Barrick Earns $59 Million In Second Quarter; Organic Growth Pipeline Enhanced; Expects Higher Production and Lower Costs in Second Half, Part 2 of 2.Part 2. Notes to Unaudited Interim Consolidated Financial Statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge (US GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) Tabular tab·u·lar adj. 1. Having a plane surface; flat. 2. Organized as a table or list. 3. Calculated by means of a table. tabular resembling a table. dollar amounts in millions of United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. dollars, unless otherwise indicated, US GAAP basis. References to C$ and A$ are Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. and Australian dollars Noun 1. Australian dollar - the basic unit of money in Australia and Nauru dollar - the basic monetary unit in many countries; equal to 100 cents , respectively. 1 BASIS OF PREPARATION The accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. unaudited interim consolidated financial statements have been prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the rules and regulations of the United States Securities and Exchange Commission for the preparation of interim financial information. Accordingly, they do not include all of the information and disclosures required by United States generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ("GAAP") for annual consolidated financial statements. Except as disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). in note 2, the accounting policies used in the preparation of the accompanying unaudited interim consolidated financial statements are as those described in our audited consolidated financial statements and the notes thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. for the three years ended December December: see month. 31, 2001. In the opinion of management, all adjustments considered necessary for fair presentation of results for the periods presented have been reflected in these financial statements. Operating results for the period ended June June: see month. 30, 2002 are not necessarily indicative indicative: see mood. of the results that may be expected for the full year ending December 31, 2002. These unaudited interim consolidated financial statements should be read in conjunction with the audited annual financial statements and the notes thereto for the three years ended December 31, 2001. The preparation of our consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets Contingent Asset An asset in which the possibility of ownership depends solely upon future events uncontrollable by the company. Notes: An example might be a settlement from a lawsuit. See also: Asset, Balance Sheet, Contingent Liability, Liability and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On December 14, 2001, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Barrick merged with Homestake Mining Company ("Homestake"). The merger was accounted for as a pooling-of-interests. The unaudited interim financial statements give retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a effect to the merger, with all periods presented as if Barrick and Homestake had always been combined. Certain reclassifications have been made to conform the presentation of Barrick and Homestake. 2 ACCOUNTING CHANGES A Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. We adopted FASB Statement FASB Statement A standard set by the Financial Accounting Standards Board regarding a financial accounting and reporting method. Essentially, FASB statements determine the acceptable accounting practices that Certified Public Accountants use in reporting No. 142, Goodwill and Other Intangible Assets (SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 142), effective January January: see month. 1, 2002. Since we had no goodwill or other intangible assets at the date of adoption, this accounting change had no effect on our consolidated financial statements. B Accounting for the Impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. or Disposal of Long-lived long-lived adj. 1. Having a long life: a long-lived aunt. 2. Lasting a long time; persistent: a long-lived rumor. 3. Assets We adopted FASB Statement No. 144, Accounting for the Impairment or Disposal of Long-lived Assets (SFAS 144), effective January 1, 2002. The adoption of this new statement had no effect on our consolidated financial statements. 3 CAPITAL STOCK A Net income per share Net income per share was calculated on the basis of the weighted average number of common shares outstanding for the period ended June 30, 2002 which amounted to 539 million shares (2001 - 536 million shares). Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net income per share reflects the dilutive effect Dilutive effect Result of a transaction that decreases earnings per common share (EPS). of the exercise of the common share purchase options outstanding as at the end of the period. The number of shares for the diluted net income per share calculation for 2002 and 2001 was 541 million shares and 536 million shares, respectively.
B Common share purchase options
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Common Weighted Common Weighted
shares average shares average
(millions) price (C$)(millions) price (US$)
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Outstanding as at December
31, 2001 19 $ 28.29 6 $ 16.67
2002 activity:
Granted 1 29.96 - -
Exercised (4) 24.80 (2) 11.98
Cancelled or expired (1) 33.53 (1) 13.50
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Outstanding as at June
30, 2002 15 $ 28.51 3 $ 21.06
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FASB Statement No. 123 ( SFAS 123) encourages, but does not require, companies to include in compensation cost the fair value of stock options granted to employees. A Company that does not adopt the fair-value method must disclose the cost of stock compensation awards, at their fair value on the date the award is granted. The fair value of common share purchase options granted in the period ended June 30, 2002 was $2 million, estimated using the Black-Scholes model with the following assumptions: a 6-year expected term, 30% volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the , interest rates of 6% and an expected dividend yield Expected dividend yield Total amount of dividends received during the life of a futures contract or total dividends received for holding a particular stock one year. See: Current yield. of 1.5%. Under SFAS 123 the cost of stock compensation, and the resulting pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income per share would be as follows:
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Three months ended Six months ended
June 30, June 30,
2002 2001 2002 2001
---------------------------------------------------------------------
Stock compensation cost $ 5 $ 8 $ 10 $ 15
Pro forma net income $ 54 $ 50 $ 95 $ 130
Pro forma net income per share
(dollars) $ 0.10 $ 0.09 $ 0.18 $ 0.24
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C Dividends In the three months ended June 30, 2002, the Company declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. and paid dividends in United States dollars totaling $0.11 per share. 4 INVENTORIES AND OTHER CURRENT ASSETS Other Current Assets A balance sheet item that includes the value of non-cash assets due within one year. Notes: Examples are things like prepaid expenses and accounts receivable.
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June 30, 2002 Dec. 31, 2001
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Gold in process and ore in stockpiles $ 93 $ 134
Mine operating supplies 73 72
Derivative instruments (note 5) 26 17
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$ 192 $ 223
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Gold in process and ore in stockpiles excludes $27 million (December 31, 2001 - $46 million) of stockpiled ore which is not expected to be processed in the following 12 months. This amount is included in other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. . 5 DERIVATIVE INSTRUMENTS Derivative instruments Contracts such as options and futures whose price is derived from the price of an underlying financial asset. A Derivative instruments We utilize over-the-counter ("OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). ") contracts as the primary basis for entering into derivative derivative: see calculus. derivative In mathematics, a fundamental concept of differential calculus representing the instantaneous rate of change of a function. transactions. These privately negotiated agreements, compared to exchange traded contracts, allow us to incorporate favourable credit, tenor and flexibility terms into the contracts. The underlyings in the contracts include commodities, interest rates, foreign exchange rates or bond indices with diversified diversified (di·verˑ·s credit exposure. We do not enter into derivative instruments which we would consider to be leveraged. For a full description of our objectives and strategies for using derivative instruments; the nature and principal terms of the derivative instruments we use; the valuation techniques used to estimate the fair value of derivative instruments; and the nature of credit and market risks associated with the derivative instruments we use, refer to our audited consolidated financial statements for the three years ended December 31, 2001. B Derivative instruments outstanding at June 30, 2002 --------------------------------------------------------------------- Maturity/Scheduled for delivery in 2002 2003 2004 2005 2006 2007+ Total --------------------------------------------------------------------- Normal sales contracts Spot deferred gold sales contracts (note 5C) Ounces (thousands) 1,400 2,800 2,650 1,600 1,600 7,850 17,900 Average price per ounce $ 365 $ 340 $ 340 $ 335 $ 340 $ 346 $ 344 Spot deferred silver sales contracts (note 5C) Ounces (thousands) 10,000 15,000 8,000 3,000 1,000 1,000 38,000 Average price per ounce $ 4.75 $ 5.05 $ 5.10 $ 5.10 $ 5.10 $ 5.10 $ 4.98 Variable price gold sales contracts (with "caps") (note 5C) Ounces (thousands) - 500 420 400 170 820 2,310 Price per ounce at cap expiry date - $ 342 $ 320 $ 328 $ 349 $ 362 $ 343 Variable price gold sales contracts (with "caps" and "floors") (note 5C) Ounces (thousands) 200 150 - - - - 350 Cap price per ounce $ 297 $ 310 - - - - $ 303 Floor price per ounce $ 266 $ 280 - - - - $ 272 --------------------------------------------------------------------- Written gold call options Ounces (thousands) - 60 115 - - 230 405 Average exercise price per ounce - $ 310 $ 343 - - $ 354 $ 344 Written silver call options Ounces (thousands) 10,000 3,750 5,000 2,000 - - 20,750 Average exercise price per ounce $ 5.07 $ 5.27 $ 5.28 $ 5.00 - - $ 5.15 --------------------------------------------------------------------- Interest rate and lease rate contracts Receive fixed - swaps and swaptions Notional amount (millions) - $ 275 $ 250 $ 175 $ 60 $ 111 $ 871 Fixed rate (%) - 4.9% 3.5% 4.7% 4.4% 4.4% 4.3% Pay fixed - swaps and swaptions Notional amount (millions) - - - - - $ 550 $ 550 Fixed rate (%) - - - - - 5.8% 5.8% Gold lease rate swaps Receive fixed, pay floating Notional (thousands of ounces) 240 451 440 791 800 2,914 5,636 Fixed rate (%) 1.2% 2.0% 2.1% 2.2% 2.6% 2.7% 2.4% Total return swaps Notional amount (millions) $ 45 $ 90 $ 265 - - - $ 400 --------------------------------------------------------------------- Currency contracts Canadian Dollar Forwards C$ (millions) $ 78 $ 66 $ 189 - - - $ 333 Average Price (US cents) 0.64 0.64 0.65 - - - 0.64 Canadian Dollar Min-Max Contracts C$ (millions) $ 57 $ 184 $ 70 - - - $ 311 Average Cap Price (US cents) 0.64 0.65 0.67 - - - 0.65 Average Floor Price (US cents) 0.62 0.63 0.64 - - - 0.63 Australian Dollar Forwards A$ (millions) $ 137 $ 190 $ 181 $ 167 $ 10 - $ 685 Average Price (US cents) 0.53 0.51 0.51 0.51 0.52 - 0.52 Australian Dollar Min-Max Contracts A$ (millions) $ 95 $ 260 $ 35 $ 20 $ 10 - $ 420 Average Cap Price (US cents) 0.54 0.55 0.54 0.52 0.52 - 0.55 Average Floor Price (US cents) 0.52 0.52 0.52 0.51 0.51 - 0.52 --------------------------------------------------------------------- Written call options can only be exercised by the counterparties Counterparties The parties on either side of an interest rate swap or a currency, equity or commodity swap, or to an options or futures position. on the expiry date expiry date expire n → date f d'expiration; (on label) → à utiliser avant ... expiry date expire n → Ablauftermin m and can be incorporated, at our discretion, into spot deferred contracts and a delivery date scheduled at any time for up to 15 years. There is no requirement for us to cash settle these transactions. C Derivative instruments excluded from the scope of SFAS 133 We have two groups of contracts that meet the definition of a derivative under SFAS 133. We have determined and documented that these contracts meet the normal sales exception included in paragraph 10(b) of SFAS 133. Accordingly, our spot deferred sales contracts Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. and Variable Price Sales Contracts are not accounted for as derivatives derivatives In finance, contracts whose value is derived from another asset, which can include stocks, bonds, currencies, interest rates, commodities, and related indexes. Purchasers of derivatives are essentially wagering on the future performance of that asset. pursuant to SFAS 133. Our outstanding gold and silver sales commitments under these normal sales contracts at June 30, 2002 had an unrealized mark-to-market Mark-to-market Adjustment of the book value or collateral value of a security to reflect current market value. loss of $261 million (calculated at spot prices of $314 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. and $4.82 per ounce for gold and silver respectively, prevailing market interest rates and volatilities). Spot deferred contracts We have entered into spot deferred sales contracts, with various counterparties, that establish selling prices for future gold and silver production, and which therefore act as a hedge against possible price fluctuations in gold and silver. The average price of the spot deferred contracts reflects the expected future price incorporating an average lease rate assumption of 2.00%. Lease rates are fixed on 100% of the position through 2005. The weighted average lease rate on the total spot deferred position is 1.8%. Variations between the lease rate assumption and the actual lease rates will impact the final realized selling prices. Variable Price Sales Contracts During the three months ended March 31, 2002, we exchanged certain written gold call options and min-max gold options at fair value for Variable Price Sales Contracts with identical notional amounts The notional amount (or notional principal amount or notional value) on a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument. This amount generally does not change hands and is thus referred to as notional. of gold. Variable Price Sales Contracts are contracts whereby we will deliver a specified spec·i·fy tr.v. spec·i·fied, spec·i·fy·ing, spec·i·fies 1. To state explicitly or in detail: specified the amount needed. 2. To include in a specification. 3. quantity of gold on a future date that is determined by us. The contracts have a final delivery date of up to 15 years from inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. , but we have the right at our sole discretion to set a delivery date for any Variable Price Sales Contract during this 15-year period from inception. All of the Variable Price Sales Contracts have expected delivery dates in 2005 and beyond. The contract price equals the gold spot price subject to a specified maximum ("cap") based on market conditions in the years indicated in the table above, plus a fixed fee. The contract price will be adjusted in the same manner as price adjustments to spot deferred contracts for the period from these dates to the expected delivery date in 2005 and beyond. Certain of these contracts also have a specified minimum ("floor") price. D Cash flow hedges A cash flow hedge is a hedge of the exposure to the variability of cash flow that
We use forward and zero cost min-max currency contracts to hedge exposures arising from operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. denominated in currencies other than the United States dollar. The specific terms and notional amounts of the contracts are determined based on management's assessment of forecasted future cash flows relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc these expenses. We have determined and documented that, for those contracts where hedge accounting Why is hedge accounting necessary? Many financial institutions and corporate businesses (entities) use derivative financial instruments to hedge their exposure to different risks (eg interest rate risk, foreign exchange risk, commodity risk, etc). has been applied, the terms of the contract were negotiated to match the terms of the forecasted transaction, and thus there is no ineffectiveness in·ef·fec·tive adj. 1. Not producing an intended effect; ineffectual: an ineffective plea. 2. Inadequate; incompetent: an ineffective teacher. . At June 30, 2002, we had elected e·lect v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. hedge accounting treatment for Canadian dollar Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents contracts with a total notional amount of C$250 million, and Australian dollar contracts with a total notional amount of A$814 million. In addition, we have elected for certain of our receive fixed interest rate swaps Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. , with a total notional amount of $685 million, to be accounted for as cash flow hedges of expected future interest receipts arising on our cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments. We have determined that these interest rate swaps are 100% effective based on forward rates used to measure changes in the forecasted future cash flows as well as changes in the fair value of the derivative instrument Noun 1. derivative instrument - a financial instrument whose value is based on another security derivative legal document, legal instrument, official document, instrument - (law) a document that states some contractual relationship or grants some right . For the six months ended June 30, 2002, we were not required to record any hedge ineffectiveness in earnings. For cash flow hedges, gains and losses on derivative contracts that are reclassified from accumulated other comprehensive income In 1997 the Financial Accounting Standards Board issued a Statement on Financial Accounting Standards entitled “Comprehensive Income”. This statement required all income statement items to be reported either as a regular item in the income statement and or a special item as to current-period earnings are included in the line item which the hedged hedge n. 1. A row of closely planted shrubs or low-growing trees forming a fence or boundary. 2. A line of people or objects forming a barrier: a hedge of spectators along the sidewalk. item is recorded, in the same period the forecasted transaction affects earnings. In the three months ended June 30, 2002, we transferred gains of $7 million from other comprehensive income to earnings. In the next twelve months, gains of $12 million accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. in other comprehensive income are expected to be transferred to earnings. E Fair value of derivative instruments (excluding normal sales contracts)
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Three Six
months ended months ended
June 30, June 30,
2002 2002
---------------------------------------------------------------------
Fair value of derivative instruments at
beginning of period $ (30) $ (16)
Derivative instruments entered into or
settled during the period 5 (10)
Change in fair value of derivative instruments
during the period:
Non-hedge derivative gains (losses) (note 5F) 12 11
Cash flow hedges (note 8) 38 40
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Fair value of derivative instruments at end
of period $ 25 $ 25
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The fair values of recorded derivative related assets and liabilities reflect the netting of the fair values of individual derivative instruments, and amounts due to/from counterparties that arise from derivative instruments, when the conditions of FIN fin, organ of locomotion characteristic of fish and consisting of thin tissue supported by cartilaginous or bony rays. In some fish, e.g., the eel, a single fin extends from the back, around the tail, and along the ventral surface. No. 39, Offsetting of Amounts Related to Certain Contracts, have been met. Amounts receivable from counterparties that have been offset against derivative liabilities totalled $39 million at June 30, 2002. F Non-hedge derivative gains (losses)
---------------------------------------------------------------------
Three months ended Six months ended
June 30, June 30,
2002 2001 2002 2001
---------------------------------------------------------------------
Commodity contracts $ (2) $ (9) $ (12) $ 24
Currency contracts 13 (3) 15 (4)
Interest rate and lease rate
contracts 1 (7) 8 13
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$ 12 $ (19) $ 11 $ 33
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6 CONTINGENCIES Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. A Environmental Our mining and exploration activities are subject to various federal, provincial Provincial has several meanings and may refer to:
v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. the protection of the environment. These laws and regulations are continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. changing and generally becoming more restrictive. We conduct our operations so as to protect public health and the environment and we believe that our operations are materially in compliance with all applicable laws and regulations. We have made, and expect to make in the future, expenditures to comply with such laws and regulations. B Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and claims In October October: see month. 1997, Homestake Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of Inc. ("HCI (Human Computer Interaction) Refers to the design and implementation of computer systems that people interact with. It includes desktop systems as well as embedded systems in all kinds of devices. "), a wholly-owned subsidiary of Barrick, entered into an agreement with Inmet Mining The 'Inmet Mining Corporation is a Canadian mining corporation that currently holds an 18% stake in Ok Tedi Mining Limited. Corporation ("Inmet") to purchase the Troilus Troi·lus n. A son of King Priam of Troy, depicted as Cressida's lover in medieval romance. mine in Quebec Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. for $110 million plus working capital. In December 1997, HCI terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: the agreement after determining that, on the basis of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. studies, conditions to closing the arrangement would not be satisfied. On February February: see month. 23, 1998, Inmet filed suit against HCI in the British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography Supreme Court, disputing the termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of the agreement and alleging that HCI had breached the agreement. On January 15, 2002, the Supreme Court of British Columbia The Supreme Court of British Columbia (SCBC) is the superior trial court for the Canadian province of British Columbia. The SCBC hears civil and criminal law cases as well as appeals from the Provincial Court of British Columbia. released its decision in the matter and found in favour Favor or favour (see spelling differences) may be
EQUITABLE. damages in the amount of C$88.2 million, which amount was accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. at December 31, 2001. The Court did not award Inmet pre-judgement interest. Inmet requested the Court to re-open the trial to permit Inmet to make submissions on its claim for pre-judgement interest from the date of the breach by HCI. The request to re-open was denied by the court on May 17, 2002. On February 7, 2002, HCI filed a Notice of Appeal of the decision with the British Columbia Court of Appeal
The British Columbia Court of Appeal (BCCA) is the highest appellate court in the province of British Columbia, Canada. . Inmet filed a notice of Appeal of the decision denying Inmet the pre-judgment interest. It is anticipated that a letter of credit in the approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. amount of C$95 million will be required to be posted by HCI with the British Columbia Court of Appeal, pending a decision on the appeal. On April 30, 1998, we were added as a defendant in a class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax initiated against Bre-X Bre-X Minerals Ltd., a member of the Bre-X group of companies, was a junior Canadian mining company, based in Calgary, that was once reported to be sitting on an enormous gold deposit at Busang, Indonesia (on Borneo). Minerals Ltd., certain of its directors and officers or former directors and officers and others in the United States District Court for the Eastern District of Texas The United States District Court for the Eastern District of Texas is the Federal district court with jurisdiction over the eastern part of Texas and is a part of the Fifth Circuit. The court's headquarters are in Tyler, Texas and has five subdivision offices. , Texarkana Division. The class action alleges, among other things, that statements made by us in connection with our efforts to secure the right to develop and operate the Busang gold deposit in East Kalimantan East Kalimantan (Indonesian: Kalimantan Timur abbrv. Kaltim) is Indonesian province on the east of Borneo island. The resource-rich province has two major cities, Samarinda (the capital and a center for timber product) and Balikpapan (a petroleum center with oil , Indonesia Indonesia (ĭn'dənē`zhə), officially Republic of Indonesia, republic (2005 est. pop. 241,974,000), c.735,000 sq mi (1,903,650 sq km), SE Asia, in the Malay Archipelago. were materially false and misleading and omitted to state material facts relating to the preliminary due diligence investigation undertaken by us in late 1996. On July July: see month. 13, 1999, the Court dismissed dis·miss tr.v. dis·missed, dis·miss·ing, dis·miss·es 1. To end the employment or service of; discharge. 2. the claims against us and several other defendants on the grounds that the plaintiffs had failed to state a claim under United States securities laws. On August 19, 1999, the plaintiffs filed an amended complaint amended complaint n. what results when the party suing (plaintiff or petitioner) changes the complaint he/she has filed. It must be in writing, and can be done before the complaint is served on any defendant, by agreement between the parties (usually their lawyers), restating their claims against us and certain other defendants and on June 14, 2000 filed a further amended complaint, the Fourth Amended Complaint. On March 31, 2001, the Court granted in part and denied in part our Motion to Dismiss dismiss v. the ruling by a judge that all or a portion (one or more of the causes of action) of the plaintiff's lawsuit is terminated (thrown out) at that point without further evidence or testimony. the Fourth Amended Complaint. As a result, we remain a defendant in the case. We believe that the remaining claims against us are without merit. We filed our formal answer to the Fourth Amended Complaint on April 27, 2001 denying all relevant allegations of the plaintiffs against us. Discovery in the case has been stayed by the Court pending the Court's decision on whether or not to certify cer·ti·fy v. cer·ti·fied, cer·ti·fy·ing, cer·ti·fies v.tr. 1. a. To confirm formally as true, accurate, or genuine. b. the case as a class action. The amount of potential loss, if any, which we may incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. arising out of the plaintiffs claims is not currently determinable Liable to come to an end upon the happening of a certain contingency. Susceptible of being determined, found out, definitely decided upon, or settled. determinable adj. . From time to time, we are involved in various claims, legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. and complaints arising in the ordinary course of business. We are also subject to reassessment Reassessment The process of re-determining the value of property or land for tax purposes. Notes: Property is usually reassessed on an annual basis. You may request a "reassessment" if you disagree with your assessment. for income and mining taxes for certain years. We do not believe that adverse decisions in any pending or threatened proceedings related to any potential tax assessments or other matters, or any amount which we may be required to pay by reason thereof, will have a material adverse effect on our financial condition or future results of operations.
7 SEGMENT INFORMATION
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Three months Six months Three months Six months
ended ended ended ended
June 30, June 30, June 30, June 30,
2002 2001 2002 2001 2002 2001 2002 2001
---------------------------------------------------------------------
Gold sales Income before income
taxes
Goldstrike $168 $196 $333 $414 Goldstrike $ 18 $ 47 $ 40 $113
Pierina 63 70 133 132 Pierina 14 20 29 34
Eskay Creek 32 27 60 51 Eskay Creek 18 12 32 23
Bulyanhulu 37 21 64 21 Bulyanhulu 6 2 7 2
Kalgoorlie 30 35 59 66 Kalgoorlie 6 10 10 16
Hemlo 20 23 45 48 Hemlo 2 2 6 8
Plutonic 27 29 47 48 Plutonic 10 11 16 17
Round Mountain 34 34 67 64 Round Mountain 10 12 18 18
Other 79 83 160 173 Other 18 (1) 33 -
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$490 $518 $968 $1,017 $102 $115 $191 $231
----------------------------------- --------------------------------
Exploration and
Operating costs business
Goldstrike 110 117 219 236 development (27) (25) (47) (54)
Pierina 17 10 33 20 Corporate
Eskay Creek 3 5 6 8 expenses,
Bulyanhulu 21 13 39 13 net (25) (8) (46) (33)
Kalgoorlie 19 20 39 41 Net-hedge
Hemlo 16 18 34 35 derivative
Plutonic 14 14 26 25 gain (loss) 12 (19) 11 33
Round Mountain 19 17 39 37 Income taxes (3) (5) (4) (32)
Other 43 70 93 134 --------------------------------
----------------------------------- Net Income $ 59 $ 58 $105 $145
$262 $284 $528 $ 549 --------------------------------
----------------------------------- Capital expenditures
Goldstrike 37 65 77 135
Bulyanhulu 16 35 32 104
Pierina 5 3 9 7
Amortization Eskay Creek 1 2 3 3
Goldstrike 40 32 74 65 Kalgoorlie 1 3 3 4
Pierina 32 40 71 78 Hemlo 2 - 3 1
Eskay Creek 11 10 22 20 Plutonic 5 2 8 4
Bulyanhulu 10 6 18 6 Round Mountain 6 1 6 9
Kalgoorlie 5 5 10 9 Pascua-Lama 3 18 6 47
Hemlo 2 3 5 5 Cowal 1 1 2 1
Plutonic 3 4 5 6 Other 13 10 19 15
Round Mountain 5 5 10 9 --------------------------------
Other 18 14 34 39 $ 90 $140 $168 $330
----------------------------------- --------------------------------
$126 $119 $249 $ 237
-----------------------------------
8 COMPREHENSIVE INCOME
----------------------------------------------------------------------
Three months ended Six months ended
June 30, June 30,
2002 2001 2002 2001
---------------------------------------------------------------------
Net income $ 59 $ 58 $ 105 $ 145
Foreign currency translation
adjustments (4) 38 (12) -
Transfers of (gains) losses on
derivative instruments to earnings
(note 5D) (7) 12 (10) 18
Change in fair value of cash flow
hedges (note 5D) (net of tax
effects) 21 - 23 -
SFAS 133 transition adjustment - (35) - (35)
Other (3) 3 (3) -
---------------------------------------------------------------------
Comprehensive income $ 66 $ 76 $ 103 $ 128
---------------------------------------------------------------------
9 RECONCILIATION OF NET INCOME TO CASH PROVIDED BY OPERATING
ACTIVITIES
---------------------------------------------------------------------
Three months ended Six months ended
June 30, June 30,
2002 2001 2002 2001
---------------------------------------------------------------------
Net income $ 59 $ 58 $ 105 $ 145
Adjustments:
Amortization 126 119 249 237
Amortization of deferred stripping
costs 26 49 62 78
Deferred income taxes 9 (9) (6) 4
Reclamation and closure costs, net (7) - (4) (3)
(Gains) losses on derivative
instruments (19) 31 (21) (15)
Recovery (payment) of taxes on
development costs 11 (2) - (5)
Other items (23) 5 (24) 6
Changes in operating assets and
liabilities:
Accounts receivable 21 (4) (5) 19
Inventories and other current
assets (3) (23) 35 11
Accounts payable and accrued
liabilities (23) (28) (63) (79)
---------------------------------------------------------------------
Cash provided by operating
activities $ 177 $ 196 $ 328 $ 398
---------------------------------------------------------------------
10 HOMESTAKE CANADA INC. ("HCI") In connection with a 1998 acquisition, HCI issued 11.1 million HCI exchangeable shares. Each HCI exchangeable share is exchangeable for 0.53 of a Barrick common share at any time at the option of the holder and has essentially the same voting, dividend (payable in Canadian dollars), and other rights as 0.53 of a Barrick common share. A share of special voting stock Voting stock The shares in a corporation that entitle the shareholder to vote. voting stock Stock for which the holder has the right to vote in the election of directors, in the appointment of auditors, or in other matters brought up at the , which was issued to the transfer agent in trust for the holders of the HCI exchangeable shares, provides the mechanism for holders of the HCI exchangeable shares to receive their voting rights Voting rights The right to vote on matters that are put to a vote of security holders. For example the right to vote for directors. voting rights The type of voting and the amount of control held by the owners of a class of stock. . As at June 30, 2002, 1.7 million of the HCI exchangeable shares were outstanding and are equivalent to 0.9 million Barrick common shares. As at June 30, 2002, we had reserved 0.9 million Barrick shares for issuance on exchange of the HCI exchangeable shares outstanding. Summarized consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: financial information for HCI is as follows:
---------------------------------------------------------------------
June 30, 2002 December 31, 2001
---------------------------------------------------------------------
Current assets $ 79 $ 43
Non-current assets 312 345
---------------------------------------------------------------------
Total assets $ 391 $ 388
---------------------------------------------------------------------
Other current liabilities $ 16 $ 76
Notes payable 415 416
Other long-term liabilities 75 12
Deferred income taxes 127 121
Shareholders' equity (242) (237)
---------------------------------------------------------------------
Total liabilities and shareholders'
equity $ 391 $ 388
---------------------------------------------------------------------
---------------------------------------------------------------------
Three months ended Six months ended
June 30, June 30,
2002 2001 2002 2001
---------------------------------------------------------------------
Total revenues and other income $ 48 $ 55 $ 103 $ 102
Less: costs and expenses 53 62 102 121
---------------------------------------------------------------------
Income (loss) before taxes $ (5) $(7) $ 1 $ (19)
---------------------------------------------------------------------
Net (loss) $ (10) $(5) $ (5) $ (14)
---------------------------------------------------------------------
Mine Statistics
UNITED STATES
---------------------------------------------------------------------
Betze-Post Meikle Goldstrike Total Round Mountain
Three months
ended June 30, 2002 2001 2002 2001 2002 2001 2002 2001
--------------------------------------------------------------------
Tons mined
(thousands) 36,098 39,740 393 358 36,491 40,098 8,096 8,415
Tons processed
(thousands) 2,499 2,189 385 371 2,884 2,560 8,217 7,515
Average grade
(ounces
per ton) 0.156 0.215 0.440 0.547 0.194 0.263 0.020 0.016
Recovery rate
(percent) 84.3% 85.6% 91.8% 92.0% 86.6% 87.5% N/A N/A
--------------------------------------------------------------------
Production
(thousands of
ounces) 329 404 155 187 484 591 95 98
Production costs
per ounce
Cash operating
costs $222 $204 $181 $129 $209 $181 $162 $154
Royalties and
Production
taxes 6 10 11 18 8 12 15 13
--------------------------------------------------------------------
Total cash
costs 228 214 192 147 217 193 177 167
Amortization 64 55 121 40 82 50 52 46
Reclamation 4 3 2 2 3 3 16 15
--------------------------------------------------------------------
Total production
costs $296 $272 $315 $189 $302 $246 $245 $228
--------------------------------------------------------------------
Capital
expenditures
(US$ millions) $27 $40 $10 $25 $37 $65 $6 $-
--------------------------------------------------------------------
Six months ended
June 30, 2002 2001 2002 2001 2002 2001 2002 2001
--------------------------------------------------------------------
Tons mined
(thousands) 73,319 81,663 783 660 74,102 82,323 16,230 17,005
Tons processed
(thousands) 4,920 4,224 767 606 5,687 4,830 16,452 15,935
Average grade
(ounces
per ton) 0.163 0.233 0.427 0.619 0.198 0.281 0.019 0.018
Recovery rate
(percent) 83.7% 86.8% 91.0% 93.0% 85.8% 88.6% N/A N/A
--------------------------------------------------------------------
Production
(thousands of
ounces) 670 855 298 349 968 1,204 189 198
Production costs
per ounce
Cash operating
costs $217 $193 $191 $118 $210 $171 $170 $167
Royalties and
Production
taxes 6 10 10 16 7 12 13 10
--------------------------------------------------------------------
Total cash
costs 223 203 201 134 217 183 183 177
Amortization 58 51 114 48 75 50 52 46
Reclamation 4 3 2 2 3 3 16 16
--------------------------------------------------------------------
Total production
costs $285 $257 $317 $184 $295 $236 $251 $239
--------------------------------------------------------------------
Capital
expenditures
(US$ millions) $56 $84 $21 $51 $77 $135 $6 $9
--------------------------------------------------------------------
Mine Statistics
AUSTRALIA
--------------------------------------------------------------------
Plutonic Darlot Lawlers Kalgoorlie
Three months
ended June 30, 2002 2001 2002 2001 2002 2001 2002 2001
--------------------------------------------------------------------
Tons mined
(thousands) 3,691 3,516 214 175 628 159 11,043 11,764
Tons processed
(thousands) 821 874 205 197 175 193 1,818 1,704
Average grade
(ounces per
ton) 0.105 0.122 0.169 0.164 0.166 0.122 0.058 0.071
Recovery rate
(percent) 91.1% 90.8% 96.7% 96.3% 97.6% 93.2% 83.3% 85.5%
--------------------------------------------------------------------
Production
(thousands of
ounces) 80 94 32 32 29 22 81 109
Production costs
per ounce
Cash operating
costs $167 $144 $171 $171 $165 $221 $205 $169
Royalties and
Production
taxes 7 7 8 6 7 7 8 7
--------------------------------------------------------------------
Total cash costs 174 151 179 177 172 228 213 176
Amortization 38 42 47 43 38 49 56 42
Reclamation 2 6 1 2 3 2 6 8
--------------------------------------------------------------------
Total production
costs $214 $199 $227 $222 $213 $279 $275 $226
--------------------------------------------------------------------
Capital
expenditures
(US$ millions) $5 $2 $1 $7 $1 $1 $1 $3
--------------------------------------------------------------------
Six months ended
June 30, 2002 2001 2002 2001 2002 2001 2002 2001
--------------------------------------------------------------------
Tons mined
(thousands) 6,757 6,675 414 371 786 272 22,690 23,057
Tons processed
(thousands) 1,685 1,729 413 389 357 379 3,564 3,274
Average grade
(ounces
per ton) 0.095 0.100 0.174 0.172 0.156 0.131 0.060 0.070
Recovery rate
(percent) 90.1% 90.4% 97.0% 96.4% 96.9% 94.4% 83.7% 85.5%
--------------------------------------------------------------------
Production
(thousands of
ounces) 142 150 68 64 55 47 168 207
Production costs
per ounce
Cash operating
costs $172 $159 $164 $162 $172 $206 $208 $180
Royalties and
production taxes 8 7 7 6 8 7 8 6
--------------------------------------------------------------------
Total cash costs 180 166 171 168 180 213 216 186
Amortization 35 40 46 40 37 44 55 43
Reclamation 2 5 2 2 4 5 6 8
--------------------------------------------------------------------
Total production
costs $217 $211 $219 $210 $221 $262 $277 $237
--------------------------------------------------------------------
Capital
expenditures
(US$ millions) $8 $4 $2 $9 $2 $4 $3 $4
--------------------------------------------------------------------
Mine Statistics
CANADA
--------------------------------------------------------------------
Hemlo Eskay Creek Holt-McDermott
Three months
ended June 30, 2002 2001 2002 2001 2002 2001
--------------------------------------------------------------------
Tons mined
(thousands) 1,030 940 63 57 131 116
Tons processed
(thousands) 487 485 63 57 131 124
Average grade
(ounces per ton) 0.134 0.162 1.612 1.542 0.172 0.169
Recovery rate
(percent) 94.1% 92.9% 93.6% 92.8% 94.7% 95.4%
--------------------------------------------------------------------
Production
(thousands of
ounces) 62 79 92 82 21 20
Production costs
per ounce
Cash operating
costs $241 $202 $28 $47 $190 $181
Royalties and
production taxes 8 7 4 3 1 4
--------------------------------------------------------------------
Total cash costs 249 209 32 50 191 185
Amortization 35 30 128 121 49 87
Reclamation 5 4 1 1 5 4
--------------------------------------------------------------------
Total production
costs $289 $243 $161 $172 $245 $276
--------------------------------------------------------------------
Capital
expenditures
(US$ millions) $2 - $1 $2 $1 $2
--------------------------------------------------------------------
Six months ended
June 30, 2002 2001 2002 2001 2002 2001
--------------------------------------------------------------------
Tons mined
(thousands) 2,017 1,596 125 111 259 236
Tons processed
(thousands) 958 946 125 112 259 235
Average grade
(ounces per ton) 0.136 0.164 1.524 1.560 0.176 0.162
Recovery rate
(percent) 93.8% 92.9% 93.2% 92.9% 94.7% 95.7%
--------------------------------------------------------------------
Production
(thousands of
ounces) 123 150 177 159 43 36
Production costs
per ounce
Cash operating
costs $234 $204 $28 $45 $163 $186
Royalties and
production taxes 7 7 4 3 - 3
--------------------------------------------------------------------
Total cash costs 241 211 32 48 163 189
Amortization 37 30 127 126 90 86
Reclamation 4 4 1 1 4 4
--------------------------------------------------------------------
Total production
costs $282 $245 $160 $175 $257 $279
--------------------------------------------------------------------
Capital
expenditures
(US$ millions) $3 $1 $3 $3 $3 $4
--------------------------------------------------------------------
Mine Statistics
PERU TANZANIA
--------------------------------------------------------------------
Pierina Bulyanhulu
Three months
ended June 30, 2002 2001 2002 2001
--------------------------------------------------------------------
Tons mined
(thousands) 8,081 7,992 249 128
Tons processed
(thousands) 3,418 2,667 273 224
Average grade
(ounces per ton) 0.076 0.112 0.358 0.355
Recovery rate
(percent) - - 85.9% 80.1%
--------------------------------------------------------------------
Production
(thousands of
ounces) 183 221 84 64
Production costs
per ounce
Cash operating
costs $80 $39 $195 $198
Royalties and
production taxes - - 8 8
--------------------------------------------------------------------
Total cash costs 80 39 203 206
Amortization 180 190 93 91
Reclamation 9 8 1 1
--------------------------------------------------------------------
Total production
costs $269 $237 $297 $298
--------------------------------------------------------------------
Capital
expenditures
(US$ millions) $5 $3 $16 $35
--------------------------------------------------------------------
Six months ended
June 30, 2002 2001 2002 2001
--------------------------------------------------------------------
Tons mined
(thousands) 15,243 14,835 443 128
Tons processed
(thousands) 6,845 5,039 535 224
Average grade
(ounces per ton) 0.071 0.100 0.369 0.355
Recovery rate
(percent) - - 85.6% 80.1%
--------------------------------------------------------------------
Production
(thousands of
ounces) 398 427 169 64
Production costs
per ounce
Cash operating
costs $72 $41 $197 $198
Royalties and
production taxes - - 8 8
--------------------------------------------------------------------
Total cash costs 72 41 205 206
Amortization 180 191 93 91
Reclamation 10 8 1 1
--------------------------------------------------------------------
Total production
costs $262 $240 $299 $298
--------------------------------------------------------------------
Capital
expenditures
(US$ millions) $9 $7 $32 $104
--------------------------------------------------------------------
CORPORATE OFFICE TRANSFER AGENTS AND REGISTRARS
Barrick Gold Corporation CIBC Mellon Trust Company
Royal Bank Plaza, South Tower, P.O. Box 7010, Adelaide Street
Suite 2700 Postal Station
200 Bay Street, P.O. Box 119 Toronto, Ontario M5C 2W9
Toronto, Ontario, M5J 2J3 Tel: (416) 643-5500
Tel: (416) 861-9911 Toll-free throughout North America:
Fax: (416) 861-0727 1-800-387-0825
Toll-free within Canada and Fax: (416) 643-5501
United States: 1-800-720-7415 Email: inquiries@cibcmellon.ca
Web site: www.cibcmellon.com
Email: investor@barrick.com
Web site: www.barrick.com
SHARES LISTED (ABX) Mellon Investor Services L.L.C.
The Toronto Stock Exchange 85 Challenger Road, Overpeck Center
The New York Stock Exchange Ridgefield Park, New Jersey 07660
The London Stock Exchange Tel: (201) 329-8660
The Swiss Stock Exchange Toll-free number within the
La Bourse de Paris United States: 1-800-589-9836
Web site: www.mellon-investor.com
RECENT RESEARCH REPORTS INVESTOR CONTACTS: MEDIA CONTACT:
Bear Stearns Richard Young Vincent Borg
BMO Nesbitt Burns Vice President, Vice President,
CIBC World Markets Investor Relations Corporate
Goldman Sachs Communications
Griffiths McBurney & Partners Tel:(416) 307-7431 Tel:(416) 307-7477
HSBC Email: Email:
JP Morgan ryoung@barrick.com vborg@barrick.com
Merrill Lynch
Morgan Stanley Kathy Sipos
National Bank Manager, Investor Relations
Prudential Financial Tel: (416) 307-7441
Research Capital Email: ksipos@barrick.com
RBC Capital Markets
Scotia Capital Sandra Grabell
TD Newcrest Investor Relations Specialist
UBS Warburg Tel: (416) 307-7440
Email: sgrabell@barrick.com
Certain statements included herein, including those regarding, production, realized gold prices and costs constitute "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Barrick or of the gold mining industry to be materially different from future results, performance or achievements expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by those forward looking statements. These risks, uncertainties and other factors include, but are not limited to, changes in the worldwide price of gold or certain other commodities and currencies and the risks involved in the exploration, development and mining business. These factors are discussed in greater detail in Barrick's most recent Annual Information Form and Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial and Operating Results" on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . For a description of the key assumptions, parameters and methods used in calculating Barrick's reserves and resources, including the resource at the Alto alto, singing voice the range of which is lower than the soprano by the interval of a fifth. More generally, the term refers to the register in which this voice sings, i.e. Chicama Chicama is a port and small coastal town in northwestern Peru, located in the La Libertad Region, north of the city of Trujillo. The town and beach are also called Puerto Malabrigo. property, see Barrick's most recent Annual Information Form referred above. |
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