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SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2020
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, 2020: 
Place of business Entity type
Economic interest1      
Method2
Nevada Gold Mines3,4,5,6,7
 United States     Subsidiary 61.5% Consolidation
North Mara3,8
 Tanzania Subsidiary 84% Consolidation
Bulyanhulu3,8
 Tanzania Subsidiary 84% Consolidation
Buzwagi3,8
 Tanzania Subsidiary 84% 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 Mine9,10
 Papua New Guinea JO 47.5% Our share
Veladero Argentina JO 50% Our share
Kibali11
 Democratic Republic of Congo JV 45% Equity Method
Jabal Sayid11
 Saudi Arabia JV 50% Equity Method
Zaldívar11
 Chile JV 50% Equity Method
1Unless otherwise noted, all of our joint arrangements are funded by contributions made by the parties sharing joint control in proportion to their economic interest.
2For our JOs, we recognize our share of any assets, liabilities, revenues and expenses of the JO.
3We 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.
4On 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).
5On July 1, 2019, Cortez was contributed to Nevada Gold Mines bringing our ownership down to 61.5%.
6Barrick 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.
7Phoenix 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%.
8On 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%.
9We have joint control given that decisions about relevant activities require unanimous consent of the parties to the joint operation.
10We 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.
11Barrick has commitments of $653 million relating to its interest in the joint ventures.
a) Non-Controlling Interests (“NCI”) Continuity
Nevada Gold Mines Pueblo Viejo
Tanzania Mines2
 Loulo-Gounkoto Tongon Other Total
NCI in subsidiary at December 31, 2020 38.5  % 40  % 16  % 20  % 10.3  % Various
At January 1, 2019 $—  $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 
Share of income (loss) 965  196  57  68  9  (5) 1,290 
Cash contributed —  —  —  —  —  11  11 
Increase in non-controlling interest1
 —  —  251  —  —  —  251 
Disbursements (1,026) (427) (45) (36) (17) (27) (1,578)
At December 31, 2020 $5,978  $1,193  $263  $933  $39  ($37) $8,369 
1Refer to note 4 for further details.
2Tanzania mines consist of North Mara, Bulyanhulu and Buzwagi.
   Nevada Gold Mines Pueblo Viejo Tanzania Mines Loulo-Gounkoto Tongon
As at December 31, 2020 As at December 31, 2019 As at December 31, 2020 As at December 31, 2019 As at December 31, 2020 As at December 31, 2019 As at December 31, 2020 As at December 31, 2019 As at December 31, 2020 As at December 31, 2019
Current assets $6,111  $10,977  $491  $500  $530  $525  $347  $406  $288  $158 
Non-current assets 13,708  15,909  4,342  4,303  1,758  1,160  4,660  4,662  265  424 
Total assets $19,819  $26,886  $4,833  $4,803  $2,288  $1,685  $5,007  $5,068  $553  $582 
Current liabilities 636  466  240  428  1,024  1,322  32  234  118  59 
Non-current liabilities 1,266  1,217  1,053  932  565  321  567  634  76  106 
Total liabilities $1,902  $1,683  $1,293  $1,360  $1,589  $1,643  $599  $868  $194  $165 
  
Nevada Gold Mines1
 Pueblo Viejo
Tanzania Mines2
 Loulo-Gounkoto Tongon
For the years ended December 31 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Revenue $6,299  $2,707  $1,613  $1,409  $1,213  $671  $1,208  $1,007  $507  $384 
Income (loss) from continuing operations after tax 2,439  739  418  708  653  86  339  158  83  (29)
Other comprehensive income (loss) —  —  —  —  —  —  —  —  —  — 
Total comprehensive income (loss) $2,439  $739  $418  $708  $653  $86  $339  $158  $83  ($29)
Dividends paid to NCI3
 $1,026  $236  $6  $158  $45  $—  $36  $16  $—  $11 
Summarized Statements of Cash Flows    
 
Nevada Gold Mines1
 Pueblo Viejo
Tanzania Mines2
 Loulo-Gounkoto Tongon
For the years ended December 31 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Net cash provided by operating activities $3,518  $1,296  $820  $504  $609  $77  $497  $259  $135  $129 
Net cash provided by (used in) investing activities (971) (539) (223) (107) (181) (63) (226) (130) (8) 61 
Net cash used in financing activities (2,668) (379) (651) (397) (270) (30) (189) (80) (2) (107)
Net increase (decrease) in cash and cash equivalents ($121) $378  ($54) $—  $158  ($16) $82  $49  $125  $83 
1 Nevada Gold Mines was formed July 1, 2019 and therefore 2019 results are presented from July 1, 2019 onwards.
2 Tanzania mines consist of North Mara, Bulyanhulu and Buzwagi. 2019 reflects full year results.
3 Includes partner distributions.
Joint arrangements
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 interest1      
Method2
Nevada Gold Mines3,4,5,6,7
 United States     Subsidiary 61.5% Consolidation
North Mara3,8
 Tanzania Subsidiary 84% Consolidation
Bulyanhulu3,8
 Tanzania Subsidiary 84% Consolidation
Buzwagi3,8
 Tanzania Subsidiary 84% 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 Mine9,10
 Papua New Guinea JO 47.5% Our share
Veladero Argentina JO 50% Our share
Kibali11
 Democratic Republic of Congo JV 45% Equity Method
Jabal Sayid11
 Saudi Arabia JV 50% Equity Method
Zaldívar11
 Chile JV 50% Equity Method
1Unless otherwise noted, all of our joint arrangements are funded by contributions made by the parties sharing joint control in proportion to their economic interest.
2For our JOs, we recognize our share of any assets, liabilities, revenues and expenses of the JO.
3We 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.
4On 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).
5On July 1, 2019, Cortez was contributed to Nevada Gold Mines bringing our ownership down to 61.5%.
6Barrick 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.
7Phoenix 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%.
8On 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%.
9We have joint control given that decisions about relevant activities require unanimous consent of the parties to the joint operation.
10We 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.
11Barrick 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 equivalents1
 $944  $453  $71  $43  $271  $139 
Other current assets2
 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 
Estimated useful lives of major asset categories
Estimated useful lives of Major Asset Categories
Buildings, plant and equipment 1 – 34 years
Underground mobile equipment 3 - 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, 2020
Net of accumulated depreciation $7,753  $12,288  $4,100  $24,141 
Additions6
 10  259  1,919  2,188 
Capitalized interest —  —  24  24 
Disposals (24) (1) (12) (37)
Depreciation (1,219) (1,146) —  (2,365)
Impairment reversals 260  412  5  677 
Transfers7
 693  1,757  (2,450) — 
At December 31, 2020 $7,473  $13,569  $3,586  $24,628 
At December 31, 2020        
Cost $18,361  $29,901  $15,531  $63,793 
Accumulated depreciation and impairments (10,888) (16,332) (11,945) (39,165)
Net carrying amount – December 31, 2020 $7,473  $13,569  $3,586  $24,628 
 
Buildings, plant and equipment1
Mining property costs subject to depreciation2,4
Mining property costs not subject to depreciation2,3
 Total
At January 1, 2019
Cost $14,750  $21,624  $14,610  $50,984 
Accumulated depreciation and impairments (11,150) (15,366) (11,642) (38,158)
Net carrying amount – January 1, 2019 $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 
12019 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. Additions include $4 million of right-of-use assets for lease arrangements entered into during the year ended December 31, 2020 (2019: $49 million). Depreciation includes depreciation for leased right-of-use assets of $21 million for the year ended December 31, 2020 (2019: $25 million). The net carrying amount of leased right-of-use assets was $50 million as at December 31, 2020 (2019: $75 million).
2Includes capitalized reserve acquisition costs, capitalized development costs and capitalized exploration and evaluation costs other than exploration license costs included in intangible assets.
3Assets not subject to depreciation include construction-in-progress, projects and acquired mineral resources and exploration potential at operating minesites and development projects.
4Assets 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.
5Additions include $3,422 million of remeasurement gain related to the change in ownership of Turquoise Ridge acquired through the Nevada Joint Venture. Refer to note 4 for further details.
6Additions include revisions to the capitalized cost of closure and rehabilitation activities.
7Primarily relates to long-lived assets that are transferred between categories within PP&E once they are placed into service.
8Acquisitions include assets acquired as part of the Merger and the establishment of Nevada Gold Mines. Refer to note 4 for further details.
9Relates 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, 2020 Carrying amount at Dec. 31, 2019
Construction-in-progress1
 $1,208  $1,009 
Acquired mineral resources and exploration potential 786  1,504 
Projects
   Pascua-Lama 741  754 
   Norte Abierto 653  649 
   Donlin Gold 198  184 
  $3,586  $4,100 
1Represents assets under construction at our operating minesites.