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INVESTMENTS | 12 Months Ended
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Dec. 31, 2022
Disclosure of joint ventures [abstract] |
Investments | Investments
Equity Accounting Method Investment Continuity |  |  |  |  |  |
| Kibali | Jabal Sayid | Zaldívar | Other | Total |
At January 1, 2021 | $3,279 |  | $369 |  | $967 |  | $55 |  | $4,670 |  |
Equity pick-up from equity investees | 219 |  | 159 |  | 68 |  | — |  | 446 |  |
Dividends received from equity investees | (231) |  | (146) |  | (142) |  | (1) |  | (520) |  |
Shareholder loan repayment | — |  | — |  | — |  | (2) |  | (2) |  |
At December 31, 2021 | $3,267 |  | $382 |  | $893 |  | $52 |  | $4,594 |  |
Equity pick-up from equity investees | 86 |  | 124 |  | 47 |  | 1 |  | 258 |  |
Dividends received from equity investees | (694) |  | (124) |  | (50) |  | (1) |  | (869) |  |
At December 31, 2022 | $2,659 |  | $382 |  | $890 |  | $52 |  | $3,983 |  |
In 2022, Kibali Goldmines SA repaid a portion of its shareholder loans after establishing an additional ongoing mechanism for the repatriation of cash from the Democratic Republic of Congo. For 2022, the repatriation of this cash has resulted in the payment of dividends of $694 million to the Barrick entity that holds the 45% interest in Kibali Goldmines SA.
Summarized Equity Investee Financial Information |  |  |  |
| Kibali 2 | Jabal Sayid | Zaldívar
For the years ended December 31 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021
Revenue | $1,328 |  | $1,469 |  | $539 |  | $597 |  | $781 |  | $847 |
Cost of sales (excluding depreciation) | 528 |  | 513 |  | 170 |  | 157 |  | 463 |  | 469 |
Depreciation | 390 |  | 308 |  | 49 |  | 42 |  | 147 |  | 158 |
Finance expense (income) | — |  | — |  | — |  | 1 |  | 1 |  | (4) |
Other expense (income) | 104 |  | 38 |  | 4 |  | (5) |  | 32 |  | 25 |
Income before income taxes | $306 |  | $610 |  | $316 |  | $402 |  | $138 |  | $199 |
Income tax expense | (121) |  | (125) |  | (67) |  | (84) |  | (44) |  | (61) |
Net income | $185 |  | $485 |  | $249 |  | $318 |  | $94 |  | $138 |
Total comprehensive income | $185 |  | $485 |  | $249 |  | $318 |  | $94 |  | $138 |
Net income (net of non-controlling interests) | $172 |  | $438 |  | $249 |  | $318 |  | $94 |  | $138 |
Summarized Balance Sheet |  |  |  |  |  |
| Kibali 2 | Jabal Sayid | Zaldívar
For the years ended December 31 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021
Cash and equivalents | $92 |  | $1,116 |  | $77 |  | $85 |  | $72 |  | $171 |
Other current assets 1 | 194 |  | 255 |  | 151 |  | 178 |  | 559 |  | 493 |
Total current assets | $286 |  | $1,371 |  | $228 |  | $263 |  | $631 |  | $664 |
Non-current assets | 3,905 |  | 3,959 |  | 405 |  | 419 |  | 2,013 |  | 2,031 |
Total assets | $4,191 |  | $5,330 |  | $633 |  | $682 |  | $2,644 |  | $2,695 |
Current financial liabilities (excluding trade, other payables & provisions) | $13 |  | $14 |  | $9 |  | $13 |  | $90 |  | $84 |
Other current liabilities | 126 |  | 141 |  | 95 |  | 136 |  | 125 |  | 142 |
Total current liabilities | $139 |  | $155 |  | $104 |  | $149 |  | $215 |  | $226 |
Non-current financial liabilities (excluding trade, other payables & provisions) | 51 |  | 42 |  | 4 |  | — |  | 87 |  | 134 |
Other non-current liabilities | 785 |  | 706 |  | 6 |  | 14 |  | 542 |  | 529 |
Total non-current liabilities | $836 |  | $748 |  | $10 |  | $14 |  | $629 |  | $663 |
Total liabilities | $975 |  | $903 |  | $114 |  | $163 |  | $844 |  | $889 |
Net assets | $3,216 |  | $4,427 |  | $519 |  | $519 |  | $1,800 |  | $1,806 |
Net assets (net of non-controlling interests) | $3,095 |  | $4,312 |  | $519 |  | $519 |  | $1,800 |  | $1,806 |
1 Zaldívar other current assets include inventory of $443 million (2021: $384 million). 2 2021 figures have been changed to present Kibali’s summarized financial statements net of non-controlling interests of Kibali Jersey Limited, which is jointly controlled with Anglogold Ashanti and holds a 90% interest in Kibali Goldmines SA. 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 (net of non-controlling interests)1 | $4,312 |  | $519 |  | $1,806 |
Income for the period (net of non-controlling interests) | 172 |  | 249 |  | 94 |
Dividends received from equity investees | (1,389) |  | (249) |  | (100) |
Closing net assets (net of non-controlling interests), December 31 | $3,095 |  | $519 |  | $1,800 |
Barrick's share of net assets | 1,548 |  | 259 |  | 900 |
Equity earnings adjustment | — |  | — |  | (10) |
Goodwill recognition | 1,111 |  | 123 |  | — |
Carrying value | $2,659 |  | $382 |  | $890 |
1Kibali’s opening net assets have been changed to present Kibali’s summarized financial statements net of non-controlling interests of Kibali Jersey Limited, which is jointly controlled with Anglogold Ashanti and holds a 90% interest in Kibali Goldmines SA.

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- Definition The disclosure of joint ventures. [Refer: Joint ventures [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 27 -IssueDate 2022-03-24 -Paragraph 17 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=27&code=ifrs-tx-2022-en-r&anchor=para_17_b&doctype=Standard -URIDate 2022-03-24 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 27 -IssueDate 2022-03-24 -Paragraph 16 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=27&code=ifrs-tx-2022-en-r&anchor=para_16_b&doctype=Standard -URIDate 2022-03-24 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 12 -IssueDate 2022-03-24 -Paragraph B4 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2022-en-r&anchor=para_B4_b&doctype=Appendix&subtype=B -URIDate 2022-03-24 + Details
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