<SEC-DOCUMENT>0000950157-18-000920.txt : 20180928
<SEC-HEADER>0000950157-18-000920.hdr.sgml : 20180928
<ACCEPTANCE-DATETIME>20180822162753
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950157-18-000920
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20180822

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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<TYPE>CORRESP
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<div style="COLOR: #01405a"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">B</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">ARRICK </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">G</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">OLD </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">C</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">ORPORATION </font></div>

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<div style="COLOR: #01405a">Tel:<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt; TEXT-INDENT: 0px">&#160;&#160;&#160; </font>416.861.9911</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #01405a; TEXT-ALIGN: left">Fax :<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 6pt; TEXT-INDENT: 0px">&#160;&#160;</font>416.861.2492</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">August 22, 2018</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">BY EDGAR</div>

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

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

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

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

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

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

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

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

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

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">We hereby acknowledge receipt of the comment letter dated August 16, 2018 (the&#160;&#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;2017 40-F&#8221;).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">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 2017 40-F.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">RESPONSES TO STAFF COMMENT</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left"><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"><u>Exhibit 99.3 &#8211; Financial Statements</u></div>

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

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 18pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">1.</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">We note the disclosure included in your response to comment 2 states that the total consideration received by Barrick and Kinross implied a fair value of $1.2 billion for 100 percent of the Cerro Casale Project and as a result you reversed previously recorded impairment charges of $1.12 billion in the first quarter of 2017. Based on your disclosures in your Form 40-Fs for the years ended December 31, 2014 and 2016, we note that previous impairment charges taken on Cerro Casale in 2014 totaled $1.46 billion and that the remaining carrying value of the project was $444 million as of December 31, 2016. Based on this information, it would appear that the total of the impairment reversal and existing carrying value of Cerro Casale at the time of the reversal exceeded the implied fair value of $1.2 billion. Please clarify how you determined the amount of the impairment reversal in light of these observations.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left">The amount of the $1.12 billion impairment reversal recorded for the Cerro Casale Project in the first quarter of 2017 was determined in accordance with IFRS 36 Impairment of Assets, as follows:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">The carrying value of the Cerro Casale Project cash generating unit (&#8220;CGU&#8221;) immediately prior to the date of the impairment reversal was $518 million.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">The total consideration received in connection with the sale of 50% of the Cerro Casale Project to Goldcorp Inc. announced on March 28, 2017, implied a fair value of $1.2 billion for 100% of the Cerro Casale Project.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">Based on this implied fair value, in the first quarter of 2017, we recognized a partial impairment reversal, on a pre-tax basis, of $1.12 billion of the Cerro Casale Project CGU.&#160; This impairment reversal resulted in a corresponding deferred tax liability of $429 million. As a result, the carrying value of the Cerro Casale Project CGU, on an after-tax basis, increased to $691 million ($1.12 billion less $429 million).</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">The carrying value of the Cerro Casale Project CGU immediately prior to the impairment reversal of $518 million, increased by the net after-tax impairment reversal of $691 million, resulted in a carrying value of the Cerro Casale Project CGU of $1,209 million immediately following the impairment reversal, consistent with the implied fair value of the Cerro Casale Project of $1.2&#160;billion.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">These calculations can be summarized as follows (in millions of dollars):</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left">Cerro Casale Project CGU carrying value immediately prior to impairment reversal</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left">Impairment reversal (pre-tax)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: right">$(429)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left">Cerro Casale Project CGU carrying value immediately following impairment reversal</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: right">$1,209</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left">In response to your observation that the total of the impairment reversal and existing carrying value of the Cerro Casale Project at the time of the impairment reversal exceeded the implied fair value of $1.2&#160;billion, we respectfully bring the following to your attention:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">You noted the remaining carrying value of the Cerro Casale Project was $444 million as of December 31, 2016. This $444 million figure is the value of the property, plant and equipment of the Cerro Casale Project as disclosed in note 19(a) of the Annual Report on Form 40-F for the fiscal year ended December 31, 2016 (the &#8220;2016 40-F&#8221;). The carrying value of the Cerro Casale Project CGU was $516 million as of December 31, 2016 as disclosed in note 21 of the 2016 40-F. Further, as noted above, immediately prior to the impairment reversal the carrying value of the Cerro Casale Project CGU had increased to $518 million as at June 30, 2017.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 18pt; VERTICAL-ALIGN: top; FONT-STYLE: italic; align: right">(b)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic">You also noted that we recorded an impairment reversal of $1.12 billion. This impairment reversal is on a pre-tax basis. As a result of this impairment reversal, there is a corresponding deferred tax liability of $429 million. The net after-tax impairment reversal is therefore $691 million.</div>
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<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-STYLE: italic; TEXT-ALIGN: left">Based on the foregoing, the total of the net impairment reversal after taxes ($691 million rather than $1.12 billion) and the existing carrying value of the Cerro Casale Project CGU immediately prior to the impairment reversal ($518 million rather than $444 million) was equal to, and did not exceed, the implied fair value of the Cerro Casale Project of $1.2 billion.</div>

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<div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">*</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">*</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>*</font></div>

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<div>&#160;</div>
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<div style="TEXT-ALIGN: right">Page 3</div>
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<div><img src="image02.jpg"></div>
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<div>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>
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<div><br>
 &#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">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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<table id="z0cb475109bbb405396c3a76816a8ba76" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Sincerely,</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>

<div>&#160;</div>
</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">/s/ Catherine P. Raw</div>
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<td style="WIDTH: 60%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="BORDER-TOP: #000000 2px solid; WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Catherine P. Raw</div>
</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Executive Vice President and Chief Financial Officer</div>
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<td style="WIDTH: 60%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Barrick Gold Corporation</div>
</td>
<td style="WIDTH: 60%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<table id="zea01c16ec7d64cf7a32f84ce767324c4" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">c.c.:</div>
</td>
<td style="WIDTH: 95%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Kelvin Dushnisky, President, Barrick Gold Corporation </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Rich Haddock, Senior Vice President and General Counsel, Barrick Gold Corporation </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Audit Committee, Barrick Gold Corporation </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">John Donnelly, PricewaterhouseCoopers LLP</div>
</td>
</tr>
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<div><br>
 &#160;</div>

<div>&#160;</div>

<div>&#160;</div>

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<div>&#160;</div>

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<div>&#160;</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
