NON-CONTROLLING INTERESTS (Tables)

12 Months Ended

Dec. 31, 2020

Interests In Other Entities [Abstract]

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

50%

Our share

Donlin Gold Project

United States

50%

Our share

Porgera Mine9,10

Papua New Guinea

47.5%

Our share

Veladero

Argentina

50%

Our share

Kibali11

Democratic Republic of Congo

45%

Equity Method

Jabal Sayid11

Saudi Arabia

50%

Equity Method

Zaldívar11

Chile

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.