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INVESTMENTS (Tables)
 12 Months Ended
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 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