<SEC-DOCUMENT>0000950157-18-000872.txt : 20180928
<SEC-HEADER>0000950157-18-000872.hdr.sgml : 20180928
<ACCEPTANCE-DATETIME>20180802182438
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950157-18-000872
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20180802

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
</SEC-HEADER>
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<div style="COLOR: #01405a; TEXT-ALIGN: left; FONT: small-caps 10pt/1.25 'Times New Roman'">Brookfield Place,</div>

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</font> Suite 3700, 161 Bay Street</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #01405a; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">P.O. Box 212</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #01405a; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Toronto, Ontario&#160; M5J 2S1</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #01405a; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Canada</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #01405a; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Tel:&#160; &#160; 416.861.9911</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #01405a; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Fax :&#160; 416.861.2492</div>
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<div style="LINE-HEIGHT: 1.25">August 3, 2018</div>

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<div style="FONT-WEIGHT: bold; LINE-HEIGHT: 1.25">BY EDGAR</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Securities and Exchange Commission</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Division of Corporation Finance</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">100 F Street, N.E.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Washington, D.C. 20549-4628</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Craig Arakawa</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Accounting Branch Chief</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Office of Beverages, Apparel and Mining</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Securities and Exchange Commission</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Barrick Gold Corporation</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Form 40-F for the Fiscal Year Ended December 31, 2017</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Filed March 26, 2018</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">File No. 001-09059</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Dear Mr. Arakawa:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">We hereby acknowledge receipt of the comment letter dated June 26, 2018 (the &#8220;Comment Letter&#8221;) from the Staff (the &#8220;Staff&#8221;) of the Securities and Exchange Commission (the &#8220;Commission&#8221;) concerning the above captioned Annual Report on Form 40-F for the fiscal year ended December 31, 2017 (the &#8220;40-F&#8221;).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">We submit this letter in response to the Comment Letter.&#160; For ease of reference, we have reproduced the text of the comment in bold-face type below, followed by our response.&#160; Terms used but not defined herein have the meanings set forth in the 40-F.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><u>Form 40-F for the Fiscal Year Ended December 31, 2017</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><u>Note 4 &#8211; Acquisitions and Divestitures, page 116</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">1.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">We note your disclosure regarding the sale of 25% of Cerro Casale and the establishment of a new partnership with Goldcorp that you account for as a joint operation.&#160; Please address the following points:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Tell us whether the sale of 25% of your interest resulted in a loss of control over the operation of Cerro Casale and if you have applied the provisions of paragraph 25 of IFRS 10 in your accounting for this transaction.&#160; To the extent you do not believe a loss of control occurred, please provide the basis for your conclusion and accounting literature that supports your view.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Response: The sale of 25% of our interest in the Cerro Casale Project did result in a loss of control on June 30, 2017. We went from a position of control, with a 75% ownership interest in the Cerro Casale Project, to a jointly controlled 50% ownership interest in a newly formed joint operation.&#160; Upon the loss of control, we applied IFRS 10 paragraphs 25 (a), (b), and (c). We derecognized the net assets of the Cerro Casale Project, recognized a gain of $193 million, and remeasured our retained interest in the newly formed Cerro Casale joint operation at fair value at the date control was lost. There was no gain or loss on remeasurement under paragraph 25 (b) as we had recorded an impairment reversal of $1.12 billion in the first quarter of 2017, remeasuring our 75% interest to the fair value implicit in the agreement.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Upon review of your question and our corresponding disclosure relating to the sale of 25% of our interest in the Cerro Casale Project, we have noted that discussion surrounding the loss of control would have been beneficial to the users of the financial statements and we will ensure that this is included for future transactions that result in a change of control. Our second quarter 2018 note disclosure regarding the Cerro Casale transaction now reads as follows (please note, underlining is used to identify additional disclosure added to our first quarter 2018 note):</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">4(C)&#160;&#160;&#160;&#160;Sale of 25% of the Cerro Casale Project</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">On March&#160;28, 2017, we announced an agreement with Goldcorp Inc. (&#8220;Goldcorp&#8221;) to form a new partnership at the Cerro Casale Project in Chile. The transaction closed on June&#160;9, 2017. Under the terms of the agreement, Goldcorp agreed to purchase a 25&#160;percent interest in the Cerro Casale Project from Barrick. This transaction, coupled with the concurrent purchase by Goldcorp of Kinross Gold Corporation&#8217;s (&#8220;Kinross&#8221;) 25&#160;percent interest in the Cerro Casale Project, resulted in Barrick and Goldcorp each holding a 50&#160;percent interest in the newly formed Cerro Casale joint operation. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: italic"><u>This ownership change coupled with the specific terms of the agreement caused a change in control of the Cerro Casale Project and we remeasured our retained interest in the joint operation at fair value at the date control was lost</u></font>.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">The total consideration received by Barrick and Kinross implied a fair value of $1.2&#160;billion for 100 percent of the Cerro Casale Project, which resulted in a reversal of previously recorded impairment charges of $1.12&#160;billion in the first quarter of 2017. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: italic"><u>We recognized a gain of $193 million due to the deconsolidation of the non-controlling interest in the Cerro Casale Project in the second quarter of 2017.</u></font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">This joint operation is now referred to as Norte Abierto and includes the Cerro Casale, Caspiche and Luciano deposits.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Tell us how you considered the provisions of paragraphs 21A and B33A through B33D of IFRS 11 in determining your accounting for the new joint operation.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Response: We determined the provisions of paragraphs 21A and B33A through B33D of IFRS 11, which address the accounting for acquisitions of an interest in a joint operation that constitutes a business, were not applicable.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">As part of the accounting for the acquisition of our 50% retained interest in the newly formed Cerro Casale joint operation, we considered whether the joint operation constitutes a business by applying the guidance provided under IFRS 3 Business Combinations.&#160; Specifically, we applied the guidance provided under Appendix B, paragraph B7 of IFRS 3:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">A business consists of inputs and processes applied to those inputs that have the ability to create outputs. Although businesses usually have outputs, outputs are not required for an integrated set to qualify as a business. The three elements of a business are defined as follows:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">In evaluating whether the joint operation meets the definition of a business or an asset, we considered the following:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">(c) <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Output</font>: As discussed above, we determined that there were no processes in place at the joint operation that would allow for the generation of outputs as the joint operation was not actively being developed. Thus, no output existed.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">The change of control to our 50% interest in the Cerro Casale joint operation was accounted for as an asset acquisition in accordance with the relevant IFRS guidance, based on our conclusion that the joint operation did not meet the definition of a business.&#160; Thus, the provisions of paragraphs 21A and B33A through B33D of IFRS 11 were not applicable.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">To provide further clarity to our financial statements based on our determination that the acquisition of our 50% retained interest in the Cerro Casale joint operation was the acquisition of an asset and not a business, we will include the following revision to Note 4(c) of our third quarter 2018 note disclosure (please note, underlining is used to identify additional disclosure added to our second quarter 2018 note):</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">4(C)&#160;&#160;&#160;&#160;Sale of 25% of the Cerro Casale Project</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">On March&#160;28, 2017, we announced an agreement with Goldcorp Inc. (&#8220;Goldcorp&#8221;) to form a new partnership at the Cerro Casale Project in Chile. The transaction closed on June&#160;9, 2017. Under the terms of the agreement, Goldcorp agreed to purchase a 25&#160;percent interest in the Cerro Casale Project from Barrick. This transaction, coupled with the concurrent purchase by Goldcorp of Kinross Gold Corporation&#8217;s (&#8220;Kinross&#8221;) 25&#160;percent interest in the Cerro Casale Project, resulted in Barrick and Goldcorp each holding a 50&#160;percent interest in the newly formed Cerro Casale joint operation. This ownership change coupled with the specific terms of the agreement caused a change in control of the Cerro Casale Project and we remeasured our retained interest in the joint operation at fair value at the date control was lost. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: italic"><u>We determined that at the time of the transaction the Cerro Casale joint operation did not constitute a business and accordingly accounted for the transaction as an asset acquisition.</u></font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">This joint operation is now referred to as Norte Abierto and includes the Cerro Casale, Caspiche and Luciano deposits.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">We appreciate your assistance in reviewing this response letter.&#160; Please direct all questions or comments regarding this filing to the undersigned at (416) 307-5157.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Sincerely,</div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Catherine P. Raw</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Barrick Gold Corporation</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">c.c.:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Kelvin Dushnisky, President, Barrick Gold Corporation</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Rich Haddock, Senior Vice President and General Counsel, Barrick Gold Corporation</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Audit Committee, Barrick Gold Corporation</div>
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