All amounts expressed in US dollars
TORONTO, May 06, 2020 (GLOBE NEWSWIRE) — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) built on the solid foundation it laid last year with a robust first quarter performance from all operations in the face of the challenges presented by the global Covid-19 pandemic.Q1 gold production and costs were consistent with full year guidance; debt net of cash was reduced by a further 17% from the end of Q4 to $1.85 billion with no significant maturities until 2033; operating cash flow increased to $889 million and free cash flow¹ to $438 million from Q4; net earnings per share was 22 cents; adjusted net earnings per share² was 16 cents; and the quarterly dividend of 7 cents per share was maintained.Financial and Operating HighlightsKey Performance IndicatorsSolid start to the year from all operationsGold production and costs were consistent with full year guidanceDebt, net of cash, down a further 17% to $1.85 billion with no significant maturities until 2033Operating Cash Flow increased to $889 million and Free Cash Flow¹ to $438 million from Q4Net earnings per share of 22 cents and adjusted net earnings per share² of 16 cents for the quarterCopper costs per pound significantly lower demonstrating resilience of businessSuccessful completion of Massawa sale creates value for all stakeholdersSigning of framework agreement in Tanzania paves way for exporting concentrateContinued focus on safety delivers improvements in injury rates2019 Annual Report highlights ten-year plan as Barrick looks to next phase of value creationProactive engagement with all stakeholders ensures protection of our people and supports sustainability of the business during Covid-19 pandemicBarrick’s sustainability vision demonstrated by publication of industry-first ESG scorecardBrownfields exploration success points to life of mine extensionsGlobal exploration portfolio expanded with new projects and targetsBarrick declares $0.07 quarterly dividend per sharePresident and CEO Mark Bristow said operational and financial delivery were on plan despite the fact that the group’s prime focus during the latter part of the quarter had been on ensuring the safety of Barrick’s people, communities and business in the face of the novel coronavirus pandemic, while also coping with the restrictive conditions imposed by governments.“Our sustainability and regional teams have done a great job in taking timely action to introduce comprehensive and carefully considered measures at all our sites and offices to manage and mitigate any impacts of Covid-19 on our employees and contractors. A key focus of this plan is on prevention, and all sites are working actively to head off an outbreak,” he said.“In Barrick’s spirit of partnership, we have extended Covid-19 support to our local communities and our host countries and are working closely with their health authorities. To date we have donated more than $20 million to our host countries, many of whom have limited healthcare facilities, to fund the purchase of medical equipment and PPE.”Highlights of the quarter included the closing of the sale of the Massawa project, which has created immediate value for all stakeholders, including Barrick. In Tanzania, the signing of the framework agreement with the government paved the way for the resumption of concentrate exports.Brownfields exploration continues to replenish reserves depleted by mining while Barrick’s generative exploration programs are identifying new projects and targets, and expanding its global reach. Among other things, Barrick has formed an alliance with Japan Gold, holder of the largest exploration property portfolio in Japan.Since the end of the quarter, the government of Papua New Guinea has announced that it will not renew Barrick Niugini Limited’s 20-year Special Mining Lease for the Porgera gold mine. Barrick has said it will contest the move, which it regards as tantamount to nationalization without due process. In the meantime, BNL has placed Porgera on temporary care and maintenance. In addition, due to the uncertainty related to the timing and scope of future developments on the mine’s operating outlook, we are withdrawing our full year 2020 guidance for Porgera at this time. As this is a rapidly evolving situation, we will reassess on an ongoing basis and provide further updates in due course, while maintaining operational readiness.Bristow said regardless of new discoveries, organic growth from its existing asset base — which includes six Tier One gold mines — would sustain Barrick’s recently published ten-year plan that projects annual production of around five million ounces of gold (subject to adjustment based on the outcome of the process with the Government of Papua New Guinea with respect to the Porgera Special Mining Lease extension). A Tier One gold mine is one which has a life of at least 10 years and produces more than 500,000 ounces of gold per annum in the lower half of the industry cost range.Barrick has also published an industry-first ESG scorecard to transparently report on its performance in terms of health and safety; social and economic development; human rights; the environment; and governance.“Overall we scored a B grade, which we believe accurately reflects our improvement in sustainability performance over the year but also acknowledges that there is still some work to be done,” Bristow said.Conference Call and WebinarPlease join us for an interactive webinar today at 11:00 EDT/15:00 UTC to discuss the results.Webinar
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International, +1 416 915 3239The webinar will remain on the website for later viewing and the conference call will be available for replay by telephone at 1 855 669 9658 (US and Canada toll-free) and +1 604 674 8052 (international toll), access code 4363.PRO-ACTIVE PREPARATION, RAPID RESPONSE BUFFER COVID-19 IMPACTBarrick’s deeply embedded health and safety culture, combined with its flat organizational structure and agile management style, cushioned the initial impact of the coronavirus pandemic on its people, communities and business.President and CEO Mark Bristow says while crises of one kind or another are endemic in big mining organizations, Covid-19 is a true Black Swan event.“Fortunately, Barrick had the management capacity to take immediate and effective action based on well-established health and safety resources and procedures. The streamlined corporate structure we introduced last year, the strong regional executive teams we established, and the transfer of greater authority to the operations all contributed to fast decision-making and prompt execution. We could also draw on the experience Randgold gained in dealing with two Ebola outbreaks in Africa,” he says.Group sustainability executive Grant Beringer says Barrick is employing a ‘4 P’ strategy to protect its employees, contractors and communities. The four Ps are Proactive Response, Preparedness, Prevention and Perspective.Among many other things, these headings cover updating Emergency Response Plans at each site, introducing a Trigger/Threat Action Response Plan and the establishment of Outbreak Control Teams for all mines. Temperature screening is carried out at all access points to the sites and offices, rapid antibody test kits are being rolled out across the group, and social distancing and hygiene protocols have been put in place.“We believe that education and communication are key components of an effective Covid-19 campaign. Our workforce is regularly updated on the latest developments and our plans. Fact sheets with specific information on symptoms, hygiene and social distancing, designed to prevent scaremongering or self-medication with potentially hazardous substances, have been distributed to everybody at Barrick. Daily situation reports from each region are circulated throughout the organization.”Beringer says Barrick is also engaging closely with its host authorities and communities to support them in their fight against the pandemic. To date, Barrick has provided host governments with funding of more than $20 million, mainly to acquire specialized medical equipment. In addition, the company’s operations and subsidiaries have also been individually involved in a number of diverse but effective local charitable initiatives where the need for intervention has been identified.Barrick has also taken steps to ensure that its operations continue to enjoy an uninterrupted supply chain, proactively engaging with key suppliers to mitigate volatility and uncertainty. With an integrated supply chain stretching over multiple continents, dedicated international logistics partners and strong relationships with key suppliers, Barrick has been afforded the flexibility to deal with the challenges in an agile manner.“Not only have we focused on remaining active in ensuring we have alternate procurement and logistic arrangements in place, we have also increased the stocks of consumables and other fast moving items at our mines. At the same time, the team has been there to assist in procuring those often scarce PPE and other medical supplies needed by our host countries,” says Barrick’s group supply chain and commercial executive Riaan Grobler.CLEARING THE AIR, CURBING THE COSTBarrick’s clean energy strategy is playing a significant and growing part in reducing the impact of its operations on the environment. At the same time, it is also steadily reducing their cost profile.Metallurgy, engineering and capital projects executive John Steele says the company is investing in cleaner energy projects across all its operations with the aim of cutting more than 1.5 million tonnes of CO₂ per year from their GHG emissions. This marks a major advance in a journey that has taken Barrick and legacy company Randgold from diesel and coal through heavy fuel oil and then to natural gas, hydro electric and solar power.The group’s second solar power plant is currently being installed at Loulo in Mali. When the 20MW station is commissioned in September this year, it is expected to reduce diesel consumption by 10 million litres and CO₂ emissions by 27,000 tonnes per year.Kibali in the DRC relies mainly on the hydropower generated by its three stations, but in a move to further reduce diesel consumption, a 9MW battery has been installed to provide power surge capacity which is currently supplied by generators. This will reduce the need for thermal power top-ups at an estimated saving of 4.5 million litres of diesel and 8,000 tonnes of CO₂ per year. Despite its remote location, the inclusion of seasonal hydro power allows Kibali to deliver power at an annual average of 10 cents per kWh.Nevada Gold Mines (NGM) has two power generation facilities in northern Nevada with the TS Power Plant in Dunphy and the Western 102 Power Plant outside of Reno.  The TS Power Plant began operations in 2008 and has a capacity of 215MW power generation from its original coal-fired process. The Western 102 Power Plant has a capacity of 115MW, supplying power from natural gas fired generators, and a 1MW Solar Facility.NGM has embarked on a project to replace the last of its coal-powered stations with natural gas to achieve an estimated annual CO₂ saving of 650,000 tonnes. Permit approval is expected in the fourth quarter of this year. NGM has also started a permitting process for a 200MW solar plant. The 100MW first phase of the project is expected to save 130,000 tonnes of CO₂ annually.“Nevada Gold Mines is committed to providing its operations low-cost, secure power generation through northeastern Nevada’s power grid now and into the future. The conversion of NGM’s TS Power Plant and the potential for an additional solar power facility illustrates this commitment while reducing the mines’ carbon emissions,” said Greg Walker, executive managing director, NGM.In the Dominican Republic, the Quisqueya 1 power plant has been converted to accept natural gas instead of heavy fuel oil. It is expected to cut Pueblo Viejo’s CO₂ emissions by 260,000 tonnes per year.In Latin America, construction of the 23 kilometre cross-Andes powerline, which will link Veladero in Argentina with the Chilean grid, is underway. Sustainable power from the Chilean grid — which globally has the largest percentage of renewable energy in its supply — will replace 25MW of diesel-fired generation on site. This is expected to save 32 million litres of fuel per year, as well as the considerable cost of trucking it up the Andes, and cut CO₂ emissions by 83,000 tonnes.BARRICK PUBLISHES INDUSTRY-FIRST ESG SCORECARDLong before ESG became a metric, its principles were embedded in every aspect of Barrick’s and Randgold’s businesses, helping management to make better decisions, de-risk projects, discover new opportunities, maintain a social license and deliver real value to stakeholders.Following the very comprehensive post-merger Sustainability Report Barrick published last year, this year’s even more detailed report features the mining industry’s first ESG scorecard. Developed with the assistance of independent sustainability consultants, it rates Barrick’s performance against its peers on social and economic development; health and safety; the environment and human rights; and governance.Group sustainability executive Grant Beringer says Barrick is committed to transparently measuring and reporting its performance.“The 2019 scorecard gave Barrick a B grade, which reflects the improvements in sustainability performance we have made across the group through the year; however, we have not yet met all the high standards we have set for ourselves, and there is still work to be done,” he says.“We are committed to improving our performance and our grade, and will be tracking our progress on a monthly basis. An updated scorecard will be published at the end of Q2 this year.”GOLDEN SUNLIGHT CLOSURE SOLUTION SECURES SULPHIDE FEEDSTOCK FOR NGMConventional closure methods would have left Barrick’s Golden Sunlight mine in Montana with the burden of water treatment in perpetuity.Barrick engineers worked out, however, that the tailings were a significant sulphide resource (as well as containing some gold) that could be used to produce a sulphide concentrate through flotation. This would remove a potential ground water pollutant, minimizing its post-closure water treatment needs and reducing the mine’s overall environmental liability.In addition, in a unique win-win deal, Nevada Gold Mines has agreed to purchase the concentrate from Golden Sunlight. Golden Sunlight will receive a stable long-term price for its concentrate while NGM has secured a new fuel supply (with a gold price upside) for its refractory process plants for at least the next five years.NEW EXPLORATION DRIVE EXTENDS ASSET BASE, BRINGS NEXT TIER ONE DISCOVERY CLOSERSince geology was reinstated as the flywheel of the Barrick engine, the group’s exploration teams have made significant advances in replenishing the company’s reserves as well as stepping up the search for the next big discovery.“As a geology centric organization, we understand that major discoveries are increasingly rare,” says executive VP exploration and growth Rob Krcmarov. “What is required now is a much deeper geological insight at both the orebody and district level.”During the past quarter, significant advances have been  made on three projects. At Turquoise Ridge in Nevada, upgrading the geological understanding has already identified multiple targets, including open-ended mineralization and untested structural intersections in favorable host rock below the mine. In the DRC, new trends that have emerged in the central and northern parts of the Kibali permit have shown the potential for high grade mineralization. In Tanzania, a full relog and remodel of the Gokona/Nyabigena deposit has materially changed the understanding of the controls on mineralization, leading to the identification of multiple open targets with the potential to grow the resources beyond depletion for the foreseeable future.President and CEO Mark Bristow says in order for Barrick to be a global leader it needs a global presence.“We’re already on the ground in all of the world’s major gold destinations aside from Russia and East Europe. We’re looking at a future built around our existing big operations in Central, East and West Africa, in Nevada, the world’s most prolific goldfield, in the massively underexplored Dominican Republic, and along the Andean trend. But we’re also looking at new frontiers such as Japan, where we’ve formed an alliance with the holder of the largest exploration portfolio in the country. What’s particularly interesting to us is that while Japan hosts one of the world’s highest-grade gold mines, it has seen no modern exploration,” he says.REVITALIZED VELADERO POISED FOR NEW FUTUREThe life of the Veladero gold mine in Argentina has been extended to at least 10 years following a comprehensive review of its strategy and business plan, says Barrick president and CEO Mark Bristow.Bristow was briefing an Argentinian audience of local media, government authorities and local business and community leaders on the mine’s progress from Barrick’s offices in Chile, via a video conference to comply with the Covid-19 related travel restrictions imposed by Argentina.“Our review included the reinterpretation of the mine’s geology and an ongoing infill drilling campaign. We established exploration and resource management teams to identify satellite orebodies with the potential to deliver an increase in resources and reserves. Our aim is to extend Veladero’s life of mine beyond 2030 and elevate it to a Tier One mine,” he said. Barrick defines a Tier One mine as one that will produce at least 500,000 ounces per annum, has a life of more than ten years and total cash costs per ounce⁸ at the lower half of the industry range.Bristow said the next step in Veladero’s transformation would be to connect the mine to cleaner, cheaper power from the grid in neighboring Chile. Once commissioned in the second half of this year, this could halve the mine’s carbon footprint and potentially reduce its cut-off grade, creating an opportunity to further increase the mineable reserves.Projects related to revitalizing Veladero, such as the leach pad expansion, have created new employment opportunities, with the number of direct employees and contractors rising by 1,400 to almost 5,000 since January 2019, and the number of local suppliers increasing almost threefold¹². In line with Barrick’s local employment policy, 99% of Barrick’s workforce at Veladero are Argentinian.Since 2005, Veladero has contributed some $9.5 billion to the Argentinian economy through taxes, royalties, salaries and payments to local suppliers. The mine has established a new community fund which, depending on production, is expected to generate more than $88 million for local infrastructure development over the next decade.“Argentina has the potential to rebuild its economy for its people and Veladero can make a significant contribution to that process. Realizing that potential requires the government and the industry to work together towards long-term goals and to guard against short-term fiscal measures which could destroy this opportunity,” Bristow said.A PEERLESS RECORD OF STRATEGIC DELIVERYIn the 15 months since the Randgold merger, Barrick’s Strategic Matters Group has driven the historic Nevada Gold Mines joint venture transaction, and the successful sales of Kalgoorlie in Western Australia and the Massawa project in Senegal.  It also worked with Barrick’s Africa and Middle East team to secure the Acacia minorities buyout, create a new joint venture with the government of Tanzania and settle all outstanding disputes.The group is led by senior executive vice-president Kevin Thomson, who describes it as a small team of highly experienced people, based in the Toronto corporate office, with a deep industry knowledge and uniquely specialized, diversified and complementary skillsets that enable it to go well beyond a typical corporate development function.“It operates on a tightly integrated basis with the rest of the organization, and interacts constantly with Barrick’s technical, exploration, tax, financial and legal teams across the globe, as well as leading banks and law firms,” he says.“The group has an unparalleled record of success in executing and delivering major strategic initiatives.  Among other things, it has achieved some of the highest transaction multiples in the industry through the divestment of non-core assets over the past five years.”Barrick Completes Massawa TransactionIn line with its strategy of focusing on Tier One assets, Barrick has completed the transaction of combining its Massawa gold project in Senegal with Teranga Gold Corporation’s Sabodala gold mine. Barrick and its Senegalese partner previously held a 90% interest in the Massawa project.Mark Bristow said Massawa was one of the largest unexploited gold deposits in West Africa and its legacy company, Randgold Resources, had developed this over a period of years to the point where its value could now be optimally realized for the benefit of all its stakeholders which includes the Senegal Government.“Teranga is best placed to achieve this as it already owns the nearby Sabodala mine and Sabodala’s combination with Massawa is expected to deliver significant synergies.  Barrick will participate in the upside of the combined asset through the 11% interest it acquired in Teranga through this transaction,” he said.THE LONG GAME WINSIn another first for the gold mining industry, Barrick has published its ten-year plans in its 2019 annual report which appeared in March.They show that the company’s strong asset foundation will support its targeted production for at least the next ten years through organic growth. Only capital related to our current operating assets, sustaining projects in progress as well as existing exploration and mineral resource management initiatives will be required, which will be funded by cash flows at a $1,200/oz average gold price. The plans will be rolled on an annual basis.The ten-year mine plans are based on reserves and geologically understood resource extensions. A $1,200/oz long-term gold price is currently used to allocate capital.President and CEO Mark Bristow says Barrick is making its plans public to provide investor confidence in its sustainability and to demonstrate that it’s the “go-to” gold company for gearing on the high gold price.“Barrick has been able to make this confident statement of intent thanks to the work we’ve done to strengthen the geology function and introduce mineral resource management across the organization. At the same time, we’ve transferred ownership of and responsibility for the orebodies to the mines. Geological updates are regularly used to update mine plans and real Life of Mine optimization is based on high-confidence geological models as well as operating plans, ounce profiles, and operating and capital cost forecasts,” he says.“Our long-term strategy prizes quality above quantity, hence its focus on Tier One assets. We define a Tier One mine as one that will produce at least 500,000 ounces per annum, has a life of more than ten years and total cash costs per ounce⁸ at the lower half of the industry range. The fact that we have six of these mines in our portfolio is the surest guarantor of our ten-year production forecast.”PUEBLO VIEJO’S EXPANSION TO BOOST DOMINICAN ECONOMY FOR DECADES TO COMEThe proposed expansion of the Pueblo Viejo gold mine will extend its life as well as its significant contribution to the Dominican Republic’s economy until 2040 and beyond, says Mark Bristow, president and CEO of operator Barrick.Speaking to local media and businessmen, Bristow said the project would require an initial investment of $1.3 billion to expand the process plant and the tailings facility¹⁴. Extending its life would unlock the mine’s potential to increase exports by $22 billion and generate more than $4 billion in taxes at a gold price of $1,500 per ounce. The mine’s workforce (which is 97% Dominican) is expected to grow as the project develops and it will increase opportunities for women (currently 12% of the workforce). It will also further promote the development of the local economy based on the mine’s suppliers and contractors.“Our aim is to continue contributing to the social and economic development of the Dominican Republic by applying our sustainability philosophy to create long-term value for all our stakeholders, especially the governments and people of our host countries. Without this project, mining at Pueblo Viejo would have ceased in the next two years,” he said.The expansion will enable the mine to exploit the lower grades in the orebody and is not intended to process ore from outside the current concession area.In the meantime, Bristow noted, the conversion of the mine’s Quisqueya 1 power plant to natural gas had successfully been commissioned. This will cut greenhouse gases by an estimated 30% and nitrogen oxide by 85%, further reducing Pueblo Viejo’s impact on the environment. An agribusiness project is also planned as an additional benefit for the communities impacted by the expansion.Pueblo Viejo pays another $185 million in taxes, bringing its total cash distribution to the Dominican Government to +$2 billionIn the first four months of 2020, the Pueblo Viejo gold mine paid $185 million in direct taxes and $9 million in indirect taxes to the Dominican Government. These payments include advances of income taxes, net profit interest and royalties on the sales of gold and silver paid in the first quarter of 2020, as well as the final settlement of the 2019 fiscal year.In an early payment in April to help contribute to the stability of the Dominican economy and aid the country in combating and containing the spread of the Covid-19 pandemic, Pueblo Viejo paid $113 million to the Internal Tax Collector, despite the Dominican Government extending its deadline for certain tax declarations. This brings Pueblo Viejo’s total tax payments to the Government to more than $2 billion since 2013.Pueblo Viejo’s exports in the first quarter of this year represented 37% of the country’s total exports of national goods, with a value of $399 million of a total of $1,081 million¹⁵.Pueblo Viejo has also committed nearly $1 million in supporting actions to mitigate the impact of Covid-19 in the Dominican Republic and the communities near its operations.MODERNIZING AND STREAMLINING OPERATIONS AT HEMLOHemlo has moved to an underground contracting mining model in order to secure the mine’s future viability and to extend its Life of Mine.Barminco, a leader in modern underground mining skills, won the tender and will be providing contract mining services, with the objective of improving productivity through industry-leading technology and more efficient mining methods at the underground operation.Barminco’s scope includes undertaking mine development, production and haulage, and utilizing mining equipment provided by Barrick. The Barminco plan includes employing more than 300 local people at the operation.Having recognized the importance of changing the way the mine operates and committing to a more modern mining methodology to ensure Hemlo’s future profitability, Barrick, together with contractor Barminco, consulted closely with employees, the Biigtigong Nishnaabeg and Netmizaagamig Nishnaabeg First Nations groups, as well as representatives of the Marathon, Manitouwadge and White River communities, before signing the letter of intent for contract mining services.Appendix 1
2020 Operating and Capital Expenditure Guidance2020 Outlook Assumptions and Economic Sensitivity Analysis 

Appendix 2
Production and Cost Summary – GoldRepresents the combined results of Cortez, Goldstrike (including our 60% share of South Arturo) and our 75% interest in Turquoise Ridge until June 30, 2019.  Commencing July 1, 2019, the date Nevada Gold Mines was established, the results represent our 61.5% interest in Cortez, Carlin (including Goldstrike and 60% of South Arturo), Turquoise Ridge (including Twin Creeks), Phoenix and Long Canyon.These are non-GAAP financial performance measures with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For further information and a detailed reconciliation of each non-GAAP measure used to the most directly comparable IFRS measure, please see pages 79 to 95 of our first quarter MD&A.On July 1, 2019, Barrick’s Goldstrike and Newmont’s Carlin were contributed to Nevada Gold Mines and are now referred to as Carlin.  As a result, the amounts presented represent Goldstrike on a 100% basis (including our 60% share of South Arturo) up until June 30, 2019, and the combined results of Carlin and Goldstrike (including NGM’s 60% share of South Arturo) on a 61.5% basis thereafter.On July 1, 2019, Cortez was contributed to Nevada Gold Mines, a joint venture with Newmont.  As a result, the amounts presented are on an 100% basis up until June 30, 2019, and on a 61.5% basis thereafter. Barrick owned 75% of Turquoise Ridge through the end of the second quarter of 2019, with our joint venture partner, Newmont, owning the remaining 25%. Turquoise Ridge was proportionately consolidated on the basis that the joint venture partners that have joint control have rights to the assets and obligations for the liabilities relating to the arrangement. The figures presented in this table are based on our 75% interest in Turquoise Ridge until June 30, 2019. On July 1, 2019, Barrick’s 75% interest in Turquoise Ridge and Newmont’s Twin Creeks and 25% interest in Turquoise Ridge were contributed to Nevada Gold Mines.  Starting July 1, 2019, the results represent our 61.5% share of Turquoise Ridge and Twin Creeks, now referred to as Turquoise Ridge.A 61.5% interest in these sites was acquired as a result of the formation of Nevada Gold Mines on July 1, 2019.Formerly known as Acacia Mining plc.  On September 17, 2019, Barrick acquired all of the shares of Acacia it did not own.  Operating results are included at 100% from October 1, 2019 to December 31, 2019 (notwithstanding the completion of the Acacia transaction on September 17, 2019, we consolidated our interest in Acacia and recorded a non-controlling interest of 36.1% in the income statement for the entirety of the third quarter of 2019 as a matter of convenience), and on an 84% basis thereafter as the GoT’s 16% free-carried interest was made effective from January 1, 2020.On November 28, 2019, we completed the sale of our 50% interest in Kalgoorlie in Western Australia to Saracen Mineral Holdings Limited for total cash consideration of $750 million. Accordingly, these represent our 50% interest until November 28, 2019.Excludes Pierina; Lagunas Norte starting in the fourth quarter of 2019; and Golden Sunlight and Morila (40%) starting in the third quarter of 2019 which are mining incidental ounces as it enters closure.Cost of sales per ounce (Barrick’s share) is calculated as cost of sales – gold on an attributable basis (excluding sites in care and maintenance) divided by gold equity ounces sold.
Production and Cost Summary – Copper
These are non-GAAP financial performance measures with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For further information and a detailed reconciliation of each non-GAAP measure used to the most directly comparable IFRS measure, please see pages 79 to 95 of our first quarter MD&A.Cost of sales per pound (Barrick’s share) is calculated as cost of sales – copper plus our equity share of cost of sales attributable to Zaldívar and Jabal Sayid divided by copper pounds sold. 
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