<SEC-DOCUMENT>0001193125-14-324994.txt : 20141016
<SEC-HEADER>0001193125-14-324994.hdr.sgml : 20141016
<ACCEPTANCE-DATETIME>20140828131800
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ACCESSION NUMBER:		0001193125-14-324994
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20140828

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:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		BCE PLACE, 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, 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
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>B<SMALL>ARRICK</SMALL> G<SMALL>OLD</SMALL> C<SMALL>ORPORATION</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">BCE Place, Canada Trust Tower</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Suite 3700, 161 Bay Street</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">P.O. Box 212</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Toronto, Ontario M5J 2S1</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Canada</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:38pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:8pt; font-family:Times New Roman">Tel:&nbsp;416.861.9911</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:Times New Roman">Fax&nbsp;:&nbsp;416.861.8243</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">August&nbsp;28, 2014 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>BY
EDGAR </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Division of
Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Washington, D.C.
20549-4628 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Tia L. Jenkins</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Senior Assistant Chief Accountant,</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Office of Beverages, Apparel, and Mining</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission</P></TD></TR>
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<TD VALIGN="top">Re:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Barrick Gold Corporation</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Form 40-F for Year Ended December&nbsp;31, 2013</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Filed March&nbsp;31, 2014</P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">File No.&nbsp;001-09059</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Dear Ms.&nbsp;Jenkins: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">We
hereby acknowledge receipt of the comment letter dated July&nbsp;25, 2014 (the &#147;Comment Letter&#148;) from the Staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) concerning the above captioned
Annual Report on Form 40-F for the fiscal year ended December&nbsp;31, 2013 (the &#147;40-F&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">We submit this letter in response to the Comment
Letter. For ease of reference, we have reproduced the text of the comment in bold-face type below, followed by our response. Terms used but not defined herein have the meanings set forth in the 40-F. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>RESPONSES TO STAFF COMMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Form 40-F for the Year Ended December&nbsp;31, 2013 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Exhibit 99.3 &#150; Audited Consolidated Financial Statements </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Note 2 &#150; Significant Accounting Policies, page 84 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>L) Production Stage, page 89 </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note you disclose your policy for determining when a mine is ready to be moved to the production stage, along with some of the criteria you consider. Please tell us whether any of the factors you consider include
the achievement of a specific operating margin, level of financial performance or level of cash flows. If so, please tell us how you determined such factors are consistent with the asset being in the location and condition necessary to operate in
its intended manner. Refer to paragraph 20 of IAS 16. Please expand your disclosure in future filings to clarify your policy accordingly. </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Response: Barrick does not consider the achievement of a specific operating margin, level of financial performance or level of cash flow when determining
when a mine is ready to be moved to the production stage. We will expand our Production Stage accounting policy disclosure in our future 40-F filings, as indicated on Appendix &#147;A&#148; to this letter, to clarify that we only use the four
specific factors described in that policy. </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>You disclose that when a mine enters the production phase, costs are either capitalized as inventory or expensed, except for certain costs including exploration and evaluation expenditures that meet the criteria for
capitalization. Please expand your disclosure in future filings to briefly explain the nature of exploration and evaluation activities that are capitalized during the production stage, and the criteria you consider when capitalizing them. Please
provide us with your proposed future disclosure. </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Response: To clarify this matter, we will expand our Production Stage accounting
policy disclosure in our future 40-F filings in order to clearly lay out the differences between the accounting for exploration and evaluation expenditures under IFRS 6 Exploration for and Evaluation of Mineral Resources and IAS 16 Property, Plant
and Equipment, as indicated on Appendix &#147;A&#148; to this letter. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>G) Exploration and Evaluation, page 87 </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:12pt"><B>Please expand your disclosure in future filings, either as part of this footnote or footnote 3, to address how you determine when technical
feasibility and commercial viability are demonstrable (i.e. what factors do you consider for demonstrating </B></P></TD></TR></TABLE>
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technical feasibility and commercial viability). Refer to paragraphs 5(b) and 17 of IFRS 6. Please provide us with your proposed future disclosure. </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Response: We will expand our Exploration and Evaluation accounting policy disclosure in our future 40-F filings to clarify that we consider the technical
feasibility and commercial viability of a program or project to have been demonstrated with a successful pre-feasibility study resulting in the recognition of reserves in accordance with National Instrument 43-101, and that we account for future
expenditures incurred in the development of that program or project in accordance with our Property, Plant&nbsp;&amp; Equipment accounting policy, as indicated on Appendix &#147;A&#148; to this letter. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>M) Property, Plant and Equipment, page 89 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>iii) Open Pit Mining Costs, page 90 </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please expand your disclosure to clarify how you define and delineate components. Please also clarify whether component(s) included in the depreciable base of the production-stage stripping asset are limited to the
component made immediately more accessible, or whether the depreciable base includes some consideration for the future components that will become accessible beyond the immediately-successive component. Please provide us with your proposed future
disclosure. </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Response: We will expand our Open Pit Mining Costs accounting policy disclosure to clarify that (i)&nbsp;we define and
delineate components of the ore body based on the distinct development phases identified by our mine planning engineers when determining the optimal development plan for the open pit and (ii)&nbsp;the depreciable base of the production-stage
stripping asset includes the component made immediately more accessible and all future components in the current life of mine plan that benefit from the particular stripping activity, as indicated on Appendix &#147;A&#148; to this letter. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>C<SMALL>LOSING</SMALL> C<SMALL>OMMENTS</SMALL></U><SMALL></SMALL> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>In responding to our comments, please provide, in writing, a statement from the company acknowledging that: </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
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<TD ALIGN="left" VALIGN="top"><B>the company is responsible for the adequacy and accuracy of the disclosure in the filing; </B></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and </B></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </B></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Response: </I>Attached as Appendix &#147;B&#148; to this letter is the requested statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">***** </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">We appreciate your assistance in
reviewing this response letter. Please direct all questions or comments regarding this filing to the undersigned at (416)&nbsp;307-7224. </P> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ Ammar Al-Joundi</P></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:12pt; font-family:Times New Roman">Ammar Al-Joundi </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:12pt; font-family:Times New Roman">Senior&nbsp;Executive&nbsp;Vice&nbsp;President&nbsp;and&nbsp;Chief Financial Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:12pt; font-family:Times New Roman">Barrick Gold Corporation </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">c.c.:</TD>
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<TD VALIGN="top">Kelvin Dushnisky, Co-President, Barrick Gold Corporation</TD></TR>
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<TD VALIGN="top">Jim Gowans, Co-President, Barrick Gold Corporation</TD></TR>
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<TD VALIGN="top">Sybil E. Veenman, Senior Vice President and General Counsel, Barrick Gold Corporation</TD></TR>
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<TD VALIGN="top">Audit Committee, Barrick Gold Corporation</TD></TR>
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<TD VALIGN="top">Serge Gattesco, PricewaterhouseCoopers LLP</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial Narrow" ALIGN="center"><B>APPENDIX A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Arial Narrow" ALIGN="center"><B>Proposed Amendments to Significant Accounting Policies Disclosure for Future 40-F Filings </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Arial Narrow"><I>(proposed additions to Note 2, &#147;Significant Accounting Policies&#148; of Barrick&#146;s audited consolidated financial statements for the year ended
December&nbsp;31, 2013 highlighted in </I><B><I>bold</I></B><I>)</I> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">G)</TD>
<TD ALIGN="left" VALIGN="top">Exploration and Evaluation (&#147;E&amp;E&#148;) </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:11pt; font-family:Arial Narrow">Exploration expenditures are the costs incurred in the initial
search for mineral deposits with economic potential or in the process of obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with prospecting, sampling, mapping, diamond drilling
and other work involved in searching for ore. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Arial Narrow">Evaluation expenditures are the costs incurred to establish the technical and commercial viability of
developing mineral deposits identified through exploration activities or by acquisition. Evaluation expenditures include the cost of (i)&nbsp;establishing the volume and grade of deposits through drilling of core samples, trenching and sampling
activities in an ore body that is classified as either a mineral resource or a proven and probable reserve; (ii)&nbsp;determining the optimal methods of extraction and metallurgical and treatment processes; (iii)&nbsp;studies related to surveying,
transportation and infrastructure requirements; (iv)&nbsp;permitting activities; and (v)&nbsp;economic evaluations to determine whether development of the mineralized material is commercially justified, including scoping, prefeasibility and final
feasibility studies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Arial Narrow"><B></B>Exploration and evaluation expenditures are <B>expensed as incurred unless </B><STRIKE>capitalized if</STRIKE> management
determines that probable future economic benefits will be generated as a result of the expenditures. <B>Once the technical feasibility and commercial viability of a program or project has been demonstrated with a pre-feasibility study, and we have
recognized reserves in accordance with National Instrument 43-101, we account for future expenditures incurred in the development of that program or project in accordance with our policy for Property, Plant&nbsp;&amp; Equipment, as described in note
2(m). </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">L)</TD>
<TD ALIGN="left" VALIGN="top">Production Stage </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:11pt; font-family:Arial Narrow"><STRIKE>We assess each</STRIKE><B> </B><B>A</B> mine <B>that is under </B>construction
<STRIKE>project to</STRIKE><B> is </B>determine<B>d to enter the </B><STRIKE>when a mine moves into</STRIKE> production stage <B>when the project is in the location and condition necessary for it to be capable of operating in the manner intended by
management. We use the following factors to assess whether these criteria have been met:</B> <STRIKE>The criteria used to assess the start date are determined based on the nature of each mine construction project, such as the complexity of a plant
or its location. We consider various relevant criteria to assess when the mine is substantially complete and ready for its intended use and moved into the production stage. Some of the criteria considered would include, but are not limited to, the
following:</STRIKE> (1)&nbsp;the level of capital expenditures compared to construction cost estimates; (2)&nbsp;the completion of a reasonable period of testing of mine plant and equipment; (3)&nbsp;the
</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Arial Narrow">
ability to produce minerals in saleable form (within specifications); and (4)&nbsp;the ability to sustain ongoing production of minerals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Arial Narrow">When a mine construction project moves into the production stage, the capitalization of certain mine construction costs ceases and costs are either capitalized
to inventory or expensed, except for capitalizable costs related to property, plant and equipment additions or improvements, open pit stripping activities that provide a future benefit, underground mine development or <STRIKE>E&amp;E</STRIKE>
expenditures that meet the criteria for capitalization <B>in accordance with IAS 16 Property Plant and Equipment.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Arial Narrow">Pre-production stripping costs are
capitalized until an &#147;other than de minimis&#148; level of mineral is extracted, after which time such costs are either capitalized to inventory or, if it qualifies as an open pit stripping activity that provides a future benefit, to PP&amp;E.
We consider various relevant criteria to assess when an &#147;other than de minimis&#148; level of mineral is produced. Some of the criteria considered would include, but are not limited to, the following: (1)&nbsp;the amount of minerals mined
versus total ounces in life of mine (&#147;LOM&#148;) ore; (2)&nbsp;the amount of ore tons mined versus total LOM expected ore tons mined; (3)&nbsp;the current stripping ratio versus the LOM strip ratio; and (4)&nbsp;the ore grade versus the LOM
grade. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Arial Narrow">M) iii) Open Pit Mining Costs </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:11pt; font-family:Arial Narrow">In open pit mining
operations, it is necessary to remove overburden and other waste materials to access ore from which minerals can be extracted economically. The process of mining overburden and waste materials is referred to as stripping. Stripping costs incurred in
order to provide initial access to the ore body (referred to as pre-production stripping) are capitalized as open pit mine development costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Arial Narrow">Stripping
costs incurred during the production stage of a pit are accounted for as costs of the inventory produced during the period that the stripping costs are incurred, unless these costs are expected to provide a future economic benefit to an identifiable
component of the ore body. <B>Components of the ore body are based on the distinct development phases identified by the mine planning engineers when determining the optimal development plan for the open pit. </B>Production phase stripping costs
generate a future economic benefit when the related stripping activity: (i)&nbsp;improves access to a component of the ore body to be mined in the future; (ii)&nbsp;increases the fair value of the mine (or pit) as access to future mineral reserves
becomes less costly; and (iii)&nbsp;increases the productive capacity or extends the productive life of the mine (or pit). Production phase stripping costs that are expected to generate a future economic benefit are capitalized as open pit mine
development costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Arial Narrow"><B></B>Capitalized open pit mine development costs are depreciated on a UOP basis whereby the denominator is the estimated ounces/pounds
of gold/copper in proven and probable reserves and the portion of resources considered probable of economic extraction based on the current LOM plan in the <B>current </B>component of the ore body that <B>has</B> been made more accessible through
the stripping activity<B> and all future components in the current plan that benefit from the particular stripping activity</B>. Capitalized open pit mine development costs are depreciated once the open pit has entered production and the future
economic benefit is being derived.<B> </B></P>

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<IMG SRC="g780976g37h05.jpg" ALT="LOGO">
</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>B<SMALL>ARRICK</SMALL> G<SMALL>OLD</SMALL> C<SMALL>ORPORATION</SMALL></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">BCE Place, Canada Trust Tower</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Suite 3700, 161 Bay Street</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">P.O. Box 212</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Toronto, Ontario M5J 2S1</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Canada</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:38pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:8pt; font-family:Times New Roman">Tel:&nbsp;416.861.9911</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:Times New Roman">Fax&nbsp;:&nbsp;416.861.8243</P></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>APPENDIX B </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">August&nbsp;28, 2014 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>BY EDGAR </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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<TD WIDTH="90%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Tia L. Jenkins</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Senior Assistant Chief Accountant,</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Office of Beverages, Apparel, and Mining</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Securities and Exchange Commission</TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="96%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Re:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Barrick Gold Corporation</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Form 40-F for Fiscal Year Ended December&nbsp;31, 2013</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Filed March&nbsp;31, 2014</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">File No.&nbsp;001-09059</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Reference is made to the Annual Report on Form 40-F for the fiscal year ended December&nbsp;31, 2013 (File No.&nbsp;001-09059)
(the &#147;Annual Report&#148;) filed by Barrick Gold Corporation (the &#147;Company&#148;) on March&nbsp;31, 2014 with the Securities and Exchange Commission (the &#147;Commission&#148;). The Company acknowledges that the Company is responsible for
the adequacy and accuracy of the disclosure in the Annual Report. The Company further acknowledges that comments of the staff of the Commission or changes to disclosure in response to such comments do not foreclose the Commission from taking any
action with respect to the Annual Report. In addition, the Company further acknowledges that it may not assert the comments of the staff of the Commission as a defense in any proceeding initiated by the Commission or any person under the federal
securities laws of the United States. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Barrick Gold Corporation </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="90%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Ammar Al-Joundi</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Ammar Al-Joundi</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Senior&nbsp;Executive&nbsp;Vice&nbsp;President&nbsp;and&nbsp;Chief&nbsp;Financial&nbsp;Officer</TD></TR>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
