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FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2019
Financial Instruments [Abstract]  
Cash and equivalents
 
As at December 31, 2019

As at December 31, 2018

Cash deposits

$2,571


$842

Term deposits
728

477

Money market investments
15

252

 

$3,314


$1,571
Debt and interest
 
2019
 
2018
For the years ended December 31
Interest cost

Effective rate1

 
Interest cost

Effective rate1

4.4%/5.7% notes

$49

5.74
%
 

$63

5.25
%
3.85%/5.25% notes
53

4.87
%
 
53

4.87
%
5.80% notes
23

5.87
%
 
23

5.85
%
6.35% notes
38

6.41
%
 
39

6.41
%
Other fixed rate notes
77

6.33
%
 
83

6.16
%
Leases
6

7.14
%
 
2

6.18
%
Other debt obligations
34

6.17
%
 
38

6.55
%
5.75% notes
49

5.79
%
 
49

5.79
%
Acacia credit facility
3

3.36
%
 
5

3.59
%
Deposits on Pascua-Lama silver sale agreement (note 29)
70

8.75
%
 
65

8.25
%
Deposits on Pueblo Viejo gold and silver streaming agreement (note 29)
34

6.79
%
 
33

6.41
%
 

$436

 
 

$453

 
Less: interest capitalized
(14
)
 
 
(9
)
 
 

$422

 
 

$444

 
1 
The effective rate includes the stated interest rate under the debt agreement, amortization of debt issue costs and debt discount/premium and the impact of interest rate contracts designated in a hedging relationship with debt.
 
Closing balance December 31, 2018

Proceeds
Repayments
Amortization and other2

Closing balance December 31, 2019

5.7% notes3,9

$842


$—


$—


$—


$842

3.85%/5.25% notes
1,079

—

—

—

1,079

5.80% notes4,9
395

—

—

—

395

6.35% notes5,9
594

—

—

—

594

Other fixed rate notes6,9
1,326

—

(248
)
2

1,080

Leases7
19

—

(28
)
105

96

Other debt obligations
598

—

(4
)
—

594

5.75% notes8,9
842

—

—

—

842

Acacia credit facility10
43

—

(29
)
—

14

 

$5,738


$—


($309
)

$107


$5,536

Less: current portion11
(43
)
—

—

—

(375
)
 

$5,695


$—


($309
)

$107


$5,161

 
 
Closing balance December 31, 2017

Proceeds

Repayments

Amortization and other2

Closing balance December 31, 2018

4.4%/5.7% notes3,9

$1,468


$—


($629
)

$3


$842

3.85%/5.25% notes
1,079

—

—

—

1,079

5.80% notes4,9
395

—

—

—

395

6.35% notes5,9
593

—

—

1

594

Other fixed rate notes6,9
1,326

—

—

—

1,326

Leases7
46

—

(27
)
—

19

Other debt obligations
603

—

(3
)
(2
)
598

5.75% notes8,9
842

—

—

—

842

Acacia credit facility10
71

—

(28
)
—

43

 

$6,423


$—


($687
)

$2


$5,738

Less: current portion11
(59
)
—

—

—

(43
)
 

$6,364


$—


($687
)

$2


$5,695

1 
The agreements that govern our long-term debt each contain various provisions which are not summarized herein. These provisions allow Barrick, at its option, to redeem indebtedness prior to maturity at specified prices and also may permit redemption of debt by Barrick upon the occurrence of certain specified changes in tax legislation.
2 
Amortization of debt premium/discount and increases (decreases) in capital leases.
3 
Consists of $850 million (2018: $850 million) of our wholly-owned subsidiary Barrick North America Finance LLC (“BNAF”) notes due 2041.
4 
Consists of $400 million (2018: $400 million) of 5.80% notes which mature in 2034.
5 
Consists of $600 million (2018: $600 million) of 6.35% notes which mature in 2036.
6 
Consists of $1.1 billion (2018: $1.3 billion) in conjunction with our wholly-owned subsidiary BNAF and our wholly-owned subsidiary Barrick (PD) Australia Finance Pty Ltd. (“BPDAF”). This consists of $nil (2018: $248 million) of BPDAF notes due 2020, $250 million (2018: $250 million) of BNAF notes due 2038 and $850 million (2018: $850 million) of BPDAF notes due 2039.
7 
Consists primarily of leases at Nevada Gold Mines, $32 million, Loulo-Gounkoto, $32 million, Lumwana, $10 million, Pascua-Lama, $6 million and Porgera, $5 million (2018: $nil, $nil, $3 million, $9 million and $nil, respectively).
8 
Consists of $850 million (2018: $850 million) in conjunction with our wholly-owned subsidiary BNAF.
9 
We provide an unconditional and irrevocable guarantee on all BNAF, BPDAF, Barrick Gold Finance Company (“BGFC”), and Barrick (HMC) Mining (“BHMC”) notes and generally provide such guarantees on all BNAF, BPDAF, BGFC, and BHMC notes issued, which will rank equally with our other unsecured and unsubordinated obligations.
10 
Consists of an export credit backed term loan facility.
11 
The current portion of long-term debt consists of our 3.85% notes ($336 million; 2018: $nil), leases ($25 million; 2018: $11 million) and Acacia credit facility ($14 million; 2018: $28 million), and other debt obligations ($nil; 2018: $4 million).
 
Scheduled debt repayments
 
Issuer
Maturity Year
2020

2021

2022

2023

2024

2025 and thereafter

Total

7.31% notes2
BGC
2021

$—


$7


$—


$—


$—


$—


$7

3.85% notes
BGC
2022
—

—

337

—

—

—

337

7.73% notes2
BGC
2025
—

—

—

—

—

7

7

7.70% notes2
BGC
2025
—

—

—

—

—

5

5

7.37% notes2
BGC
2026
—

—

—

—

—

32

32

8.05% notes2
BGC
2026
—

—

—

—

—

15

15

6.38% notes2
BGC
2033
—

—

—

—

—

200

200

5.80% notes
BGC
2034
—

—

—

—

—

200

200

5.80% notes
BGFC
2034
—

—

—

—

—

200

200

6.45% notes2
BGC
2035
—

—

—

—

—

300

300

6.35% notes
BHMC
2036
—

—

—

—

—

600

600

7.50% notes3
BNAF
2038
—

—

—

—

—

250

250

5.95% notes3
BPDAF
2039
—

—

—

—

—

850

850

5.70% notes
BNAF
2041
—

—

—

—

—

850

850

5.25% notes
BGC
2042
—

—

—

—

—

750

750

5.75% notes
BNAF
2043
—

—

—

—

—

850

850

Other debt obligations2
 
 
—

—

—

—

—

—

—

Acacia credit facility
 
 
14

—

—

—

—

—

14

 
 
 

$14


$7


$337


$—


$—


$5,109


$5,467

Minimum annual payments under leases
 
 

$25


$15


$12


$8


$5


$32


$97

1 
This table illustrates the contractual undiscounted cash flows, and may not agree with the amounts disclosed in the consolidated balance sheet.
2 
Included in Other debt obligations in the Long-Term Debt table.
3 
Included in Other fixed rate notes in the Long-Term Debt table.
Market risks
In the normal course of business, our assets, liabilities and forecasted transactions, as reported in US dollars, are impacted by various market risks including, but not limited to:
Item
Impacted by
●    Revenue
 
●    Prices of gold, silver and copper
 
●    Cost of sales
 
o    Consumption of diesel fuel, propane, natural gas, and electricity
o    Prices of diesel fuel, propane, natural gas, and electricity
o    Non-US dollar expenditures
o    Currency exchange rates - US dollar versus A$, ARS, C$, CLP, DOP, EUR, PGK, TZS, ZAR, XOF, and ZMW
●    General and administration, exploration and evaluation costs
●    Currency exchange rates - US dollar versus A$, ARS, C$, CLP, DOP, GBP, PGK, TZS, XOF, ZAR, and ZMW
●    Capital expenditures
 
o    Non-US dollar capital expenditures
o    Currency exchange rates - US dollar versus A$, ARS, C$, CLP, DOP, EUR, GBP, PGK, XOF, and ZAR
o    Consumption of steel
o    Price of steel
●    Interest earned on cash and equivalents
●    US dollar interest rates
●    Interest paid on fixed-rate borrowings
●    US dollar interest rates