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SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
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 interest1      
Method2
Nevada Gold Mines3,4,5,6,7
United States    
Subsidiary    
61.5%
Consolidation    
Loulo-Gounkoto3
Mali
Subsidiary
80%
Consolidation    
Tongon3
Côte d’Ivoire
Subsidiary
89.7%
Consolidation
Pueblo Viejo3
Dominican Republic    
Subsidiary    
60%
Consolidation    
Norte Abierto Project
Chile    
JO    
50%
Our share    
Donlin Gold Project
United States    
JO    
50%
Our share    
Porgera Mine8
Papua New Guinea    
JO    
47.5%
Our share    
Veladero
Argentina
JO
50%
Our share
Kibali9
Democratic Republic of Congo
JV
45%
Equity Method
Morila9
Mali
JV
40%
Equity Method
GNX9,10
Chile    
JV    
50%
Equity Method    
Jabal Sayid9
Saudi Arabia    
JV    
50%
Equity Method    
Kabanga Project9,10
Tanzania    
JV    
50%
Equity Method    
Zaldívar9
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
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


$—

  
Nevada Gold Mines1
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 Mines1
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

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

Acquisitions1
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 interest1
—

—

(495
)
—

—



(495
)
Disbursements
(236
)
(158
)
—

(16
)
(11
)
(8
)
(429
)
At December 31, 2019

$6,039


$1,424


$—


$901


$47


($16
)

$8,395
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 interest1      
Method2
Nevada Gold Mines3,4,5,6,7
United States    
Subsidiary    
61.5%
Consolidation    
Loulo-Gounkoto3
Mali
Subsidiary
80%
Consolidation    
Tongon3
Côte d’Ivoire
Subsidiary
89.7%
Consolidation
Pueblo Viejo3
Dominican Republic    
Subsidiary    
60%
Consolidation    
Norte Abierto Project
Chile    
JO    
50%
Our share    
Donlin Gold Project
United States    
JO    
50%
Our share    
Porgera Mine8
Papua New Guinea    
JO    
47.5%
Our share    
Veladero
Argentina
JO
50%
Our share
Kibali9
Democratic Republic of Congo
JV
45%
Equity Method
Morila9
Mali
JV
40%
Equity Method
GNX9,10
Chile    
JV    
50%
Equity Method    
Jabal Sayid9
Saudi Arabia    
JV    
50%
Equity Method    
Kabanga Project9,10
Tanzania    
JV    
50%
Equity Method    
Zaldívar9
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 assets1
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 Sayid1

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 equipment1

Mining property costs subject to depreciation2,4

Mining property costs not subject to depreciation2,3

Total

At January 1, 2019
 
 
 
 
Net of accumulated depreciation

$3,600


$6,258


$2,968


$12,826

Additions5,6
298

3,458

1,371

5,127

Capitalized interest
—

—

14

14

Acquisitions8
3,473

2,270

1,660

7,403

Divestiture9
(127
)
(106
)
(27
)
(260
)
Disposals
(22
)
—

—

(22
)
Depreciation
(1,107
)
(907
)
—

(2,014
)
Impairment reversals (charges)
990

742

(309
)
1,423

Transfers7
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 equipment1

Mining property costs subject to depreciation2,4

Mining property costs not subject to depreciation2,3

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

Additions6
(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
)
Transfers7
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-progress1

$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 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

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