FIRST QUARTER REPORT 2014 Barrick Reports First Quarter 2014 Results company) today reported first quarter net earnings of $88 million ($0.08 per share). Adjusted net earnings were $238 million ($0.20 per share). Oper ating cash flow and adjusted operating cash flow
TORONTO, April 30, 2014 – Barrick Gold Corporation (NYSE: ABX, TSX: ABX) (Barrick or the company) today reported first quarter net earnings of $88 million ($0.08 per share). Adjusted net earnings were $238 million ($0.20 per share). Operating cash flow and adjusted operating cash flow was $585 million.
OPERATING HIGHLIGHTS AND GUIDANCE Revised Original
| Gold | First Quarter 2014 2014 Guidance | 2014 Guidance |
| Production (000s of ounces) | 1,588 | 6,000-6,500 |
| All-in sustaining costs ($ per ounce) | 833 | 920-980 |
Copper
| Production (millions of pounds) | 104 | 410-440 470-500 |
| C1 cash costs ($ per pound) | 2.11 | 1.90-2.10 |
| TOTAL CAPITAL EXPENDITURES($ millions) | 509 | 2,400-2,700 |
“Barrick is a considerably different company today than it was a year ago ─ leaner, stronger and more financially flexible. Our first quarter all-in sustaining costs of $833 per ounce, $100 per ounce below the prior year quarter, demonstrate that our efforts to reduce costs are delivering tangible results,” said Jamie Sokalsky, Barrick’s President and CEO. “We continue to focus on assets that can generate the most attractive risk-adjusted returns and free cash flow for Barrick and its shareholders, and we are decisively addressing our under-performing operations. It’s clear that Barrick’s optimized portfolio continues to deliver solid results, and we are pursuing a number of opportunities in Nevada to unlock further value from our high quality asset base.”
Operational Excellence is a Top Priority
- Maintaining 2014 gold production guidance and all-in sustaining cost (AISC) guidance, the lowest costs among the senior peer group
- Five core mines produced 0.94 million ounces of gold at an average AISC of $672 per ounce. These mines are expected to contribute about 60 percent of total production in 2014 at an average AISC of $750-$800 per ounce
- On track to achieve run rate for targeted $500 million in annual savings by the end of 2014
BARRICK FIRST QUARTER 2014 1 PRESS RELEASE
Further Progress on Portfolio Optimization
- Barrick continues to optimize its portfolio and lower costs. The company has divested noncore assets for a total consideration of over $1 billion since July 2013, including the sale of the Kanowna and Plutonic mines in Australia and its 33 percent stake in the Marigold mine in Nevada in 2014
- Reduced equity interest in African Barrick Gold (ABG) by 10 percent during the quarter, capitalizing on the substantial improvement in ABG’s share price in 2014 and creating additional liquidity in ABG
Completing advanced scenario plans for a range of metal price environments, which will allow Barrick to respond and adapt quickly to changes in market conditions. Options under consideration include preserving cash, downsizing, closing, expanding or accelerating certain operations depending on market conditions. This will result in a more optimized portfolio that maximizes profitability in a lower metal price environment and better positions the company to capitalize on the strength of its asset base in the event of a price recovery
Financial Flexibility
- Cash and cash equivalents of $2.7 billion as at March 31, 2014
- Operating cash flow of $585 million in the first quarter of 2014
$4.0 billion available under undrawn credit facility extended to January 2019
- $300 million of debt maturing in the next two years, and approximately $1 billion due in the next four years
FINANCIAL DISCUSSION
First quarter 2014 adjusted net earnings were $238 million ($0.20 per share)1 compared to $923 million ($0.92 per share) in the prior year period. The decrease primarily reflects the impact of lower metal prices and lower gold sales volumes. Net earnings for the first quarter were $88 million ($0.08 per share) compared to net earnings of $847 million ($0.85 per share) in the prior year quarter.
Significant adjusting items for the quarter include:
- $113 million in unrealized foreign currency translation losses
- $30 million in demobilization costs related to the ramp-down of Pascua-Lama
$18 million in realized and unrealized gains on non-hedge derivative instruments
First quarter operating cash flow of $585 million compares to $1.09 billion in the prior year period. The decrease primarily reflects lower net earnings, partially offset by a decrease in income tax payments. Adjusted operating cash flow of $585 million1 compares to $1.16 billion in the prior year period.
1 Adjusted net earnings and adjusted net earnings per share, adjusted operating cash flow, all-in sustaining costs per ounce, and C1 cash costs per pound are non-GAAP financial performance measures with no standardized definition under IFRS. See pages 36-41 of Barrick’s First Quarter 2014 Report.
BARRICK FIRST QUARTER 2014 2 PRESS RELEASE
GOLDRUSH AND OTHER OPPORTUNITIES IN NEVADA
Nevada is a cornerstone of Barrick’s success, and a number of growth opportunities are under consideration. The Goldrush project near the Cortez mine is in the pre-feasibility stage and the study remains on schedule for completion in mid-2015. The company is evaluating a number of development options, including underground mining or a combination of both underground and open pit mining. Recent drilling has encountered deep, very high grade mineralization, including an intersection of 103 feet averaging 0.725 ounces per ton, which continues to expand the size and grade potential to the north. Barrick is assessing the feasibility of an exploration decline to better define the existing resource and test for additional mineralization beyond the northern extent of the deposit.
At Cortez Hills, drilling in the Lower Zone is in the final stages of a program to upgrade and expand the resource base. The Lower Zone is characterized by strong and continuous ore zones. Following completion of the scoping study, a pre-feasibility study to evaluate deeper mining below the currently permitted level is expected to be completed by late 2015. Below this level, the Lower Zone is mostly oxide and higher grade than the zones above. Drilling has yet to determine the limits of the Lower Zone and further drilling is planned for the second quarter. Results to date have met or exceeded expectations.
Turquoise Ridge contains over 6.7 million ounces (100 percent basis) in reserves at an average grade of 0.51 ounces per ton, the highest reserve grade deposit in the company’s operating portfolio. This exceptional reserve base provides an excellent opportunity to both accelerate and expand production, but the operation is currently restricted by haulage and ventilation constraints. One option being considered is an additional shaft to reduce haulage distances. This could increase production by 75 percent for five to eight years. A pre-feasibility study on this scenario is expected to be completed in late 2014.
The Cortez District continues to yield promising exploration opportunities beyond Goldrush. Barrick has earned a 70 percent interest in the Spring Valley project approximately 60 miles west of Cortez by conducting exploration drilling and scoping activities. The project has advanced to the prefeasibility stage and could potentially be a new stand-alone gold mine. The company also recently secured the last remaining block of prospective land in the Cortez District. In addition, it has the option to attain a 75 percent interest in the Gold Ridge project, located just north of the Pipeline deposit at Cortez, by completing a scoping study. This is an earlier stage opportunity in a key district which has encouraging geological characteristics.
PASCUA-LAMA RAMP-DOWN ON SCHEDULE
During the fourth quarter of 2013, Barrick announced the temporary suspension of construction at Pascua-Lama, except for activities required for environmental and regulatory compliance. The rampdown is on schedule for completion by mid-2014 and the majority of demobilization has already
BARRICK FIRST QUARTER 2014 3 PRESS RELEASE
occurred. The company expects to incur costs of about $300 million2 this year for the ramp-down and environmental and social obligations.
A decision to restart development will depend on improved economics and reduced uncertainty related to legal and regulatory requirements. Remaining development will take place in distinct stages with specific work programs and budgets to facilitate more efficient execution and improved cost control. Barrick continues to explore opportunities to improve the project’s riskadjusted returns, including strategic partnerships or royalty and other income streaming agreements.
INDUSTRY-LEADING EXECUTIVE COMPENSATION PLAN IMPLEMENTED FOR 2014
Barrick’s new 2014 executive compensation program fundamentally aligns compensation practices with the long-term interests of shareholders based on the principle of pay-for-performance. Under the revised program, participating executives will be assessed on their collective performance, as measured against a transparent scorecard disclosed to shareholders in advance. The company’s longterm scorecard will assess participating executives on eight performance measures including return on invested capital, dividends to shareholders, capital project performance and free cash flow. Scores will be published to shareholders at the end of each year, ensuring transparency.
If earned, a majority of compensation awarded will be long-term in nature, and paid out in units that ultimately convert into Barrick common shares. These shares cannot be sold until a participating executive retires or leaves the company. Shares will be purchased on behalf of participating executives on the open market, resulting in no dilution to shareholders. The company has also adopted new minimum share ownership requirements that are among the highest of any Canadian public company and a Clawback Policy for incentive compensation that goes beyond the yet-to-be implemented requirements of the US Dodd-Frank Act.
2 About 25 percent is expected to be capitalized. Actual expenditures will be dependent on a number of factors, including environmental and regulatory requirements.
BARRICK FIRST QUARTER 2014 4 PRESS RELEASE
OPERATING RESULTS DISCUSSION
Cortez Cortez is one of the lowest cost, long-life gold assets in the world and is located in the stable and prospective jurisdiction of Nevada. The mine produced 0.23 million ounces at AISC of $648 per ounce in the first quarter on lower grades and recoveries. Production in 2014 is forecast at 0.925-0.975 million ounces. AISC are expected to be $750-$780 per ounce, reflecting lower production and higher sustaining capital related to waste stripping for the next phase of the Cortez Hills open pit.
Goldstrike Goldstrike produced 0.26 million ounces in the first quarter at AISC of $755 per ounce, reflecting higher than anticipated open pit and underground grades. The autoclave facility is undergoing modifications that will enable Goldstrike to accelerate the cash flow from about 4.0 million stockpiled ounces through the addition of a thiosulfate process. The modified autoclaves are forecast to contribute an average of 0.350-0.450 million ounces of annual production at a similar AISC to the overall operation in the first full five years following implementation of this process. First production is on track for the fourth quarter of 2014. Production at Goldstrike in 2014 is anticipated to be 0.865- 0.915 million ounces at AISC of $920-$950 per ounce. In 2015, production is expected to exceed 1.0 million ounces3.
Pueblo Viejo Barrick’s 60 percent share of production from Pueblo Viejo in the first quarter was 0.16 million ounces at AISC of $588 per ounce. The mine is on track to reach full capacity in the first half of 2014 following completion of debottlenecking modifications to the lime circuit. Barrick’s share of production in 2014 is anticipated to be 0.600-0.700 million ounces at AISC of $510-$610 per ounce.
Lagunas Norte Lagunas Norte produced 0.13 million ounces at AISC of $519 per ounce in the first quarter, reflecting lower grades as anticipated in the mine plan. Production for 2014 is forecast at 0.570–0.610 million ounces at AISC of $640-$680 per ounce.
Veladero Veladero produced 0.16 million ounces in the first quarter. AISC of $811 per ounce benefited from lower costs for fuel and consumables and the devaluation of the Argentine peso. Production in 2014 is anticipated to be 0.650-0.700 million ounces at AISC of $940-$990 per ounce.
North America Portfolio Barrick’s other North American mines consist of Bald Mountain, Round Mountain, Turquoise Ridge, Golden Sunlight, Ruby Hill and Hemlo. This segment produced 0.22 million ounces in the first quarter
3 Actual results will vary depending on how the ramp-up of the thiosulfate project progresses.
BARRICK FIRST QUARTER 2014 5 PRESS RELEASE
at AISC of $954 per ounce and is anticipated to produce 0.795-0.845 million ounces in 2014 at AISC of $1,075-$1,100 per ounce.
Australia Pacific Australia Pacific produced 0.31 million ounces at AISC of $847 per ounce in the first quarter. The Porgera mine contributed 0.11 million ounces at AISC of $955 per ounce. Production for Australia Pacific in 2014 is forecast at 1.000-1.080 million ounces. AISC in 2014 are expected to be $1,050- $1,100 per ounce.
African Barrick Gold (ABG)
First quarter attributable production from ABG was 0.12 million ounces at AISC of $1,131 per ounce. Barrick’s share of 2014 production from ABG is now anticipated to be 0.430-0.460 million ounces, reflecting its lower equity interest following the partial divestment in the first quarter. AISC for 2014 continue to be expected at $1,100-$1,175 per ounce.
Global Copper Copper production in the first quarter was 104 million pounds at C1 cash costs of $2.11 per pound. Lumwana contributed 51 million pounds at C1 cash costs of $2.58 per pound, reflecting the effects of an extended and unusually heavy rainy season. Subsequent to quarter end, a partial collapse of the terminal end of the main conveyor occurred. The company is assessing the cause of the failure, the extent of damage and the time to repair the conveyor in order to resume production. Current estimates are that copper production is likely to resume by the end of the third quarter. In the interim, mining will continue and stockpiled ore will be processed once the plant re-starts. Barrick has comprehensive property and business interruption insurance for Lumwana and believes the incident will not have a material economic impact.
The Zaldívar mine produced 53 million pounds in the first quarter at C1 cash costs of $1.63 per pound. Production is anticipated to be lower in 2014 relative to 2013 on fewer tons mined and processed in line with the mine plan, and due to lower recoveries related to processing a higher percentage of secondary sulfide material. C1 cash costs in 2014 are expected to increase relative to 2013 due to the impact of relatively stable fixed costs spread over lower overall copper production. Copper production guidance for 2014 has been revised to 410-440 million pounds to reflect the processing disruption at Lumwana. C1 cash cost guidance remains unchanged at $1.90-$2.10 per pound.
BARRICK FIRST QUARTER 2014 6 PRESS RELEASE
Key Statistics
Barrick Gold Corporation Three months ended (in United States dollars) March 31, 2014 2013 Operating Results Gold production (thousands of ounces)1 1,588 1,797 Gold sold (thousands of ounces)1 1,618 1,747 Per ounce data Average spot gold price $ 1,293 $ 1,632 Average realized gold price2 1,285 1,629 Adjusted operating costs2 582 564
| All-in sustaining costs2 | 833 | 933 |
| All-in costs2 | 933 | 1,362 |
| Adjusted operating costs (on a co-product basis)2 | 605 | 593 |
All-in sustaining costs (on a co-product basis)2 856 962
| All-in costs (on a co-product basis)2 | 956 | 1,391 |
| Copper production (millions of pounds) | 104 | 127 |
| Copper sold (millions of pounds) | 111 | 115 |
Per pound data Average spot copper price $ 3.19 $ 3.60 Average realized copper price2 3.03 3.56 C1 cash costs2 2.11 2.48
| Depreciation3 | 0.37 | 0.35 |
| Other4 | 0.15 | 0.04 |
| C3 fully allocated costs2 | 2.63 | 2.87 |
Financial Results (millions)
Revenues $ 2,632 $ 3,399
| Net income5 | 88 | 847 |
| Adjusted net earnings2 | 238 | 923 |
| Operating cash flow | 585 | 1,085 |
| Adjusted operating cash flow2 | 585 | 1,158 |
Per Share Data (dollars)
| Net earnings (basic) | 0.08 | 0.85 |
| Adjusted net earnings (basic)2 | 0.20 | 0.92 |
| Net earnings (diluted) | 0.08 | 0.85 |
| Weighted average basic common shares (millions)6 | 1,165 | 1,001 |
Weighted average diluted common shares (millions)6,7 1,165 1,001 As at As at March 31, December 31, 2014 2013 Financial Position (millions)
Cash and equivalents $ 2,672 $ 2,404 Non-cash working capital 3,313 3,060 1 Production includes African Barrick Gold ("ABG") on a 73.9% basis until February 28, 2014 and a 63.9% basis thereafter and Pueblo Viejo on a 60% basis, both of which reflect our equity share of production. Also includes production from Yilgarn South up to September 30, 2013, Plutonic up to January 31, 2014 and Kanowna up to March 1, 2014, the effective dates of sale of these assets. Sales include our equity share of gold sales from ABG and Pueblo Viejo.
2 Realized price, adjusted operating costs, all-in sustaining costs, all-in costs, adjusted operating costs (on a co-product basis), all-in sustaining costs (on a co-product basis), all-in costs (on a co-product basis), C1 cash costs, C3 fully allocated costs, adjusted net earnings and adjusted operating cash flow are non-gaap financial performance measures with no standard definition under IFRS. Refer to the Non-GAAP Financial Performance Measures section of the Company's MD&A.
3 Represents equity depreciation expense divided by equity pounds of copper sold.
4 For a breakdown, see reconciliation of cost of sales to C1 cash costs and C3 fully allocated costs per pound in the Non-GAAP Financial Performance Measures section of the Company's MD&A.
5 Net earnings represents net earnings attributable to the equity holders of the Company.
6 Reflects 163.5 million shares issued on November 14, 2013.
7 Fully diluted includes dilutive effect of stock options.
BARRICK FIRST QUARTER 2014 7 SUMMARY INFORMATION
Production and Cost Summary Gold Production (attributable ounces) (000's) All-in sustaining costs4 ($/oz)
Three months ended Three months ended March 31, March 31, 2014 2013 2014 2013 Gold Goldstrike 262 230 $ 755 $
| Cortez | 227 | 343 | 648 | 404 |
| Pueblo Viejo | 159 | 96 | 588 | 860 |
| Lagunas Norte | 134 | 145 | 519 | 551 |
| Veladero | 158 | 205 | 811 | 684 |
| North America Portfolio | 223 | 203 | 954 | 1,244 |
| 305 | 447 | 847 | 1,076 |
Australia Pacific1
| African Barrick Gold2 | 118 | 108 | 1,131 | 1,577 |
| Other3 | 2 | 20 | 1,792 | 1,482 |
| Total | 1,588 | 1,797 $ 833 $ 933 |
Copper Production (attributable pounds) (millions) C1 Cash Costs4 ($/lb)
Three months ended Three months ended March 31, March 31, 2014 2013 2014 2013 Total 104 127 $ 2.11 $ 2.48
Total Gold Production Costs ($/oz)
ed Three months ended March 31, 2014 2013 Direct mining costs before impact of hedges at market foreign exchange rates $ 590 $
| Gains realized on currency hedge and commodity hedge/economic hedge contracts | (20) | (50) |
| Other5 | - | (14) |
| By-product credits | (23) | (29) |
Royalties 44
| Adjusted operating costs4 | 582 | 564 |
| Depreciation | 195 | 196 |
| Other5 | - | 14 |
777 $ 774 Total production costs $ Adjusted operating costs4 $ 582 $
| General & administrative costs | 54 | 47 |
| Rehabilitation - accretion and amortization (operating sites) | 21 | 24 |
| Mine on-site exploration and evaluation costs | 1 | 5 |
| Mine development expenditures | 117 | 156 |
| Sustaining capital expenditures | 58 | 137 |
All-in sustaining costs4 $ 833 $ 933 All-in costs4 $ 933 $ 1,362
Total Copper Production Costs ($/lb)
ed Three months ended March 31, 2014 2013 C1 cash costs4 $ 2.11 $ 2.48 Depreciation 0.37 0.35 Other6 0.15 0.04 C3 fully allocated costs4 $ 2.63 $ 2.87
Reflects production from Yilgarn South up to September 30, 2013, Plutonic up to January 31, 2014 and Kanowna up to March 1, 2014, the effective dates of sale of these assets.
Figures relating to African Barrick Gold are presented on a 73.9% basis until February 28, 2014 and a 63.9% basis thereafter, which reflects our equity share of production.
Production and all-in sustaining costs include Pierina.
Adjusted operating costs, all-in sustaining costs, all-in costs, C1 cash costs and C3 fully allocated costs are non-GAAP financial performance measures with no standard meaning under IFRS. Refer to the Non-GAAP Financial Performance Measures section of the Company's MD&A.
Represents the Barrick Energy gross margin divided by equity ounces of gold sold. Barrick Energy was divested in the third quarter of 2013.
For a breakdown, see reconciliation of cost of sales to C1 cash costs and C3 fully allocated costs per pound in the Non-GAAP Financial Performance Measures section of the Company's MD&A.
BARRICK FIRST QUARTER 2014 8 SUMMARY INFORMATION
Consolidated Statements of Income
Barrick Gold Corporation Three months ended (in millions of United States dollars, except per share data) (Unaudited) March 31, 2014 2013
Revenue (notes 5 and 6) $ 2,632 $ 3,399 Costs and expenses (income)
| Cost of sales (notes 5 and 7) | 1,692 | 1,810 |
| General and administrative expenses (note 11) | 103 | 98 |
| Exploration and evaluation (note 8) | 32 | 48 |
| Other expense (income) (note 10A) | 200 | 89 |
| Impairment charges (note 10B) | 12 | 5 |
| Gain on non-hedge derivatives (note 17D) | (21) | (42) |
| Income before finance items and income taxes | 614 | 1,391 |
Finance items
| Finance income | 3 | 3 |
| Finance costs (note 12) | (201) | (108) |
| Income from continuing operations before income taxes | 416 | 1,286 |
| Income tax expense (note 13) | (289) | (433) |
| Income from continuing operations | 127 | 853 |
| Income from discontinued operations | - | 8 |
127 $ Net income $ Attributable to:
Equity holders of Barrick Gold Corporation $ 88 $ Non-controlling interests (note 20) $ 39 $
Earnings per share data attributable to the equity holders of Barrick Gold Corporation (note 9)
Income from continuing operations Basic $ 0.08 $ 0.84 Diluted $ 0.08 $ 0.84 Income from discontinued operations Basic $
- $ 0.01
Diluted $
- $ 0.01
Net income Basic $ 0.08 $ 0.85 Diluted $ 0.08 $ 0.85
part of these consolidated financial statements.
BARRICK FIRST QUARTER 2014 9 FINANCIAL STATEMENTS (UNAUDITED)
Consolidated Statements of Comprehensive Income
Barrick Gold Corporation Three months ended (in millions of United States dollars) (Unaudited) March 31, 2014 2013 Net income $ 127 $ 861 Other comprehensive income (loss), net of taxes Items that may be reclassified subsequently to profit or loss:
| Unrealized gains (losses) on available-for-sale ("AFS") financial securities, net of tax $nil and $2 | 17 | (8) |
| Realized (gains) losses and impairments on AFS financial securities, net of tax $nil and $nil | 6 | (2) |
| Unrealized gains (losses) on derivatives designated as cash flow hedges, net of tax $4 and $3 | 17 | 30 |
| Realized (gains) losses on derivatives designated as cash flow hedges, net of tax ($2) and $18 | (25) | (75) |
| Currency translation adjustments, net of tax $nil and $nil | 3 | (21) |
| Total other comprehensive income (loss) | 18 | (76) |
| Total comprehensive income (loss) | $145 | $ |
Attributable to:
Equity holders of Barrick Gold Corporation Continuing operations $ 106 $ 782 Discontinued operations $ - $ (11) Non-controlling interests $ 39 $
The notes to these unaudited interim financial statements, which are contained in the First Quarter Report 2014 available on our website are an integral part of these consolidated financial statements.
BARRICK FIRST QUARTER 2014 10 FINANCIAL STATEMENTS (UNAUDITED)
Consolidated Statements of Cash Flow
Barrick Gold Corporation Three months ended (in millions of United States dollars) (Unaudited) March 31, 2014 2013 OPERATING ACTIVITIES Net income from continuing operations $ 127 $ Adjusted for the following items:
| Depreciation | 402 | 396 |
| Finance costs | 201 | 108 |
| Impairment charges (note 10B) | 12 | 5 |
| Income tax expense (note 13) | 289 | 433 |
| (Increase) decrease in inventory | 42 | (164) |
| Gain on non-hedge derivatives | (21) | (42) |
| Gain on sale of long-lived assets/investments | (1) | (8) |
| Other operating activities (note 14A) | (241) | (165) |
| Operating cash flows before interest and income taxes | 810 | 1,416 |
| Interest paid | (76) | (47) |
| Income taxes paid | (149) | (320) |
| Net cash provided by operating activities from continuing operations | 585 | 1,049 |
| Net cash provided by operating activities from discontinued operations | - | 36 |
| Net cash provided by operating activities | 585 | 1,085 |
INVESTING ACTIVITIES Property, plant and equipment
| Capital expenditures (note 5) | (616) | (1,379) |
| Sales proceeds | 35 | 2 |
| Divestitures | 80 | - |
| Investments sales | 25 | 18 |
| Other investing activities (note 14B) | (40) | (85) |
| Net cash used in investing activities from continuing operations | (516) | (1,444) |
| Net cash used in investing activities from discontinued operations | - | (45) |
| Net cash used in investing activities | (516) | (1,489) |
FINANCING ACTIVITIES Proceeds on exercise of stock options - 1 Proceeds from divestment of 10% of issued ordinary share capital of ABG 186 - Debt
| Proceeds | 133 | 2,050 |
| Repayments | (75) | (1,205) |
| Dividends | (58) | (200) |
| Funding from non-controlling interests | 2 | 13 |
| Other financing activities (note 14C) | - | (8) |
| Net cash provided by financing activities from continuing operations | 188 | 651 |
| Net cash used in financing activities from discontinued operations | - | - |
| Net cash (used in) provided by financing activities | 188 | 651 |
| Effect of exchange rate changes on cash and equivalents | (5) | (2) |
| Net increase in cash and equivalents | 252 | 245 |
| Cash and equivalents excluding assets classified as held for sale at the beginning of period | 2,404 | 2,097 |
| Add: cash and equivalents of assets classified as held for sale at the beginning of period | 20 | - |
| Cash and equivalents at the end of period | $2,676 $2,342 | |
| Less: cash and equivalents of assets classified as held for sale at the end of period | 4 | - |
| Cash and equivalents excluding assets classified as held for sale at the end of period | $2,672 $ |
2,342
BARRICK FIRST QUARTER 2014 11 FINANCIAL STATEMENTS (UNAUDITED)
Consolidated Balance Sheets
Barrick Gold Corporation (in millions of United States dollars) (Unaudited) As at March 31, As at December 31,
| 2014 | 2013 |
| ASSETS Current assets Cash and equivalents (note 17A) $ 2 ,672 Accounts receivable 410 Inventories (note 15) 2,657 Other current assets 424 | $ 2 ,404 385 2,679 421 |
| Total current assets (excluding assets classified as held for sale) 6,163 Assets classified as held for sale 87 | 5,889 323 |
| Total current assets 6,250 Non-current assets Equity in investees 28 Other investments 114 Property, plant and equipment (note 16) 21,910 Goodwill 5,835 Intangible assets 312 Deferred income tax assets 627 Non-current portion of inventory (note 15) 1,727 Other assets 1,007 | 6,212 27 120 21,688 5,835 320 501 1,679 1,066 |
| Total assets $ 3 7,810 | $ 3 7,448 |
| LIABILITIES AND EQUITY Current liabilities Accounts payable $ 1,871 Debt (note 17B) 180 Current income tax liabilities 100 Other current liabilities 322 | $ 2 ,165 179 75 303 |
| Total current liabilities (excluding liabilities classified as held for sale) 2,473 Liabilities classified as held for sale 19 | 2,722 162 |
| Total current liabilities 2,492 Non-current liabilities Debt (note 17B) 12,991 Provisions 2,500 Deferred income tax liabilities 2,478 Other liabilities 1,073 | 2,884 12,901 2,428 2,258 976 |
| Total liabilities 21,534 | 21,447 |
| Equity Capital stock (note 19) 20,869 Deficit (7,551) Accumulated other comprehensive loss (51) Other 321 | 20,869 (7,581) (69) 314 |
| Total equity attributable to Barrick Gold Corporation shareholders 13,588 Non-controlling interests (note 20) 2,688 | 13,533 2,468 |
| Total equity 16,276 | 16,001 |
| Contingencies and commitments (notes 15, 16 and 21) | |
| Total liabilities and equity $ 3 7,810 | $ 3 7,448 |
The notes to these unaudited interim financial statements, which are contained in the First Quarter Report 2014 available on our website are an integral part of these consolidated financial statements.
BARRICK FIRST QUARTER 2014 12 FINANCIAL STATEMENTS (UNAUDITED)