INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2018

Interests In Other Entities [Abstract]

Outlined below is information related to our joint arrangements and entities other than 100% owned Barrick subsidiaries at December 31, 2018:



	Place of business	Entity type	Economic interest¹	Method²
Acacia Mining plc³	Tanzania	Subsidiary, publicly traded	63.9%	Consolidation
Pueblo Viejo³	Dominican Republic	Subsidiary	60%	Consolidation
South Arturo³	United States	Subsidiary	60%	Consolidation
Norte Abierto Project⁴	Chile	JO	50%	Our share
Donlin Gold Project	United States	JO	50%	Our share
Kalgoorlie Mine	Australia	JO	50%	Our share
Porgera Mine⁵	Papua New Guinea	JO	47.5%	Our share
Turquoise Ridge Mine⁵	United States	JO	75%	Our share
Veladero⁶	Argentina	JO	50%	Our share
GNX^7,8	Chile	JV	50%	Equity Method
Jabal Sayid⁷	Saudi Arabia	JV	50%	Equity Method
Kabanga Project^7,8	Tanzania	JV	50%	Equity Method
Zaldívar⁷	Chile	JV	50%	Equity Method


¹	Unless otherwise noted, all of our joint arrangements are funded by contributions made by the parties sharing joint control 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 the Norte Abierto project, includes the Cerro Casale, Caspiche and Luciano 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 $307 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, 2017		$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
Equity pick-up (loss) from equity investees	—			39		14			(7		)	46
Funds invested	—			—		—			5			5
Impairment charges	(30		)	—		—			—			(30		)
At December 31, 2018		$—			$245		$989			$—			$1,234
Publicly traded	No			No		No			No



Summarized Equity Investee Financial Information
	Jabal Sayid						Zaldívar
For the years ended December 31	2018			2017			2018			2017
Revenue		$296			$214			$599			$649
Cost of sales (excluding depreciation)	158			116			404			375
Depreciation	39			33			118			111
Finance expense	2			3			—			1
Other expense (income)	9			2			25			—
Income from continuing operations before tax		$88			$60			$52			$162
Income tax expense	(10		)	(8		)	(24		)	(40		)
Income from continuing operations after tax		$78			$52			$28			$122
Total comprehensive income		$78			$52			$28			$122
Summarized Balance Sheet
	Jabal Sayid						Zaldívar
For the years ended December 31	2018			2017			2018			2017
Cash and equivalents		$128			$50			$129			$72
Other current assets¹	68			70			602			563
Total current assets		$196			$120			$731			$635
Non-current assets	482			485			1,927			1,582
Total assets		$678			$605			$2,658			$2,217
Current financial liabilities (excluding trade, other payables & provisions)		$48			$12			$18			$19
Other current liabilities	41			35			85			110
Total current liabilities		$89			$47			$103			$129
Non-current financial liabilities (excluding trade, other payables & provisions)	331			379			12			20
Other non-current liabilities	14			13			546			99
Total non-current liabilities		$345			$392			$558			$119
Total liabilities		$434			$439			$661			$248
Net assets		$244			$166			$1,997			$1,969


¹	Zaldívar other current assets include inventory of $533 million (2017: $451 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 Sayid¹		Zaldívar
Opening net assets		$166		$1,969
Income for the period	78		28
Dividend	—		—
Closing net assets, December 31		$244		$1,997
Barrick's share of net assets (50%)	122		999
Equity earnings adjustment	—		(10		)
Goodwill recognition	123		—
Carrying value		$245		$989


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).