FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2020


	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 other2	Closing balance December 31, 2020
5.7% notes3,9	$842	$—	$—	$—	$842
3.85%/5.25% notes	1,079	—	(337)	2	744
5.80% notes4,9	395	—	—	—	395
6.35% notes5,9	594	—	—	—	594
Other fixed rate notes6,9	1,080	—	—	1	1,081

Leases7	96	—	(26)	(4)	66
Other debt obligations	594	—	(2)	(2)	590
5.75% notes8,9	842	—	—	1	843
Acacia credit facility10	14	—	(14)	—	—
	$5,536	$—	($379)	($2)	$5,155
Less: current portion11	(375)	—	—	—	(20)
	$5,161	$—	($379)	($2)	$5,135


	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

1The 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.

2Amortization of debt premium/discount and increases (decreases) in capital leases.

3Consists of $850 million (2019: $850 million) of our wholly-owned subsidiary Barrick North America Finance LLC (“BNAF”) notes due 2041.

4Consists of $400 million (2019: $400 million) of 5.80% notes which mature in 2034.

5Consists of $600 million (2019: $600 million) of 6.35% notes which mature in 2036.

6Consists 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.

7Consists 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).

8Consists of $850 million (2019: $850 million) in conjunction with our wholly-owned subsidiary BNAF.

9We 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.

10Consists of an export credit backed term loan facility.

11The 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 rate1		Interest cost	Effective rate1
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

1The 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% notes2	BGC	2021	$7	$—	$—	$—	$—	$—	$7



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



			$7	$—	$—	$—	$12	$5,097	$5,116
Minimum annual payments under leases			$13	$10	$6	$4	$4	$28	$65

1This table illustrates the contractual undiscounted cash flows, and may not agree with the amounts disclosed in the consolidated balance sheet.

2Included in Other debt obligations in the Long-Term Debt table.

3Included 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