FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2021

a) Cash and Equivalents

Cash and equivalents include cash, term deposits, treasury bills and money market investments with original maturities of less than 90 days.


	As at December 31, 2021	As at December 31, 2020
Cash deposits	$3,691	$3,713
Term deposits	1,582	1,469
Money market investments	7	6
	$5,280	$5,188

Schedule of debt and interest

b) Debt and Interest1


	Closing balance December 31, 2020	Proceeds	Repayments	Amortization and other2	Closing balance December 31, 2021
5.7% notes3,10	$842	$—	$—	$1	$843
5.25% notes4	744	—	—	—	744
5.80% notes5,10	395	—	—	—	395
6.35% notes6,10	594	—	—	—	594
Other fixed rate notes7,10	1,081	—	—	1	1,082

Leases8	66	—	(20)	22	68
Other debt obligations	590	—	(7)	(2)	581
5.75% notes9,10	843	—	—	—	843

	$5,155	$—	($27)	$22	$5,150
Less: current portion12	(20)	—	—	—	(15)
	$5,135	$—	($27)	$22	$5,135


	Closing balance December 31, 2019	Proceeds	Repayments	Amortization and other2	Closing balance December 31, 2020
5.7% notes3,10	$842	$—	$—	$—	$842
3.85%/5.25% notes4	1,079	—	(337)	2	744
5.80% notes5,10	395	—	—	—	395
6.35% notes6,10	594	—	—	—	594
Other fixed rate notes7,10	1,080	—	—	1	1,081

Leases8	96	—	(26)	(4)	66
Other debt obligations	594	—	(2)	(2)	590
5.75% notes9,10	842	—	—	1	843
Acacia credit facility11	14	—	(14)	—	—
	$5,536	$—	($379)	($2)	$5,155
Less: current portion12	(375)	—	—	—	(20)
	$5,161	$—	($379)	($2)	$5,135

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 (2020: $850 million) of our wholly-owned subsidiary Barrick North America Finance LLC (“BNAF”) notes due 2041.

4Consists of $750 million (2020: $750 million) of 5.25% notes which mature in 2042.

5Consists of $400 million (2020: $400 million) of 5.80% notes which mature in 2034.

6Consists of $600 million (2020: $600 million) of 6.35% notes which mature in 2036.

7Consists of $1.1 billion (2020: $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 (2020: $250 million) of BNAF notes due 2038 and $850 million (2020: $850 million) of BPDAF notes due 2039.

8Consists primarily of leases at Nevada Gold Mines, $18 million, Loulo-Gounkoto, $25 million, Lumwana, $6 million, Hemlo, $4 million, Pascua-Lama, $2 million and Tongon, $4 million (2020: $18 million, $28 million, $8 million, $2 million, $2 million and $4 million, respectively).

9Consists of $850 million (2020: $850 million) in conjunction with our wholly-owned subsidiary BNAF.

10We 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 rank equally with our other unsecured and unsubordinated obligations.

11Consists of an export credit backed term loan facility.

12The current portion of long-term debt consists of leases ($15 million; 2020: $13 million), and other debt obligations ($nil; 2020: $7 million)

Interest


	2021			2020
For the years ended December 31	Interest cost	Effective rate1		Interest cost	Effective rate1
5.7% notes	$49	5.74	%	$49	5.73	%
3.85%/5.25% notes	40	5.29	%	41	5.31	%
5.80% notes	23	5.85	%	23	5.84	%
6.35% notes	38	6.41	%	38	6.39	%
Other fixed rate notes	70	6.38	%	70	6.38	%

Leases	5	7.66	%	5	6.09	%
Other debt obligations	35	6.25	%	34	6.16	%
5.75% notes	49	5.79	%	49	5.77	%

Deposits on Pascua-Lama silver sale agreement (note 29)	4	2.82	%	1	0.53	%
Deposits on Pueblo Viejo gold and silver streaming agreement (note 29)	31	6.24	%	33	6.44	%
Other interest	21			—
	$365			$343
Less: interest capitalized	(16)			(24)
	$349			$319

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.

Schedule of scheduled debt repayments

Scheduled Debt Repayments1


	Issuer	Maturity Year	2022	2023	2024	2025	2026	2027 and thereafter	Total






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



			$—	$—	$—	$12	$47	$5,050	$5,109
Minimum annual payments under leases			$15	$12	$5	$5	$3	$27	$67

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.

Schedule of 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