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SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2019
Significant Accounting Policies [Abstract] |
Subsidiaries other than 100% owned Barrick subsidiaries | Outlined below is information related to our joint arrangements and entities other than 100% owned Barrick subsidiaries at December 31, 2019:
| Place of business | Entity type | Economic interest 1 | Method 2
Nevada Gold Mines 3,4,5,6,7 | United States | Subsidiary | 61.5% | Consolidation
Loulo-Gounkoto 3 | Mali | Subsidiary | 80% | Consolidation
Tongon 3 | Côte d’Ivoire | Subsidiary | 89.7% | Consolidation
Pueblo Viejo 3 | Dominican Republic | Subsidiary | 60% | Consolidation
Norte Abierto Project | Chile | JO | 50% | Our share
Donlin Gold Project | United States | JO | 50% | Our share
Porgera Mine 8 | Papua New Guinea | JO | 47.5% | Our share
Veladero | Argentina | JO | 50% | Our share
Kibali 9 | Democratic Republic of Congo | JV | 45% | Equity Method
Morila 9 | Mali | JV | 40% | Equity Method
GNX 9,10 | Chile | JV | 50% | Equity Method
Jabal Sayid 9 | Saudi Arabia | JV | 50% | Equity Method
Kabanga Project 9,10 | Tanzania | JV | 50% | Equity Method
Zaldívar 9 | 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 Carlin, Cortez, Turquoise Ridge, Phoenix, Long Canyon, Loulo-Gounkoto, Tongon and Pueblo Viejo and record a non-controlling interest for the 38.5%, 38.5%, 38.5%, 38.5%, 38.5%, 20%, 10.3% and 40%, respectively, that we do not own. On September 17, 2019, Barrick acquired all of the shares of Acacia it did not own, bringing our ownership from 63.9% to 100%. When the Government of Tanzania’s 16% free-carried interest is made effective, which is expected to be as of January 1, 2020, our ownership will be brought down to 84%.
4 | On July 1, 2019, Barrick’s Goldstrike (including 60% of South Arturo) and Newmont’s Carlin were contributed to Nevada Gold Mines, a joint venture with Newmont, and are now referred to as Carlin. This brought our ownership to 61.5% of Carlin (including 36.9% of South Arturo).
5 | On July 1, 2019, Cortez was contributed to Nevada Gold Mines bringing our ownership down to 61.5%.
6 | Barrick owned 75% of Turquoise Ridge through to the end of the second quarter of 2019, with our joint venture partner, Newmont, owning the remaining 25%. Turquoise Ridge was proportionately consolidated on the basis that the joint venture partners that have joint control have rights to the assets and obligations for the liabilities relating to the arrangement. On July 1, 2019, Barrick’s 75% interest in Turquoise Ridge and Newmont’s Twin Creeks and 25% interest in Turquoise Ridge were contributed to Nevada Gold Mines. This brought our ownership to 61.5% of Turquoise Ridge and Twin Creeks, now referred to as Turquoise Ridge.
7 | Phoenix and Long Canyon were acquired as a result of the formation of Nevada Gold Mines on July 1, 2019, resulting in an ownership of 61.5%.
8 | We have joint control given that decisions about relevant activities require unanimous consent of the parties to the joint operation.
9 | Barrick has commitments of $324 million relating to its interest in the joint ventures.
10 | These JVs are early stage exploration projects and, as such, do not have any significant assets, liabilities, income, contractual commitments or contingencies.
| Nevada Gold Mines |  | Pueblo Viejo |  | Acacia |  | Loulo-Gounkoto |  | Tongon |  | Other |  | Total |
NCI in subsidiary at December 31, 2019 | 38.5 | % | 40 | % | — | % | 20 | % | 10.3 | % | Various |  |
At January 1, 2018 |  | $— |  |  | $1,290 |  |  | $480 |  |  | $— |  |  | $— |  |  | $11 |  |  | $1,781 |
Share of income (loss) | — |  | 89 |  | 22 |  | — |  | — |  | (1 | ) | 110 |
Cash contributed | — |  | — |  | — |  | — |  | — |  | 24 |  | 24 |
Disbursements | — |  | (108 | ) | — |  | — |  | — |  | (15 | ) | (123 | )
At December 31, 2018 |  | $— |  |  | $1,271 |  |  | $502 |  |  | $— |  |  | $— |  |  | $19 |  |  | $1,792 |
Acquisitions 1 | 5,910 |  | — |  | — |  | 887 |  | 61 |  | (76 | ) | 6,782 |
Share of income (loss) | 275 |  | 311 |  | (7 | ) | 30 |  | (3 | ) | (1 | ) | 605 |
Cash contributed | 90 |  | — |  | — |  | — |  | — |  | 50 |  | 140 |
Decrease in non-controlling interest 1 | — |  | — |  | (495 | ) | — |  | — |  |  |  | (495 | )
Disbursements | (236 | ) | (158 | ) | — |  | (16 | ) | (11 | ) | (8 | ) | (429 | )
At December 31, 2019 |  | $6,039 |  |  | $1,424 |  |  | $— |  |  | $901 |  |  | $47 |  |  | ($16 | ) |  | $8,395 |
| Nevada Gold Mines 1 | Pueblo Viejo | Loulo-Gounkoto | Tongon
For the years ended December 31 | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |
Revenue |  | $2,707 |  |  | $— |  |  | $1,409 |  |  | $1,333 |  |  | $1,007 |  |  | $— |  |  | $384 |  |  | $— |
Income (loss) from continuing operations after tax | 739 |  | — |  | 708 |  | 206 |  | 158 |  | — |  | (29 | ) | — |
Other comprehensive income (loss) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total comprehensive income (loss) |  | $739 |  |  | $— |  |  | $708 |  |  | $206 |  |  | $158 |  |  | $— |  |  | ($29 | ) |  | $— |
Dividends paid to NCI |  | $236 |  |  | $— |  |  | $158 |  |  | $— |  |  | $16 |  |  | $— |  |  | $11 |  |  | $— |
Summarized Statements of Cash Flows |  |  |  |  |  |  |  |
| Nevada Gold Mines 1 | Pueblo Viejo | Loulo-Gounkoto | Tongon
For the years ended December 31 | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |
Net cash provided by (used in) operating activities |  | $1,296 |  |  | $— |  |  | $504 |  |  | $272 |  |  | $259 |  |  | $— |  |  | $129 |  |  | $— |
Net cash used in investing activities | (539 | ) | — |  | (107 | ) | (144 | ) | (130 | ) | — |  | 61 |  | — |
Net cash used in financing activities | (379 | ) | — |  | (397 | ) | (108 | ) | (80 | ) | — |  | (107 | ) | — |
Net increase (decrease) in cash and cash equivalents |  | $378 |  |  | $— |  |  | $— |  |  | $20 |  |  | $49 |  |  | $— |  |  | $83 |  |  | $— |
| Nevada Gold Mines | Pueblo Viejo | Loulo-Gounkoto | Tongon
| As at December 31, 2019 |  | As at December 31, 2018 |  | As at December 31, 2019 |  | As at December 31, 2018 |  | As at December 31, 2019 |  | As at December 31, 2018 |  | As at December 31, 2019 |  | As at December 31, 2018 |
Current assets |  | $10,977 |  |  | $— |  |  | $500 |  |  | $520 |  |  | $406 |  |  | $— |  |  | $158 |  |  | $— |
Non-current assets | 15,909 |  | — |  | 4,303 |  | 3,469 |  | 4,662 |  | — |  | 424 |  | — |
Total assets |  | $26,886 |  |  | $— |  |  | $4,803 |  |  | $3,989 |  |  | $5,068 |  |  | $— |  |  | $582 |  |  | $— |
Current liabilities | 466 |  | — |  | 428 |  | 720 |  | 234 |  | — |  | 59 |  | — |
Non-current liabilities | 1,217 |  | — |  | 932 |  | 402 |  | 634 |  | — |  | 106 |  | — |
Total liabilities |  | $1,683 |  |  | $— |  |  | $1,360 |  |  | $1,122 |  |  | $868 |  |  | $— |  |  | $165 |  |  | $— |
Joint arrangements | Outlined below is information related to our joint arrangements and entities other than 100% owned Barrick subsidiaries at December 31, 2019:
| Place of business | Entity type | Economic interest 1 | Method 2
Nevada Gold Mines 3,4,5,6,7 | United States | Subsidiary | 61.5% | Consolidation
Loulo-Gounkoto 3 | Mali | Subsidiary | 80% | Consolidation
Tongon 3 | Côte d’Ivoire | Subsidiary | 89.7% | Consolidation
Pueblo Viejo 3 | Dominican Republic | Subsidiary | 60% | Consolidation
Norte Abierto Project | Chile | JO | 50% | Our share
Donlin Gold Project | United States | JO | 50% | Our share
Porgera Mine 8 | Papua New Guinea | JO | 47.5% | Our share
Veladero | Argentina | JO | 50% | Our share
Kibali 9 | Democratic Republic of Congo | JV | 45% | Equity Method
Morila 9 | Mali | JV | 40% | Equity Method
GNX 9,10 | Chile | JV | 50% | Equity Method
Jabal Sayid 9 | Saudi Arabia | JV | 50% | Equity Method
Kabanga Project 9,10 | Tanzania | JV | 50% | Equity Method
Zaldívar 9 | 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 Carlin, Cortez, Turquoise Ridge, Phoenix, Long Canyon, Loulo-Gounkoto, Tongon and Pueblo Viejo and record a non-controlling interest for the 38.5%, 38.5%, 38.5%, 38.5%, 38.5%, 20%, 10.3% and 40%, respectively, that we do not own. On September 17, 2019, Barrick acquired all of the shares of Acacia it did not own, bringing our ownership from 63.9% to 100%. When the Government of Tanzania’s 16% free-carried interest is made effective, which is expected to be as of January 1, 2020, our ownership will be brought down to 84%.
4 | On July 1, 2019, Barrick’s Goldstrike (including 60% of South Arturo) and Newmont’s Carlin were contributed to Nevada Gold Mines, a joint venture with Newmont, and are now referred to as Carlin. This brought our ownership to 61.5% of Carlin (including 36.9% of South Arturo).
5 | On July 1, 2019, Cortez was contributed to Nevada Gold Mines bringing our ownership down to 61.5%.
6 | Barrick owned 75% of Turquoise Ridge through to the end of the second quarter of 2019, with our joint venture partner, Newmont, owning the remaining 25%. Turquoise Ridge was proportionately consolidated on the basis that the joint venture partners that have joint control have rights to the assets and obligations for the liabilities relating to the arrangement. On July 1, 2019, Barrick’s 75% interest in Turquoise Ridge and Newmont’s Twin Creeks and 25% interest in Turquoise Ridge were contributed to Nevada Gold Mines. This brought our ownership to 61.5% of Turquoise Ridge and Twin Creeks, now referred to as Turquoise Ridge.
7 | Phoenix and Long Canyon were acquired as a result of the formation of Nevada Gold Mines on July 1, 2019, resulting in an ownership of 61.5%.
8 | We have joint control given that decisions about relevant activities require unanimous consent of the parties to the joint operation.
9 | Barrick has commitments of $324 million relating to its interest in the joint ventures.
10 | These JVs are early stage exploration projects and, as such, do not have any significant assets, liabilities, income, contractual commitments or contingencies.
Equity Accounting Method Investment Continuity
| Kibali |  | Jabal Sayid |  | Zaldívar |  | Other |  | Total |
At January 1, 2018 |  | $— |  |  | $206 |  |  | $975 |  |  | $32 |  |  | $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 |
Acquisitions | 3,195 |  | — |  | — |  | 58 |  | 3,253 |
Equity pick-up from equity investees | 98 |  | 51 |  | 16 |  | — |  | 165 |
Funds invested | — |  | — |  | — |  | 2 |  | 2 |
Dividends paid | (75 | ) | — |  | (50 | ) | — |  | (125 | )
Shareholder loan repayment | — |  | — |  | — |  | (2 | ) | (2 | )
At December 31, 2019 |  | $3,218 |  |  | $296 |  |  | $955 |  |  | $58 |  |  | $4,527 |
Summarized Equity Investee Financial Information |  |  |  |
| Kibali | Jabal Sayid | Zaldívar
For the years ended December 31 | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |
Revenue |  | $1,123 |  |  | $— |  |  | $315 |  |  | $296 |  |  | $685 |  |  | $599 |
Cost of sales (excluding depreciation) | 460 |  | — |  | 133 |  | 158 |  | 442 |  | 404 |
Depreciation | 435 |  | — |  | 53 |  | 39 |  | 172 |  | 118 |
Finance expense | — |  | — |  | 1 |  | 2 |  | 12 |  | — |
Other expense (income) | 18 |  | — |  | (2 | ) | 9 |  | 10 |  | 25 |
Income from continuing operations before tax |  | $210 |  |  | $— |  |  | $130 |  |  | $88 |  |  | $49 |  |  | $52 |
Income tax expense | (16 | ) | — |  | (27 | ) | (10 | ) | (17 | ) | (24 | )
Income from continuing operations after tax |  | $194 |  |  | $— |  |  | $103 |  |  | $78 |  |  | $32 |  |  | $28 |
Total comprehensive income |  | $194 |  |  | $— |  |  | $103 |  |  | $78 |  |  | $32 |  |  | $28 |
Summarized Balance Sheet |  |  |  |  |  |
| Kibali | Jabal Sayid | Zaldívar
For the years ended December 31 | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018 |
Cash and equivalents |  | $453 |  |  | $— |  |  | $43 |  |  | $128 |  |  | $139 |  |  | $129 |
Other current assets 1 | 338 |  | — |  | 67 |  | 68 |  | 632 |  | 602 |
Total current assets |  | $791 |  |  | $— |  |  | $110 |  |  | $196 |  |  | $771 |  |  | $731 |
Non-current assets | 4,623 |  | — |  | 464 |  | 482 |  | 1,823 |  | 1,927 |
Total assets |  | $5,414 |  |  | $— |  |  | $574 |  |  | $678 |  |  | $2,594 |  |  | $2,658 |
Current financial liabilities (excluding trade, other payables & provisions) |  | $11 |  |  | $— |  |  | $— |  |  | $48 |  |  | $19 |  |  | $18 |
Other current liabilities | 35 |  | — |  | 63 |  | 41 |  | 99 |  | 85 |
Total current liabilities |  | $46 |  |  | $— |  |  | $63 |  |  | $89 |  |  | $118 |  |  | $103 |
Non-current financial liabilities (excluding trade, other payables & provisions) | 44 |  | — |  | 150 |  | 331 |  | 11 |  | 12 |
Other non-current liabilities | 648 |  | — |  | 14 |  | 14 |  | 536 |  | 546 |
Total non-current liabilities |  | $692 |  |  | $— |  |  | $164 |  |  | $345 |  |  | $547 |  |  | $558 |
Total liabilities |  | $738 |  |  | $— |  |  | $227 |  |  | $434 |  |  | $665 |  |  | $661 |
Net assets |  | $4,676 |  |  | $— |  |  | $347 |  |  | $244 |  |  | $1,929 |  |  | $1,997 |
1 | Zaldívar other current assets include inventory of $543 million (2018: $533 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 |  |  |
| Kibali |  | Jabal Sayid 1 |  | Zaldívar |
Opening net assets |  | $— |  |  | $244 |  |  | $1,997 |
Acquisition | 4,632 |  | — |  | — |
Income for the period | 194 |  | 103 |  | 32 |
Dividend | (150 | ) | — |  | (100 | )
Closing net assets, December 31 |  | $4,676 |  |  | $347 |  |  | $1,929 |
Barrick's share of net assets | 2,107 |  | 173 |  | 965 |
Equity earnings adjustment | — |  | — |  | (10 | )
Goodwill recognition | 1,111 |  | 123 |  | — |
Carrying value |  | $3,218 |  |  | $296 |  |  | $955 |
1 | A $75 million non-interest bearing shareholder loan due from the Jabal Sayid JV is presented as part of Other Assets (refer to note 22).
Estimated useful lives of major asset categories | Estimated useful lives of Major Asset Categories
Buildings, plant and equipment | 1 – 28 years
Underground mobile equipment | 5 - 7 years
Light vehicles and other mobile equipment | 1 - 7 years
Furniture, computer and office equipment | 1 - 7 years
PROPERTY, PLANT AND EQUIPMENT
| Buildings, plant and equipment 1 |  | Mining property costs subject to depreciation 2,4 |  | Mining property costs not subject to depreciation 2,3 |  | Total |
At January 1, 2019 |  |  |  |
Net of accumulated depreciation |  | $3,600 |  |  | $6,258 |  |  | $2,968 |  |  | $12,826 |
Additions 5,6 | 298 |  | 3,458 |  | 1,371 |  | 5,127 |
Capitalized interest | — |  | — |  | 14 |  | 14 |
Acquisitions 8 | 3,473 |  | 2,270 |  | 1,660 |  | 7,403 |
Divestiture 9 | (127 | ) | (106 | ) | (27 | ) | (260 | )
Disposals | (22 | ) | — |  | — |  | (22 | )
Depreciation | (1,107 | ) | (907 | ) | — |  | (2,014 | )
Impairment reversals (charges) | 990 |  | 742 |  | (309 | ) | 1,423 |
Transfers 7 | 648 |  | 573 |  | (1,221 | ) | — |
Assets held for sale | — |  | — |  | (356 | ) | (356 | )
At December 31, 2019 |  | $7,753 |  |  | $12,288 |  |  | $4,100 |  |  | $24,141 |
At December 31, 2019 |  |  |  |
Cost |  | $18,544 |  |  | $27,268 |  |  | $16,050 |  |  | $61,862 |
Accumulated depreciation and impairments | (10,791 | ) | (14,980 | ) | (11,950 | ) | (37,721 | )
Net carrying amount – December 31, 2019 |  | $7,753 |  |  | $12,288 |  |  | $4,100 |  |  | $24,141 |
| Buildings, plant and equipment 1 |  | Mining property costs subject to depreciation 2,4 |  | Mining property costs not subject to depreciation 2,3 |  | Total |
At January 1, 2018 |  |  |  |
Cost |  | $14,209 |  |  | $20,938 |  |  | $14,637 |  |  | $49,784 |
Accumulated depreciation and impairments | (9,996 | ) | (14,416 | ) | (11,566 | ) | (35,978 | )
Net carrying amount – January 1, 2018 |  | $4,213 |  |  | $6,522 |  |  | $3,071 |  |  | $13,806 |
Additions 6 | (21 | ) | 199 |  | 1,050 |  | 1,228 |
Capitalized interest | — |  | — |  | 9 |  | 9 |
Disposals | (7 | ) | — |  | — |  | (7 | )
Depreciation | (790 | ) | (772 | ) | — |  | (1,562 | )
Impairment reversals (charges) | (394 | ) | (178 | ) | (76 | ) | (648 | )
Transfers 7 | 599 |  | 487 |  | (1,086 | ) | — |
At December 31, 2018 |  | $3,600 |  |  | $6,258 |  |  | $2,968 |  |  | $12,826 |
At December 31, 2018 |  |  |  |
Cost |  | $14,750 |  |  | $21,624 |  |  | $14,610 |  |  | $50,984 |
Accumulated depreciation and impairments | (11,150 | ) | (15,366 | ) | (11,642 | ) | (38,158 | )
Net carrying amount – December 31, 2018 |  | $3,600 |  |  | $6,258 |  |  | $2,968 |  |  | $12,826 |
1 | Additions include $85 million of transitional adjustments for the recognition of leased right-of-use assets upon the Company’s adoption of IFRS 16 on January 1, 2019 (refer to note 2), as well as $49 million of right-of-use assets for lease arrangements entered into during the year ended December 31, 2019. Depreciation includes depreciation for leased right-of-use assets of $25 million for the year ended December 31, 2019. The net carrying amount of leased right-of-use assets was $75 million as at December 31, 2019.
2 | Includes capitalized reserve acquisition costs, capitalized development costs and capitalized exploration and evaluation costs other than exploration license costs included in intangible assets.
3 | Assets not subject to depreciation include construction-in-progress, projects and acquired mineral resources and exploration potential at operating minesites and development projects.
4 | Assets subject to depreciation include the following items for production stage properties: acquired mineral reserves and resources, capitalized mine development costs, capitalized stripping and capitalized exploration and evaluation costs.
5 | Additions include $3,422 million of remeasurement gain related to the change in ownership of Turquoise Ridge acquired though the Nevada Joint Venture. Refer to note 4 for further details.
6 | Additions include revisions to the capitalized cost of closure and rehabilitation activities.
7 | Primarily relates to long-lived assets that are transferred between categories within PP&E once they are placed into service.
8 | Acquisitions include assets acquired as part of the Merger and the establishment of Nevada Gold Mines. Refer to note 4 for further details.
9 | Relates to the sale of our 50% interest in Kalgoorlie. Refer to note 4 for further details.
Mineral Property Costs Not Subject to Depreciation
| Carrying amount at Dec. 31, 2019 |  | Carrying amount at Dec. 31, 2018 |
Construction-in-progress 1 |  | $1,009 |  |  | $786 |
Acquired mineral resources and exploration potential | 1,504 |  | 124 |
Projects |  |
Pascua-Lama | 754 |  | 1,245 |
Norte Abierto | 649 |  | 639 |
Donlin Gold | 184 |  | 174 |
|  | $4,100 |  |  | $2,968 |
1 | Represents assets under construction at our operating minesites.
Lease obligation reconciliation | The following table reconciles the Company’s operating lease obligations as at December 31, 2018 as previously disclosed in the Company’s 2018 Annual Financial Statements, to the lease obligations recognized on initial application of IFRS 16 at January 1, 2019:
Barrick operating lease commitments disclosed as at December 31, 2018 | $ | 167 |
Add: embedded service contracts not previously assessed as a lease | 38 |
(Less): contracts reassessed as service agreements | (130 | )
(Less): short-term leases recognized on a straight-line basis as expense | (6 | )
(Less): low-value leases recognized on a straight-line basis as expense | (1 | )
(Less): discounting using the lessee’s incremental borrowing rate of at January 1, 2019 | (4 | )
Discounted leases recognized as at January 1, 2019 | $ | 64 |
Add: finance lease liabilities recognized as at December 31, 2018 | 19 |
Add: leases acquired as part of the merger with Randgold on January 1, 2019 | 28 |
Discounted lease liability recognized as at January 1, 2019 | $ | 111 |
Of which are: |
Current lease liabilities | 37 |
Non-current lease liabilities | $ | 74 |
The recognized right-of-use assets relate to the following types of assets:
| December 31, 2019 |  | January 1, 2019 |
Buildings, Plant & Equipment | $ | 63 |  | $ | 69 |
Underground mobile equipment | 7 |  | 7 |
Light vehicles and other mobile equipment | 5 |  | 9 |
Total right-of-use assets | $ | 75 |  | $ | 85 |

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