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INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2020
Interests In Other Entities [Abstract] |
Investments | Outlined below is information related to our joint arrangements and entities other than 100% owned Barrick subsidiaries at December 31, 2020:
| Place of business | Entity type | Economic interest 1 | Method 2
Nevada Gold Mines 3,4,5,6,7 | United States | Subsidiary | 61.5% | Consolidation
North Mara 3,8 | Tanzania | Subsidiary | 84% | Consolidation
Bulyanhulu 3,8 | Tanzania | Subsidiary | 84% | Consolidation
Buzwagi 3,8 | Tanzania | Subsidiary | 84% | 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 9,10 | Papua New Guinea | JO | 47.5% | Our share
Veladero | Argentina | JO | 50% | Our share
Kibali 11 | Democratic Republic of Congo | JV | 45% | Equity Method
Jabal Sayid 11 | Saudi Arabia | JV | 50% | Equity Method
Zaldívar 11 | 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, North Mara, Bulyanhulu, Buzwagi, Loulo-Gounkoto, Tongon and Pueblo Viejo and record a non-controlling interest for the 38.5%, 38.5%, 38.5%, 38.5%, 38.5%, 16%, 16%, 16%, 20%, 10.3% and 40%, respectively, that we do not own. 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 On September 17, 2019, Barrick acquired all of the shares of Acacia it did not own, bringing our ownership from 63.9% to 100%. The Government of Tanzania’s 16% free-carried interest was made effective from January 1, 2020, bringing our ownership down to 84%. 9 We have joint control given that decisions about relevant activities require unanimous consent of the parties to the joint operation. 10 We recognize our share of Porgera on a 47.5% interest basis, reflecting Barrick’s undisputed ownership position prior to April 24, 2020, and the ownership position Barrick is asserting in its legal proceedings in Papua New Guinea court. On August 16, 2019, the special mining lease (the “SML”) at Porgera was terminated and on April 24, 2020, the Government of Papua New Guinea indicated that the SML would not be extended. On October 15, 2020, Barrick Niugini Limited, the majority owner and operator of the Porgera joint venture, and Prime Minister Marape issued a joint press release indicating that they had productive discussions toward mutually acceptable arrangements for a new Porgera partnership to reopen and operate the mine going forward. Efforts to reach a memorandum of agreement are ongoing and, at this time, it is not certain when a binding memorandum of agreement will be reached by the parties or what the final terms will be (including Barrick’s percentage ownership interest in the Porgera mine). For additional information, see note 36. 11 Barrick has commitments of $653 million relating to its interest in the joint ventures.
Equity Accounting Method Investment Continuity |  |  |  |  |  |
| Kibali | Jabal Sayid | Zaldívar | Other | Total |
At January 1, 2019 | $— |  | $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 |  |
Equity pick-up from equity investees | 201 |  | 74 |  | 12 |  | 1 |  | 288 |  |
Dividends paid | (140) |  | — |  | — |  | (1) |  | (141) |  |
Shareholder loan repayment/disbursements | — |  | (1) |  | — |  | (3) |  | (4) |  |
At December 31, 2020 | $3,279 |  | $369 |  | $967 |  | $55 |  | $4,670 |  |
Summarized Equity Investee Financial Information |  |  |  |
| Kibali | Jabal Sayid | Zaldívar
For the years ended December 31 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019
Revenue | $1,440 |  | $1,123 |  | $400 |  | $315 |  | $595 |  | $685 |
Cost of sales (excluding depreciation) | 495 |  | 460 |  | 154 |  | 133 |  | 380 |  | 442 |
Depreciation | 387 |  | 435 |  | 54 |  | 53 |  | 143 |  | 172 |
Finance expense | (1) |  | — |  | — |  | 1 |  | 1 |  | 12 |
Other expense (income) | 43 |  | 18 |  | 4 |  | (2) |  | 32 |  | 10 |
Income before income taxes | $516 |  | $210 |  | $188 |  | $130 |  | $39 |  | $49 |
Income tax expense | (94) |  | (16) |  | (40) |  | (27) |  | (15) |  | (17) |
Net income | $422 |  | $194 |  | $148 |  | $103 |  | $24 |  | $32 |
Total comprehensive income | $422 |  | $194 |  | $148 |  | $103 |  | $24 |  | $32 |
Summarized Balance Sheet |  |  |  |  |  |
| Kibali | Jabal Sayid | Zaldívar
For the years ended December 31 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019
Cash and equivalents 1 | $944 |  | $453 |  | $71 |  | $43 |  | $271 |  | $139 |
Other current assets 2 | 131 |  | 338 |  | 68 |  | 67 |  | 676 |  | 632 |
Total current assets | $1,075 |  | $791 |  | $139 |  | $110 |  | $947 |  | $771 |
Non-current assets | 4,559 |  | 4,623 |  | 429 |  | 464 |  | 1,839 |  | 1,823 |
Total assets | $5,634 |  | $5,414 |  | $568 |  | $574 |  | $2,786 |  | $2,594 |
Current financial liabilities (excluding trade, other payables & provisions) | $19 |  | $11 |  | $4 |  | $— |  | $36 |  | $19 |
Other current liabilities | 103 |  | 35 |  | 59 |  | 63 |  | 257 |  | 99 |
Total current liabilities | $122 |  | $46 |  | $63 |  | $63 |  | $293 |  | $118 |
Non-current financial liabilities (excluding trade, other payables & provisions) | 42 |  | 44 |  | — |  | 150 |  | 125 |  | 11 |
Other non-current liabilities | 653 |  | 648 |  | 12 |  | 14 |  | 545 |  | 536 |
Total non-current liabilities | $695 |  | $692 |  | $12 |  | $164 |  | $670 |  | $547 |
Total liabilities | $817 |  | $738 |  | $75 |  | $227 |  | $963 |  | $665 |
Net assets | $4,817 |  | $4,676 |  | $493 |  | $347 |  | $1,823 |  | $1,929 |
1.Kibali cash and equivalents are subject to various administrative steps before they can be distributed to the joint venture shareholders and are held across three banks in the Democratic Republic of Congo, including two domestic banks. 2.Zaldívar other current assets include inventory of $607 million (2019: $543 million). The information above reflects the amounts presented in the financial information of the joint venture adjusted for differences between IFRS and local GAAP and fair value adjustments on acquisition of equity in investees.
Reconciliation of Summarized Financial Information to Carrying Value |  |  |
| Kibali | Jabal Sayid | Zaldívar
Opening net assets | $4,676 |  | $347 |  | $1,929 |
Income for the period | 422 |  | 148 |  | 24 |
Dividends paid | (281) |  | — |  | — |
Disbursements | — |  | (2) |  | — |
Dividends declared not paid | — |  | — |  | (130) |
Closing net assets, December 31 | $4,817 |  | $493 |  | $1,823 |
Barrick's share of net assets | 2,168 |  | 246 |  | 977 |
Equity earnings adjustment | — |  | — |  | (10) |
Goodwill recognition | 1,111 |  | 123 |  | — |
Carrying value | $3,279 |  | $369 |  | $967 |

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