    <td WIDTH="110" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="97" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="356" height="15" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">At December 31, 2003</font></td>
    <td WIDTH="107" align="right" height="15" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">hedge</font></td>
    <td WIDTH="106" align="right" height="15" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">hedge</font></td>
    <td WIDTH="110" align="right" height="15" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Non- hedge</font></td>
    <td WIDTH="97" align="right" height="15" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Total</font></td>
  </tr>
  <tr>
    <td WIDTH="356" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>Interest rate contracts</b></font></td>
    <td WIDTH="107" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="106" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="110" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="97" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="356" height="15"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;
    Receive-fixed swaps on cash balances</font></td>
    <td WIDTH="107" align="right" height="15"><font FACE="Interstate" SIZE="2">$
    650</font></td>
    <td WIDTH="106" align="right" height="15"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="110" align="right" height="15"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="97" align="right" height="15"><font FACE="Interstate" SIZE="2">$
    650</font></td>
  </tr>
  <tr>
    <td WIDTH="356" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;
    Receive-fixed swaps on debenture</font></td>
    <td WIDTH="107" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="106" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$
    350</font></td>
    <td WIDTH="110" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="97" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$
    350</font></td>
  </tr>
  <tr>
    <td WIDTH="356" height="15"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;
    Pay-fixed swaps on Bulyanhulu project financing</font></td>
    <td WIDTH="107" align="right" height="15"><font FACE="Interstate" SIZE="2">$
    174</font></td>
    <td WIDTH="106" align="right" height="15"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="110" align="right" height="15"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="97" align="right" height="15"><font FACE="Interstate" SIZE="2">$
    174</font></td>
  </tr>
  <tr>
    <td WIDTH="356" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;
    Pay-fixed swaps on lease rates</font></td>
    <td WIDTH="107" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="106" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="110" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$
    150</font></td>
    <td WIDTH="97" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$
    150</font></td>
  </tr>
  <tr>
    <td WIDTH="356" height="19"><font FACE="Interstate" SIZE="2"><b>Foreign
    currency contracts</b></font></td>
    <td WIDTH="107" align="right" height="19">&nbsp;</td>
    <td WIDTH="106" align="right" height="19">&nbsp;</td>
    <td WIDTH="110" align="right" height="19">&nbsp;</td>
    <td WIDTH="97" align="right" height="19">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="356" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;
    Canadian dollar contracts</font></td>
    <td WIDTH="107" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$
    1,012</font></td>
    <td WIDTH="106" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="110" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$
    22</font></td>
    <td WIDTH="97" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    $1,034</font></td>
  </tr>
  <tr>
    <td WIDTH="356" height="15" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Australian dollar contracts</font></td>
    <td WIDTH="107" align="right" height="15" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$ 1,279</font></td>
    <td WIDTH="106" align="right" height="15" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="110" align="right" height="15" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$ 143</font></td>
    <td WIDTH="97" align="right" height="15" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$ 1,422</font></td>
  </tr>
</table>
</blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>35</b></font></td>
    <td WIDTH="46%">
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></font></td>
    </font>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate" SIZE="2"><b>
<p>D&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized fair value of derivative instruments
(excluding normal sales contracts) </p>
</b></font>
<blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="742" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td WIDTH="278" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="217" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Three months ended December 31,</font></td>
    <td WIDTH="247" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Twelve months ended December 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="278" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="113" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="278" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Beginning of period</font></td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">220</font></b></td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">8</font></td>
    <td WIDTH="113" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">29</font></b></td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(16)</font></td>
  </tr>
  <tr>
    <td WIDTH="278"><font FACE="Interstate" SIZE="2">Derivative instruments
    settled</font></td>
    <td WIDTH="72" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><b><font FACE="Interstate" SIZE="2">(36)</font></b></td>
    <td WIDTH="55" align="right">&nbsp;</td>
    <td WIDTH="40" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="113" align="right">&nbsp;</td>
    <td WIDTH="41" align="right"><b><font FACE="Interstate" SIZE="2">(91)</font></b></td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="40" align="right"><font FACE="Interstate" SIZE="2">(2)</font></td>
  </tr>
  <tr>
    <td WIDTH="278" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Change in fair value of
    derivative instruments:</font></td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="113" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="278"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Non-hedge derivatives</font></td>
    <td WIDTH="72" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><b><font FACE="Interstate" SIZE="2">37</font></b></td>
    <td WIDTH="55" align="right">&nbsp;</td>
    <td WIDTH="40" align="right"><font FACE="Interstate" SIZE="2">(14)</font></td>
    <td WIDTH="113" align="right">&nbsp;</td>
    <td WIDTH="41" align="right"><b><font FACE="Interstate" SIZE="2">52</font></b></td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="40" align="right"><font FACE="Interstate" SIZE="2">(6)</font></td>
  </tr>
  <tr>
    <td WIDTH="278" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Cash flow hedges</font></td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">119</font></b></td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">31</font></td>
    <td WIDTH="113" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">349</font></b></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">49</font></td>
  </tr>
  <tr>
    <td WIDTH="278" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Fair value hedges</font></td>
    <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">(3)</font></b></td>
    <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">4</font></td>
    <td WIDTH="113" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">(2)</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">4</font></td>
  </tr>
  <tr>
    <td WIDTH="278" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">End of period</font></td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">337</font></b></td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">29</font></td>
    <td WIDTH="113" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">337</font></b></td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">29</font></td>
  </tr>
</table>
<font FACE="Interstate" SIZE="2">
<p>The fair values of recorded derivative assets and liabilities reflect the
netting of the fair values of individual derivative instruments, and amounts due
to/from counterparties that arise from derivative instruments, when the
conditions of FIN No. 39, Offsetting of Amounts Related to Certain Contracts,
have been met. Amounts receivable from counterparties that have been offset
against derivative liabilities totaled $16 million at December 31, 2003. </p>
</blockquote>
<b>
<p>E&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-hedge derivative gains (losses) </p>
</b></font>
<blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="282" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="214" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1"><font FACE="Interstate" size="2">
    Three months ended December 31,</font></td>
    <td WIDTH="241" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1"><font FACE="Interstate" size="2">
    Twelve months ended December 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="282" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Interstate" size="2">2003</font></b></td>
    <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" size="2">2002</font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Interstate" size="2">2003</font></b></td>
    <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" size="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="282" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Commodity contracts</font></td>
    <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">$</font></b></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">3</font></b></td>
    <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">(3)</font></td>
    <td WIDTH="84" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">$</font></b></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">3</font></b></td>
    <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">(2)</font></td>
  </tr>
  <tr>
    <td WIDTH="282"><font FACE="Interstate" size="2">Currency contracts</font></td>
    <td WIDTH="59" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><b><font FACE="Interstate" size="2">13</font></b></td>
    <td WIDTH="58" align="right">&nbsp;</td>
    <td WIDTH="45" align="right"><font FACE="Interstate" size="2">4</font></td>
    <td WIDTH="84" align="right">&nbsp;</td>
    <td WIDTH="45" align="right"><b><font FACE="Interstate" size="2">17</font></b></td>
    <td WIDTH="59" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><font FACE="Interstate" size="2">8</font></td>
  </tr>
  <tr>
    <td WIDTH="282" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Interest and lease rate
    contracts</font></td>
    <td WIDTH="59" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">21</font></b></td>
    <td WIDTH="58" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">(15)</font></td>
    <td WIDTH="84" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">32</font></b></td>
    <td WIDTH="59" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">(12)</font></td>
  </tr>
  <tr>
    <td WIDTH="282" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" size="2">Hedge ineffectiveness
    recorded in earnings</font></td>
    <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Interstate" size="2">9</font></b></td>
    <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" size="2">-</font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Interstate" size="2">19</font></b></td>
    <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" size="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="282" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">$</font></b></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">46</font></b></td>
    <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">(14)</font></td>
    <td WIDTH="84" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">$</font></b></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6"><b><font FACE="Interstate" size="2">71</font></b></td>
    <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">(6)</font></td>
  </tr>
</table>
</blockquote>
<font FACE="Interstate" SIZE="2"><b>
<p>F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in gains accumulated in OCI for cash flow hedge contracts </p>
</b></font>
<blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="74%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="254" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="128" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Commodity</font></td>
    <td WIDTH="127" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Foreign currency</font></td>
    <td WIDTH="111" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Interest-rate</font></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Total</font></td>
  </tr>
  <tr>
    <td WIDTH="254" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="128" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">contracts</font></td>
    <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">contracts</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="57" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">contracts</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="254" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">As at December 31 , 2002</font></td>
    <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">9</font></td>
    <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">26</font></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="57" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">14</font></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">49</font></td>
  </tr>
  <tr>
    <td WIDTH="254"><font FACE="Interstate" SIZE="2">Change in fair value</font></td>
    <td WIDTH="65" align="right">&nbsp;</td>
    <td WIDTH="61" align="right"><font FACE="Interstate" SIZE="2">3</font></td>
    <td WIDTH="65" align="right">&nbsp;</td>
    <td WIDTH="60" align="right"><font FACE="Interstate" SIZE="2">337</font></td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="57" align="right"><font FACE="Interstate" SIZE="2">9</font></td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2">349</font></td>
  </tr>
  <tr>
    <td WIDTH="254" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="60" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="57" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3</font></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="254"><font FACE="Interstate" SIZE="2">Hedge gains transferred to</font></td>
    <td WIDTH="65" align="right">&nbsp;</td>
    <td WIDTH="61" align="right"><font FACE="Interstate" SIZE="2">(13)<sup>1</sup></font></td>
    <td WIDTH="65" align="right">&nbsp;</td>
    <td WIDTH="60" align="right"><font FACE="Interstate" SIZE="2">(65)<sup>2</sup></font></td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="57" align="right"><font FACE="Interstate" SIZE="2">(13)</font></td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2">(91)</font></td>
  </tr>
  <tr>
    <td WIDTH="254"><font FACE="Interstate" SIZE="2">earnings</font></td>
    <td WIDTH="65" align="right">&nbsp;</td>
    <td WIDTH="61" align="right">&nbsp;</td>
    <td WIDTH="65" align="right">&nbsp;</td>
    <td WIDTH="60" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="57" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="55" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="254" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Hedge ineffectiveness</font></td>
    <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="60" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="57" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="254" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">transferred to earnings</font></td>
    <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(18)</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="57" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(1)</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(19)</font></td>
  </tr>
  <tr>
    <td WIDTH="254" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">As at December 31, 2003</font></td>
    <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(1)</font></td>
    <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">280</font></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="57" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">9</font></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">288</font></td>
  </tr>
</table>
<font FACE="Interstate" SIZE="2">
<p>1. Included under gold sales <br>
2. Included under costs and expenses <br>
3. Included under interest and other income </p>
<p>Based on the fair value of cash flow hedge contracts at December 31, 2003, in
fiscal 2004, we expect to transfer hedge gains of $134 million from OCI to
earnings, to be matched with the related hedged items. These gains will be
reflected as a reduction in cash operating costs, and as a component of interest
income. </p>
<p>During 2003, we determined that certain Australian dollar hedge contracts
designated as hedges of forecasted capital expenditures no longer met the
qualifying FAS 133 hedge criteria due to changes in the expected timing of the
forecasted expenditures. On determining that these hedges are no longer
effective for accounting purposes,, gains totaling $18 million on these
contracts were transferred out of OCI to earnings in 2003. For the three and
twelve month </p>
</blockquote>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>36</b></font></td>
    <td WIDTH="46%">
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></font></td>
    </font>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate" SIZE="2">
<blockquote>
<p ALIGN="left">periods ended December 31, 2003, the total amount of hedge
ineffectiveness, including the gains on ineffective capital expenditure hedges,
recorded and recognized in non-hedge derivative gains was a gain of $9 million
and a gain of $19 million respectively (2002 - $nil and $nil respectively). </p>
</blockquote>
<b>
<p align="left">12</b></font><font size="2"> </font>
<font FACE="Interstate" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CONTINGENCIES </p>
</b>
<blockquote>
<p align="left">Certain conditions may exist as of the date the consolidated
financial statements are issued, which may result in a loss to the Company but
which will only be resolved when one or more future events occur or fail to
occur. Management and, where appropriate, legal counsel, assess such contingent
liabilities, which inherently involves an exercise of judgment. </p>
<p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In assessing loss contingencies related to legal proceedings
that are pending against us or unasserted claims that may result in such
proceedings, the Company and its legal counsel evaluate the perceived merits of
any legal proceedings or unasserted claims as well as the perceived merits of
the amount of relief sought or expected to be sought. </p>
<p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the assessment of a contingency suggests that it is probable
that a loss has been incurred and the amount of the liability can be estimated,
then the estimated liability is accrued in the consolidated financial
statements. If the assessment suggests that a potentially material loss
contingency is not probable but is reasonably possible, or is probable but
cannot be estimated, then the nature of the contingent loss, together with an
estimate of the range of possible loss, if determinable, is disclosed. Loss
contingencies considered remote are generally not disclosed unless they involve
guarantees, in which case we disclose the nature of the guarantee.</font><font FACE="Minion" SIZE="2">
</p>
</blockquote>
</font><b><font FACE="Interstate" SIZE="2">
<p align="left">A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Environmental</font><font FACE="Times New Roman" size="2">
</p>
</font></b><font FACE="Interstate" SIZE="2">
<blockquote>
<p align="left">Our mining and exploration activities are subject to various
federal, provincial and state laws and regulations governing the protection of
the environment. These laws and regulations are continually changing and
generally becoming more restrictive. We conduct our operations so as to protect
public health and the environment, and we believe that our operations are
materially in compliance with all applicable laws and regulations. We have made,
and expect to make in the future, expenditures to meet such laws and regulations</font><font FACE="Times New Roman" SIZE="2">.
</p>
</blockquote>
</font><b><font FACE="Interstate" SIZE="2">
<p align="left">B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation and claims</font><font FACE="Times New Roman" SIZE="2">
</font>
</p>
<blockquote>
<p align="left"><font face="Times New Roman" size="2">&nbsp; </font><font FACE="Interstate" SIZE="2">Inmet litigation</font><font FACE="Times New Roman" SIZE="2">
</p>
</font></b><font FACE="Interstate" SIZE="2">
<p ALIGN="left">In October 1997, Barrick Gold Inc. (&quot;BGI&quot;), a wholly-owned
subsidiary of Barrick, entered into an agreement with Inmet Mining Corporation
(&quot;Inmet&quot;) to purchase the Troilus mine in Quebec for $110 million plus working
capital. In December 1997, BGI terminated the agreement after deciding that, on
the basis of due diligence studies, conditions to closing the arrangement would
not be satisfied. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In February 1998, Inmet filed suit against BGI in the British
Columbia (&quot;B.C.&quot;) Supreme Court disputing the termination of the agreement and
alleging that BGI had breached the agreement. In January 2002, the Court
released its decision in the matter and found in favour of Inmet. The Court
awarded Inmet equitable damages C$88.2 (US $59) million, which was recorded as
an expense in fiscal December 2001. The Court did not award Inmet pre-judgment
interest. Inmet made a request to the Court to re-open the trial to make
submissions on its claim for pre-judgment interest, which was denied in May
2002. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In February 2002, BGI filed a Notice of Appeal with the B.C.
Court of Appeal, and Inmet filed a Cross-Appeal of the decision regarding
pre-judgment interest. In November 2003, the B.C. Court of Appeal dismissed the
appeal made by BGI, and also awarded Inmet pre-judgment interest. In November
2003, BGI paid Inmet C$111 million (US $86 million), in </p>
</blockquote>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>37</b></font></td>
    <td WIDTH="46%">
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></font></td>
    </font>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate" SIZE="2">
<blockquote>
<p>full settlement of the lawsuit. The settlement resulted in a further expense
of US$14 million in fourth quarter 2003, combined with post-judgment interest of
$2 million in the first nine months of 2003. </p>
</font><b><font FACE="Interstate" SIZE="2">
<p>Bre-X Minerals</font><font FACE="Times New Roman" SIZE="2"> </p>
</font></b><font FACE="Interstate" SIZE="2">
<p>On April 30, 1998, we were added as a defendant in a class action lawsuit
initiated against Bre-X Minerals Ltd., certain of its directors and officers or
former directors and officers and others in the United States District Court for
the Eastern District of Texas, Texarkana Division. The class action alleges,
among other things, that statements made by us in connection with our efforts to
secure the right to develop and operate the Busang gold deposit in East
Kalimantan, Indonesia were materially false and misleading and omitted to state
material facts relating to the preliminary due diligence investigation
undertaken by us in late 1996.</font><font FACE="Times New Roman" SIZE="2"> </p>
</font><font FACE="Interstate" SIZE="2">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On July 13, 1999, the Court dismissed the claims against us and several other
defendants on the grounds that the plaintiffs had failed to state a claim under
United States securities laws. On August 19, 1999, the plaintiffs filed an
amended complaint restating their claims against us and certain other defendants
and on June 14, 2000 filed a further amended complaint, the Fourth Amended
Complaint.</font><font FACE="Times New Roman" SIZE="2"> </p>
</font><font FACE="Interstate" SIZE="2">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On March 31, 2001, the Court granted in part and denied in part our Motion to
Dismiss the Fourth Amended Complaint. As a result, we remain a defendant in the
case. We believe that the remaining claims against us are without merit. We
filed our formal answer to the Fourth Amended Complaint on April 27, 2001
denying all relevant allegations of the plaintiffs against us. Discovery in the
case has been stayed by the Court pending the Court's decision on whether or not
to certify the case as a class action. The amount of potential loss, if any,
which we may incur arising out of the plaintiffs' claims is not presently
determinable. </p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On March 31, 2003, the Court denied all of the Plaintiffs' motions to certify
the case as a class action. Plaintiffs have not filed an interlocutory appeal of
the Court's decision denying class certification to the Fifth Circuit Court of
Appeals. On June 2, 2003, the Plaintiff's submitted a proposed Trial and Case
Management Plan, suggesting that the Plan would cure the defects in the
Plaintiff's motions to certify the class. The Court has taken no action with
respect to the proposed Trial and Case Management Plan. The Plaintiffs' case
against the Defendants may now proceed in due course, but not on behalf of a
class of Plaintiffs but only with respect to the specific claims of the
Plaintiffs named in the lawsuit. Having failed to certify the case as a class
action, we believe that the likelihood of any of the named Defendants succeeding
against Barrick with respect to their claims for securities fraud is remote. </p>
</font><b><font FACE="Interstate" SIZE="2">
<p>Blanchard complaint</font><font FACE="Times New Roman" SIZE="2"> </p>
</font></b><font FACE="Interstate" SIZE="2">
<p>On January 7, 2003, we were served with a Complaint for Injunctive Relief by
Blanchard and Company, Inc. (&quot;Blanchard&quot;), and Herbert Davies (&quot;Davies&quot;). The
complaint, which is pending in the U. S. District Court for the Eastern District
of Louisiana, also names J. P. Morgan Chase &amp; Company (&quot;J.P. Morgan&quot;) as a
defendant, along with an unspecified number of additional defendants to be named
later. The complaint, which has been amended several times, alleges that we and
bullion banks with which we entered into spot deferred contracts have
manipulated the price of gold, in violation of U.S. antitrust laws and the
Louisiana Unfair Trade Practices and Consumer Protection Law. Blanchard alleges
that it has been injured as a seller of gold due to reduced interest in gold as
an investment. Davies, a customer of Blanchard, alleges injury due to the
reduced value of his gold investments. The complaint seeks damages and an
injunction terminating certain of our trading agreements with J. P. Morgan and
other bullion banks. In September 2003 the Court issued an Order granting in
part and denying in part Barrick's motions to dismiss this action. Discovery has
commenced in the case and a trial date has been tentatively set for February
2005. We intend to defend the action vigorously.</p>
</blockquote>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>38</b></font></td>
    <td WIDTH="46%">
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></font></td>
    </font>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate" SIZE="2">
<blockquote>
<p>Wagner complaint</font><font FACE="Times New Roman" SIZE="2"><b> </p>
</b></font><font FACE="Interstate" SIZE="2">
<p>On June 12, 2003, a complaint was filed against Barrick and several of its
current or former officers in the U.S. District Court for the Southern District
of New York. The complaint is on behalf of Barrick shareholders who purchased
Barrick shares between February 14, 2002 and September 26, 2002. It alleges that
Barrick and the individual defendants violated U.S. securities laws by making
false and misleading statements concerning Barrick's projected operating results
and earnings in 2002. The complaint seeks an unspecified amount of damages.
Several other complaints, making the same basic allegations against the same
defendants, were filed by other parties on behalf of the same proposed class of
Barrick shareholders. In September the cases were consolidated into a single
action in the Southern District of New York. The plaintiffs filed a Consolidated
and/or Amended Complaint on November 5, 2003. On January 14, 2004 Barrick filed
a motion to dismiss the Wagner complaint. We intend to defend the action
vigorously.</font><b><font FACE="Interstate" size="2"> </p>
<p>Peruvian tax assessment </p>
</font></b><font FACE="Interstate" size="2">
<p>One of our Peruvian subsidiaries received a revised income tax assessment of
$32 million, excluding interest and penalties, from the Peruvian tax authority,
SUNAT. The tax assessment related to a tax audit of our Pierina Mine for the
1999 and 2000 fiscal years. The assessment mainly relates to the revaluation of
the Pierina mining concession for the purpose of determining its tax basis.
Under the valuation proposed by SUNAT, the tax basis of the Pierina assets would
change from what we previously assumed with a resulting increase in current and
deferred income taxes. We believe that the tax assessment is incorrect and we
are appealing the decision. The full life of mine effect on our current and
deferred income tax liabilities was fully recorded at December 31, 2002, as well
as other payments of about $21 million due for periods through 2003. </p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The case is pending before Peru's Tax Court. If the case is not resolved in
our favor, we intend to pursue all available remedies, including judicial
appeals. If we are successful and our original valuation is confirmed as the
appropriate tax basis of the Pierina assets, we would benefit from a $141
million reduction in current and deferred tax liabilities recorded at December
31, 2002. The effect of this contingent gain, if any, will be recorded in the
period the contingency is resolved. </p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event of an unfavorable Tax Court ruling, Peruvian law is unclear with
respect to whether it is necessary to make payment of the disputed current taxes
for the years covered by the tax assessment, pending the outcome of an appeal
process, a process which can take several years. The amount of current income
taxes that is potentially payable is $80 million. In the event of an unfavorable
Tax Court ruling; we will consider taking all available action to prevent
payment of the amount in dispute until the appeal process is complete. </p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We have not provided for $57 million of potential interest and penalties on
the income tax assessed in the audit. Even if the tax assessment is upheld, we
believe that we will prevail on the interest and penalties part, because the
assessment runs counter to applicable law and previous Peruvian tax audits. The
potential amount of interest and penalties will continue to increase over time
while we contest the tax assessment. A liability for interest and penalties will
only be recorded should it become probable that SUNAT's position on interest and
penalties will be upheld, or if we exhaust our available remedies. </p>
</blockquote>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>39</b></font></td>
    <td WIDTH="46%">
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></font></td>
    </font>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate" SIZE="2"><b>
<blockquote>
<p>Other </p>
</b>
<p>From time to time, we are involved in various claims, legal proceedings and
complaints arising in the ordinary course of business. We are also subject to
reassessment for income and mining taxes for certain years. We do not believe
that adverse decisions in any pending or threatened proceedings related to any
potential tax assessments or other matters, or any amount which we may be
required to pay by reason thereof, will have a material adverse effect on our
financial condition or future results of operations</font><font FACE="Times New Roman" SIZE="2">.
</p>
</blockquote>
</font><font FACE="Interstate" SIZE="2"><b>
<p>13</b></font><font size="2"> </font><font FACE="Interstate" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEGMENT INFORMATION </p>
</b>
<blockquote>
<p ALIGN="JUSTIFY">We operate in the gold mining industry and our operations are
managed on a regional basis. Our four primary regions are North America,
Australia/Africa, Peru, Chile and Argentina. Our &quot;other operating mines&quot; segment
includes mainly operations which have been, or are being, closed. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="77%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="244" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Income statement information</font></td>
    <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="244" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="23" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="129" COLSPAN="3" align="center"><font FACE="Interstate" SIZE="2">
    Gold sales</font></td>
    <td WIDTH="190" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    Cost of sales and other</font></td>
    <td WIDTH="192" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    Segment income (loss) before</font></td>
  </tr>
  <tr>
    <td WIDTH="244" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="190" COLSPAN="4" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">operating expenses</font></td>
    <td WIDTH="192" align="right" colspan="4" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">income taxes</font></td>
  </tr>
  <tr>
    <td WIDTH="244" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Three months ended December 31,</font></td>
    <td WIDTH="23" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="244" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Goldstrike</font></td>
    <td WIDTH="23" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">215</font></b></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">181</font></td>
    <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">141</font></b></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">111</font></td>
    <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">32</font></b></td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">35</font></td>
  </tr>
  <tr>
    <td WIDTH="244"><font FACE="Interstate" SIZE="2">Pierina</font></td>
    <td WIDTH="23" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><b><font FACE="Interstate" SIZE="2">91</font></b></td>
    <td WIDTH="37" align="right">&nbsp;</td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">95</font></td>
    <td WIDTH="59" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><b><font FACE="Interstate" SIZE="2">21</font></b></td>
    <td WIDTH="43" align="right">&nbsp;</td>
    <td WIDTH="40" align="right"><font FACE="Interstate" SIZE="2">26</font></td>
    <td WIDTH="59" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><b><font FACE="Interstate" SIZE="2">27</font></b></td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="43" align="right"><font FACE="Interstate" SIZE="2">19</font></td>
  </tr>
  <tr>
    <td WIDTH="244" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Bulyanhulu</font></td>
    <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">23</font></b></td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">42</font></td>
    <td WIDTH="59" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">18</font></b></td>
    <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">21</font></td>
    <td WIDTH="59" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(3)</font></b></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="43" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">8</font></td>
  </tr>
  <tr>
    <td WIDTH="244"><font FACE="Interstate" SIZE="2">Kalgoorlie</font></td>
    <td WIDTH="23" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><b><font FACE="Interstate" SIZE="2">39</font></b></td>
    <td WIDTH="37" align="right">&nbsp;</td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">33</font></td>
    <td WIDTH="59" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><b><font FACE="Interstate" SIZE="2">22</font></b></td>
    <td WIDTH="43" align="right">&nbsp;</td>
    <td WIDTH="40" align="right"><font FACE="Interstate" SIZE="2">23</font></td>
    <td WIDTH="59" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><b><font FACE="Interstate" SIZE="2">12</font></b></td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="43" align="right"><font FACE="Interstate" SIZE="2">5</font></td>
  </tr>
  <tr>
    <td WIDTH="244" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Eskay Creek</font></td>
    <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">34</font></b></td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">31</font></td>
    <td WIDTH="59" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">1</font></b></td>
    <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">7</font></td>
    <td WIDTH="59" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">22</font></b></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="43" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">10</font></td>
  </tr>
  <tr>
    <td WIDTH="244"><font FACE="Interstate" SIZE="2">Hemlo</font></td>
    <td WIDTH="23" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><b><font FACE="Interstate" SIZE="2">27</font></b></td>
    <td WIDTH="37" align="right">&nbsp;</td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">30</font></td>
    <td WIDTH="59" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><b><font FACE="Interstate" SIZE="2">15</font></b></td>
    <td WIDTH="43" align="right">&nbsp;</td>
    <td WIDTH="40" align="right"><font FACE="Interstate" SIZE="2">17</font></td>
    <td WIDTH="59" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><b><font FACE="Interstate" SIZE="2">9</font></b></td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="43" align="right"><font FACE="Interstate" SIZE="2">10</font></td>
  </tr>
  <tr>
    <td WIDTH="244" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Plutonic</font></td>
    <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">33</font></b></td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">28</font></td>
    <td WIDTH="59" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">16</font></b></td>
    <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">15</font></td>
    <td WIDTH="59" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">13</font></b></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="43" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">10</font></td>
  </tr>
  <tr>
    <td WIDTH="244"><font FACE="Interstate" SIZE="2">Round Mountain</font></td>
    <td WIDTH="23" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><b><font FACE="Interstate" SIZE="2">36</font></b></td>
    <td WIDTH="37" align="right">&nbsp;</td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">29</font></td>
    <td WIDTH="59" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><b><font FACE="Interstate" SIZE="2">17</font></b></td>
    <td WIDTH="43" align="right">&nbsp;</td>
    <td WIDTH="40" align="right"><font FACE="Interstate" SIZE="2">19</font></td>
    <td WIDTH="59" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><b><font FACE="Interstate" SIZE="2">14</font></b></td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="43" align="right"><font FACE="Interstate" SIZE="2">5</font></td>
  </tr>
  <tr>
    <td WIDTH="244" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Other operating mines</font></td>
    <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">38</font></b></td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">57</font></td>
    <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">20</font></b></td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">29</font></td>
    <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">11</font></b></td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">22</font></td>
  </tr>
  <tr>
    <td WIDTH="244" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Segment total</font></td>
    <td WIDTH="23" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">536</font></b></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">526</font></td>
    <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">271</font></b></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">268</font></td>
    <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">137</font></b></td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">124</font></td>
  </tr>
  <tr>
    <td WIDTH="244" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Other items outside
    operating segments</font></td>
    <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">39</font></b></td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">16</font></td>
    <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="244" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="23" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">536</font></b></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">526</font></td>
    <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">310</font></b></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">284</font></td>
    <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">137</font></b></td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">124</font></td>
  </tr>
</table>
</blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>40</b></font></td>
    <td WIDTH="46%">
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></font></td>
    </font>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="252" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="73" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="252" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="148" align="center" colspan="3"><font FACE="Interstate" SIZE="2">
    Gold Sales</font></td>
    <td WIDTH="190" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    Cost of sales and other</font></td>
    <td WIDTH="197" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    Segment income (loss) before</font></td>
  </tr>
  <tr>
    <td WIDTH="252" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="190" COLSPAN="4" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">operating expenses</font></td>
    <td WIDTH="197" align="right" colspan="4" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">income taxes</font></td>
  </tr>
  <tr>
    <td WIDTH="252" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Twelve months ended December 31,</font></td>
    <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="73" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="252" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Goldstrike</font></td>
    <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">813</font></b></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">678</font></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">531</font></b></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">437</font></td>
    <td WIDTH="73" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">122</font></b></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">94</font></td>
  </tr>
  <tr>
    <td WIDTH="252"><font FACE="Interstate" SIZE="2">Pierina</font></td>
    <td WIDTH="20" align="right">&nbsp;</td>
    <td WIDTH="56" align="right"><b><font FACE="Interstate" SIZE="2">332</font></b></td>
    <td WIDTH="46" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">303</font></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="49" align="right"><b><font FACE="Interstate" SIZE="2">76</font></b></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">71</font></td>
    <td WIDTH="73" align="right">&nbsp;</td>
    <td WIDTH="42" align="right"><b><font FACE="Interstate" SIZE="2">90</font></b></td>
    <td WIDTH="46" align="right">&nbsp;</td>
    <td WIDTH="36" align="right"><font FACE="Interstate" SIZE="2">71</font></td>
  </tr>
  <tr>
    <td WIDTH="252" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Bulyanhulu</font></td>
    <td WIDTH="20" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">109</font></b></td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">134</font></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">73</font></b></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">78</font></td>
    <td WIDTH="73" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="42" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(1)</font></b></td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">16</font></td>
  </tr>
  <tr>
    <td WIDTH="252"><font FACE="Interstate" SIZE="2">Kalgoorlie</font></td>
    <td WIDTH="20" align="right">&nbsp;</td>
    <td WIDTH="56" align="right"><b><font FACE="Interstate" SIZE="2">153</font></b></td>
    <td WIDTH="46" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">124</font></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="49" align="right"><b><font FACE="Interstate" SIZE="2">87</font></b></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">82</font></td>
    <td WIDTH="73" align="right">&nbsp;</td>
    <td WIDTH="42" align="right"><b><font FACE="Interstate" SIZE="2">46</font></b></td>
    <td WIDTH="46" align="right">&nbsp;</td>
    <td WIDTH="36" align="right"><font FACE="Interstate" SIZE="2">23</font></td>
  </tr>
  <tr>
    <td WIDTH="252" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Eskay Creek</font></td>
    <td WIDTH="20" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">130</font></b></td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">121</font></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">18</font></b></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">16</font></td>
    <td WIDTH="73" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="42" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">65</font></b></td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">57</font></td>
  </tr>
  <tr>
    <td WIDTH="252"><font FACE="Interstate" SIZE="2">Hemlo</font></td>
    <td WIDTH="20" align="right">&nbsp;</td>
    <td WIDTH="56" align="right"><b><font FACE="Interstate" SIZE="2">98</font></b></td>
    <td WIDTH="46" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">97</font></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="49" align="right"><b><font FACE="Interstate" SIZE="2">60</font></b></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">64</font></td>
    <td WIDTH="73" align="right">&nbsp;</td>
    <td WIDTH="42" align="right"><b><font FACE="Interstate" SIZE="2">27</font></b></td>
    <td WIDTH="46" align="right">&nbsp;</td>
    <td WIDTH="36" align="right"><font FACE="Interstate" SIZE="2">23</font></td>
  </tr>
  <tr>
    <td WIDTH="252" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Plutonic</font></td>
    <td WIDTH="20" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">120</font></b></td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">105</font></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">62</font></b></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">57</font></td>
    <td WIDTH="73" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="42" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">48</font></b></td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">37</font></td>
  </tr>
  <tr>
    <td WIDTH="252"><font FACE="Interstate" SIZE="2">Round Mountain</font></td>
    <td WIDTH="20" align="right">&nbsp;</td>
    <td WIDTH="56" align="right"><b><font FACE="Interstate" SIZE="2">139</font></b></td>
    <td WIDTH="46" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">132</font></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="49" align="right"><b><font FACE="Interstate" SIZE="2">66</font></b></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">73</font></td>
    <td WIDTH="73" align="right">&nbsp;</td>
    <td WIDTH="42" align="right"><b><font FACE="Interstate" SIZE="2">53</font></b></td>
    <td WIDTH="46" align="right">&nbsp;</td>
    <td WIDTH="36" align="right"><font FACE="Interstate" SIZE="2">38</font></td>
  </tr>
  <tr>
    <td WIDTH="252" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Other operating mines</font></td>
    <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">141</font></b></td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">273</font></td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">78</font></b></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">150</font></td>
    <td WIDTH="73" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">37</font></b></td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">87</font></td>
  </tr>
  <tr>
    <td WIDTH="252" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Segment total</font></td>
    <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2,035</font></b></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">1,967</font></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">1,051</font></b></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">1,028</font></td>
    <td WIDTH="73" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">487</font></b></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">446</font></td>
  </tr>
  <tr>
    <td WIDTH="252" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Other items outside
    operating segments</font></td>
    <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">83</font></b></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">43</font></td>
    <td WIDTH="73" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="252" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2,035</font></b></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">1,967</font></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">1,134</font></b></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">1,071</font></td>
    <td WIDTH="73" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">487</font></b></td>
    <td WIDTH="82" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$&nbsp;&nbsp;&nbsp; 446</font></td>
  </tr>
</table>
</blockquote>
<p>&nbsp;</p>
<blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="76%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="300"><font FACE="Interstate" SIZE="2">Asset information</font></td>
    <td WIDTH="22" align="right">&nbsp;</td>
    <td WIDTH="67" align="right">&nbsp;</td>
    <td WIDTH="68" align="right">&nbsp;</td>
    <td WIDTH="54" align="right">&nbsp;</td>
    <td WIDTH="121" align="right">&nbsp;</td>
    <td WIDTH="69" align="right">&nbsp;</td>
    <td WIDTH="57" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="300" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Amortization</font></td>
    <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="121" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="57" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="300" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="211" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    Three months ended December 31,</font></td>
    <td WIDTH="247" COLSPAN="3" align="right"><font FACE="Interstate" SIZE="2">
    Twelve months ended December 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="300" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="89" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="121" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="57" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="300" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Goldstrike</font></td>
    <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">42</font></b></td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">35</font></td>
    <td WIDTH="121" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    160</font></b></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="57" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">147</font></td>
  </tr>
  <tr>
    <td WIDTH="300"><font FACE="Interstate" SIZE="2">Pierina</font></td>
    <td WIDTH="22" align="right">&nbsp;</td>
    <td WIDTH="67" align="right"><b><font FACE="Interstate" SIZE="2">43</font></b></td>
    <td WIDTH="68" align="right">&nbsp;</td>
    <td WIDTH="54" align="right"><font FACE="Interstate" SIZE="2">50</font></td>
    <td WIDTH="121" align="right"><b><font FACE="Interstate" SIZE="2">166</font></b></td>
    <td WIDTH="69" align="right">&nbsp;</td>
    <td WIDTH="57" align="right"><font FACE="Interstate" SIZE="2">161</font></td>
  </tr>
  <tr>
    <td WIDTH="300" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Bulyanhulu</font></td>
    <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">8</font></b></td>
    <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">13</font></td>
    <td WIDTH="121" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">37</font></b></td>
    <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="57" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">40</font></td>
  </tr>
  <tr>
    <td WIDTH="300"><font FACE="Interstate" SIZE="2">Kalgoorlie</font></td>
    <td WIDTH="22" align="right">&nbsp;</td>
    <td WIDTH="67" align="right"><b><font FACE="Interstate" SIZE="2">5</font></b></td>
    <td WIDTH="68" align="right">&nbsp;</td>
    <td WIDTH="54" align="right"><font FACE="Interstate" SIZE="2">5</font></td>
    <td WIDTH="121" align="right"><b><font FACE="Interstate" SIZE="2">20</font></b></td>
    <td WIDTH="69" align="right">&nbsp;</td>
    <td WIDTH="57" align="right"><font FACE="Interstate" SIZE="2">19</font></td>
  </tr>
  <tr>
    <td WIDTH="300" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Eskay Creek</font></td>
    <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">11</font></b></td>
    <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">14</font></td>
    <td WIDTH="121" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">47</font></b></td>
    <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="57" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">48</font></td>
  </tr>
  <tr>
    <td WIDTH="300"><font FACE="Interstate" SIZE="2">Hemlo</font></td>
    <td WIDTH="22" align="right">&nbsp;</td>
    <td WIDTH="67" align="right"><b><font FACE="Interstate" SIZE="2">3</font></b></td>
    <td WIDTH="68" align="right">&nbsp;</td>
    <td WIDTH="54" align="right"><font FACE="Interstate" SIZE="2">3</font></td>
    <td WIDTH="121" align="right"><b><font FACE="Interstate" SIZE="2">11</font></b></td>
    <td WIDTH="69" align="right">&nbsp;</td>
    <td WIDTH="57" align="right"><font FACE="Interstate" SIZE="2">10</font></td>
  </tr>
  <tr>
    <td WIDTH="300" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Plutonic</font></td>
    <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">4</font></b></td>
    <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3</font></td>
    <td WIDTH="121" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">10</font></b></td>
    <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="57" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">11</font></td>
  </tr>
  <tr>
    <td WIDTH="300"><font FACE="Interstate" SIZE="2">Round Mountain</font></td>
    <td WIDTH="22" align="right">&nbsp;</td>
    <td WIDTH="67" align="right"><b><font FACE="Interstate" SIZE="2">5</font></b></td>
    <td WIDTH="68" align="right">&nbsp;</td>
    <td WIDTH="54" align="right"><font FACE="Interstate" SIZE="2">5</font></td>
    <td WIDTH="121" align="right"><b><font FACE="Interstate" SIZE="2">20</font></b></td>
    <td WIDTH="69" align="right">&nbsp;</td>
    <td WIDTH="57" align="right"><font FACE="Interstate" SIZE="2">21</font></td>
  </tr>
  <tr>
    <td WIDTH="300" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Other operating mines</font></td>
    <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">7</font></b></td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">6</font></td>
    <td WIDTH="121" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">26</font></b></td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="57" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">36</font></td>
  </tr>
  <tr>
    <td WIDTH="300" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Segment total</font></td>
    <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">128</font></b></td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">134</font></td>
    <td WIDTH="121" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">497</font></b></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="57" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">493</font></td>
  </tr>
  <tr>
    <td WIDTH="300" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Other amortization outside operating segments</font></td>
    <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">4</font></b></td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">10</font></td>
    <td WIDTH="121" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">25</font></b></td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="57" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">26</font></td>
  </tr>
  <tr>
    <td WIDTH="300" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">132</font></b></td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">144</font></td>
    <td WIDTH="121" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Interstate" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    522</font></b></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="57" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">519</font></td>
  </tr>
  <tr>
    <td WIDTH="300">&nbsp;</td>
    <td WIDTH="22" align="right">&nbsp;</td>
    <td WIDTH="67" align="right">&nbsp;</td>
    <td WIDTH="68" align="right">&nbsp;</td>
    <td WIDTH="54" align="right">&nbsp;</td>
    <td WIDTH="121" align="right">&nbsp;</td>
    <td WIDTH="69" align="right">&nbsp;</td>
    <td WIDTH="57" align="right">&nbsp;</td>
  </tr>
</table>
</blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>41</b></font></td>
    <td WIDTH="46%">
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></font></td>
    </font>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="79%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="360" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Segment capital expenditures</font></td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="360" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="189" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    Three months ended December 31,</font></td>
    <td WIDTH="229" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    Twelve months ended December 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="360" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="360" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Operating Mines:</font></td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="84" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="360"><font FACE="Interstate" SIZE="2">Goldstrike</font></td>
    <td WIDTH="44" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right"><b><font FACE="Interstate" SIZE="2">11</font></b></td>
    <td WIDTH="47" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">11</font></td>
    <td WIDTH="84" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right"><b><font FACE="Interstate" SIZE="2">51</font></b></td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="48" align="right"><font FACE="Interstate" SIZE="2">46</font></td>
  </tr>
  <tr>
    <td WIDTH="360" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Plutonic</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">4</font></b></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">6</font></td>
    <td WIDTH="84" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">44</font></b></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">20</font></td>
  </tr>
  <tr>
    <td WIDTH="360"><font FACE="Interstate" SIZE="2">Bulyanhulu</font></td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="53" align="right"><b><font FACE="Interstate" SIZE="2">9</font></b></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">12</font></td>
    <td WIDTH="84" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><b><font FACE="Interstate" SIZE="2">36</font></b></td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><font FACE="Interstate" SIZE="2">56</font></td>
  </tr>
  <tr>
    <td WIDTH="360" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Kalgoorlie</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">2</font></b></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">7</font></td>
    <td WIDTH="84" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">14</font></b></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">14</font></td>
  </tr>
  <tr>
    <td WIDTH="360"><font FACE="Interstate" SIZE="2">Pierina</font></td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="53" align="right"><b><font FACE="Interstate" SIZE="2">8</font></b></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">1</font></td>
    <td WIDTH="84" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><b><font FACE="Interstate" SIZE="2">17</font></b></td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><font FACE="Interstate" SIZE="2">5</font></td>
  </tr>
  <tr>
    <td WIDTH="360" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Hemlo</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">3</font></b></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1</font></td>
    <td WIDTH="84" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">10</font></b></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">6</font></td>
  </tr>
  <tr>
    <td WIDTH="360"><font FACE="Interstate" SIZE="2">Round Mountain</font></td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="53" align="right"><b><font FACE="Interstate" SIZE="2">1</font></b></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">1</font></td>
    <td WIDTH="84" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><b><font FACE="Interstate" SIZE="2">6</font></b></td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><font FACE="Interstate" SIZE="2">8</font></td>
  </tr>
  <tr>
    <td WIDTH="360" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Eskay Creek</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">1</font></b></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="84" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">5</font></b></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">8</font></td>
  </tr>
  <tr>
    <td WIDTH="360"><font FACE="Interstate" SIZE="2">Other Operating mines</font></td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="53" align="right"><b><font FACE="Interstate" SIZE="2">4</font></b></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">9</font></td>
    <td WIDTH="84" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><b><font FACE="Interstate" SIZE="2">29</font></b></td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><font FACE="Interstate" SIZE="2">33</font></td>
  </tr>
  <tr>
    <td WIDTH="360" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Development Projects:</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="84" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="360"><font FACE="Interstate" SIZE="2">Veladero</font></td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="53" align="right"><b><font FACE="Interstate" SIZE="2">49</font></b></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="84" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><b><font FACE="Interstate" SIZE="2">68</font></b></td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="360" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Cowal</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">8</font></b></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">6</font></td>
    <td WIDTH="84" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">24</font></b></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">13</font></td>
  </tr>
  <tr>
    <td WIDTH="360"><font FACE="Interstate" SIZE="2">Pascua-Lama</font></td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="53" align="right"><b><font FACE="Interstate" SIZE="2">2</font></b></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">2</font></td>
    <td WIDTH="84" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><b><font FACE="Interstate" SIZE="2">9</font></b></td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><font FACE="Interstate" SIZE="2">11</font></td>
  </tr>
  <tr>
    <td WIDTH="360" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Alto Chicama</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">2</font></b></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">5</font></td>
    <td WIDTH="84" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">4</font></b></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">5</font></td>
  </tr>
  <tr>
    <td WIDTH="360" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Tulawaka</font></td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">1</font></b></td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">1</font></b></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="360" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Segment total</font></td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">105</font></b></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">61</font></td>
    <td WIDTH="84" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">318</font></b></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">225</font></td>
  </tr>
  <tr>
    <td WIDTH="360"><font FACE="Interstate" SIZE="2">Other capital expenditures
    outside operating segments</font></td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">1</font></b></td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">1</font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">4</font></b></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">3</font></td>
  </tr>
  <tr>
    <td WIDTH="360" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">106</font></b></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">62</font></td>
    <td WIDTH="84" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">322</font></b></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">228</font></td>
  </tr>
</table>
<font FACE="Interstate" SIZE="2">
<p>Reconciliation of segment income to enterprise net income </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="79%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="350" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="203" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Three months ended December 31,</font></td>
    <td WIDTH="226" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Twelve months ended December 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="350" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="85" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="350" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Segment income</font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">137</font></b></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">124</font></td>
    <td WIDTH="85" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">487</font></b></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">446</font></td>
  </tr>
  <tr>
    <td WIDTH="350"><font FACE="Interstate" SIZE="2">Non-legal
    reclamation/closure costs/accretion</font></td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="56" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="85" align="right">&nbsp;</td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="55" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="350"><font FACE="Interstate" SIZE="2">expense/other</font></td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="56" align="right"><b><font FACE="Interstate" SIZE="2">(39)</font></b></td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="85" align="right">&nbsp;</td>
    <td WIDTH="51" align="right"><b><font FACE="Interstate" SIZE="2">(83)</font></b></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="350" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Merger and other related
    costs</font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">2</font></td>
    <td WIDTH="85" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">2</font></td>
  </tr>
  <tr>
    <td WIDTH="350"><font FACE="Interstate" SIZE="2">Reclamation and other
    closure costs</font></td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="56" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2">(16)</font></td>
    <td WIDTH="85" align="right">&nbsp;</td>
    <td WIDTH="51" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2">(43)</font></td>
  </tr>
  <tr>
    <td WIDTH="350" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Amortization outside
    operating segments</font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(4)</font></b></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(10)</font></td>
    <td WIDTH="85" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(25)</font></b></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(26)</font></td>
  </tr>
  <tr>
    <td WIDTH="350"><font FACE="Interstate" SIZE="2">Exploration and business
    development</font></td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="56" align="right"><b><font FACE="Interstate" SIZE="2">(36)</font></b></td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2">(27)</font></td>
    <td WIDTH="85" align="right">&nbsp;</td>
    <td WIDTH="51" align="right"><b><font FACE="Interstate" SIZE="2">(137)</font></b></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2">(104)</font></td>
  </tr>
  <tr>
    <td WIDTH="350" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Administration</font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(20)</font></b></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(15)</font></td>
    <td WIDTH="85" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(83)</font></b></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(64)</font></td>
  </tr>
  <tr>
    <td WIDTH="350"><font FACE="Interstate" SIZE="2">Other income/expense</font></td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="56" align="right"><b><font FACE="Interstate" SIZE="2">11</font></b></td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2">1</font></td>
    <td WIDTH="85" align="right">&nbsp;</td>
    <td WIDTH="51" align="right"><b><font FACE="Interstate" SIZE="2">52</font></b></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2">29</font></td>
  </tr>
  <tr>
    <td WIDTH="350" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Interest expense</font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(8)</font></b></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(13)</font></td>
    <td WIDTH="85" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(44)</font></b></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(57)</font></td>
  </tr>
  <tr>
    <td WIDTH="350"><font FACE="Interstate" SIZE="2">Non-hedge derivative gains
    (losses)</font></td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="56" align="right"><b><font FACE="Interstate" SIZE="2">46</font></b></td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2">(14)</font></td>
    <td WIDTH="85" align="right">&nbsp;</td>
    <td WIDTH="51" align="right"><b><font FACE="Interstate" SIZE="2">71</font></b></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2">(6)</font></td>
  </tr>
  <tr>
    <td WIDTH="350" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Income tax recovery
    (expense)</font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">4</font></b></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">22</font></td>
    <td WIDTH="85" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(5)</font></b></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">16</font></td>
  </tr>
  <tr>
    <td WIDTH="350"><font FACE="Interstate" SIZE="2">Inmet litigation</font></td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="56" align="right"><b><font FACE="Interstate" SIZE="2">(14)</font></b></td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="85" align="right">&nbsp;</td>
    <td WIDTH="51" align="right"><b><font FACE="Interstate" SIZE="2">(16)</font></b></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="350" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Cumulative effect of changes in accounting
    principles</font></td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="85" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">(17)</font></b></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="350" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Net income</font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">77</font></b></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">54</font></td>
    <td WIDTH="85" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">200</font></b></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">193</font></td>
  </tr>
</table>
</blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%">&nbsp;</td>
    <td WIDTH="7%">&nbsp;</td>
    <td WIDTH="46%">&nbsp;</td>
  </tr>
  <tr>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>42</b></font></td>
    <td WIDTH="46%">
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></font></td>
    </font>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate" SIZE="2"><b>
<p>14</b></font><font size="2"> </font><font FACE="Interstate" SIZE="2"><b>&nbsp;&nbsp;
COMPONENTS OF OTHER NET OPERATING ACTIVITIES </p>
</b></font>
<blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="82%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="376" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="200" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Three months ended December 31,</font></td>
    <td WIDTH="242" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Twelve months ended December 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="376" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2003</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="376" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Add (deduct):</font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="376"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Reclamation
    costs</font></td>
    <td WIDTH="48" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="58" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="48" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">7</font></td>
    <td WIDTH="83" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="54" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2">34</font></td>
  </tr>
  <tr>
    <td WIDTH="376" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Losses on
    available for sale securities</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">5</font></b></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="83" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">12</font></b></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">4</font></td>
  </tr>
  <tr>
    <td WIDTH="376"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Cumulative
    effect of changes in accounting principles</font></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="58" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="83" align="right">&nbsp;</td>
    <td WIDTH="53" align="right"><b><font FACE="Interstate" SIZE="2">17</font></b></td>
    <td WIDTH="54" align="right">&nbsp;</td>
    <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="376" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Accretion
    expense</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">4</font></b></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="83" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">17</font></b></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="376"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Non-hedge
    derivative (gains) losses</font></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="58" align="right"><b><font FACE="Interstate" SIZE="2">(46)</font></b></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">14</font></td>
    <td WIDTH="83" align="right">&nbsp;</td>
    <td WIDTH="53" align="right"><b><font FACE="Interstate" SIZE="2">(71)</font></b></td>
    <td WIDTH="54" align="right">&nbsp;</td>
    <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2">6</font></td>
  </tr>
  <tr>
    <td WIDTH="376" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Inmet
    litigation expense</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">14</font></b></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="83" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">16</font></b></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="376"><font FACE="Interstate" SIZE="2">Changes in operating assets
    and liabilities:</font></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="58" align="right">&nbsp;</td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="46" align="right">&nbsp;</td>
    <td WIDTH="83" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="54" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="376" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Accounts
    receivable</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(2)</font></b></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(7)</font></td>
    <td WIDTH="83" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">3</font></b></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(12)</font></td>
  </tr>
  <tr>
    <td WIDTH="376"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Inventories</font></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="58" align="right"><b><font FACE="Interstate" SIZE="2">5</font></b></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">(17)</font></td>
    <td WIDTH="83" align="right">&nbsp;</td>
    <td WIDTH="53" align="right"><b><font FACE="Interstate" SIZE="2">2</font></b></td>
    <td WIDTH="54" align="right">&nbsp;</td>
    <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2">32</font></td>
  </tr>
  <tr>
    <td WIDTH="376" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Accounts
    payable and accrued liabilities</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">20</font></b></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">5</font></td>
    <td WIDTH="83" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">15</font></b></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(9)</font></td>
  </tr>
  <tr>
    <td WIDTH="376"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Current income
    taxes accrued</font></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="58" align="right"><b><font FACE="Interstate" SIZE="2">(20)</font></b></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">44</font></td>
    <td WIDTH="83" align="right">&nbsp;</td>
    <td WIDTH="53" align="right"><b><font FACE="Interstate" SIZE="2">54</font></b></td>
    <td WIDTH="54" align="right">&nbsp;</td>
    <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2">59</font></td>
  </tr>
  <tr>
    <td WIDTH="376" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Other assets
    and liabilities</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">16</font></b></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">52</font></td>
    <td WIDTH="83" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">7</font></b></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(11)</font></td>
  </tr>
  <tr>
    <td WIDTH="376"><font FACE="Interstate" SIZE="2">Cash payments:</font></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="58" align="right">&nbsp;</td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="46" align="right">&nbsp;</td>
    <td WIDTH="83" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="54" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="376" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Merger related
    costs</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(12)</font></td>
    <td WIDTH="83" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(50)</font></td>
  </tr>
  <tr>
    <td WIDTH="376"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Reclamation
    and closure costs</font></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="58" align="right"><b><font FACE="Interstate" SIZE="2">(5)</font></b></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">(26)</font></td>
    <td WIDTH="83" align="right">&nbsp;</td>
    <td WIDTH="53" align="right"><b><font FACE="Interstate" SIZE="2">(25)</font></b></td>
    <td WIDTH="54" align="right">&nbsp;</td>
    <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2">(70)</font></td>
  </tr>
  <tr>
    <td WIDTH="376" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Income taxes</font></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">8</font></b></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(12)</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">(111)</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(52)</font></td>
  </tr>
  <tr>
    <td WIDTH="376" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Other net operating activities</font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">(1)</font></b></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">48</font></td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">(64)</font></b></td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(69)</font></td>
  </tr>
</table>
</blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%">&nbsp;</td>
    <td WIDTH="7%">&nbsp;</td>
    <td WIDTH="46%">&nbsp;</td>
  </tr>
  <tr>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>43</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></td>
    </font>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate" SIZE="6">
<p>Mine Statistics</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="88%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="251">&nbsp;</td>
    <td WIDTH="597" align="center" colspan="16">
    <div style="border-bottom: 1px solid #000000">
      <font FACE="Interstate" SIZE="2"><b>UNITED STATES</b></font></div>
    </td>
  </tr>
  <tr>
    <td WIDTH="251">&nbsp;</td>
    <td WIDTH="156" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    Goldstrike Open Pit</font></td>
    <td WIDTH="142" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    Goldstrike Underground</font></td>
    <td WIDTH="36" align="right">&nbsp;</td>
    <td WIDTH="118" COLSPAN="3" align="right"><font FACE="Interstate" SIZE="2">
    Goldstrike Total</font></td>
    <td WIDTH="163" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    Round Mountain</font></td>
  </tr>
  <tr>
    <td WIDTH="251" style="border-bottom: 1px solid #000000">
    <font FACE="Interstate" SIZE="2">Three months ended Dec. 31,</font></td>
    <td WIDTH="22" align="right" style="border-bottom: 1px solid #000000">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom: 1px solid #000000">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="36" align="right" style="border-bottom: 1px solid #000000">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom: 1px solid #000000">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="32" align="right" style="border-bottom: 1px solid #000000">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-bottom: 1px solid #000000">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="26" align="right" style="border-bottom: 1px solid #000000">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom: 1px solid #000000">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="36" align="right" style="border-bottom: 1px solid #000000">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom: 1px solid #000000">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="36" align="right" style="border-bottom: 1px solid #000000">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom: 1px solid #000000">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="37" align="right" style="border-bottom: 1px solid #000000">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom: 1px solid #000000">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="43" align="right" style="border-bottom: 1px solid #000000">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-bottom: 1px solid #000000">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="251" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Tons mined (thousands)</font></td>
    <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>33,149</b></font></td>
    <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">34,123</font></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="38" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>420</b></font></td>
    <td WIDTH="26" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">441</font></td>
    <td WIDTH="77" COLSPAN="2" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>33,569</b></font></td>
    <td WIDTH="77" COLSPAN="2" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    34,564</font></td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>4,735</b></font></td>
    <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="38" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">7,359</font></td>
  </tr>
  <tr>
    <td WIDTH="251"><font FACE="Interstate" SIZE="2">Tons processed (thousands)</font></td>
    <td WIDTH="22" align="right">&nbsp;</td>
    <td WIDTH="53" align="right"><font FACE="Interstate" SIZE="2"><b>2,445</b></font></td>
    <td WIDTH="36" align="right">&nbsp;</td>
    <td WIDTH="39" align="right"><font FACE="Interstate" SIZE="2">2,697</font></td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="38" align="right"><font FACE="Interstate" SIZE="2"><b>423</b></font></td>
    <td WIDTH="26" align="right">&nbsp;</td>
    <td WIDTH="40" align="right"><font FACE="Interstate" SIZE="2">448</font></td>
    <td WIDTH="36" align="right">&nbsp;</td>
    <td WIDTH="39" align="right"><font FACE="Interstate" SIZE="2"><b>2,868</b></font></td>
    <td WIDTH="36" align="right">&nbsp;</td>
    <td WIDTH="39" align="right"><font FACE="Interstate" SIZE="2">3,145</font></td>
    <td WIDTH="37" align="right">&nbsp;</td>
    <td WIDTH="39" align="right"><font FACE="Interstate" SIZE="2"><b>8,832</b></font></td>
    <td WIDTH="43" align="right">&nbsp;</td>
    <td WIDTH="38" align="right"><font FACE="Interstate" SIZE="2">7,234</font></td>
  </tr>
  <tr>
    <td WIDTH="251" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Average grade (ounces per
    ton)</font></td>
    <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.161</b></font></td>
    <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.181</font></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="38" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.390</b></font></td>
    <td WIDTH="26" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.468</font></td>
    <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.195</b></font></td>
    <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.222</font></td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.012</b></font></td>
    <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="38" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.015</font></td>
  </tr>
  <tr>
    <td WIDTH="251" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Recovery rate (percent)</font></td>
    <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>80.8%</b></font></td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">83.2%</font></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>89.3%</b></font></td>
    <td WIDTH="26" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">92.0%</font></td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>83.3%</b></font></td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">85.9%</font></td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>n/a</b></font></td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">n/a</font></td>
  </tr>
  <tr>
    <td WIDTH="251" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Production (thousands of ounces)</font></td>
    <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>325</b></font></td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">406</font></td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>147</b></font></td>
    <td WIDTH="26" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">193</font></td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>472</b></font></td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">598</font></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>91</b></font></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">89</font></td>
  </tr>
  <tr>
    <td WIDTH="251"><font FACE="Interstate" SIZE="2">Production costs per ounce</font></td>
    <td WIDTH="22" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="36" align="right">&nbsp;</td>
    <td WIDTH="39" align="right">&nbsp;</td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="38" align="right">&nbsp;</td>
    <td WIDTH="26" align="right">&nbsp;</td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="36" align="right">&nbsp;</td>
    <td WIDTH="39" align="right">&nbsp;</td>
    <td WIDTH="36" align="right">&nbsp;</td>
    <td WIDTH="39" align="right">&nbsp;</td>
    <td WIDTH="37" align="right">&nbsp;</td>
    <td WIDTH="39" align="right">&nbsp;</td>
    <td WIDTH="43" align="right">&nbsp;</td>
    <td WIDTH="38" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="251" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp; Cash operating costs</font></td>
    <td WIDTH="22" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>235</b></font></td>
    <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">212</font></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="38" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>240</b></font></td>
    <td WIDTH="26" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">168</font></td>
    <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>236</b></font></td>
    <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">199</font></td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>159</b></font></td>
    <td WIDTH="43" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="38" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">191</font></td>
  </tr>
  <tr>
    <td WIDTH="251" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp; Royalties and production taxes</font></td>
    <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>15</b></font></td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">8</font></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>21</b></font></td>
    <td WIDTH="26" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">16</font></td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>17</b></font></td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">11</font></td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>31</b></font></td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">21</font></td>
  </tr>
  <tr>
    <td WIDTH="251" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp; Total cash costs</font></td>
    <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>250</b></font></td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">220</font></td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>261</b></font></td>
    <td WIDTH="26" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">184</font></td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>253</b></font></td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">210</font></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>190</b></font></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">212</font></td>
  </tr>
  <tr>
    <td WIDTH="251" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp; Amortization and reclamation</font></td>
    <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>57</b></font></td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">48</font></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>118</b></font></td>
    <td WIDTH="26" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">124</font></td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>76</b></font></td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">72</font></td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>59</b></font></td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">72</font></td>
  </tr>
  <tr>
    <td WIDTH="251" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Total production costs</font></td>
    <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>307</b></font></td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">268</font></td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>379</b></font></td>
    <td WIDTH="26" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">308</font></td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>329</b></font></td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">282</font></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>249</b></font></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">284</font></td>
  </tr>
  <tr>
    <td WIDTH="251" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Capital expenditures (US$ millions)</font></td>
    <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>3</b></font></td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">6</font></td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>8</b></font></td>
    <td WIDTH="26" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">5</font></td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>11</b></font></td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">11</font></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>1</b></font></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">1</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="86%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="241" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">Twelve months ended Dec.
    31,</font></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="31" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="241" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Tons mined (thousands)</font></td>
    <td WIDTH="88" COLSPAN="2" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>141,693</b></font></td>
    <td WIDTH="73" COLSPAN="2" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    142,898</font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>1,631</b></font></td>
    <td WIDTH="24" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,635</font></td>
    <td WIDTH="78" COLSPAN="2" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>143,324</b></font></td>
    <td WIDTH="79" COLSPAN="2" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    144,533</font></td>
    <td WIDTH="79" COLSPAN="2" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>24,563</b></font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">31,573</font></td>
  </tr>
  <tr>
    <td WIDTH="241"><font FACE="Interstate" SIZE="2">Tons processed (thousands)</font></td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2"><b>10,041</b></font></td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="39" align="right"><font FACE="Interstate" SIZE="2">10,322</font></td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="38" align="right"><font FACE="Interstate" SIZE="2"><b>1,622</b></font></td>
    <td WIDTH="24" align="right">&nbsp;</td>
    <td WIDTH="42" align="right"><font FACE="Interstate" SIZE="2">1,638</font></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="43" align="right"><font FACE="Interstate" SIZE="2"><b>11,663</b></font></td>
    <td WIDTH="31" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><font FACE="Interstate" SIZE="2">11,960</font></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="44" align="right"><font FACE="Interstate" SIZE="2"><b>31,470</b></font></td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="40" align="right"><font FACE="Interstate" SIZE="2">31,111</font></td>
  </tr>
  <tr>
    <td WIDTH="241" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Average grade (ounces per
    ton)</font></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.189</b></font></td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.164</font></td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="38" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.385</b></font></td>
    <td WIDTH="24" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="42" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.428</font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="43" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.216</b></font></td>
    <td WIDTH="31" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.200</font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.016</b></font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.018</font></td>
  </tr>
  <tr>
    <td WIDTH="241" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">Recovery rate (percent)</font></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2"><b>82.0%</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">83.3%</font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2"><b>88.3%</b></font></td>
    <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">91.3%</font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2"><b>83.6%</b></font></td>
    <td WIDTH="31" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">85.7%</font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2"><b>n/a</b></font></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">n/a</font></td>
  </tr>
  <tr>
    <td WIDTH="241" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Production (thousands of
    ounces)</font></td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>1,559</b></font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,410</font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>552</b></font></td>
    <td WIDTH="24" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">640</font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>2,111</b></font></td>
    <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">2,050</font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>393</b></font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">378</font></td>
  </tr>
  <tr>
    <td WIDTH="241"><font FACE="Interstate" SIZE="2">Production costs per ounce</font></td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="56" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="39" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="38" align="right">&nbsp;</td>
    <td WIDTH="24" align="right">&nbsp;</td>
    <td WIDTH="42" align="right">&nbsp;</td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="43" align="right">&nbsp;</td>
    <td WIDTH="31" align="right">&nbsp;</td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="40" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="241" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Cash operating costs</font></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>215</b></font></td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">221</font></td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="38" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>234</b></font></td>
    <td WIDTH="24" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="42" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">184</font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="43" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>220</b></font></td>
    <td WIDTH="31" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">209</font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>150</b></font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">172</font></td>
  </tr>
  <tr>
    <td WIDTH="241" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Royalties and production
    taxes</font></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2"><b>18</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">7</font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2"><b>19</b></font></td>
    <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">14</font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2"><b>18</b></font></td>
    <td WIDTH="31" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">9</font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2"><b>23</b></font></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">15</font></td>
  </tr>
  <tr>
    <td WIDTH="241" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Total cash costs</font></td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>233</b></font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">228</font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>253</b></font></td>
    <td WIDTH="24" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">198</font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>238</b></font></td>
    <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">218</font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>173</b></font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">187</font></td>
  </tr>
  <tr>
    <td WIDTH="241" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Amortization and
    reclamation</font></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2"><b>53</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">58</font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2"><b>122</b></font></td>
    <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">121</font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2"><b>72</b></font></td>
    <td WIDTH="31" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">77</font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2"><b>54</b></font></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">69</font></td>
  </tr>
  <tr>
    <td WIDTH="241" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Total production costs</font></td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>286</b></font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">286</font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>375</b></font></td>
    <td WIDTH="24" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">319</font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>310</b></font></td>
    <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">295</font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>227</b></font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">256</font></td>
  </tr>
  <tr>
    <td WIDTH="241" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Interstate" SIZE="2">Capital expenditures (US$
    millions)</font></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Interstate" SIZE="2"><b>23</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Interstate" SIZE="2">12</font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Interstate" SIZE="2"><b>28</b></font></td>
    <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Interstate" SIZE="2">34</font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Interstate" SIZE="2"><b>51</b></font></td>
    <td WIDTH="31" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Interstate" SIZE="2">46</font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Interstate" SIZE="2"><b>6</b></font></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Interstate" SIZE="2">8</font></td>
  </tr>
</table>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%">&nbsp;</td>
    <td WIDTH="7%">&nbsp;</td>
    <td WIDTH="46%">&nbsp;</td>
  </tr>
  <tr>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>44</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>MINE STATISTICS</b></font></td>
    </font>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate" SIZE="6">
<p>Mine Statistics</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="84%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="247">&nbsp;</td>
    <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="26" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="26" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="75" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">AUSTRALIA</font></td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="31" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="247">&nbsp;</td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="67" COLSPAN="2" align="right"><font FACE="Interstate" SIZE="2">
    <b>Plutonic</b></font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="26" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="67" COLSPAN="2" align="right"><font FACE="Interstate" SIZE="2">
    <b>Darlot</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="71" COLSPAN="2" align="right"><font FACE="Interstate" SIZE="2">
    <b>Lawlers</b></font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="135" COLSPAN="3" align="right"><font FACE="Interstate" SIZE="2">
    <b>Kalgoorlie</b></font></td>
  </tr>
  <tr>
    <td WIDTH="247" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Three months ended Dec. 31,</font></td>
    <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="26" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="26" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="31" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="247" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Tons mined (thousands)</font></td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>2,699</b></font></td>
    <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">3,486</font></td>
    <td WIDTH="26" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>211</b></font></td>
    <td WIDTH="26" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">211</font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>200</b></font></td>
    <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">1,960</font></td>
    <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>13,062</b></font></td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">12,143</font></td>
  </tr>
  <tr>
    <td WIDTH="247"><font FACE="Interstate" SIZE="2">Tons processed (thousands)</font></td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2"><b>732</b></font></td>
    <td WIDTH="22" align="right">&nbsp;</td>
    <td WIDTH="40" align="right"><font FACE="Interstate" SIZE="2">938</font></td>
    <td WIDTH="26" align="right">&nbsp;</td>
    <td WIDTH="41" align="right"><font FACE="Interstate" SIZE="2"><b>224</b></font></td>
    <td WIDTH="26" align="right">&nbsp;</td>
    <td WIDTH="41" align="right"><font FACE="Interstate" SIZE="2">220</font></td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="43" align="right"><font FACE="Interstate" SIZE="2"><b>210</b></font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><font FACE="Interstate" SIZE="2">183</font></td>
    <td WIDTH="31" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><font FACE="Interstate" SIZE="2"><b>1,844</b></font></td>
    <td WIDTH="38" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">1,785</font></td>
  </tr>
  <tr>
    <td WIDTH="247" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Average grade (ounces per
    ton)</font></td>
    <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.132</b></font></td>
    <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.101</font></td>
    <td WIDTH="26" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.172</b></font></td>
    <td WIDTH="26" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.182</font></td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="43" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.135</b></font></td>
    <td WIDTH="28" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.161</font></td>
    <td WIDTH="31" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.071</b></font></td>
    <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.063</font></td>
  </tr>
  <tr>
    <td WIDTH="247" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Recovery rate (percent)</font></td>
    <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>91.0%</b></font></td>
    <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">88.4%</font></td>
    <td WIDTH="26" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>96.8%</b></font></td>
    <td WIDTH="26" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">97.5%</font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>96.9%</b></font></td>
    <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">97.4%</font></td>
    <td WIDTH="31" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>87.8%</b></font></td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">80.7%</font></td>
  </tr>
  <tr>
    <td WIDTH="247" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Production (thousands of ounces)</font></td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>88</b></font></td>
    <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">84</font></td>
    <td WIDTH="26" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>37</b></font></td>
    <td WIDTH="26" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">40</font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>27</b></font></td>
    <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">28</font></td>
    <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>115</b></font></td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">98</font></td>
  </tr>
  <tr>
    <td WIDTH="247"><font FACE="Interstate" SIZE="2">Production costs per ounce</font></td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="22" align="right">&nbsp;</td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="26" align="right">&nbsp;</td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="26" align="right">&nbsp;</td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="43" align="right">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="31" align="right">&nbsp;</td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="38" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="247" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Cash operating
    costs</font></td>
    <td WIDTH="30" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>187</b></font></td>
    <td WIDTH="22" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">177</font></td>
    <td WIDTH="26" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>172</b></font></td>
    <td WIDTH="26" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">155</font></td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="43" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>259</b></font></td>
    <td WIDTH="28" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">180</font></td>
    <td WIDTH="31" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>205</b></font></td>
    <td WIDTH="38" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">224</font></td>
  </tr>
  <tr>
    <td WIDTH="247" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Royalties and production taxes</font></td>
    <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>9</b></font></td>
    <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">10</font></td>
    <td WIDTH="26" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>10</b></font></td>
    <td WIDTH="26" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">8</font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>9</b></font></td>
    <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">8</font></td>
    <td WIDTH="31" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>10</b></font></td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">7</font></td>
  </tr>
  <tr>
    <td WIDTH="247" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Total cash costs</font></td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>196</b></font></td>
    <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">187</font></td>
    <td WIDTH="26" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>182</b></font></td>
    <td WIDTH="26" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">163</font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>268</b></font></td>
    <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">188</font></td>
    <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>215</b></font></td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">231</font></td>
  </tr>
  <tr>
    <td WIDTH="247" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Amortization and reclamation</font></td>
    <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>49</b></font></td>
    <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">45</font></td>
    <td WIDTH="26" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>59</b></font></td>
    <td WIDTH="26" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">51</font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>58</b></font></td>
    <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">43</font></td>
    <td WIDTH="31" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>53</b></font></td>
    <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">58</font></td>
  </tr>
  <tr>
    <td WIDTH="247" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Total production costs</font></td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>245</b></font></td>
    <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">232</font></td>
    <td WIDTH="26" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>241</b></font></td>
    <td WIDTH="26" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">214</font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>326</b></font></td>
    <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">231</font></td>
    <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>268</b></font></td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">289</font></td>
  </tr>
  <tr>
    <td WIDTH="247" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Capital expenditures (US$ millions)</font></td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>4</b></font></td>
    <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">6</font></td>
    <td WIDTH="26" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2</b></font></td>
    <td WIDTH="26" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2</font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>1</b></font></td>
    <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">3</font></td>
    <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2</b></font></td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">7</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="86%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="250" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Twelve months ended Dec. 31,</font></td>
    <td WIDTH="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="31" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="250" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Tons mined (thousands)</font></td>
    <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>14,180</b></font></td>
    <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">14,289</font></td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>876</b></font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">840</font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>1,152</b></font></td>
    <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">4,746</font></td>
    <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>48,677</b></font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">46,324</font></td>
  </tr>
  <tr>
    <td WIDTH="250"><font FACE="Interstate" SIZE="2">Tons processed (thousands)</font></td>
    <td WIDTH="21" align="right">&nbsp;</td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2"><b>3,010</b></font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="43" align="right"><font FACE="Interstate" SIZE="2">3,532</font></td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="44" align="right"><font FACE="Interstate" SIZE="2"><b>879</b></font></td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2">849</font></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="44" align="right"><font FACE="Interstate" SIZE="2"><b>806</b></font></td>
    <td WIDTH="31" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><font FACE="Interstate" SIZE="2">718</font></td>
    <td WIDTH="33" align="right">&nbsp;</td>
    <td WIDTH="44" align="right"><font FACE="Interstate" SIZE="2"><b>7,171</b></font></td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="49" align="right"><font FACE="Interstate" SIZE="2">7,051</font></td>
  </tr>
  <tr>
    <td WIDTH="250" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Average grade (ounces per
    ton)</font></td>
    <td WIDTH="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.123</b></font></td>
    <td WIDTH="28" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="43" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.097</font></td>
    <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.182</b></font></td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.176</font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.128</b></font></td>
    <td WIDTH="31" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.162</font></td>
    <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.071</b></font></td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.061</font></td>
  </tr>
  <tr>
    <td WIDTH="250" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Recovery rate (percent)</font></td>
    <td WIDTH="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>89.9%</b></font></td>
    <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">89.5%</font></td>
    <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>96.9%</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">97.2%</font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>95.8%</b></font></td>
    <td WIDTH="31" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">97.3%</font></td>
    <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>85.8%</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">82.6%</font></td>
  </tr>
  <tr>
    <td WIDTH="250" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Production (thousands of ounces)</font></td>
    <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>334</b></font></td>
    <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">307</font></td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>155</b></font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">145</font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>99</b></font></td>
    <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">113</font></td>
    <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>436</b></font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">360</font></td>
  </tr>
  <tr>
    <td WIDTH="250"><font FACE="Interstate" SIZE="2">Production costs per ounce</font></td>
    <td WIDTH="21" align="right">&nbsp;</td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="43" align="right">&nbsp;</td>
    <td WIDTH="30" align="right">&nbsp;</td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="46" align="right">&nbsp;</td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="31" align="right">&nbsp;</td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="33" align="right">&nbsp;</td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="34" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="250" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Cash operating
    costs</font></td>
    <td WIDTH="21" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>185</b></font></td>
    <td WIDTH="28" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="43" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">175</font></td>
    <td WIDTH="30" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>156</b></font></td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">160</font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>241</b></font></td>
    <td WIDTH="31" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">171</font></td>
    <td WIDTH="33" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>201</b></font></td>
    <td WIDTH="34" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">215</font></td>
  </tr>
  <tr>
    <td WIDTH="250" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Royalties and production taxes</font></td>
    <td WIDTH="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>8</b></font></td>
    <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">9</font></td>
    <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>8</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">8</font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>8</b></font></td>
    <td WIDTH="31" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">8</font></td>
    <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>8</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">7</font></td>
  </tr>
  <tr>
    <td WIDTH="250" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Total cash costs</font></td>
    <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>193</b></font></td>
    <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">184</font></td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>164</b></font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">168</font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>249</b></font></td>
    <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">179</font></td>
    <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>209</b></font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">222</font></td>
  </tr>
  <tr>
    <td WIDTH="250" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Amortization and reclamation</font></td>
    <td WIDTH="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>31</b></font></td>
    <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">38</font></td>
    <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>52</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">47</font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>42</b></font></td>
    <td WIDTH="31" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">42</font></td>
    <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>48</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">57</font></td>
  </tr>
  <tr>
    <td WIDTH="250" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Total production costs</font></td>
    <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>224</b></font></td>
    <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">222</font></td>
    <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>216</b></font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">215</font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>291</b></font></td>
    <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">221</font></td>
    <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>257</b></font></td>
    <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">279</font></td>
  </tr>
  <tr>
    <td WIDTH="250" style="border-bottom: 2px solid #000000">
    <font FACE="Interstate" SIZE="2">Capital expenditures (US$ millions)</font></td>
    <td WIDTH="21" align="right" style="border-bottom: 2px solid #000000">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="45" align="right" style="border-bottom: 2px solid #000000">
    <font FACE="Interstate" SIZE="2"><b>44</b></font></td>
    <td WIDTH="28" align="right" style="border-bottom: 2px solid #000000">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="43" align="right" style="border-bottom: 2px solid #000000">
    <font FACE="Interstate" SIZE="2">20</font></td>
    <td WIDTH="30" align="right" style="border-bottom: 2px solid #000000">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="44" align="right" style="border-bottom: 2px solid #000000">
    <font FACE="Interstate" SIZE="2"><b>7</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom: 2px solid #000000">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="46" align="right" style="border-bottom: 2px solid #000000">
    <font FACE="Interstate" SIZE="2">7</font></td>
    <td WIDTH="35" align="right" style="border-bottom: 2px solid #000000">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="44" align="right" style="border-bottom: 2px solid #000000">
    <font FACE="Interstate" SIZE="2"><b>14</b></font></td>
    <td WIDTH="31" align="right" style="border-bottom: 2px solid #000000">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="47" align="right" style="border-bottom: 2px solid #000000">
    <font FACE="Interstate" SIZE="2">7</font></td>
    <td WIDTH="33" align="right" style="border-bottom: 2px solid #000000">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="44" align="right" style="border-bottom: 2px solid #000000">
    <font FACE="Interstate" SIZE="2"><b>14</b></font></td>
    <td WIDTH="34" align="right" style="border-bottom: 2px solid #000000">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="49" align="right" style="border-bottom: 2px solid #000000">
    <font FACE="Interstate" SIZE="2">14</font></td>
  </tr>
</table>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%">&nbsp;</td>
    <td WIDTH="7%">&nbsp;</td>
    <td WIDTH="46%">&nbsp;</td>
  </tr>
  <tr>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>45</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>MINE STATISTICS</b></font></td>
    </font>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate" SIZE="6">
<p>Mine Statistics</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="87%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="297">&nbsp;</td>
    <td WIDTH="559" align="center" colspan="12">
    <font FACE="Interstate" SIZE="2">
    <div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
      <b>CANADA</b></font></div>
    </td>
  </tr>
  <tr>
    <td WIDTH="297">&nbsp;</td>
    <td WIDTH="39" align="right">&nbsp;</td>
    <td WIDTH="89" COLSPAN="2" align="right"><font FACE="Interstate" SIZE="2">
    <b>Hemlo</b></font></td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="37" align="right">&nbsp;</td>
    <td WIDTH="144" COLSPAN="3" align="right"><font FACE="Interstate" SIZE="2">
    <b>Eskay Creek</b></font></td>
    <td WIDTH="206" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    <b>Holt-McDermott</b></font></td>
  </tr>
  <tr>
    <td WIDTH="297" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Three months ended Dec. 31,</font></td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="57" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="297" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Tons mined (thousands)</font></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>1,039</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">1,102</font></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>63</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="57" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">69</font></td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>142</b></font></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">142</font></td>
  </tr>
  <tr>
    <td WIDTH="297"><font FACE="Interstate" SIZE="2">Tons processed (thousands)</font></td>
    <td WIDTH="39" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><font FACE="Interstate" SIZE="2"><b>514</b></font></td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="44" align="right"><font FACE="Interstate" SIZE="2">494</font></td>
    <td WIDTH="37" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2"><b>65</b></font></td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="57" align="right"><font FACE="Interstate" SIZE="2">67</font></td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2"><b>150</b></font></td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">142</font></td>
  </tr>
  <tr>
    <td WIDTH="297" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Average grade (ounces per
    ton)</font></td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.133</b></font></td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.177</font></td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>1.481</b></font></td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="57" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1.511</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.166</b></font></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.162</font></td>
  </tr>
  <tr>
    <td WIDTH="297" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Recovery rate (percent)</font></td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>95.1%</b></font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">95.5%</font></td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>94.1%</b></font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="57" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">93.5%</font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>93.5%</b></font></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">94.2%</font></td>
  </tr>
  <tr>
    <td WIDTH="297" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Production (thousands of ounces)</font></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>65</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">83</font></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>83</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="57" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">97</font></td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>23</b></font></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">22</font></td>
  </tr>
  <tr>
    <td WIDTH="297"><font FACE="Interstate" SIZE="2">Production costs per ounce</font></td>
    <td WIDTH="39" align="right">&nbsp;</td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="44" align="right">&nbsp;</td>
    <td WIDTH="37" align="right">&nbsp;</td>
    <td WIDTH="46" align="right">&nbsp;</td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="57" align="right">&nbsp;</td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="55" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="297" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Cash operating
    costs</font></td>
    <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>219</b></font></td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">177</font></td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>15</b></font></td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="57" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">47</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>210</b></font></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">193</font></td>
  </tr>
  <tr>
    <td WIDTH="297" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Royalties and production taxes</font></td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>8</b></font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">7</font></td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>5</b></font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="57" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">4</font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="297" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Total cash costs</font></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>227</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">184</font></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>20</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="57" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">51</font></td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>210</b></font></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">193</font></td>
  </tr>
  <tr>
    <td WIDTH="297" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Amortization and reclamation</font></td>
    <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>37</b></font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">38</font></td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>132</b></font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="57" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">142</font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>144</b></font></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">90</font></td>
  </tr>
  <tr>
    <td WIDTH="297" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Total production costs</font></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>264</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">222</font></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>152</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="57" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">193</font></td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>354</b></font></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">283</font></td>
  </tr>
  <tr>
    <td WIDTH="297" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Capital expenditures (US$ millions)</font></td>
    <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>3</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">1</font></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>1</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="57" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="86%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="292" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Twelve months ended Dec. 31,</font></td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="292" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Tons mined (thousands)</font></td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>4,178</b></font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">4,114</font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>272</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">254</font></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>557</b></font></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">520</font></td>
  </tr>
  <tr>
    <td WIDTH="292"><font FACE="Interstate" SIZE="2">Tons processed (thousands)</font></td>
    <td WIDTH="36" align="right">&nbsp;</td>
    <td WIDTH="51" align="right"><font FACE="Interstate" SIZE="2"><b>1,971</b></font></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">1,906</font></td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2"><b>275</b></font></td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="51" align="right"><font FACE="Interstate" SIZE="2">256</font></td>
    <td WIDTH="43" align="right">&nbsp;</td>
    <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2"><b>559</b></font></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><font FACE="Interstate" SIZE="2">520</font></td>
  </tr>
  <tr>
    <td WIDTH="292" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Average grade (ounces per
    ton)</font></td>
    <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.143</b></font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.149</font></td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>1.432</b></font></td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1.502</font></td>
    <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.170</b></font></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.170</font></td>
  </tr>
  <tr>
    <td WIDTH="292" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Recovery rate (percent)</font></td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>95.0%</b></font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">94.7%</font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>93.7%</b></font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">93.7%</font></td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>94.3%</b></font></td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">94.6%</font></td>
  </tr>
  <tr>
    <td WIDTH="292" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Production (thousands of ounces)</font></td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>268</b></font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">269</font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>352</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">359</font></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>90</b></font></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">84</font></td>
  </tr>
  <tr>
    <td WIDTH="292"><font FACE="Interstate" SIZE="2">Production costs per ounce</font></td>
    <td WIDTH="36" align="right">&nbsp;</td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="46" align="right">&nbsp;</td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="43" align="right">&nbsp;</td>
    <td WIDTH="55" align="right">&nbsp;</td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="48" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="292" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Cash operating
    costs</font></td>
    <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>218</b></font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">216</font></td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>48</b></font></td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">36</font></td>
    <td WIDTH="43" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>239</b></font></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">173</font></td>
  </tr>
  <tr>
    <td WIDTH="292" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Royalties and production taxes</font></td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>8</b></font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">8</font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>4</b></font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">4</font></td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="292" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Total cash costs</font></td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>226</b></font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">224</font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>52</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">40</font></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>239</b></font></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">173</font></td>
  </tr>
  <tr>
    <td WIDTH="292" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Amortization and reclamation</font></td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>40</b></font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">40</font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>132</b></font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">134</font></td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>131</b></font></td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">96</font></td>
  </tr>
  <tr>
    <td WIDTH="292" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Total production costs</font></td>
    <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>266</b></font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">264</font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>184</b></font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">174</font></td>
    <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>370</b></font></td>
    <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">269</font></td>
  </tr>
  <tr>
    <td WIDTH="292" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">Capital expenditures (US$ millions)</font></td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2"><b>10</b></font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">6</font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2"><b>5</b></font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">8</font></td>
    <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">7</font></td>
  </tr>
</table>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%">&nbsp;</td>
    <td WIDTH="7%">&nbsp;</td>
    <td WIDTH="46%">&nbsp;</td>
  </tr>
  <tr>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>46</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>MINE STATISTICS</b></font></td>
    </font>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<table CELLSPACING="0" BORDER="0" WIDTH="70%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="51%"><font FACE="Interstate" SIZE="6">Mine Statistics</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="4%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="51%">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">PERU</font></td>
    <td WIDTH="4%" align="center">&nbsp;</td>
    <td WIDTH="13%" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">TANZANIA</font></td>
  </tr>
  <tr>
    <td WIDTH="51%">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Pierina</font></td>
    <td WIDTH="4%" align="center">&nbsp;</td>
    <td WIDTH="13%" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Bulyanhulu</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Three months ended Dec. 31,</font></td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="4%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Tons mined (thousands)</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>10,106</b></font></td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">8,865</font></td>
    <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>257</b></font></td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">260</font></td>
  </tr>
  <tr>
    <td WIDTH="51%"><font FACE="Interstate" SIZE="2">Tons processed (thousands)</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><font FACE="Times New Roman" SIZE="2"><b>-</b></font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="4%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2"><b>261</b></font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">274</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Average grade (ounces per
    ton)</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>0.071</b></font></td>
    <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.095</font></td>
    <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.341</b></font></td>
    <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.426</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Recovery rate (percent)</font></td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>-</b></font></td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="4%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>88.5%</b></font></td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">86.2%</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Production (thousands of ounces)</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>206</b></font></td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">281</font></td>
    <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>79</b></font></td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">101</font></td>
  </tr>
  <tr>
    <td WIDTH="51%"><font FACE="Interstate" SIZE="2">Production costs per ounce</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="4%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="51%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Cash
    operating costs</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>89</b></font></td>
    <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">95</font></td>
    <td WIDTH="4%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>301</b></font></td>
    <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">177</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Royalties and production
    taxes</font></td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>-</b></font></td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="4%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>15</b></font></td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">8</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Total cash costs</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>89</b></font></td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">95</font></td>
    <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>316</b></font></td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">185</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Amortization and
    reclamation</font></td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>181</b></font></td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">191</font></td>
    <td WIDTH="4%" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>125</b></font></td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">116</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Total production costs</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>270</b></font></td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">286</font></td>
    <td WIDTH="4%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>441</b></font></td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">301</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Capital expenditures (US$ millions)</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>8</b></font></td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">1</font></td>
    <td WIDTH="4%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>9</b></font></td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">12</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="4%" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="51%">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="4%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="51%">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="4%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="51%">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="4%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="51%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Twelve months ended Dec. 31,</font></td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
    <td WIDTH="4%" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Tons mined (thousands)</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>39,501</b></font></td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">32,311</font></td>
    <td WIDTH="4%" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>945</b></font></td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">944</font></td>
  </tr>
  <tr>
    <td WIDTH="51%"><font FACE="Interstate" SIZE="2">Tons processed (thousands)</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><font FACE="Times New Roman" SIZE="2"><b>-</b></font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="4%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2"><b>980</b></font></td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">1,075</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Average grade (ounces per
    ton)</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>0.074</b></font></td>
    <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.080</font></td>
    <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.363</b></font></td>
    <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.385</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Recovery rate (percent)</font></td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>-</b></font></td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="4%" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>88.1%</b></font></td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">86.1%</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Production (thousands of ounces)</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>912</b></font></td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">898</font></td>
    <td WIDTH="4%" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>314</b></font></td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">356</font></td>
  </tr>
  <tr>
    <td WIDTH="51%"><font FACE="Interstate" SIZE="2">Production costs per ounce</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="4%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="2%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="51%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Cash
    operating costs</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>83</b></font></td>
    <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">80</font></td>
    <td WIDTH="4%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>235</b></font></td>
    <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">190</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Royalties and production
    taxes</font></td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>-</b></font></td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="4%" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>11</b></font></td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">8</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Total cash costs</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>83</b></font></td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">80</font></td>
    <td WIDTH="4%" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>246</b></font></td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">198</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Amortization and
    reclamation</font></td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>182</b></font></td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">191</font></td>
    <td WIDTH="4%" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>123</b></font></td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">102</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Total production costs</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>265</b></font></td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">271</font></td>
    <td WIDTH="4%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>369</b></font></td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">300</font></td>
  </tr>
  <tr>
    <td WIDTH="51%" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">Capital expenditures (US$ millions)</font></td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2"><b>17</b></font></td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">5</font></td>
    <td WIDTH="4%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
    <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2"><b>36</b></font></td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Interstate" SIZE="2">56</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>47</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>MINE STATISTICS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<p align="right">&nbsp;</p>
<table CELLSPACING="0" BORDER="0" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111" width="85%" height="1020">
  <tr>
    <td WIDTH="837" COLSPAN="9" height="26"><font FACE="Interstate" SIZE="5"><b>
    SUMMARY GOLD MINERAL RESERVES AND MINERAL RESOURCES</b></font></td>
  </tr>
  <tr>
    <td WIDTH="200" height="19">&nbsp;</td>
    <td WIDTH="137" height="19">&nbsp;</td>
    <td WIDTH="75" height="19">&nbsp;</td>
    <td WIDTH="66" height="19">&nbsp;</td>
    <td WIDTH="84" height="19">&nbsp;</td>
    <td WIDTH="46" height="19">&nbsp;</td>
    <td WIDTH="68" height="19">&nbsp;</td>
    <td WIDTH="83" height="19">&nbsp;</td>
    <td WIDTH="78" height="19">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="337" COLSPAN="2" height="19"><font FACE="Interstate" SIZE="2">For
    the year ended December 31,</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>2003</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
    <td WIDTH="137" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
    <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>Tons</b></font></td>
    <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>Grade</b></font></td>
    <td WIDTH="84" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>Ounces</b></font></td>
    <td WIDTH="46" align="right" style="border-style: none; border-width: medium" height="19">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">Tons</font></td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">Grade</font></td>
    <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">Ounces</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">Based on attributable ounces</font></td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(000's)</font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(oz/ton)</font></td>
    <td WIDTH="84" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(000's)</font></td>
    <td WIDTH="46" align="right" style="border-style: none; border-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(000's)</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(oz/ton)</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(000's)</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-top-style: solid; border-top-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>NORTH AMERICA</b></font></td>
    <td WIDTH="137" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
    <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
    <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
    <td WIDTH="84" align="right" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium" height="19">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
    <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="200" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;
    Goldstrike Open Pit</font></td>
    <td WIDTH="137" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(proven and
    probable)</font></td>
    <td WIDTH="75" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>109,742</b></font></td>
    <td WIDTH="66" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>0.143</b></font></td>
    <td WIDTH="84" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>15,685</b></font></td>
    <td WIDTH="46" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    107,130</font></td>
    <td WIDTH="83" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    0.150</font></td>
    <td WIDTH="78" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    16,051</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(mineral resource)</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>37,403</b></font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>0.061</b></font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>2,264</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">46,400</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">0.070</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">3,231</font></td>
  </tr>
  <tr>
    <td WIDTH="200" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;
    Goldstrike Underground</font></td>
    <td WIDTH="137" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(proven and
    probable)</font></td>
    <td WIDTH="75" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>9,177</b></font></td>
    <td WIDTH="66" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>0.377</b></font></td>
    <td WIDTH="84" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>3,460</b></font></td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    9,770</font></td>
    <td WIDTH="83" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    0.398</font></td>
    <td WIDTH="78" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    3,888</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(mineral resource)</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>5,841</b></font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>0.426</b></font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>2,489</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">5,107</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">0.466</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">2,378</font></td>
  </tr>
  <tr>
    <td WIDTH="200" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Goldstrike
    Property Total</font></td>
    <td WIDTH="137" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(proven and
    probable)</font></td>
    <td WIDTH="75" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>118,919</b></font></td>
    <td WIDTH="66" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>0.161</b></font></td>
    <td WIDTH="84" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>19,145</b></font></td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    116,900</font></td>
    <td WIDTH="83" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    0.171</font></td>
    <td WIDTH="78" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    19,939</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(mineral resource)</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>43,244</b></font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>0.110</b></font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>4,753</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">51,507</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">0.109</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">5,609</font></td>
  </tr>
  <tr>
    <td WIDTH="200" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Round
    Mountain (50%)</font></td>
    <td WIDTH="137" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(proven and
    probable)</font></td>
    <td WIDTH="75" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>89,852</b></font></td>
    <td WIDTH="66" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>0.018</b></font></td>
    <td WIDTH="84" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>1,583</b></font></td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    96,057</font></td>
    <td WIDTH="83" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    0.020</font></td>
    <td WIDTH="78" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    1,875</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(mineral resource)</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>37,770</b></font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>0.017</b></font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>645</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">17,455</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">0.010</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">176</font></td>
  </tr>
  <tr>
    <td WIDTH="200" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Marigold
    (33%)</font></td>
    <td WIDTH="137" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(proven and
    probable)</font></td>
    <td WIDTH="75" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>34,270</b></font></td>
    <td WIDTH="66" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>0.022</b></font></td>
    <td WIDTH="84" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>737</b></font></td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    26,351</font></td>
    <td WIDTH="83" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    0.026</font></td>
    <td WIDTH="78" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    678</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(mineral resource)</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>13,334</b></font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>0.020</b></font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>268</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">13,665</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">0.016</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">219</font></td>
  </tr>
  <tr>
    <td WIDTH="200" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Eskay
    Creek</font></td>
    <td WIDTH="137" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(proven and
    probable)</font></td>
    <td WIDTH="75" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>927</b></font></td>
    <td WIDTH="66" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>1.015</b></font></td>
    <td WIDTH="84" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>941</b></font></td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    1,433</font></td>
    <td WIDTH="83" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    0.998</font></td>
    <td WIDTH="78" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    1,430</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(mineral resource)</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>422</b></font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>0.287</b></font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>121</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">384</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">0.398</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">153</font></td>
  </tr>
  <tr>
    <td WIDTH="200" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Hemlo
    (50%)</font></td>
    <td WIDTH="137" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(proven and
    probable)</font></td>
    <td WIDTH="75" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>17,557</b></font></td>
    <td WIDTH="66" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>0.099</b></font></td>
    <td WIDTH="84" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>1,744</b></font></td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    19,726</font></td>
    <td WIDTH="83" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    0.107</font></td>
    <td WIDTH="78" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    2,118</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(mineral resource)</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>3,017</b></font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>0.090</b></font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>271</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">2,677</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">0.093</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">248</font></td>
  </tr>
  <tr>
    <td WIDTH="200" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Holt-McDermott</font></td>
    <td WIDTH="137" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(proven and
    probable)</font></td>
    <td WIDTH="75" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>340</b></font></td>
    <td WIDTH="66" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>0.162</b></font></td>
    <td WIDTH="84" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>55</b></font></td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    847</font></td>
    <td WIDTH="83" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    0.182</font></td>
    <td WIDTH="78" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    154</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 2" height="21">&nbsp;</td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 2" height="21">
    <font FACE="Interstate" SIZE="2">(mineral resource)</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 2" height="21">
    <font FACE="Interstate" SIZE="2"><b>452</b></font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 2" height="21">
    <font FACE="Interstate" SIZE="2"><b>0.195</b></font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 2" height="21">
    <font FACE="Interstate" SIZE="2"><b>88</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" height="21">
    <font FACE="Interstate" SIZE="2">246</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 2" height="21">
    <font FACE="Interstate" SIZE="2">0.248</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 2" height="21">
    <font FACE="Interstate" SIZE="2">61</font></td>
  </tr>
  <tr>
    <td WIDTH="200" height="19" bgcolor="#FFFFFF"><font FACE="Interstate" SIZE="2"><b>SOUTH
    AMERICA</b></font></td>
    <td WIDTH="137" height="19" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="75" align="right" height="19" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="66" align="right" height="19" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="84" align="right" height="19" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium" height="20" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="68" align="right" height="19" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="83" align="right" height="19" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="78" align="right" height="19" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="200" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Pascua-Lama</font></td>
    <td WIDTH="137" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(proven and
    probable)</font></td>
    <td WIDTH="75" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>296,411</b></font></td>
    <td WIDTH="66" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>0.057</b></font></td>
    <td WIDTH="84" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>16,862</b></font></td>
    <td WIDTH="46" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    296,411</font></td>
    <td WIDTH="83" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    0.057</font></td>
    <td WIDTH="78" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    16,862</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(mineral resource)</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>115,845</b></font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>0.030</b></font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>3,487</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">115,845</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">0.030</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">3,487</font></td>
  </tr>
  <tr>
    <td WIDTH="200" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Veladero</font></td>
    <td WIDTH="137" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(proven and
    probable)</font></td>
    <td WIDTH="75" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>317,187</b></font></td>
    <td WIDTH="66" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>0.035</b></font></td>
    <td WIDTH="84" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>11,115</b></font></td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    254,311</font></td>
    <td WIDTH="83" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    0.037</font></td>
    <td WIDTH="78" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    9,384</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(mineral resource)</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>67,715</b></font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>0.023</b></font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>1,540</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">135,760</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">0.024</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">3,260</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;Pierina</font></td>
    <td WIDTH="137" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(proven and probable)</font></td>
    <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>61,393</b></font></td>
    <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>0.045</b></font></td>
    <td WIDTH="84" align="right" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>2,768</b></font></td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">70,343</font></td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">0.051</font></td>
    <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">3,602</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(mineral resource)</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>25,421</b></font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>0.016</b></font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>419</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">39,938</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">0.016</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">626</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;Alto Chicama</font></td>
    <td WIDTH="137" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(proven and probable)</font></td>
    <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>159,250</b></font></td>
    <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>0.045</b></font></td>
    <td WIDTH="84" align="right" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>7,155</b></font></td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">120,948</font></td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">0.054</font></td>
    <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">6,535</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 2" height="21">&nbsp;</td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 2" height="21">
    <font FACE="Interstate" SIZE="2">(mineral resource)</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 2" height="21">
    <font FACE="Interstate" SIZE="2"><b>25,751</b></font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 2" height="21">
    <font FACE="Interstate" SIZE="2"><b>0.067</b></font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 2" height="21">
    <font FACE="Interstate" SIZE="2"><b>1,735</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" height="21">
    <font FACE="Interstate" SIZE="2">56,352</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 2" height="21">
    <font FACE="Interstate" SIZE="2">0.035</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 2" height="21">
    <font FACE="Interstate" SIZE="2">1,998</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-top-style: solid; border-top-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>AUSTRALIA/AFRICA</b></font></td>
    <td WIDTH="137" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
    <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
    <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
    <td WIDTH="84" align="right" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
    <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="200" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Plutonic</font></td>
    <td WIDTH="137" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(proven and
    probable)</font></td>
    <td WIDTH="75" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>20,635</b></font></td>
    <td WIDTH="66" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>0.128</b></font></td>
    <td WIDTH="84" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>2,646</b></font></td>
    <td WIDTH="46" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    13,976</font></td>
    <td WIDTH="83" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    0.181</font></td>
    <td WIDTH="78" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    2,533</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(mineral resource)</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>13,395</b></font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>0.147</b></font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>1,967</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">19,349</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">0.118</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">2,287</font></td>
  </tr>
  <tr>
    <td WIDTH="200" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Lawlers</font></td>
    <td WIDTH="137" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(proven and
    probable)</font></td>
    <td WIDTH="75" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>3,234</b></font></td>
    <td WIDTH="66" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>0.124</b></font></td>
    <td WIDTH="84" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>402</b></font></td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    3,407</font></td>
    <td WIDTH="83" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    0.149</font></td>
    <td WIDTH="78" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    509</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(mineral resource)</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>8,777</b></font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>0.129</b></font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>1,136</b></font></td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">8,379</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">0.133</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">1,115</font></td>
  </tr>
  <tr>
    <td WIDTH="200" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Darlot</font></td>
    <td WIDTH="137" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(proven and
    probable)</font></td>
    <td WIDTH="75" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>7,627</b></font></td>
    <td WIDTH="66" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>0.149</b></font></td>
    <td WIDTH="84" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>1,135</b></font></td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    8,202</font></td>
    <td WIDTH="83" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    0.155</font></td>
    <td WIDTH="78" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    1,269</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(mineral resource)</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>4,194</b></font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>0.130</b></font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>546</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">4,169</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">0.130</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">540</font></td>
  </tr>
  <tr>
    <td WIDTH="200" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Kalgoorlie
    (50%)</font></td>
    <td WIDTH="137" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(proven and
    probable)</font></td>
    <td WIDTH="75" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>97,047</b></font></td>
    <td WIDTH="66" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>0.061</b></font></td>
    <td WIDTH="84" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>5,894</b></font></td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    96,898</font></td>
    <td WIDTH="83" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    0.057</font></td>
    <td WIDTH="78" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    5,551</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(mineral resource)</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>44,584</b></font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>0.058</b></font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>2,580</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">41,911</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">0.054</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">2,279</font></td>
  </tr>
  <tr>
    <td WIDTH="200" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Cowal</font></td>
    <td WIDTH="137" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(proven and
    probable)</font></td>
    <td WIDTH="75" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>70,107</b></font></td>
    <td WIDTH="66" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>0.036</b></font></td>
    <td WIDTH="84" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>2,495</b></font></td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    75,922</font></td>
    <td WIDTH="83" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    0.037</font></td>
    <td WIDTH="78" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    2,835</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(mineral resource)</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>41,027</b></font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>0.039</b></font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>1,596</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">35,211</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">0.036</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">1,255</font></td>
  </tr>
  <tr>
    <td WIDTH="200" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Bulyanhulu</font></td>
    <td WIDTH="137" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(proven and
    probable)</font></td>
    <td WIDTH="75" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>27,882</b></font></td>
    <td WIDTH="66" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>0.391</b></font></td>
    <td WIDTH="84" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>10,907</b></font></td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    27,420</font></td>
    <td WIDTH="83" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    0.425</font></td>
    <td WIDTH="78" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    11,653</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(mineral resource)</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>4,300</b></font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>0.440</b></font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>1,894</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">4,765</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">0.352</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">1,678</font></td>
  </tr>
  <tr>
    <td WIDTH="200" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Tulawaka
    (70%)</font></td>
    <td WIDTH="137" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(proven and
    probable)</font></td>
    <td WIDTH="75" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>1,093</b></font></td>
    <td WIDTH="66" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>0.337</b></font></td>
    <td WIDTH="84" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>368</b></font></td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="83" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="78" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(mineral resource)</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>680</b></font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>0.066</b></font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>45</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>OTHER</b></font></td>
    <td WIDTH="137" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">(proven and probable)</font></td>
    <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="84" align="right" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(mineral resource)</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>20,404</b></font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>0.078</b></font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>1,598</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">1,085</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">0.335</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">364</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
    <td WIDTH="137" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
    <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
    <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
    <td WIDTH="84" align="right" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
    <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium" height="19">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
    <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1" height="20">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="200" height="19">&nbsp;</td>
    <td WIDTH="137" height="19">&nbsp;</td>
    <td WIDTH="75" align="right" height="19">&nbsp;</td>
    <td WIDTH="66" align="right" height="19">&nbsp;</td>
    <td WIDTH="84" align="right" height="19">&nbsp;</td>
    <td WIDTH="46" align="right" height="19">&nbsp;</td>
    <td WIDTH="68" align="right" height="19">&nbsp;</td>
    <td WIDTH="83" align="right" height="19">&nbsp;</td>
    <td WIDTH="78" align="right" height="19">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="200" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>TOTAL</b></font></td>
    <td WIDTH="137" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(proven and
    probable)</font></td>
    <td WIDTH="75" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>1,323,731</b></font></td>
    <td WIDTH="66" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>0.065</b></font></td>
    <td WIDTH="84" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    <b>85,952</b></font></td>
    <td WIDTH="46" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="68" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    1,229,152</font></td>
    <td WIDTH="83" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    0.071</font></td>
    <td WIDTH="78" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    86,927</font></td>
  </tr>
  <tr>
    <td WIDTH="200" style="border-bottom-style: solid; border-bottom-width: 1" height="20">&nbsp;</td>
    <td WIDTH="137" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">(mineral resource)</font></td>
    <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>470,332</b></font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>0.052</b></font></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2"><b>24,689</b></font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: none; border-bottom-width: medium" height="20">&nbsp;</td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">548,698</font></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">0.046</font></td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="20">
    <font FACE="Interstate" SIZE="2">25,355</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>48</b></font></td>
    <td WIDTH="46%">
    <p align="right"><font size="2"><b>MINERAL RESERVES AND MINERAL RESOURCES</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<p align="right">&nbsp;</p>
<table CELLSPACING="0" BORDER="0" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0" width="80%">
  <tr>
    <td colspan="12"><b><font FACE="Interstate" SIZE="6">GOLD MINERAL RESERVES</font><sup><font FACE="Times New Roman" size="6">
    1</font></sup></b></td>
  </tr>
  <tr>
    <td WIDTH="253" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">As at December 31, 2003</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">PROVEN</font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">PROBABLE</font></td>
    <td WIDTH="72" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>TOTAL</b></font></td>
  </tr>
  <tr>
    <td WIDTH="253" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Tons</font></td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Grade</font></td>
    <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Ounces</font></td>
    <td WIDTH="66" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Tons</font></td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Grade</font></td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Ounces</font></td>
    <td WIDTH="72" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>Tons</b></font></td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>Grade</b></font></td>
    <td WIDTH="70" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>Ounces</b></font></td>
  </tr>
  <tr>
    <td WIDTH="253" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Based on attributable ounces</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(000's)</font></td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(oz/ton)</font></td>
    <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(000's)</font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(000's)</font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(oz/ton)</font></td>
    <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(000's)</font></td>
    <td WIDTH="72" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(000's)</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(oz/ton)</font></td>
    <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(000's)</font></td>
  </tr>
  <tr>
    <td WIDTH="253" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>NORTH AMERICA</b></font></td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="66" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="70" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Goldstrike Open Pit</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">61,551</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.128</font></td>
    <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">7,856</font></td>
    <td WIDTH="66" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">48,191</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.162</font></td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">7,829</font></td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>109,742</b></font></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.143</b></font></td>
    <td WIDTH="70" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>15,685</b></font></td>
  </tr>
  <tr>
    <td WIDTH="253"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Goldstrike Underground</font></td>
    <td WIDTH="53" align="right"><font FACE="Interstate" SIZE="2">3,316</font></td>
    <td WIDTH="44" align="right"><font FACE="Interstate" SIZE="2">0.467</font></td>
    <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2">1,547</font></td>
    <td WIDTH="66" align="right">&nbsp;</td>
    <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">5,862</font></td>
    <td WIDTH="51" align="right"><font FACE="Interstate" SIZE="2">0.326</font></td>
    <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2">1,913</font></td>
    <td WIDTH="72" align="right">&nbsp;</td>
    <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2"><b>9,177</b></font></td>
    <td WIDTH="54" align="right"><font FACE="Interstate" SIZE="2"><b>0.377</b></font></td>
    <td WIDTH="70" align="right"><font FACE="Interstate" SIZE="2"><b>3,460</b></font></td>
  </tr>
  <tr>
    <td WIDTH="253" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Goldstrike Property
    Total</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">64,867</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.145</font></td>
    <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">9,403</font></td>
    <td WIDTH="66" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">54,053</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.180</font></td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">9,742</font></td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>118,919</b></font></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.161</b></font></td>
    <td WIDTH="70" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>19,145</b></font></td>
  </tr>
  <tr>
    <td WIDTH="253"><font FACE="Interstate" SIZE="2">&nbsp;Round Mountain (50%)</font></td>
    <td WIDTH="53" align="right"><font FACE="Interstate" SIZE="2">64,933</font></td>
    <td WIDTH="44" align="right"><font FACE="Interstate" SIZE="2">0.017</font></td>
    <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2">1,081</font></td>
    <td WIDTH="66" align="right">&nbsp;</td>
    <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">24,919</font></td>
    <td WIDTH="51" align="right"><font FACE="Interstate" SIZE="2">0.020</font></td>
    <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2">502</font></td>
    <td WIDTH="72" align="right">&nbsp;</td>
    <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2"><b>89,852</b></font></td>
    <td WIDTH="54" align="right"><font FACE="Interstate" SIZE="2"><b>0.018</b></font></td>
    <td WIDTH="70" align="right"><font FACE="Interstate" SIZE="2"><b>1,583</b></font></td>
  </tr>
  <tr>
    <td WIDTH="253" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Marigold (33%)</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3,441</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.028</font></td>
    <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">98</font></td>
    <td WIDTH="66" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">30,828</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.021</font></td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">638</font></td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>34,270</b></font></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.022</b></font></td>
    <td WIDTH="70" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>737</b></font></td>
  </tr>
  <tr>
    <td WIDTH="253"><font FACE="Interstate" SIZE="2">&nbsp;Eskay Creek</font></td>
    <td WIDTH="53" align="right"><font FACE="Interstate" SIZE="2">387</font></td>
    <td WIDTH="44" align="right"><font FACE="Interstate" SIZE="2">1.398</font></td>
    <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2">541</font></td>
    <td WIDTH="66" align="right">&nbsp;</td>
    <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">540</font></td>
    <td WIDTH="51" align="right"><font FACE="Interstate" SIZE="2">0.741</font></td>
    <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2">400</font></td>
    <td WIDTH="72" align="right">&nbsp;</td>
    <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2"><b>927</b></font></td>
    <td WIDTH="54" align="right"><font FACE="Interstate" SIZE="2"><b>1.015</b></font></td>
    <td WIDTH="70" align="right"><font FACE="Interstate" SIZE="2"><b>941</b></font></td>
  </tr>
  <tr>
    <td WIDTH="253" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Hemlo (50%)</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">10,766</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.113</font></td>
    <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,213</font></td>
    <td WIDTH="66" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">6,791</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.078</font></td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">531</font></td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>17,557</b></font></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.099</b></font></td>
    <td WIDTH="70" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>1,744</b></font></td>
  </tr>
  <tr>
    <td WIDTH="253" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;Holt-McDermott</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">31</font></td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">0.161</font></td>
    <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">5</font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">309</font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">0.162</font></td>
    <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">50</font></td>
    <td WIDTH="72" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>340</b></font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>0.162</b></font></td>
    <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>55</b></font></td>
  </tr>
  <tr>
    <td WIDTH="253" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>SOUTH AMERICA</b></font></td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="66" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="70" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Pierina</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">26,112</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.060</font></td>
    <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,560</font></td>
    <td WIDTH="66" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">35,281</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.034</font></td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,208</font></td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>61,393</b></font></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.045</b></font></td>
    <td WIDTH="70" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>2,768</b></font></td>
  </tr>
  <tr>
    <td WIDTH="253"><font FACE="Interstate" SIZE="2">&nbsp;Pascua-Lama</font></td>
    <td WIDTH="53" align="right"><font FACE="Interstate" SIZE="2">37,738</font></td>
    <td WIDTH="44" align="right"><font FACE="Interstate" SIZE="2">0.062</font></td>
    <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2">2,355</font></td>
    <td WIDTH="66" align="right">&nbsp;</td>
    <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">258,673</font></td>
    <td WIDTH="51" align="right"><font FACE="Interstate" SIZE="2">0.056</font></td>
    <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2">14,507</font></td>
    <td WIDTH="72" align="right">&nbsp;</td>
    <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2"><b>296,411</b></font></td>
    <td WIDTH="54" align="right"><font FACE="Interstate" SIZE="2"><b>0.057</b></font></td>
    <td WIDTH="70" align="right"><font FACE="Interstate" SIZE="2"><b>16,862</b></font></td>
  </tr>
  <tr>
    <td WIDTH="253" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Veladero</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">19,037</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.042</font></td>
    <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">801</font></td>
    <td WIDTH="66" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">298,150</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.035</font></td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">10,314</font></td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>317,187</b></font></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.035</b></font></td>
    <td WIDTH="70" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>11,115</b></font></td>
  </tr>
  <tr>
    <td WIDTH="253" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;Alto Chicama</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">4,443</font></td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">0.051</font></td>
    <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">225</font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">154,807</font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">0.045</font></td>
    <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">6,930</font></td>
    <td WIDTH="72" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>159,250</b></font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>0.045</b></font></td>
    <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>7,155</b></font></td>
  </tr>
  <tr>
    <td WIDTH="253" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>AUSTRALIA/AFRICA</b></font></td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="66" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="70" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Plutonic</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">403</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.057</font></td>
    <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">23</font></td>
    <td WIDTH="66" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">20,232</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.130</font></td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">2,623</font></td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>20,635</b></font></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.128</b></font></td>
    <td WIDTH="70" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>2,646</b></font></td>
  </tr>
  <tr>
    <td WIDTH="253"><font FACE="Interstate" SIZE="2">&nbsp;Lawlers</font></td>
    <td WIDTH="53" align="right"><font FACE="Interstate" SIZE="2">790</font></td>
    <td WIDTH="44" align="right"><font FACE="Interstate" SIZE="2">0.133</font></td>
    <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2">105</font></td>
    <td WIDTH="66" align="right">&nbsp;</td>
    <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">2,444</font></td>
    <td WIDTH="51" align="right"><font FACE="Interstate" SIZE="2">0.122</font></td>
    <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2">297</font></td>
    <td WIDTH="72" align="right">&nbsp;</td>
    <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2"><b>3,234</b></font></td>
    <td WIDTH="54" align="right"><font FACE="Interstate" SIZE="2"><b>0.124</b></font></td>
    <td WIDTH="70" align="right"><font FACE="Interstate" SIZE="2"><b>402</b></font></td>
  </tr>
  <tr>
    <td WIDTH="253" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Darlot</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3,181</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.119</font></td>
    <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">379</font></td>
    <td WIDTH="66" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">4,446</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.170</font></td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">756</font></td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>7,627</b></font></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.149</b></font></td>
    <td WIDTH="70" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>1,135</b></font></td>
  </tr>
  <tr>
    <td WIDTH="253"><font FACE="Interstate" SIZE="2">&nbsp;Kalgoorlie (50%)</font></td>
    <td WIDTH="53" align="right"><font FACE="Interstate" SIZE="2">37,799</font></td>
    <td WIDTH="44" align="right"><font FACE="Interstate" SIZE="2">0.054</font></td>
    <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2">2,042</font></td>
    <td WIDTH="66" align="right">&nbsp;</td>
    <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">59,248</font></td>
    <td WIDTH="51" align="right"><font FACE="Interstate" SIZE="2">0.065</font></td>
    <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2">3,852</font></td>
    <td WIDTH="72" align="right">&nbsp;</td>
    <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2"><b>97,047</b></font></td>
    <td WIDTH="54" align="right"><font FACE="Interstate" SIZE="2"><b>0.061</b></font></td>
    <td WIDTH="70" align="right"><font FACE="Interstate" SIZE="2"><b>5,894</b></font></td>
  </tr>
  <tr>
    <td WIDTH="253" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Cowal</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">5,723</font></td>
    <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.042</font></td>
    <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">238</font></td>
    <td WIDTH="66" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">64,384</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.035</font></td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">2,257</font></td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>70,107</b></font></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.036</b></font></td>
    <td WIDTH="70" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>2,495</b></font></td>
  </tr>
  <tr>
    <td WIDTH="253"><font FACE="Interstate" SIZE="2">&nbsp;Bulyanhulu</font></td>
    <td WIDTH="53" align="right"><font FACE="Interstate" SIZE="2">1,784</font></td>
    <td WIDTH="44" align="right"><font FACE="Interstate" SIZE="2">0.407</font></td>
    <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2">726</font></td>
    <td WIDTH="66" align="right">&nbsp;</td>
    <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">26,098</font></td>
    <td WIDTH="51" align="right"><font FACE="Interstate" SIZE="2">0.390</font></td>
    <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2">10,181</font></td>
    <td WIDTH="72" align="right">&nbsp;</td>
    <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2"><b>27,882</b></font></td>
    <td WIDTH="54" align="right"><font FACE="Interstate" SIZE="2"><b>0.391</b></font></td>
    <td WIDTH="70" align="right"><font FACE="Interstate" SIZE="2"><b>10,907</b></font></td>
  </tr>
  <tr>
    <td WIDTH="253" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;Tulawaka (70%)</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">1,093</font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">0.337</font></td>
    <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">368</font></td>
    <td WIDTH="72" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>1,093</b></font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>0.337</b></font></td>
    <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>368</b></font></td>
  </tr>
  <tr>
    <td WIDTH="253" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="66" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    <td WIDTH="70" align="right" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="253" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">TOTAL</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">281,435</font></td>
    <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">0.074</font></td>
    <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">20,795</font></td>
    <td WIDTH="66" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">1,042,296</font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">0.063</font></td>
    <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">65,156</font></td>
    <td WIDTH="72" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>1,323,731</b></font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>0.065</b></font></td>
    <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>85,952</b></font></td>
  </tr>
  <tr>
    <td WIDTH="935" colspan="12"><font FACE="Interstate" style="font-size: 9pt">
    <sup>1</sup> See accompanying footnote on next page.</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>49</b></font></td>
    <td WIDTH="46%"><font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <p align="right"><font size="2"><b>MINERAL RESERVES AND MINERAL RESOURCES</b></font></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font><font FACE="Interstate">
<p><b>MINERAL RESERVES AND MINERAL RESOURCES NOTE </b></p>
</font><font FACE="Interstate" SIZE="2">
<p>Mineral reserves (&quot;reserves&quot;) have been calculated as at December 31, 2003 in
accordance with National Instrument 43-101, as required by Canadian securities
regulatory authorities. For the United States reporting purposes, Industry Guide
7 (under the Securities Exchange Act of 1934, as interpreted by the Staff of the
U.S. Securities and Exchange Commission), applies different standards in order
to classify mineralization as a reserve. Accordingly, Alto Chicama is classified
for U.S. reporting purposes as mineralized material. Calculations have been
prepared by employees of Barrick under the supervision of Ren&#233 M. Marion, P.Eng.,
Vice-President, Technical Services of Barrick and/or Alexander J. Davidson,
P.Geol., Executive Vice-President, Exploration of Barrick. Reserves have been
calculated using an assumed long-term average gold price of US$325, a silver
price of US$4.75 and exchange rates of $1.50 $Can/$US and $0.57 $US/$Aus.
Reserves at the KCGM property assumed an exchange rate of $0.59 $US/$A. Reserves
at the Hemlo property assumed an exchange rate of $1.53 $Can/$US. Reserve
calculations incorporate current and/or expected mine plans and cost levels at
each property. Varying cut-off grades have been used depending on the mine and
type of ore contained in the reserves. Barrick's normal data verification
procedures have been employed in connection with the calculations. For a more
detailed description of the key assumptions, parameters and methods used in
calculating Barrick's reserves and resources, see Barrick's most recent Annual
Information Form on file with Canadian provincial securities regulatory
authorities and the U.S. Securities and Exchange Commission. </p>
</font><font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>50</b></font></td>
    <td WIDTH="46%"><font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <p align="right"><font size="2"><b>MINERAL RESERVES AND MINERAL RESOURCES</b></font></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<p align="right">&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="1064" colspan="14"><b><font FACE="Interstate" SIZE="6">GOLD
    MINERAL RESOURCES <sup>1</sup></font></b></td>
  </tr>
  <tr>
    <td WIDTH="228" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">As at December 31, 2003</font></td>
    <td WIDTH="160" align="center" colspan="3"><font FACE="Interstate" SIZE="2">
    MEASURED (M)</font></td>
    <td WIDTH="49" align="center" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="192" align="center" colspan="3"><font FACE="Interstate" SIZE="2">
    INDICATED (I)</font></td>
    <td WIDTH="63" align="center" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="83" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>(M) + (I)</b></font></td>
    <td WIDTH="73" align="center" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="197" align="center" colspan="3"><font FACE="Interstate" SIZE="2">
    INFERRED</font></td>
  </tr>
  <tr>
    <td WIDTH="228" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Tons</font></td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Grade</font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Ounces</font></td>
    <td WIDTH="49" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Tons</font></td>
    <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Grade</font></td>
    <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Ounces</font></td>
    <td WIDTH="63" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>Ounces</b></font></td>
    <td WIDTH="73" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Tons</font></td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Grade</font></td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Ounces</font></td>
  </tr>
  <tr>
    <td WIDTH="228" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Based on attributable ounces</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(000's)</font></td>
    <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(oz/ton)</font></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(000's)</font></td>
    <td WIDTH="49" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(000's)</font></td>
    <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(oz/ton)</font></td>
    <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(000's)</font></td>
    <td WIDTH="63" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(000's)</font></td>
    <td WIDTH="73" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(000's)</font></td>
    <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(oz/ton)</font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">(000's)</font></td>
  </tr>
  <tr>
    <td WIDTH="228" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>NORTH AMERICA</b></font></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="63" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="73" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="228" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Goldstrike Open Pit</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">14,077</font></td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.059</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">831</font></td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">23,326</font></td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.061</font></td>
    <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,433</font></td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="83" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>2,264</b></font></td>
    <td WIDTH="73" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="69" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">323</font></td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.065</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">21</font></td>
  </tr>
  <tr>
    <td WIDTH="228"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Goldstrike Underground</font></td>
    <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2">1,580</font></td>
    <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2">0.435</font></td>
    <td WIDTH="48" align="right"><font FACE="Interstate" SIZE="2">687</font></td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2">4,261</font></td>
    <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">0.423</font></td>
    <td WIDTH="60" align="right"><font FACE="Interstate" SIZE="2">1,802</font></td>
    <td WIDTH="63" align="right">&nbsp;</td>
    <td WIDTH="83" align="right"><font FACE="Interstate" SIZE="2"><b>2,489</b></font></td>
    <td WIDTH="73" align="right">&nbsp;</td>
    <td WIDTH="69" align="right"><font FACE="Interstate" SIZE="2">7,725</font></td>
    <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2">0.366</font></td>
    <td WIDTH="51" align="right"><font FACE="Interstate" SIZE="2">2,827</font></td>
  </tr>
  <tr>
    <td WIDTH="228" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Goldstrike Property
    Total</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">15,657</font></td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.097</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,518</font></td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">27,587</font></td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.117</font></td>
    <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3,235</font></td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="83" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>4,753</b></font></td>
    <td WIDTH="73" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="69" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">8,048</font></td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.354</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">2,848</font></td>
  </tr>
  <tr>
    <td WIDTH="228"><font FACE="Interstate" SIZE="2">&nbsp;Round Mountain (50%)</font></td>
    <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2">10,050</font></td>
    <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2">0.013</font></td>
    <td WIDTH="48" align="right"><font FACE="Interstate" SIZE="2">133</font></td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2">27,720</font></td>
    <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">0.018</font></td>
    <td WIDTH="60" align="right"><font FACE="Interstate" SIZE="2">512</font></td>
    <td WIDTH="63" align="right">&nbsp;</td>
    <td WIDTH="83" align="right"><font FACE="Interstate" SIZE="2"><b>645</b></font></td>
    <td WIDTH="73" align="right">&nbsp;</td>
    <td WIDTH="69" align="right"><font FACE="Interstate" SIZE="2">9,790</font></td>
    <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2">0.018</font></td>
    <td WIDTH="51" align="right"><font FACE="Interstate" SIZE="2">180</font></td>
  </tr>
  <tr>
    <td WIDTH="228" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Marigold (33%)</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">6,645</font></td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.020</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">134</font></td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">6,689</font></td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.020</font></td>
    <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">134</font></td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="83" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>268</b></font></td>
    <td WIDTH="73" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="69" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">59,144</font></td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.014</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">826</font></td>
  </tr>
  <tr>
    <td WIDTH="228"><font FACE="Interstate" SIZE="2">&nbsp;Eskay Creek</font></td>
    <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2">93</font></td>
    <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2">0.290</font></td>
    <td WIDTH="48" align="right"><font FACE="Interstate" SIZE="2">27</font></td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2">329</font></td>
    <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">0.286</font></td>
    <td WIDTH="60" align="right"><font FACE="Interstate" SIZE="2">94</font></td>
    <td WIDTH="63" align="right">&nbsp;</td>
    <td WIDTH="83" align="right"><font FACE="Interstate" SIZE="2"><b>121</b></font></td>
    <td WIDTH="73" align="right">&nbsp;</td>
    <td WIDTH="69" align="right"><font FACE="Interstate" SIZE="2">277</font></td>
    <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2">0.513</font></td>
    <td WIDTH="51" align="right"><font FACE="Interstate" SIZE="2">142</font></td>
  </tr>
  <tr>
    <td WIDTH="228" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Hemlo (50%)</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,171</font></td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.112</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">131</font></td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,846</font></td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.076</font></td>
    <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">140</font></td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="83" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>271</b></font></td>
    <td WIDTH="73" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="69" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3,952</font></td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.142</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">562</font></td>
  </tr>
  <tr>
    <td WIDTH="228" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;Holt-McDermott</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="49" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">452</font></td>
    <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">0.195</font></td>
    <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">88</font></td>
    <td WIDTH="63" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>88</b></font></td>
    <td WIDTH="73" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">133</font></td>
    <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">0.271</font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">36</font></td>
  </tr>
  <tr>
    <td WIDTH="228" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>SOUTH AMERICA</b></font></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="63" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="73" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="228" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Pierina</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">6,017</font></td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.017</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">103</font></td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">19,404</font></td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.016</font></td>
    <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">316</font></td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="83" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>419</b></font></td>
    <td WIDTH="73" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="69" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">154</font></td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.013</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">2</font></td>
  </tr>
  <tr>
    <td WIDTH="228"><font FACE="Interstate" SIZE="2">&nbsp;Pascua-Lama</font></td>
    <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2">3,962</font></td>
    <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2">0.055</font></td>
    <td WIDTH="48" align="right"><font FACE="Interstate" SIZE="2">216</font></td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2">111,883</font></td>
    <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">0.029</font></td>
    <td WIDTH="60" align="right"><font FACE="Interstate" SIZE="2">3,271</font></td>
    <td WIDTH="63" align="right">&nbsp;</td>
    <td WIDTH="83" align="right"><font FACE="Interstate" SIZE="2"><b>3,487</b></font></td>
    <td WIDTH="73" align="right">&nbsp;</td>
    <td WIDTH="69" align="right"><font FACE="Interstate" SIZE="2">126,841</font></td>
    <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2">0.027</font></td>
    <td WIDTH="51" align="right"><font FACE="Interstate" SIZE="2">3,475</font></td>
  </tr>
  <tr>
    <td WIDTH="228" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Veladero</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3,423</font></td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.021</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">72</font></td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">64,292</font></td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.023</font></td>
    <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,468</font></td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="83" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>1,540</b></font></td>
    <td WIDTH="73" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="69" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">73,462</font></td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.023</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,704</font></td>
  </tr>
  <tr>
    <td WIDTH="228" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;Alto Chicama</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">1,624</font></td>
    <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">0.063</font></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">103</font></td>
    <td WIDTH="49" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">24,127</font></td>
    <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">0.068</font></td>
    <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">1,632</font></td>
    <td WIDTH="63" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>1,735</b></font></td>
    <td WIDTH="73" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">10,233</font></td>
    <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">0.060</font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">617</font></td>
  </tr>
  <tr>
    <td WIDTH="228" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2"><b>AUSTRALIA/AFRICA</b></font></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="63" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="73" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="228" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Plutonic</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">190</font></td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.216</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">41</font></td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">13,205</font></td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.146</font></td>
    <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,926</font></td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="83" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>1,967</b></font></td>
    <td WIDTH="73" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="69" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">8,624</font></td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.175</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,508</font></td>
  </tr>
  <tr>
    <td WIDTH="228"><font FACE="Interstate" SIZE="2">&nbsp;Lawlers</font></td>
    <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2">2,009</font></td>
    <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2">0.153</font></td>
    <td WIDTH="48" align="right"><font FACE="Interstate" SIZE="2">307</font></td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2">6,768</font></td>
    <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">0.122</font></td>
    <td WIDTH="60" align="right"><font FACE="Interstate" SIZE="2">829</font></td>
    <td WIDTH="63" align="right">&nbsp;</td>
    <td WIDTH="83" align="right"><font FACE="Interstate" SIZE="2"><b>1,136</b></font></td>
    <td WIDTH="73" align="right">&nbsp;</td>
    <td WIDTH="69" align="right"><font FACE="Interstate" SIZE="2">1,745</font></td>
    <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2">0.122</font></td>
    <td WIDTH="51" align="right"><font FACE="Interstate" SIZE="2">213</font></td>
  </tr>
  <tr>
    <td WIDTH="228" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Darlot</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,098</font></td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.142</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">156</font></td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3,096</font></td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.126</font></td>
    <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">390</font></td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="83" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>546</b></font></td>
    <td WIDTH="73" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="69" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">144</font></td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.194</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">28</font></td>
  </tr>
  <tr>
    <td WIDTH="228"><font FACE="Interstate" SIZE="2">&nbsp;Kalgoorlie (50%)</font></td>
    <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2">14,447</font></td>
    <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2">0.055</font></td>
    <td WIDTH="48" align="right"><font FACE="Interstate" SIZE="2">794</font></td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2">30,137</font></td>
    <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">0.059</font></td>
    <td WIDTH="60" align="right"><font FACE="Interstate" SIZE="2">1,786</font></td>
    <td WIDTH="63" align="right">&nbsp;</td>
    <td WIDTH="83" align="right"><font FACE="Interstate" SIZE="2"><b>2,580</b></font></td>
    <td WIDTH="73" align="right">&nbsp;</td>
    <td WIDTH="69" align="right"><font FACE="Interstate" SIZE="2">4,621</font></td>
    <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2">0.043</font></td>
    <td WIDTH="51" align="right"><font FACE="Interstate" SIZE="2">197</font></td>
  </tr>
  <tr>
    <td WIDTH="228" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;Cowal</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">2,063</font></td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.048</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">98</font></td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">38,964</font></td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.038</font></td>
    <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,498</font></td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="83" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>1,596</b></font></td>
    <td WIDTH="73" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="69" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">31,053</font></td>
    <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.033</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,011</font></td>
  </tr>
  <tr>
    <td WIDTH="228"><font FACE="Interstate" SIZE="2">&nbsp;Bulyanhulu</font></td>
    <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2">54</font></td>
    <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2">0.222</font></td>
    <td WIDTH="48" align="right"><font FACE="Interstate" SIZE="2">12</font></td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2">4,246</font></td>
    <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">0.443</font></td>
    <td WIDTH="60" align="right"><font FACE="Interstate" SIZE="2">1,882</font></td>
    <td WIDTH="63" align="right">&nbsp;</td>
    <td WIDTH="83" align="right"><font FACE="Interstate" SIZE="2"><b>1,894</b></font></td>
    <td WIDTH="73" align="right">&nbsp;</td>
    <td WIDTH="69" align="right"><font FACE="Interstate" SIZE="2">5,268</font></td>
    <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2">0.512</font></td>
    <td WIDTH="51" align="right"><font FACE="Interstate" SIZE="2">2,697</font></td>
  </tr>
  <tr>
    <td WIDTH="228" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;Tulawaka (70%)</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="49" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">680</font></td>
    <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">0.066</font></td>
    <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">45</font></td>
    <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>45</b></font></td>
    <td WIDTH="73" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">161</font></td>
    <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">0.075</font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">12</font></td>
  </tr>
  <tr>
    <td WIDTH="228" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>OTHER</b></font></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
    <td WIDTH="49" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">20,404</font></td>
    <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">0.078</font></td>
    <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">1,598</font></td>
    <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2"><b>1,598</b></font></td>
    <td WIDTH="73" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">11,768</font></td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">0.118</font></td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">1,387</font></td>
  </tr>
  <tr>
    <td WIDTH="228" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>TOTAL</b></font></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>68,503</b></font></td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>0.056</b></font></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>3,845</b></font></td>
    <td WIDTH="49" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>401,829</b></font></td>
    <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>0.052</b></font></td>
    <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>20,844</b></font></td>
    <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>24,689</b></font></td>
    <td WIDTH="73" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>355,418</b></font></td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>0.049</b></font></td>
    <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2"><b>17,445</b></font></td>
  </tr>
  <tr>
    <td WIDTH="1039" COLSPAN="14">
    <font FACE="Interstate" style="font-size: 9pt"><sup>1 </sup>Resources which
    are not reserves have demonstrated economic viability.</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<font FACE="Interstate" SIZE="1" style="font-size: 9pt">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="47%"><font FACE="Interstate" SIZE="2"><b>BARRICK FOURTH QUARTER
    2003</b></font></td>
    <td WIDTH="7%">
    <p align="center" dir="ltr"><font size="2"><b>51</b></font></td>
    <td WIDTH="46%"><font FACE="Interstate" SIZE="1" style="font-size: 9pt">
    <p align="right"><font size="2"><b>MINERAL RESERVES AND MINERAL RESOURCES</b></font></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<p align="right">&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2"><b>CORPORATE OFFICE</b></font></td>
    <td WIDTH="61%" COLSPAN="2"><font FACE="Interstate" SIZE="2"><b>TRANSFER
    AGENTS AND REGISTRARS</b></font></td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2"><b>Barrick Gold Corporation</b></font></td>
    <td WIDTH="23%"><font FACE="Interstate" SIZE="2"><b>CIBC Mellon Trust
    Company</b></font></td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">BCE Place, Canada Trust
    Tower, Suite 3700</font></td>
    <td WIDTH="61%" COLSPAN="2"><font FACE="Interstate" SIZE="2">P.O. Box 7010,
    Adelaide Street Postal Station</font></td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">161 Bay Street, P.O. Box
    212</font></td>
    <td WIDTH="23%"><font FACE="Interstate" SIZE="2">Toronto, Ontario M5C 2W9</font></td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">Toronto, Canada M5J 2S1</font></td>
    <td WIDTH="23%"><font FACE="Interstate" SIZE="2">Tel: (416) 643-5500</font></td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">Tel: (416) 861-9911 Fax:
    (416) 861-0727</font></td>
    <td WIDTH="61%" COLSPAN="2"><font FACE="Interstate" SIZE="2">Toll-free
    throughout North America: 1-800-387-0825</font></td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">Toll-free within Canada and
    United States: 1-800-720-7415</font></td>
    <td WIDTH="23%"><font FACE="Interstate" SIZE="2">Fax: (416) 643-5501</font></td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">Email: investor@barrick.com</font></td>
    <td WIDTH="23%"><font FACE="Interstate" SIZE="2">Email: inquiries@cibcmellon.ca</font></td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">Web site: www.barrick.com</font></td>
    <td WIDTH="23%"><font FACE="Interstate" SIZE="2">Web site:
    www.cibcmellon.com</font></td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="39%">&nbsp;</td>
    <td WIDTH="23%">&nbsp;</td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2"><b>SHARES LISTED (ABX)</b></font></td>
    <td WIDTH="61%" COLSPAN="2"><font FACE="Interstate" SIZE="2"><b>Mellon
    Investor Services L.L.C.</b></font></td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">The Toronto Stock Exchange</font></td>
    <td WIDTH="61%" COLSPAN="2"><font FACE="Interstate" SIZE="2">85 Challenger
    Road, Overpeck Center</font></td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">The New York Stock Exchange</font></td>
    <td WIDTH="61%" COLSPAN="2"><font FACE="Interstate" SIZE="2">Ridgefield
    Park, New Jersey 07660</font></td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">The London Stock Exchange</font></td>
    <td WIDTH="23%"><font FACE="Interstate" SIZE="2">Tel: (201) 329-8660</font></td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">The Swiss Stock Exchange</font></td>
    <td WIDTH="61%" COLSPAN="2"><font FACE="Interstate" SIZE="2">Toll-free
    within the United States:</font></td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">La Bourse de Paris</font></td>
    <td WIDTH="23%"><font FACE="Interstate" SIZE="2">1-800-589-9836</font></td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="39%">&nbsp;</td>
    <td WIDTH="61%" COLSPAN="2"><font FACE="Interstate" SIZE="2">Web site:
    www.mellon-investor.com</font></td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2"><b>RECENT RESEARCH REPORTS</b></font></td>
    <td WIDTH="23%">&nbsp;</td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">BMO Nesbitt Burns</font></td>
    <td WIDTH="23%"><font FACE="Interstate" SIZE="2"><b>INVESTOR CONTACTS:</b></font></td>
    <td WIDTH="38%"><font FACE="Interstate" SIZE="2"><b>MEDIA CONTACT:</b></font></td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">CIBC World Markets</font></td>
    <td WIDTH="23%"><font FACE="Interstate" SIZE="2"><b>Darren Blasutti</b></font></td>
    <td WIDTH="38%"><font FACE="Interstate" SIZE="2"><b>Vincent Borg</b></font></td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">Citigroup Smith Barney</font></td>
    <td WIDTH="23%"><font FACE="Interstate" SIZE="2">Vice President,</font></td>
    <td WIDTH="38%"><font FACE="Interstate" SIZE="2">Vice President,</font></td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">Credit Suisse First Boston</font></td>
    <td WIDTH="23%"><font FACE="Interstate" SIZE="2">Investor Relations</font></td>
    <td WIDTH="38%"><font FACE="Interstate" SIZE="2">Corporate Communications</font></td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">Griffiths McBurney &amp;
    Partners</font></td>
    <td WIDTH="23%"><font FACE="Interstate" SIZE="2">Tel: (416) 307-7341</font></td>
    <td WIDTH="38%"><font FACE="Interstate" SIZE="2">Tel: (416) 307-7477</font></td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">Goldman Sachs</font></td>
    <td WIDTH="23%"><font FACE="Interstate" SIZE="2">Email: dblasutti@barrick.com</font></td>
    <td WIDTH="38%"><font FACE="Interstate" SIZE="2">Email: vborg@barrick.com</font></td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">HSBC</font></td>
    <td WIDTH="23%">&nbsp;</td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">JP Morgan</font></td>
    <td WIDTH="23%"><font FACE="Interstate" SIZE="2"><b>Kathy Sipos</b></font></td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">Lehman Brothers</font></td>
    <td WIDTH="23%"><font FACE="Interstate" SIZE="2">Director,</font></td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">Merrill Lynch</font></td>
    <td WIDTH="23%"><font FACE="Interstate" SIZE="2">Investor Relations</font></td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">National Bank</font></td>
    <td WIDTH="23%"><font FACE="Interstate" SIZE="2">Tel: (416) 307-7441</font></td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">Prudential Financial</font></td>
    <td WIDTH="23%"><font FACE="Interstate" SIZE="2">Email: ksipos@barrick.com</font></td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">Research Capital</font></td>
    <td WIDTH="23%">&nbsp;</td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">RBC Capital Markets</font></td>
    <td WIDTH="23%">&nbsp;</td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">Salman Partners</font></td>
    <td WIDTH="23%">&nbsp;</td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">Scotia Capital</font></td>
    <td WIDTH="23%">&nbsp;</td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">Smith Barney Citigroup</font></td>
    <td WIDTH="23%">&nbsp;</td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="39%"><font FACE="Interstate" SIZE="2">Westwind Partners</font></td>
    <td WIDTH="23%">&nbsp;</td>
    <td WIDTH="38%">&nbsp;</td>
  </tr>
</table>
<font FACE="Interstate" SIZE="1">
<p ALIGN="JUSTIFY">Barrick's exploration programs are designed and conducted
under the supervision of Alexander J. Davidson, P. Geo., Executive Vice
President, Exploration of Barrick. For information on the geology, exploration
activities generally, and drilling and analysis procedures on Barrick's material
properties, see Barrick's most recent Annual Information Form on file with
Canadian provincial securities regulatory authorities and the U.S. Securities
and Exchange Commission. Certain statements included herein, including those
regarding production, costs, timing of permitting, construction or production,
and other statements that express management's expectations or estimates of our
future performance, constitute &quot;forward-looking statements&quot; within the meaning
of the United States Private Securities Litigation Reform Act of 1995. The words
&quot;believe&quot;, &quot;expect&quot;, &quot;anticipate&quot;, &quot;contemplate&quot;, &quot;target&quot;, &quot;plan&quot;, &quot;intends&quot;,
&quot;continue&quot;, &quot;budget&quot;, &quot;estimate&quot;, &quot;may&quot;, &quot;will&quot;, &quot;schedule&quot;, and similar
expressions identify forward-looking statements. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that, while
considered reasonable by management are inherently subject to significant
business, economic and competitive uncertainties and contingencies. In
particular, our Management's Discussion and Analysis includes many such
forward-looking statements and we caution you that such forward-looking
statements involve known and unknown risks, uncertainties and other factors that
may cause the actual financial results, performance or achievements of Barrick
to be materially different from our estimated future results, performance or
achievements expressed or implied by those forward-looking statements and our
forward-looking statements are not guarantees of future performance. These
risks, uncertainties and other factors include, but are not limited to: changes
in the worldwide price of gold or certain other commodities (such as silver,
copper, diesel fuel and electricity) and currencies; changes in interest rates
or gold lease rates that could impact realized prices under our forward sales
program; legislative, political or economic developments in the jurisdictions in
which Barrick carries on business; operating or technical difficulties in
connection with mining or development activities; the speculative nature of gold
exploration and development, including the risks of diminishing quantities or
grades of reserves; and the risks involved in the exploration, development and
mining business. These factors are discussed in greater detail in Barrick's most
recent Form 40-F/Annual Information on file with the U.S. Securities and
Exchange Commission and Canadian provincial securities regulatory authorities.
</p>
<p>Barrick expressly disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new information, events or
otherwise. </p>
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