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INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2017
Interests In Other Entities [Abstract] |
Investments | Outlined below is information related to our joint arrangements and entities other than 100% owned Barrick subsidiaries at December 31, 2017:
| Place of business | Entity type | Economic interest 1 | Method 2
Acacia Mining plc 3 | Tanzania | Subsidiary, publicly traded | 63.9% | Consolidation
Pueblo Viejo 3 | Dominican Republic | Subsidiary | 60% | Consolidation
South Arturo 3 | United States | Subsidiary | 60% | Consolidation
Norte Abierto Project 4 | Chile | JO | 50% | Our share
Donlin Gold Project | United States | JO | 50% | Our share
Kalgoorlie Mine | Australia | JO | 50% | Our share
Porgera Mine 5 | Papua New Guinea | JO | 47.5% | Our share
Turquoise Ridge Mine 5 | United States | JO | 75% | Our share
Veladero 6 | Argentina | JO | 50% | Our share
GNX 7,8 | Chile | JV | 50% | Equity Method
Jabal Sayid 7 | Saudi Arabia | JV | 50% | Equity Method
Kabanga Project 7,8 | Tanzania | JV | 50% | Equity Method
Zaldívar 7 | Chile | JV | 50% | Equity Method
1 | Unless otherwise noted, all of our joint arrangements are funded by contributions made by their partners in proportion to their economic interest.
2 | For our JOs, we recognize our share of any assets, liabilities, revenues and expenses of the JO.
3 | We consolidate our interests in Acacia, Pueblo Viejo and South Arturo and record a non-controlling interest for the 36.1%, 40% and 40%, respectively, that we do not own.
4 | We divested 25% of Cerro Casale on June 9, 2017, bringing our ownership down to 50%. As part of that transaction, we formed a joint operation with Goldcorp. The joint operation, which is now referred to as Norte Abierto, includes the Cerro Casale and Caspiche deposits.
5 | We have joint control given that decisions about relevant activities require unanimous consent of the parties to the joint operation.
6 | We divested 50% of Veladero on June 30, 2017, bringing our ownership down to 50%.
7 | Barrick has commitments of $301 million relating to its interest in the joint ventures.
8 | These JVs are early stage exploration projects and, as such, do not have any significant assets, liabilities, income, contractual commitments or contingencies. Expenses are recognized through our equity pick-up (loss). Refer to note 16 for further details.
Equity Accounting Method Investment Continuity
| Kabanga |  | Jabal Sayid |  | Zaldívar |  | GNX |  | Total |
At January 1, 2016 |  | $30 |  |  | $178 |  |  | $990 |  |  | $1 |  |  | $1,199 |
Equity pick-up (loss) from equity investees | (1 | ) | 2 |  | 27 |  | (8 | ) | 20 |
Funds invested | 1 |  | — |  | — |  | 8 |  | 9 |
Working capital adjustments | — |  | — |  | 6 |  | — |  | 6 |
Impairment charges | — |  | — |  | (49 | ) | — |  | (49 | )
At December 31, 2016 |  | $30 |  |  | $180 |  |  | $974 |  |  | $1 |  |  | $1,185 |
Equity pick-up (loss) from equity investees | (1 | ) | 26 |  | 61 |  | (10 | ) | 76 |
Funds invested | 1 |  | — |  | — |  | 11 |  | 12 |
Dividend | — |  | — |  | (60 | ) | — |  | (60 | )
At December 31, 2017 |  | $30 |  |  | $206 |  |  | $975 |  |  | $2 |  |  | $1,213 |
Publicly traded | No |  | No |  | No |  | No |  |
Summarized Equity Investee Financial Information |  |
| Jabal Sayid | Zaldívar
For the years ended December 31 | 2017 |  | 2016 |  | 2017 |  | 2016 |
Revenue |  | $214 |  |  | $80 |  |  | $649 |  |  | $518 |
Cost of sales (excluding depreciation) | 116 |  | 65 |  | 375 |  | 354 |
Depreciation | 33 |  | 12 |  | 111 |  | 87 |
Finance expense | 3 |  | — |  | 1 |  | 2 |
Other expense (income) | 2 |  | — |  | — |  | (5 | )
Income from continuing operations before tax |  | $60 |  |  | $3 |  |  | $162 |  |  | $80 |
Income tax expense | (8 | ) | — |  | (40 | ) | (25 | )
Income from continuing operations after tax |  | $52 |  |  | $3 |  |  | $122 |  |  | $55 |
Total comprehensive income |  | $52 |  |  | $3 |  |  | $122 |  |  | $55 |
Summarized Balance Sheet |  |  |  |
| Jabal Sayid | Zaldívar
For the years ended December 31 | 2017 |  | 2016 |  | 2017 |  | 2016 |
Cash and equivalents |  | $50 |  |  | $14 |  |  | $72 |  |  | $102 |
Other current assets 1 | 70 |  | 56 |  | 563 |  | 482 |
Total current assets |  | $120 |  |  | $70 |  |  | $635 |  |  | $584 |
Non-current assets | 485 |  | 473 |  | 1,582 |  | 1,603 |
Total assets |  | $605 |  |  | $543 |  |  | $2,217 |  |  | $2,187 |
Current financial liabilities (excluding trade, other payables & provisions) |  | $12 |  |  | $— |  |  | $19 |  |  | $23 |
Other current liabilities | 35 |  | 27 |  | 110 |  | 84 |
Total current liabilities |  | $47 |  |  | $27 |  |  | $129 |  |  | $107 |
Non-current financial liabilities (excluding trade, other payables & provisions) | 379 |  | 391 |  | 20 |  | 33 |
Other non-current liabilities | 13 |  | 11 |  | 99 |  | 80 |
Total non-current liabilities |  | $392 |  |  | $402 |  |  | $119 |  |  | $113 |
Total liabilities |  | $439 |  |  | $429 |  |  | $248 |  |  | $220 |
Net assets |  | $166 |  |  | $114 |  |  | $1,969 |  |  | $1,967 |
1 | Zaldívar other current assets include inventory of $451 million (2016: $429 million).
The information above reflects the amounts presented in the financial information of the joint venture adjusted for differences between IFRS and local GAAP.
Reconciliation of Summarized Financial Information to Carrying Value |  |
| Jabal Sayid 1 |  | Zaldívar |
Opening net assets |  | $114 |  |  | $1,967 |
Income for the period | 52 |  | 122 |
Dividend | — |  | (120 | )
Closing net assets, December 31 |  | $166 |  |  | $1,969 |
Barrick's share of net assets (50%) | 83 |  | 985 |
Equity earnings adjustment | — |  | (10 | )
Goodwill recognition | 123 |  | — |
Carrying value |  | $206 |  |  | $975 |
1 | A $165 million non-interest bearing shareholder loan due from the Jabal Sayid JV is presented as part of Other Assets (see note 22).

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