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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2017
Goodwill and Other Intangible Assets [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS a) Intangible Assets
| Water rights 1 |  | Technology 2 |  | Supply contracts 3 |  | Exploration potential 4 |  | Total |
Opening balance January 1, 2016 |  | $87 |  |  | $12 |  |  | $16 |  |  | $156 |  |  | $271 |
Additions | — |  | — |  | — |  | 4 |  | 4 |
Amortization | — |  | (1 | ) | (2 | ) | — |  | (3 | )
Closing balance December 31, 2016 |  | $87 |  |  | $11 |  |  | $14 |  |  | $160 |  |  | $272 |
Additions | — |  | — |  | — |  | 16 |  | 16 |
Disposals 5 | (16 | ) | — |  | — |  | — |  | (16 | )
Amortization and impairment losses | — |  | (2 | ) | (3 | ) | (12 | ) | (17 | )
Closing balance December 31, 2017 |  | $71 |  |  | $9 |  |  | $11 |  |  | $164 |  |  | $255 |
Cost |  | $71 |  |  | $17 |  |  | $39 |  |  | $298 |  |  | $425 |
Accumulated amortization and impairment losses | — |  | (8 | ) | (28 | ) | (134 | ) | (170 | )
Net carrying amount December 31, 2017 |  | $71 |  |  | $9 |  |  | $11 |  |  | $164 |  |  | $255 |
1 | Relates to water rights in South America, and will be amortized through cost of sales when we begin using these in the future.
2 | The amount is amortized through cost of sales using the UOP method over LOM ounces of the Pueblo Viejo mine, with no assumed residual value.
3 | Relates to a supply agreement with Michelin North America Inc. to secure a supply of tires and is amortized over the effective term of the contract through cost of sales.
4 | Exploration potential consists of the estimated fair value attributable to exploration licenses acquired as a result of a business combination or asset acquisition. The carrying value of the licenses will be transferred to PP&E when the development of attributable mineral resources commences. See note 21 for details of impairment charges recorded against exploration assets.
5 | Represents the net disposal as a result of the Cerro Casale sale. Refer to note 4b.
b) Goodwill
| Closing balance December 31, 2016 |  | Disposals |  | Closing balance December 31, 2017 |
Barrick Nevada 1 |  | $514 |  |  | $— |  |  | $514 |
Veladero 2 | 195 |  | (41 | ) | 154 |
Turquoise Ridge | 528 |  | — |  | 528 |
Hemlo | 63 |  | — |  | 63 |
Kalgoorlie | 71 |  | — |  | 71 |
Total |  | $1,371 |  |  | ($41 | ) |  | $1,330 |
1 | In Q1 2017, we unified the management and the operation of our Cortez and Goldstrike minesites, now referred to as Barrick Nevada. The prior period has been changed to reflect this presentation.
2 | Represents the net disposal as a result of the partial Veladero sale. Refer to note 4a.
On a total basis, the gross amount and accumulated impairment losses are as follows:
Cost |  | $8,618 |
Accumulated impairment losses December 31, 2017 | (7,288 | )
Net carrying amount December 31, 2017 |  | $1,330 |

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