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v3.20.4

FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Financial Instruments [Abstract] |
Cash and equivalents |
| As at December 31, 2020 | As at December 31, 2019
Cash deposits | $3,713 |  | $2,571 |
Term deposits | 1,469 |  | 728 |
Money market investments | 6 |  | 15 |
| $5,188 |  | $3,314 |
Debt and interest |
| Closing balance December 31, 2019 | Proceeds | Repayments | Amortization and other 2 | Closing balance December 31, 2020 |
5.7% notes 3,9 | $842 |  | $— |  | $— |  | $— |  | $842 |  |
3.85%/5.25% notes | 1,079 |  | — |  | (337) |  | 2 |  | 744 |  |
5.80% notes 4,9 | 395 |  | — |  | — |  | — |  | 395 |  |
6.35% notes 5,9 | 594 |  | — |  | — |  | — |  | 594 |  |
Other fixed rate notes 6,9 | 1,080 |  | — |  | — |  | 1 |  | 1,081 |  |
Leases 7 | 96 |  | — |  | (26) |  | (4) |  | 66 |  |
Other debt obligations | 594 |  | — |  | (2) |  | (2) |  | 590 |  |
5.75% notes 8,9 | 842 |  | — |  | — |  | 1 |  | 843 |  |
Acacia credit facility 10 | 14 |  | — |  | (14) |  | — |  | — |  |
| $5,536 |  | $— |  | ($379) |  | ($2) |  | $5,155 |  |
Less: current portion 11 | (375) |  | — |  | — |  | — |  | (20) |  |
| $5,161 |  | $— |  | ($379) |  | ($2) |  | $5,135 |  |
| Closing balance December 31, 2018 | Proceeds | Repayments | Amortization and other 2 | Closing balance December 31, 2019 |
5.7% notes 3,9 | $842 |  | $— |  | $— |  | $— |  | $842 |  |
3.85%/5.25% notes | 1,079 |  | — |  | — |  | — |  | 1,079 |  |
5.80% notes 4,9 | 395 |  | — |  | — |  | — |  | 395 |  |
6.35% notes 5,9 | 594 |  | — |  | — |  | — |  | 594 |  |
Other fixed rate notes 6,9 | 1,326 |  | — |  | (248) |  | 2 |  | 1,080 |  |
Leases 7 | 19 |  | — |  | (28) |  | 105 |  | 96 |  |
Other debt obligations | 598 |  | — |  | (4) |  | — |  | 594 |  |
5.75% notes 8,9 | 842 |  | — |  | — |  | — |  | 842 |  |
Acacia credit facility 10 | 43 |  | — |  | (29) |  | — |  | 14 |  |
| $5,738 |  | $— |  | ($309) |  | $107 |  | $5,536 |  |
Less: current portion 11 | (43) |  | — |  | — |  | — |  | (375) |  |
| $5,695 |  | $— |  | ($309) |  | $107 |  | $5,161 |  |
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 (2019: $850 million) of our wholly-owned subsidiary Barrick North America Finance LLC (“BNAF”) notes due 2041. 4 Consists of $400 million (2019: $400 million) of 5.80% notes which mature in 2034. 5 Consists of $600 million (2019: $600 million) of 6.35% notes which mature in 2036. 6 Consists of $1.1 billion (2019: $1.1 billion) in conjunction with our wholly-owned subsidiary BNAF and our wholly-owned subsidiary Barrick (PD) Australia Finance Pty Ltd. (“BPDAF”). This consists of $250 million (2019: $250 million) of BNAF notes due 2038 and $850 million (2019: $850 million) of BPDAF notes due 2039. 7 Consists primarily of leases at Nevada Gold Mines, $18 million, Loulo-Gounkoto, $28 million, Lumwana, $8 million, Pascua-Lama, $2 million and Porgera, $2 million (2019: $32 million, $32 million, $10 million, $6 million and $5 million, respectively). 8 Consists of $850 million (2019: $850 million) in conjunction with our wholly-owned subsidiary BNAF. 9 We provide an unconditional and irrevocable guarantee on all BNAF, BPDAF, Barrick Gold Finance Company (“BGFC”), and Barrick (HMC) Mining (“BHMC”) notes and generally provide such guarantees on all BNAF, BPDAF, BGFC, and BHMC notes issued, which will rank equally with our other unsecured and unsubordinated obligations. 10 Consists of an export credit backed term loan facility. 11 The current portion of long-term debt consists of our 3.85% notes ($nil; 2019: $336 million), leases ($13 million; 2019: $25 million), Acacia credit facility ($nil; 2019: $14 million), and other debt obligations ($7 million; 2019: $nil).
| 2020 |  | 2019
For the years ended December 31 | Interest cost | Effective rate 1 |  | Interest cost | Effective rate 1
5.7% notes | $49 |  | 5.73 | % |  | $49 |  | 5.74 | %
3.85%/5.25% notes | 41 |  | 5.31 | % |  | 53 |  | 4.87 | %
5.80% notes | 23 |  | 5.84 | % |  | 23 |  | 5.87 | %
6.35% notes | 38 |  | 6.39 | % |  | 38 |  | 6.41 | %
Other fixed rate notes | 70 |  | 6.38 | % |  | 77 |  | 6.33 | %
Leases | 5 |  | 6.09 | % |  | 6 |  | 7.14 | %
Other debt obligations | 34 |  | 6.16 | % |  | 34 |  | 6.17 | %
5.75% notes | 49 |  | 5.77 | % |  | 49 |  | 5.79 | %
Acacia credit facility | — |  | — | % |  | 3 |  | 3.36 | %
Deposits on Pascua-Lama silver sale agreement (note 29) | 1 |  | 0.53 | % |  | 70 |  | 8.75 | %
Deposits on Pueblo Viejo gold and silver streaming agreement (note 29) | 33 |  | 6.44 | % |  | 34 |  | 6.79 | %
| $343 |  |  |  | $436 |  |
Less: interest capitalized | (24) |  |  |  | (14) |  |
| $319 |  |  |  | $422 |  |
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.
Scheduled debt repayments |
| Issuer | Maturity Year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 and thereafter | Total |
7.31% notes 2 | BGC | 2021 | $7 |  | $— |  | $— |  | $— |  | $— |  | $— |  | $7 |  |
7.73% notes 2 | BGC | 2025 | — |  | — |  | — |  | — |  | 7 |  | — |  | 7 |  |
7.70% notes 2 | BGC | 2025 | — |  | — |  | — |  | — |  | 5 |  | — |  | 5 |  |
7.37% notes 2 | BGC | 2026 | — |  | — |  | — |  | — |  | — |  | 32 |  | 32 |  |
8.05% notes 2 | BGC | 2026 | — |  | — |  | — |  | — |  | — |  | 15 |  | 15 |  |
6.38% notes 2 | BGC | 2033 | — |  | — |  | — |  | — |  | — |  | 200 |  | 200 |  |
5.80% notes | BGC | 2034 | — |  | — |  | — |  | — |  | — |  | 200 |  | 200 |  |
5.80% notes | BGFC | 2034 | — |  | — |  | — |  | — |  | — |  | 200 |  | 200 |  |
6.45% notes 2 | BGC | 2035 | — |  | — |  | — |  | — |  | — |  | 300 |  | 300 |  |
6.35% notes | BHMC | 2036 | — |  | — |  | — |  | — |  | — |  | 600 |  | 600 |  |
7.50% notes 3 | BNAF | 2038 | — |  | — |  | — |  | — |  | — |  | 250 |  | 250 |  |
5.95% notes 3 | 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 |  |
|  |  | $7 |  | $— |  | $— |  | $— |  | $12 |  | $5,097 |  | $5,116 |  |
Minimum annual payments under leases |  |  | $13 |  | $10 |  | $6 |  | $4 |  | $4 |  | $28 |  | $65 |  |
1 This table illustrates the contractual undiscounted cash flows, and may not agree with the amounts disclosed in the consolidated balance sheet. 2 Included in Other debt obligations in the Long-Term Debt table. 3 Included in Other fixed rate notes in the Long-Term Debt table.
Market risks | In the normal course of business, our assets, liabilities and forecasted transactions, as reported in US dollars, are impacted by various market risks including, but not limited to:
Item | Impacted by
● Revenue | ● Prices of gold, silver and copper
● Cost of sales |
o Consumption of diesel fuel, propane, natural gas, and electricity | o Prices of diesel fuel, propane, natural gas, and electricity
o Non-US dollar expenditures | o Currency exchange rates - US dollar versus A$, ARS, C$, CLP, DOP, EUR, PGK, TZS, XOF, ZAR and ZMW
● General and administration, exploration and evaluation costs | ● Currency exchange rates - US dollar versus A$, 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, ZAR, and ZMW
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

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