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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2024
Operating segments [Abstract] |
Segment Information | Segment Information Barrick’s business is organized into sixteen minesites. Barrick’s Chief Operating Decision Maker ("CODM") (Mark Bristow, President and Chief Executive Officer) reviews the operating results, assesses performance and makes capital allocation decisions at the minesite level. 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. 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 Statement of Income Information
|  | Cost of Sales |  |  |  |  |
For the three months ended June 30, 2024 | Revenue | Site operating costs, royalties and community relations | Depreciation | Exploration, evaluation and project expenses | Other expenses (income)1 | Segment income (loss) |  |
Carlin 2 | $770 |  | $381 |  | $80 |  | $3 |  | $4 |  | $302 |  |  |
Cortez 2 | 385 |  | 167 |  | 57 |  | 3 |  | 1 |  | 157 |  |  |
Turquoise Ridge 2 | 268 |  | 143 |  | 42 |  | 2 |  | — |  | 81 |  |  |
Pueblo Viejo 2 | 314 |  | 150 |  | 63 |  | 1 |  | 2 |  | 98 |  |  |
Loulo-Gounkoto 2 | 404 |  | 136 |  | 62 |  | — |  | 10 |  | 196 |  |  |
Kibali | 189 |  | 71 |  | 36 |  | — |  | (2) |  | 84 |  |  |
Lumwana | 219 |  | 102 |  | 70 |  | — |  | 10 |  | 37 |  |  |
North Mara 2 | 140 |  | 76 |  | 18 |  | — |  | 3 |  | 43 |  |  |
Bulyanhulu 2 | 129 |  | 58 |  | 16 |  | — |  | 2 |  | 53 |  |  |
Other Mines 2 | 530 |  | 287 |  | 65 |  | 3 |  | 6 |  | 169 |  |  |
Reportable segment total | $3,348 |  | $1,571 |  | $509 |  | $12 |  | $36 |  | $1,220 |  |  |
Share of equity investees | (189) |  | (71) |  | (36) |  | — |  | 2 |  | (84) |  |  |
Segment total | $3,159 |  | $1,500 |  | $473 |  | $12 |  | $38 |  | $1,136 |  |  |
Consolidated Statement of Income Information
|  | Cost of Sales |  |  |  |  |
For the three months ended June 30, 2023 | Revenue | Site operating costs, royalties and community relations | Depreciation | Exploration, evaluation and project expenses | Other expenses (income)1 | Segment income (loss) |  |
Carlin 2 | $779 |  | $404 |  | $91 |  | $7 |  | $2 |  | $275 |  |  |
Cortez 2 | 359 |  | 178 |  | 67 |  | 5 |  | 1 |  | 108 |  |  |
Turquoise Ridge 2 | 232 |  | 129 |  | 43 |  | 2 |  | — |  | 58 |  |  |
Pueblo Viejo 2 | 258 |  | 117 |  | 60 |  | 1 |  | 3 |  | 77 |  |  |
Loulo-Gounkoto 2 | 344 |  | 139 |  | 60 |  | 2 |  | 4 |  | 139 |  |  |
Kibali | 172 |  | 70 |  | 41 |  | — |  | 1 |  | 60 |  |  |
Lumwana | 189 |  | 117 |  | 59 |  | 10 |  | 3 |  | — |  |  |
North Mara 2 | 149 |  | 72 |  | 19 |  | — |  | 7 |  | 51 |  |  |
Bulyanhulu 2 | 119 |  | 56 |  | 15 |  | — |  | 1 |  | 47 |  |  |
Other Mines 2 | 392 |  | 245 |  | 56 |  | 2 |  | 16 |  | 73 |  |  |
Reportable segment total | $2,993 |  | $1,527 |  | $511 |  | $29 |  | $38 |  | $888 |  |  |
Share of equity investees | (172) |  | (70) |  | (41) |  | — |  | (1) |  | (60) |  |  |
Segment total | $2,821 |  | $1,457 |  | $470 |  | $29 |  | $37 |  | $828 |  |  |
Consolidated Statement of Income Information
|  | Cost of Sales |  |  |  |  |
For the six months ended June 30, 2024 | Revenue | Site operating costs, royalties and community relations | Depreciation | Exploration, evaluation and project expenses | Other expenses (income)1 | Segment income (loss) |  |
Carlin 2 | $1,482 |  | $766 |  | $163 |  | $6 |  | $6 |  | $541 |  |  |
Cortez 2 | 798 |  | 353 |  | 132 |  | 4 |  | 3 |  | 306 |  |  |
Turquoise Ridge 2 | 479 |  | 280 |  | 79 |  | 3 |  | — |  | 117 |  |  |
Pueblo Viejo 2 | 604 |  | 298 |  | 125 |  | 2 |  | 4 |  | 175 |  |  |
Loulo-Gounkoto 2 | 765 |  | 275 |  | 129 |  | — |  | 22 |  | 339 |  |  |
Kibali | 341 |  | 129 |  | 64 |  | — |  | — |  | 148 |  |  |
Lumwana | 382 |  | 210 |  | 130 |  | — |  | 12 |  | 30 |  |  |
North Mara 2 | 254 |  | 150 |  | 36 |  | — |  | 8 |  | 60 |  |  |
Bulyanhulu 2 | 235 |  | 114 |  | 31 |  | — |  | 3 |  | 87 |  |  |
Other Mines 2 | 912 |  | 511 |  | 112 |  | 6 |  | 11 |  | 272 |  |  |
Reportable segment total | $6,252 |  | $3,086 |  | $1,001 |  | $21 |  | $69 |  | $2,075 |  |  |
Share of equity investees | (341) |  | (129) |  | (64) |  | — |  | — |  | (148) |  |  |
Segment total | $5,911 |  | $2,957 |  | $937 |  | $21 |  | $69 |  | $1,927 |  |  |
Consolidated Statement of Income Information
|  | Cost of Sales |  |  |  |  |
For the six months ended June 30, 2023 | Revenue | Site operating costs, royalties and community relations | Depreciation | Exploration, evaluation and project expenses | Other expenses (income)1 | Segment income (loss) |  |
Carlin 2 | $1,290 |  | $734 |  | $154 |  | $15 |  | $4 |  | $383 |  |  |
Cortez 2 | 784 |  | 382 |  | 158 |  | 7 |  | 3 |  | 234 |  |  |
Turquoise Ridge 2 | 486 |  | 268 |  | 93 |  | 3 |  | — |  | 122 |  |  |
Pueblo Viejo 2 | 549 |  | 237 |  | 124 |  | 2 |  | 4 |  | 182 |  |  |
Loulo-Gounkoto 2 | 665 |  | 283 |  | 131 |  | 2 |  | 5 |  | 244 |  |  |
Kibali | 299 |  | 136 |  | 66 |  | — |  | 4 |  | 93 |  |  |
Lumwana | 360 |  | 247 |  | 103 |  | 17 |  | 5 |  | (12) |  |  |
North Mara 2 | 307 |  | 136 |  | 38 |  | — |  | 26 |  | 107 |  |  |
Bulyanhulu 2 | 230 |  | 114 |  | 31 |  | — |  | 17 |  | 68 |  |  |
Other Mines 2 | 786 |  | 496 |  | 127 |  | 4 |  | 36 |  | 123 |  |  |
Reportable segment total | $5,756 |  | $3,033 |  | $1,025 |  | $50 |  | $104 |  | $1,544 |  |  |
Share of equity investees | (299) |  | (136) |  | (66) |  | — |  | (4) |  | (93) |  |  |
Segment total | $5,457 |  | $2,897 |  | $959 |  | $50 |  | $100 |  | $1,451 |  |  |
1 Includes accretion expense, which is included within finance costs in the consolidated statement of income. For the three months ended June 30, 2024, accretion expense was $14 million (2023: $12 million) and for the six months ended June 30, 2024, accretion expense was $27 million (2023: $24 million). 2 Includes non-controlling interest portion of revenues, cost of sales and segment income for the three months ended June 30, 2024 for Nevada Gold Mines $603 million, $369 million, $228 million (2023: $578 million, $390 million, $179 million), Pueblo Viejo $127 million, $84 million, $42 million (2023: $105 million, $70 million, $35 million), Loulo-Gounkoto $81 million, $40 million, $40 million (2023: $69 million, $40 million, $28 million), North Mara and Bulyanhulu $43 million, $27 million, $16 million (2023: $43 million, $26 million, $17 million), and Tongon $13 million, $10 million, $2 million (2023: $11 million, $7 million, $2 million) and for the six months ended June 30, 2024 for Nevada Gold Mines $1,175 million, $750 million, $414 million (2023: $1,083 million, $769 million, $299 million), Pueblo Viejo $245 million, $168 million, $76 million (2023: $221 million, $143 million, $77 million), Loulo-Gounkoto $153 million, $81 million, $69 million (2023: $133 million, $83 million, $50 million), North Mara and Bulyanhulu $78 million, $53 million, $24 million (2023: $86 million, $51 million, $29 million) and Tongon $21 million, $18 million, $3 million (2023: $22 million, $16 million, $5 million), respectively. Reconciliation of Segment Income to Income Before Income Taxes
| For the three months ended June 30 | For the six months ended June 30
| 2024 | 2023 | 2024 | 2023
Segment income | $1,136 |  | $828 |  | $1,927 |  | $1,451 |
Other revenue | 3 |  | 12 |  | (2) |  | 19 |
Other cost of sales/amortization | (6) |  | (10) |  | (21) |  | (22) |
Exploration, evaluation and project expenses not attributable to segments | (85) |  | (72) |  | (171) |  | (122) |
General and administrative expenses | (32) |  | (28) |  | (60) |  | (67) |
Other income (expense) not attributable to segments | (56) |  | 6 |  | (55) |  | 4 |
Impairment charges | (1) |  | (22) |  | (18) |  | (23) |
Loss (gain) on currency translation | (5) |  | 12 |  | (17) |  | (26) |
Closed mine rehabilitation | 9 |  | 13 |  | 11 |  | (9) |
Income from equity investees | 115 |  | 58 |  | 163 |  | 111 |
Finance costs, net (includes non-segment accretion) | (37) |  | (32) |  | (55) |  | (78) |
Gain on non-hedge derivatives | — |  | 1 |  | — |  | 2 |
Income before income taxes | $1,041 |  | $766 |  | $1,702 |  | $1,240 |
Capital Expenditures Information | Segment capital expenditures 1
| For the three months ended June 30 | For the six months ended June 30
| 2024 | 2023 | 2024 | 2023
Carlin | $226 |  | $143 |  | $429 |  | $263 |
Cortez | 99 |  | 115 |  | 193 |  | 201 |
Turquoise Ridge | 26 |  | 23 |  | 56 |  | 50 |
Pueblo Viejo | 93 |  | 119 |  | 150 |  | 246 |
Loulo-Gounkoto | 100 |  | 91 |  | 174 |  | 195 |
Kibali | 36 |  | 25 |  | 61 |  | 44 |
Lumwana | 114 |  | 72 |  | 193 |  | 124 |
North Mara | 27 |  | 45 |  | 71 |  | 85 |
Bulyanhulu | 30 |  | 23 |  | 61 |  | 43 |
Other Mines | 64 |  | 54 |  | 114 |  | 115 |
Reportable segment total | $815 |  | $710 |  | $1,502 |  | $1,366 |
Other items not allocated to segments | 46 |  | 92 |  | 78 |  | 133 |
Total | $861 |  | $802 |  | $1,580 |  | $1,499 |
Share of equity investees | (36) |  | (25) |  | (61) |  | (44) |
Total | $825 |  | $777 |  | $1,519 |  | $1,455 |
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. For the three months ended June 30, 2024, cash expenditures were $819 million (2023: $769 million) and the increase in accrued expenditures was $6 million (2023: $8 million increase). For the six months ended June 30, 2024, cash expenditures were $1,547 million (2023: $1,457 million) and the decrease in accrued expenditures was $28 million (2023: $2 million decrease). Purchase Commitments At June 30, 2024, we had purchase obligations for supplies and consumables of $1,834 million (December 31, 2023: $1,827 million). Capital Commitments In addition to entering into various operational commitments in the normal course of business, we had capital commitments of $373 million at June 30, 2024 (December 31, 2023: $258 million).

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