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FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure of detailed information about financial instruments [abstract] |
Schedule of cash and equivalents | 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, 2024 | As at December 31, 2023
Cash deposits | $3,120 |  | $2,952 |
Term deposits | 954 |  | 1,196 |
| $4,074 |  | $4,148 |
Schedule of debt and interest | b) Debt and Interest 1
| Closing balance December 31, 2023 | Proceeds | Repayments | Amortization and other 2 | Closing balance December 31, 2024 |
5.7% notes 3,10 | $844 |  | $— |  | $— |  | $— |  | $844 |  |
5.25% notes 4 | 373 |  | — |  | — |  | — |  | 373 |  |
5.80% notes 5,10 | 396 |  | — |  | — |  | 1 |  | 397 |  |
6.35% notes 6,10 | 595 |  | — |  | — |  | — |  | 595 |  |
Other fixed rate notes 7,10 | 1,042 |  | — |  | — |  | — |  | 1,042 |  |
Leases 8 | 56 |  | — |  | (14) |  | 17 |  | 59 |  |
Other debt obligations | 576 |  | — |  | — |  | (2) |  | 574 |  |
5.75% notes 9,10 | 844 |  | — |  | — |  | 1 |  | 845 |  |
| $4,726 |  | $— |  | ($14) |  | $17 |  | $4,729 |  |
Less: current portion 11 | (11) |  | — |  | — |  | — |  | (24) |  |
| $4,715 |  | $— |  | ($14) |  | $17 |  | $4,705 |  |
| Closing balance December 31, 2022 | Proceeds | Repayments | Amortization and other 2 | Closing balance December 31, 2023 |
5.7% notes 3,10 | $844 |  | $— |  | $— |  | $— |  | $844 |  |
5.25% notes 4 | 372 |  | — |  | — |  | 1 |  | 373 |  |
5.80% notes 5,10 | 396 |  | — |  | — |  | — |  | 396 |  |
6.35% notes 6,10 | 595 |  | — |  | — |  | — |  | 595 |  |
Other fixed rate notes 7,10 | 1,083 |  | — |  | (43) |  | 2 |  | 1,042 |  |
Leases 8 | 70 |  | — |  | (13) |  | (1) |  | 56 |  |
Other debt obligations | 578 |  | — |  | — |  | (2) |  | 576 |  |
5.75% notes 9,10 | 844 |  | — |  | — |  | — |  | 844 |  |
| $4,782 |  | $— |  | ($56) |  | $— |  | $4,726 |  |
Less: current portion 11 | (13) |  | — |  | — |  | — |  | (11) |  |
| $4,769 |  | $— |  | ($56) |  | $— |  | $4,715 |  |
1 The 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. 2 Amortization of debt premium/discount and increases (decreases) in capital leases. 3 Consists of $850 million (2023: $850 million) of our wholly-owned subsidiary Barrick North America Finance LLC (“BNAF”) notes due 2041. 4 Consists of $375 million (2023: $375 million) of 5.25% notes which mature in 2042. 5 Consists of $400 million (2023: $400 million) of 5.80% notes which mature in 2034. 6 Consists of $600 million (2023: $600 million) of 6.35% notes which mature in 2036. 7 Consists of $1.1 billion (2023: $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 (2023: $250 million) of BNAF notes due 2038 and $807 million (2023: $807 million) of BPDAF notes due 2039. 8 Consists primarily of leases at Nevada Gold Mines, $12 million, Loulo-Gounkoto, $18 million, Veladero, $2 million, Lumwana, $1 million, Hemlo, $9 million, North Mara, $4 million and Tongon, $5 million (2023: $13 million, $20 million, $1 million, $3 million, $1 million, $nil and $6 million, respectively). 9 Consists of $850 million (2023: $850 million) in conjunction with our wholly-owned subsidiary BNAF. 10 We 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. 11 The current portion of long-term debt consists of leases ($13 million; 2023: $11 million) and other debt obligations ($11 million; 2023: $nil). 5.7% Notes In June 2011, BNAF issued an aggregate of $4.0 billion in debt securities including $850 million of 5.70% notes that mature in 2041 issued by BNAF (collectively, the “BNAF Notes”). Barrick provides an unconditional and irrevocable guarantee of the BNAF Notes, which rank equally with Barrick’s other unsecured and unsubordinated obligations. 5.25% Notes On April 3, 2012, we issued an aggregate of $2 billion in debt securities including $750 million of 5.25% notes that mature in 2042. During 2022, $375 million of the 5.25% notes was repaid. Other Fixed Rate Notes On October 16, 2009, we issued debentures through our wholly-owned indirect subsidiary BPDAF consisting of $850 million of 30-year notes with a coupon rate of 5.95%. We also provide an unconditional and irrevocable guarantee of these payments, which rank equally with our other unsecured and unsubordinated obligations. During 2023, $43 million of the 5.95% notes was repaid. In September 2008, we issued an aggregate of $1.25 billion of notes through our wholly-owned indirect subsidiaries BNAF and BGFC including $250 million of 30-year notes with a coupon rate of 7.5%. We also provide an unconditional and irrevocable guarantee of these payments, which rank equally with our other unsecured and unsubordinated obligations. 5.75% Notes On May 2, 2013, we issued an aggregate of $3 billion in notes through Barrick and our wholly-owned indirect subsidiary BNAF including $850 million of 5.75% notes issued by BNAF that mature in 2043. $2 billion of the net proceeds from this offering was used to repay amounts outstanding under our revolving Credit Facility at that time. We provide an unconditional and irrevocable guarantee on the $850 million of 5.75% notes issued by BNAF, which rank equally with our other unsecured and unsubordinated obligations. Credit Facility In May 2024, we completed an update of the credit and guarantee agreement (the “Credit Facility”) with certain Lenders, which requires such Lenders to make available to us a credit facility of $3.0 billion or the equivalent amount in Canadian dollars. The Credit Facility, which is unsecured, currently has an interest rate of Secured Overnight Financing Rate (“SOFR”) plus 1.00% on drawn amounts, and a standby rate of 0.09% on undrawn amounts. The Credit Facility incorporates sustainability-linked metrics which are made up of annual environmental and social performance targets directly influenced by Barrick's actions, rather than based on external ratings. The performance targets include Scope 1 and Scope 2 greenhouse gas emissions intensity, water use efficiency (reuse and recycling rates), and total recordable injury frequency rate. Barrick may incur positive or negative pricing adjustments on drawn credit spreads and standby fees based on its sustainability performance versus the targets that have been set. As part of the update, the termination date of the Credit Facility was extended from May 2028 to May 2029. The Credit Facility was undrawn as at December 31, 2024. Interest
| 2024 |  | 2023
For the years ended December 31 | Interest cost | Effective rate 1 |  | Interest cost | Effective rate 1
5.7% notes | $49 |  | 5.74 | % |  | $49 |  | 5.74 | %
5.25% notes | 20 |  | 5.29 | % |  | 20 |  | 5.29 | %
5.80% notes | 23 |  | 5.85 | % |  | 23 |  | 5.85 | %
6.35% notes | 38 |  | 6.41 | % |  | 38 |  | 6.41 | %
Other fixed rate notes | 68 |  | 6.41 | % |  | 70 |  | 6.40 | %
Leases | 4 |  | 8.16 | % |  | 5 |  | 7.02 | %
Other debt obligations | 35 |  | 6.17 | % |  | 35 |  | 6.17 | %
5.75% notes | 49 |  | 5.79 | % |  | 49 |  | 5.79 | %
Deposits on Pascua-Lama silver sale agreement (note 29) | 5 |  | 2.82 | % |  | 5 |  | 2.82 | %
Deposits on Pueblo Viejo gold and silver streaming agreement (note 29) | 28 |  | 6.16 | % |  | 27 |  | 5.81 | %
Other interest 2 | 138 |  |  |  | 73 |  |
| $457 |  |  |  | $394 |  |
Less: interest capitalized | (33) |  |  |  | (42) |  |
| $424 |  |  |  | $352 |  |
1 The 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. 2 This includes $78 million (2023: $nil) relating to finance costs in Argentina.
Schedule of scheduled debt repayments | Scheduled Debt Repayments 1
| Issuer | Maturity Year | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 and thereafter | Total |
7.73% notes 2 | BGC | 2025 | $6 |  | $— |  | $— |  | $— |  | $— |  | $— |  | $6 |  |
7.70% notes 2 | BGC | 2025 | 5 |  | — |  | — |  | — |  | — |  | — |  | 5 |  |
7.37% notes 2 | BGC | 2026 | — |  | 32 |  | — |  | — |  | — |  | — |  | 32 |  |
8.05% notes 2 | BGC | 2026 | — |  | 15 |  | — |  | — |  | — |  | — |  | 15 |  |
6.38% notes 2 | BGC | 2033 | — |  | — |  | — |  | — |  | — |  | 200 |  | 200 |  |
5.80% notes | BGC | 2034 | — |  | — |  | — |  | — |  | — |  | 200 |  | 200 |  |
5.80% notes | BGFC | 2034 | — |  | — |  | — |  | — |  | — |  | 200 |  | 200 |  |
6.45% notes 2 | BGC | 2035 | — |  | — |  | — |  | — |  | — |  | 300 |  | 300 |  |
6.35% notes | BHMC | 2036 | — |  | — |  | — |  | — |  | — |  | 600 |  | 600 |  |
7.50% notes 3 | BNAF | 2038 | — |  | — |  | — |  | — |  | — |  | 250 |  | 250 |  |
5.95% notes 3 | BPDAF | 2039 | — |  | — |  | — |  | — |  | — |  | 807 |  | 807 |  |
5.70% notes | BNAF | 2041 | — |  | — |  | — |  | — |  | — |  | 850 |  | 850 |  |
5.25% notes | BGC | 2042 | — |  | — |  | — |  | — |  | — |  | 375 |  | 375 |  |
5.75% notes | BNAF | 2043 | — |  | — |  | — |  | — |  | — |  | 850 |  | 850 |  |
|  |  | $11 |  | $47 |  | $— |  | $— |  | $— |  | $4,632 |  | $4,690 |  |
Minimum annual payments under leases |  |  | $13 |  | $11 |  | $11 |  | $7 |  | $5 |  | $12 |  | $59 |  |
1 This table illustrates the contractual undiscounted cash flows, and may not agree with the amounts disclosed in the consolidated balance sheet. 2 Included in Other debt obligations in the Long-Term Debt table. 3 Included in Other fixed rate notes in the Long-Term Debt table.
Schedule of market risks | In the normal course of business, our assets, liabilities and forecasted transactions, as reported in US dollars, are impacted by various market risks including, but not limited to:
Item | Impacted by
● Revenue | ● Prices of gold, silver and copper
● Cost of sales |
o Consumption of diesel fuel, propane, natural gas, and electricity | o Prices of diesel fuel, propane, natural gas, and electricity
o Non-US dollar expenditures | o Currency exchange rates - US dollar versus A$, ARS, C$, DOP, EUR, TZS, XOF, ZAR and ZMW
● General and administration, exploration and evaluation costs | ● Currency exchange rates - US dollar versus A$, ARS, C$, DOP, GBP, PKR, TZS, XOF, ZAR, and ZMW
● Capital expenditures |
o Non-US dollar capital expenditures | o Currency exchange rates - US dollar versus A$, ARS, C$, DOP, EUR, GBP, PKR, 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

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