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GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2017
Goodwill and Other Intangible Assets [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS

a) Intangible Assets
 
Water rights1

Technology2

Supply contracts3

Exploration potential4

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

Disposals5
(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 Nevada1

$514


$—


$514

Veladero2
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