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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2023
Operating segments [Abstract] |
Segment Information | Segment Information Barrick’s business is organized into sixteen minesites. Barrick’s CODM (Mark Bristow, President and Chief Executive Officer) reviews the operating results, assesses performance and makes capital allocation decisions at the minesite level. In the first quarter of 2023, we re-evaluated our reportable operating segments. Lumwana has been presented as a reportable segment for the current and prior periods. Veladero is no longer a reportable segment. As a result, our presentation of our reportable operating segments consists of eight gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu) and one copper mine (Lumwana). The remaining operating segments, including our remaining gold mines, have been grouped into an “Other Mines” category and will not be reported on individually. Prior period figures have been restated to reflect this change. Segment performance is evaluated based on a number of measures including operating income before tax, production levels and unit production costs. Certain costs are managed on a consolidated basis and are therefore not reflected in segment income. Consolidated Statements of Income Information
|  | Cost of Sales |  |  |  |
For the year ended December 31, 2023 | Revenue | Site operating costs, royalties and community relations | Depreciation | Exploration, evaluation and project expenses | Other expenses (income)1 | Segment income (loss) |
Carlin 2 | $2,760 |  | $1,475 |  | $314 |  | $23 |  | $10 |  | $938 |  |
Cortez 2 | 1,737 |  | 810 |  | 364 |  | 14 |  | 7 |  | 542 |  |
Turquoise Ridge 2 | 1,008 |  | 533 |  | 189 |  | 5 |  | 1 |  | 280 |  |
Pueblo Viejo 2 | 1,118 |  | 536 |  | 255 |  | 4 |  | 7 |  | 316 |  |
Loulo-Gounkoto 2 | 1,335 |  | 570 |  | 247 |  | — |  | 34 |  | 484 |  |
Kibali | 670 |  | 272 |  | 147 |  | — |  | 8 |  | 243 |  |
Lumwana | 795 |  | 466 |  | 257 |  | 37 |  | (2) |  | 37 |  |
North Mara 2 | 591 |  | 288 |  | 77 |  | — |  | 61 |  | 165 |  |
Bulyanhulu 2 | 442 |  | 220 |  | 62 |  | — |  | 13 |  | 147 |  |
Other Mines 2 | 1,591 |  | 975 |  | 246 |  | 6 |  | 78 |  | 286 |  |
Reportable segment total | $12,047 |  | $6,145 |  | $2,158 |  | $89 |  | $217 |  | $3,438 |  |
Share of equity investee | (670) |  | (272) |  | (147) |  | — |  | (8) |  | (243) |  |
Segment total | $11,377 |  | $5,873 |  | $2,011 |  | $89 |  | $209 |  | $3,195 |  |
Consolidated Statements of Income Information
|  | Cost of Sales |  |  |  |
For the year ended December 31, 2022 | Revenue | Site operating costs, royalties and community relations | Depreciation | Exploration, evaluation and project expenses | Other expenses (income)1 | Segment income (loss) |
Carlin 2 | $2,848 |  | $1,416 |  | $312 |  | $21 |  | ($15) |  | $1,114 |  |
Cortez 2 | 1,316 |  | 597 |  | 253 |  | 12 |  | 4 |  | 450 |  |
Turquoise Ridge 2 | 814 |  | 469 |  | 178 |  | 7 |  | — |  | 160 |  |
Pueblo Viejo 2 | 1,303 |  | 559 |  | 242 |  | 24 |  | 17 |  | 461 |  |
Loulo-Gounkoto 2 | 1,236 |  | 533 |  | 257 |  | 9 |  | 11 |  | 426 |  |
Kibali | 598 |  | 235 |  | 178 |  | 2 |  | 41 |  | 142 |  |
Lumwana | 868 |  | 443 |  | 223 |  | 11 |  | 11 |  | 180 |  |
North Mara 2 | 570 |  | 236 |  | 73 |  | 4 |  | 48 |  | 209 |  |
Bulyanhulu 2 | 463 |  | 235 |  | 60 |  | 3 |  | 25 |  | 140 |  |
Other Mines 2 | 1,553 |  | 985 |  | 379 |  | 10 |  | 70 |  | 109 |  |
Reportable segment total | $11,569 |  | $5,708 |  | $2,155 |  | $103 |  | $212 |  | $3,391 |  |
Share of equity investee | (598) |  | (235) |  | (178) |  | (2) |  | (41) |  | (142) |  |
Segment total | $10,971 |  | $5,473 |  | $1,977 |  | $101 |  | $171 |  | $3,249 |  |
1 Includes accretion expense, which is included with finance costs in the consolidated statements of income. For the year ended December 31, 2023, accretion expense was $49 million (2022: $36 million). 2 Includes non-controlling interest portion of revenues, cost of sales and segment income (loss) for the year ended December 31, 2023, for Pueblo Viejo, $448 million, $315 million, $130 million (2022: $528 million, $319 million, $195 million), Nevada Gold Mines, $2,329 million, $1,580 million, $724 million (2022: $2,146 million, $1,422 million, $711 million), North Mara and Bulyanhulu $165 million, $103 million, $50 million (2022: $165 million, $97 million, $55 million), Loulo-Gounkoto, $267 million, $163 million, $99 million (2022: $247 million, $158 million, $88 million) and Tongon, $41 million, $31 million, $10 million (2022: $37 million, $36 million, $nil). Reconciliation of Segment Income to Income Before Income Taxes
For the years ended December 31 | 2023 | 2022
Segment income | $3,195 |  | $3,249 |
Other revenue | 20 |  | 42 |
Other cost of sales/amortization | (48) |  | (47) |
Exploration, evaluation and project expenses not attributable to segments | (272) |  | (249) |
General and administrative expenses | (126) |  | (159) |
Other income not attributable to segments | 354 |  | 396 |
Impairment charges | (312) |  | (1,671) |
Loss on currency translation | (93) |  | (16) |
Closed mine rehabilitation | (16) |  | 136 |
Income from equity investees | 232 |  | 258 |
Finance costs, net (includes non-segment accretion)1 | (121) |  | (265) |
Gain on non-hedge derivatives | 1 |  | 7 |
Income before income taxes | $2,814 |  | $1,681 |
1 Includes debt extinguishment gains of $nil (2022: $14 million). Geographic Information
| Non-current assets | Revenue 1
| As at December 31, 2023 |  | As at December 31, 2022 | 2023 | 2022
United States | $16,782 |  |  | $16,518 |  | $6,051 |  | $5,573 |
Dominican Republic | 5,156 |  |  | 4,874 |  | 1,118 |  | 1,303 |
Mali | 3,743 |  |  | 3,599 |  | 1,335 |  | 1,236 |
Democratic Republic of Congo | 2,118 |  |  | 2,659 |  | — |  | — |
Tanzania | 2,003 |  |  | 1,914 |  | 1,033 |  | 1,033 |
Zambia | 1,949 |  |  | 1,930 |  | 795 |  | 868 |
Chile | 1,930 |  |  | 1,957 |  | 8 |  | — |
Argentina | 1,209 |  |  | 1,247 |  | 368 |  | 365 |
Pakistan | 754 |  |  | 749 |  | — |  | — |
Papua New Guinea | 704 |  |  | 327 |  | 9 |  | — |
Canada | 503 |  |  | 507 |  | 277 |  | 231 |
Saudi Arabia | 391 |  |  | 382 |  | — |  | — |
Côte d'Ivoire | 224 |  |  | 164 |  | 398 |  | 356 |
Peru | 71 |  |  | 73 |  | 5 |  | 48 |
Unallocated | 836 |  |  | 600 |  | — |  | — |
Total | $38,373 |  |  | $37,500 |  | $11,397 |  | $11,013 |
1 Geographic location is presented based on the location of the mine from which the product originated. Capital Expenditures Information
| Segment Capital Expenditures 1
| As at December 31, 2023 | As at December 31, 2022
Carlin | $615 |  | $506 |
Cortez | 427 |  | 419 |
Turquoise Ridge | 102 |  | 176 |
Pueblo Viejo | 441 |  | 629 |
Loulo-Gounkoto | 375 |  | 322 |
Kibali | 83 |  | 99 |
Lumwana | 320 |  | 380 |
North Mara | 206 |  | 156 |
Bulyanhulu | 107 |  | 90 |
Other Mines | 231 |  | 287 |
Reportable segment total | $2,907 |  | $3,064 |
Other items not allocated to segments | 298 |  | 133 |
Total | $3,205 |  | $3,197 |
Share of equity investee | (83) |  | (99) |
Total | $3,122 |  | $3,098 |
1 Segment capital expenditures are presented for internal management reporting purposes on an accrual basis. Capital expenditures in the consolidated statements of cash flow are presented on a cash basis. In 2023, cash expenditures were $3,086 million (2022: $3,049 million) and the increase in accrued expenditures was $36 million (2022: $49 million increase).

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