Barrick marketline

COMPANY PROFILE

Barrick Gold Corporation

REFERENCE CODE: 869777F8-9B81-4639-820D-AD085DC1286A
PUBLICATION DATE: 18 Dec 2012
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TABLE OF CONTENTS

TABLE OF CONTENTS

Company Overview..............................................................................................3
Key Facts...............................................................................................................3
Business Description...........................................................................................4
History...................................................................................................................6
Key Employees.....................................................................................................9
Key Employee Biographies................................................................................10
Major Products and Services............................................................................18
Revenue Analysis...............................................................................................19
SWOT Analysis...................................................................................................21
Top Competitors.................................................................................................25
Company View.....................................................................................................26
Locations and Subsidiaries...............................................................................30

Barrick Gold Corporation Page 2
© MarketLine

Company Overview

COMPANY OVERVIEW

Barrick Gold Corporation (Barrick or the company) is an international gold mining company. The
company operates mines and development projects in the US, Canada, Australia, Peru, Chile,
Argentina, and Tanzania. Barrick is headquartered in Ontario, Canada and employed approximately
18,400 people as on December 31, 2011.

The company recorded revenues of $14,312 million during the financial year ended December 2011
(FY2011), an increase of 30.1% over FY2010.The operating profit was $7,639 million during FY2011,
an increase of 28.8% over FY2010. The net profit was $4,484 million in FY2011, an increase of
25.2% over FY2010.

KEY FACTS

Head Office Barrick Gold Corporation
Brookfield Place
TD Canada Trust Tower
Suite 3700
161 Bay Street
Toronto M5J 2S1
CAN
Phone 1 416 861 9911
Fax 1 416 861 2492
Web Address http://www.barrick.com
Revenue / turnover 14,312.0
(USD Mn)
Financial Year End December
Employees 18,400
Toronto Ticker ABX
New York Ticker ABX

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Business Description

BUSINESS DESCRIPTION

Barrick is engaged in producing and selling gold, as well as other related activities, namely,
exploration, development, mining, and processing. It also produces significant amounts of copper,
principally from the Zaldivar mine in Chile, and holds interests in a nickel development project located
in Africa, a copper-gold project in Pakistan, and oil and gas properties located in Canada.

The company operates 26 mines and many other development projects across five continents,
globally. The company has 139.9 million ounces of proven and probable gold reserves, 12.7 billion
pounds of proven and probable copper reserves, and 1.2 billion ounces of contained silver within
gold reserves, as of December 2011.The company produced approximately 7.68 million ounces of
gold and 451 million pounds of copper in FY2011. The company mined 151 million ore tons and 569
million waste tons of gold; and 50 million ore tons and 50 million waste tons of copper in FY2011.

Barrick’s business is organized into seven primary business units: four regional gold businesses:
North America, South America, Australia Pacific, and Africa; a global copper business; an oil and
gas business; and a capital projects business.

North America is Barrick's largest producing region with production of 3.38 million ounces of gold in
FY2011. It consists of nine mines including Goldstrike, Round Mountain, Bald Mountain, Cortez,
Turquoise Ridge, Golden Sunlight, Ruby Hill, and Marigold in the US, and Hemlo in Canada. The
North American region also has one advanced project currently under construction: the Pueblo Viejo
joint-venture (60%) in the Dominican Republic, in addition to Donlin Creek, a large, undeveloped,
refractory gold deposit in Alaska. The North American region has 71.4 million ounces of proven and
probable gold reserves.

Barrick's South America region consists of the Pierina and Lagunas Norte gold mines in Peru; the
Veladero gold mine in Argentina; the Zaldivar copper mine in Chile; Cerro Casale project in Chile;
and the Pascua-Lama project straddling the Argentina-Chile border. The region hosts 52.8 million
ounces of proven and probable gold reserves in FY2011. The South American mines collectively
produced 1.9 million ounces of gold in FY2011.

The Australia Pacific region of the company comprises eight operating mines: Kalgoorlie mine (50%
interest); Kanowna, Plutonic, and Yilgarn South (Granny Smith, Darlot, and Lawlers) in Western
Australia; Cowal in New South Wales; and Porgera (95%) in Papua New Guinea. The Australia
Pacific region contains 15.4 million ounces of proven and probable gold reserves. The Australia
Pacific region also includes the Reko Diq project, a large copper-gold porphyry mineral resource on
the Tethyan belt, located in southwest Pakistan in the province of Balochistan. The Australia Pacific
region produced 1.9 million ounces of gold in FY2011.

Barrick's African operations are operated through its subsidiary African Barrick Gold. It operates four
gold producing mines in northwest Tanzania including North Mara, Bulyanhulu, Tulawaka, and
Buzwagi, in addition to a suite of exploration properties. The region hosted 12.1 million ounces of

© MarketLine

Business Description

proven and probable gold reserves in FY2011. The African operations produced 0.5 million ounces
of gold in FY2011. The other regions produced 0.05 million ounces of gold in FY2011.

The copper business unit consists of Barrick’s Zaldivar copper mine in Chile and its Lumwana mine
in Zambia. The projects included in Barrick’s copper business unit consist of the Jabal Sayid project
in Saudi Arabia, the Reko Diq copper-gold project in Pakistan, and the Kabanga nickel project in
Tanzania. In FY2011, the copper business unit produced 451 million pounds of copper.

Barrick operates its oil and gas properties through Barrick Energy.

Barrick’s Capital Projects business consists of its 60% interest in the Pueblo Viejo mine in the
Dominican Republic, its 50% interest in the Donlin Gold project, its Pascua-Lama mine in Chile and
Argentina, and its 75% interest in the Cerro Casale project in Chile.

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History

HISTORY

Barrick was established by Peter Munk in 1983 by merging three small mining, oil, and gas companies
into Barrick Resources. The company went public the same year.

In 1994, Barrick expanded outside the North American territory by acquiring Lac Minerals, an
international gold mining company which had operating mines in the US, Canada, and Chile. This
acquisition helped Barrick obtain an interest in the Veladero project and also enabled it to gain control
in the El Indio Belt.

In 1996, the company's expansion covered the South American continent with its acquisition of
Arequipa Resources, which had exploration properties in Pierina, Peru. In 1998, production in Pierina
commenced.

Barrick expanded its operations in Africa, by acquiring Sutton Resources, in 1999. This was an
exploration company with properties in Bulyanhulu, Tanzania. In 2000, Barrick acquired Pangea
Goldfields, which was a mining exploration company having properties in Peru, Tanzania, and
Canada. Through the acquisition, Barrick acquired a 70% interest in the Tulawaka exploration
property.

Barrick merged with Homestake Mining, thereby adding mines in North America, South America,
and Australia, in 2001. The Australian region included the Kalgoorlie Consolidated Gold Mines
(KCGM), in addition to three operating mines.

In 2002, Barrick made a grass roots discovery, Lagunas Norte, at its Alto Chicama District in Peru.
It created the unified district Frontera, comprising both Pascua-Lama (an undeveloped gold and
silver mining reserve) and Veladero reserves, spreading across the Argentina-Chile border.

Barrick implemented a new organizational design in 2003, comprising regional business units. Barrick
formed a strategic partnerships with Celtic Resources Holdings and Highland Gold Mining in Central
Asia and Russia in 2004, to entrench itself further in the gold mining industry.

In 2005, Barrick entered into a joint-venture agreement with Falconbridge pertaining to Kabanga
nickel deposit in Tanzania. In the same year, Barrick acquired all the outstanding shares of Placer
Dome, a Canada-based gold mining company. Additionally, Barrick set up an office in Moscow to
coordinate its activities in Russia.

Barrick acquired Placer Dome in 2006, adding 12 new mines and a number of advanced exploration
and development projects to its global portfolio. In the same year, Barrick acquired The Tethyan
Copper Company jointly with Antofagasta.

In 2007, Barrick and Xstrata announced further investment of $95 million and the commencement
of a pre-feasibility study to advance the Kabanga nickel project located in western Tanzania. In the

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History

same year, Barrick purchased 20% interest in the Porgera mine in Papua New Guinea from Emperor
Mines. With this, Barrick's interest in the Porgera mine in Papua New Guinea increased to 95%.

Further in 2007, Barrick announced plans to invest approximately $68 million in projects to harness
the advantages of clean energy and enhance existing power infrastructure in Chile and Tanzania.
In the same year, Barrick acquired the Kainantu gold mine and over 2,900 square kilometers of
highly prospective exploration licenses in Papua New Guinea from Highlands Pacific. Additionally,
Barrick acquired approximately a 94% interest in Arizona Star Resources Corp, which owned a 51%
interest in the Cerro Casale deposit in the Maricunga district of Region III in Chile.

In 2008, Barrick announced a 10-year agreement with Yokohama Rubber Company of Japan to
secure the supply of potentially more than $200 million in tires. In the same year, Barrick acquired
additional 40% interest in the Cortez property from Kennecott Explorations (Australia), a subsidiary
of Rio Tinto. In addition, the company acquired Arizona Star Resource Corporation, which owned a
51% interest in Cerro Casale, one of the world's largest undeveloped gold and copper deposits.

Subsequently, Horizonte Minerals signed heads of agreement with Barrick, through its subsidiary,
Placer Dome del Peru, to explore and acquire its 2,147 hectare Pararapa gold property located in
the Department of Arequipa, southern Peru. Further in 2008, Barrick acquired Cadence Energy, an
oil and gas company in Canada.

A memorandum of understanding (MOU) was signed between Crescent and Barrick in the first
quarter of 2009, in respect to the purchase of Crescent's gold ore by Barrick for the purpose of
processing through Barrick's Granny Smith Mill (GSM) at Laverton.

In the same quarter, Midway Gold signed a definitive agreement with Barrick Gold Exploration, a
wholly-owned subsidiary of Barrick, for an exploration agreement and option to joint venture Midway's
Spring Valley gold project in Pershing County, Nevada. Barrick announced the first gold pour at its
Buzwagi mine in Tanzania, in the second quarter of 2009.

In the third quarter of 2009, Barrick sold 25% of the life-of-mine silver production from the
Pascua-Lama project and 100% of silver production from the Lagunas Norte, Pierina, and Veladero
mines to Silver Wheaton until project completion at Pascua-Lama in 2013. In the last quarter of
2009, Barrick entered into an agreement with Xstrata Copper Chile, a wholly-owned subsidiary of
Xstrata, to acquire Xstrata's 70% interest in the El Morro project.

Barrick acquired an additional 25% interest in the Cerro Casale Project in Chile from Kinross Gold
Corporation (Kinross) in 2010. The acquisition resulted in Barrick owning a 75% interest in the Cerro
Casale Project and gaining control of one of the world's largest undeveloped gold-copper deposits.
In the same year, ABG acquired 100% of the issued and outstanding shares of Tusker Gold for
aggregate net consideration of approximately $74 million.

Further in 2010, Barrick Energy completed the acquisition of Bountiful Resources, a privately-held
corporation, for approximately $109 million. Barrick Energy acquired the Puskwa property from
Galleon Energy for approximately $130 million, also in 2010. During the same year, Centerra Gold

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History

agreed to sell its 64% interest in the REN joint venture for $35.2 million to Homestake Mining Company
of California, a subsidiary of Barrick.

Subsequently in 2010, Barrick Energy acquired the assets of Dolomite Resources for approximately
$25 million. Argent Minerals acquired the Bullant Goldmine and associated tenements from Barrick
(PD) Australia, a wholly-owned subsidiary of Barrick, in the same year. Further in 2010, Barrick
Australia sold its Osborne Copper Gold Operation to Ivanhoe Australia.

In February 2011, Barrick entered into agreements to dispose of 10% interest in the Sedibelo platinum
project and certain assets to the Bakgatla-Ba-Kgafela Tribe.

In April 2011, Barrick purchased two power barges located in the Dominican Republic from Seaboard
Corporation.

Carpathian Gold, a mineral exploration company for gold and silver, raised C$20 million ($20.9
million) in a private placement with Barrick, in July 2011. Further in July 2011, Barrick completed
the acquisition of Equinox Minerals. After the acquisition, Barrick owned 98% stake in Equinox
Minerals Barrick sold its Fenn-Gib and Guibord Main properties to Lake Shore Gold in August 2011.

In September 2011, Barrick sold its 70% interest in the Pinson Mine located in Humboldt County,
Nevada, to Atna Resources. In the same month, Barrick announced two significant gold discoveries
in the company's Cortez property in Nevada.

During November 2011, Barrick and Rye Patch Gold of the US entered into an agreement with US
Gold Corporation and Chapleau Resources to form a joint venture for the Patty project located in
Eureka, Nevada.

In April 2012, Barrick sold its entire shareholding of approximately 20.4% in Highland Gold Mining,
the AIM-quoted Russian gold producer, for approximately $130 million.

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Key Employees

KEY EMPLOYEES

Name Job Title Board
Peter Munk Chairman of the Board of Directors Executive Board
Jamie C. Sokalsky President and Chief Executive Officer Executive Board
John L. Thornton Co-Chairman of the Board of Directors Non Executive Board
C. William D. Birchall Vice Chairman of the Board of Directors Non Executive Board
Howard L. Beck Director Non Executive Board
J. Brett Harvey Director Non Executive Board
Nathaniel P. Rothschild Director Non Executive Board
Dambisa Moyo Director Non Executive Board
Steven J. Shapiro Director Non Executive Board
Donald J. Carty Director Non Executive Board
Brian Mulroney Director Non Executive Board
Gustavo A. Cisneros Director Non Executive Board
Anthony Munk Director Non Executive Board
Robert M. Franklin Director Non Executive Board
Kelvin Dushnisky Senior Executive Vice President Senior Management
Igor Gonzales Executive Vice President and Chief Operating Senior Management
Officer
Ammar Al-Joundi Executive Vice President and Chief Financial Senior Management
Officer
Sybil Veenman Senior Vice President and General Counsel Senior Management
Donald D. Ritz Senior Vice President, Safety and Leadership Senior Management
Robert Krcmarov Senior Vice President, Global Exploration Senior Management
Richard McCreary Senior Vice President, Corporate Development Senior Management
Ivan Mullany Senior Vice President, Capital Projects Senior Management

© MarketLine

Key Employee Biographies

KEY EMPLOYEE BIOGRAPHIES

Peter Munk

Board: Executive Board
Job Title: Chairman of the Board of Directors
Since: 1984
Age: 84

Mr. Munk has been the Executive Chairman of the Board of Directors at Barrick since 1984 and is
the founder of the company. He has also been the interim Chief Executive Officer at Barrick from
2008 to 2009. He is the former Chairman at Trizec Properties, a real estate investment trust, and
the former Chairman and Chief Executive Officer at Trizec Canada, a real estate company. Mr. Munk
is the former Chair at the University of Toronto Crown Foundation and served as a Trustee at the
University Health Network in Toronto.

Jamie C. Sokalsky

Board: Executive Board
Job Title: President and Chief Executive Officer
Since: 2012
Age: 54

Mr. Sokalsky has been the President and Chief Executive Officer at Barrick since 2012. Prior to this,
he served as an Executive Vice President and the Chief Financial Officer at the company from 2004
to 2012. He was also the Senior Vice President and Chief Financial Officer at the company from
1999 to 2004. Mr. Sokalsky joined Barrick in 1993 as Vice President and Treasurer. Previously, Mr.
Sokalsky was an executive at George Weston for 10 years.

John L. Thornton

Board: Non Executive Board
Job Title: Co-Chairman of the Board of Directors
Since: 2012
Age: 58

Mr. Thornton has been the Non-Executive Co-Chairman of the Board of Directors at Barrick since
2012. He is a Professor and Director at the Global Leadership Program and Chair of the Advisory
Board at Tsinghua University School of Economics and Management in Beijing. He is the former
President and Co-Chief Operating Officer at The Goldman Sachs Group, a financial services company.
He serves as the Chairman of Board of Trustees at the Brookings Institution and is a member of the
International Advisory Council at China Investment Corporation.

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Mr. Thornton serves as a Director, Trustee, or advisory board member at several organizations,
including the China Institute, China Securities Regulatory Commission, Council on Foreign Relations,
Hotchkiss School, Morehouse College and the National Committee on US-China Relations. He is
also a Director at China Unicom (Hong Kong), Ford Motor Company, HSBC Holdings, and News
Corporation. During 2007 to 2011, Mr. Thornton served as a Director at China Netcom Group
Corporation (Hong Kong), Industrial and Commercial Bank of China, and Intel Corporation.

C. William D. Birchall

Job Title: Vice Chairman of the Board of Directors
Since: 2005
Age: 69

Mr. Birchall has been the Non-Executive Vice Chairman of the Board of Directors at Barrick since
2005. He has been a Director at Barrick since 1984. He is the former Vice Chairman at Trizec Hahn
Corporation, a real estate company. He is also the President at the William Birchall Foundation. Mr.
Birchall is also a Director at Rogers Communications.

Howard L. Beck

Job Title: Director
Since: 1984
Age: 78

Mr. Beck has been a Non-Executive Director at Barrick since 1984. Earlier he was a Senior Partner
at the law firm, Davies, Ward & Beck from 1962 to 1989. During 2007 to 2011, Mr. Beck also served
as a Director or Trustee at Trizec Canada, Trizec Properties, and Cineplex Galaxy Income Fund.

J. Brett Harvey

Job Title: Director
Since: 2005
Age: 61

Mr. Harvey has been a Non-Executive Director at Barrick since 2005. He is the Chairman and Chief
Executive Officer at CONSOL Energy and Chairman and Chief Executive Officer at CNX Gas
Corporation. He serves on the board at a number of energy industry associations, including the coal
industry advisory board at the International Energy Agency, the Leadership Council at the American
Coalition for Clean Coal Electricity, the National Coal Council, and the Virginia Coalfield Economic
Development Authority. He is the Chairman at the Bituminous Coal Operators’ Association Board
of Directors.

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Mr. Harvey is also a member of the Executive Committee at the Allegheny Conference on Community
Development, a member of the National Executive Board at the Boy Scouts of America, and a
Director and past Chairman of the Greater Pittsburgh Council at the Boy Scouts. He is also a Director
at Allegheny Technologies.

Nathaniel P. Rothschild

Job Title: Director
Since: 2010
Age: 40

Mr. Rothschild has been a Non-Executive Director at Barrick since 2010. He is the Co-Chairman at
Bumi, a natural resources and mining company, and a Director at Genel Energy, an oil company.
He is also Chairman at JNR, an investment advisory firm. Mr. Rothschild is a member of the Belfer
Center’s International Council at John F. Kennedy School of Government at Harvard University.
During 2007 to 2011, Mr. Rothschild also served as a Director at RIT Capital Partners and EN+
Group.

Dambisa Moyo

Job Title: Director
Since: 2011
Age: 43

Dr. Moyo has been a Non-Executive Director at Barrick since 2011. He is an international economist
and commentator on the global economy. He worked at the World Bank from 1993 to 1995 and at
Goldman Sachs from 2001 to 2008. Dr. Moyo is a Patron for Absolute Return for Kids and a past
Director at Room to Read and the Lundin for Africa Foundation. Dr. Moyo is also a Director at
Barclays Bank, Lundin Petroleum, and SABMiller.

Steven J. Shapiro

Job Title: Director
Since: 2004
Age: 59

Mr. Shapiro has been a Non-Executive Director at Barrick since 2004. From 2005 to 2006, he was
the Executive Vice President of Finance and Corporate Development, and a Director at Burlington
Resources, an oil and gas exploration and production company. Mr. Shapiro was also the Executive
Vice President and Chief Financial Officer at Burlington Resources. He currently serves as a Trustee
at the Houston Museum of Natural Science and is also a Director at Bumi and El Paso Corporation.

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Donald J. Carty

Job Title: Director
Since: 2006
Age: 65

Mr. Carty has been a Non-Executive Director at Barrick since 2006. He is the Chairman at Porter
Airlines and Virgin America Airlines, commercial airline companies. He served as Vice Chairman
and Chief Financial Officer at Dell from 2007 to 2008. He is the former Chairman and Chief Executive
Officer at AMR Corp. and American Airlines. Mr. Carty is also a member of the Board of Directors
at Big Brothers Big Sisters Lonestar and a member of the Board of Trustees at Southern Methodist
University. He is also a Director at Canadian National Railway Company, Dell, Gluskin Sheff &
Associates, and Talisman Energy. During 2007 to 2011, Mr. Carty also served as a Director at CHC
Helicopter Corporation and Hawaiian Holdings.

Brian Mulroney

Job Title: Director
Since: 1993
Age: 72

Mr. Mulroney has been a Non-Executive Director at Barrick since 1993. He is the Senior Advisor of
Global Affairs at Barrick since 2012. He also served as the Chairman at Barrick's International
Advisory Board and a Senior Partner at the law firm Ogilvy Renault. Mr. Mulroney was the Prime
Minister of Canada from 1984 to 1993 and served as a Director at Archer Daniels Midland Company,
Cendant Corporation, Trizec Properties, and Quebecor World. Currently, he is a member of the
advisory group at Lion Capital and serves on the Boards of Directors at the Blackstone Group,
Quebecor, and Wyndham Worldwide Corporation.

Gustavo A. Cisneros

Job Title: Director
Since: 2003
Age: 66

Mr. Cisneros has been a Non-Executive Director at Barrick since 2003. He is the Chairman at the
Cisneros Group of Companies, a privately-held media, entertainment, technology, and consumer
products organization. He is also a member at Barrick’s International Advisory Board. He is a Senior
Advisor at RRE Ventures, a venture capital firm. He is a member of the advisory boards at a number
of organizations and universities, including the United Nations Information and Communication
Technologies (ICT) Task Force, Haiti Presidential International Advisory Board, The Americas

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Society, Georgetown University, and Harvard University. Mr. Cisneros served as a Director at
Univision Communications until 2007.

Anthony Munk

Job Title: Director
Since: 1996
Age: 51

Mr. Munk has been a Non-Executive Director at Barrick since 1996. He is a Managing Director at
Onex Corporation, a leading North American private equity firm. He is also a Director at Cineplex,
JELD-WEN Holding, RSI Home Products, and Tomkin Building Products. He is the former Chairman
of the Board at Husky Injection Molding Systems. He is also a Director at the Aurea Foundation.

Robert M. Franklin

Job Title: Director
Since: 2006
Age: 65

Mr. Franklin has been a Non-Executive Director at Barrick since 2006. He is President at Signalta
Capital Corporation, an investment company. He is the former Chairman of the Board at Photowatt
Technologies, a developer of solar power technologies, and at Placer Dome, a gold mining company.
During 2007 to 2011, Mr. Franklin served as a Director or Trustee at Canadian Tire Corporation,
First Uranium Corp., Great Lakes Carbon Income Fund, and Resolve Business Outsourcing Income
Fund.

Kelvin Dushnisky

Board: Senior Management
Job Title: Senior Executive Vice President
Since: 2012
Age: 48

Mr. Dushnisky has been the Senior Executive Vice President at Barrick since 2012. Prior to this he
served as an Executive Vice President of Corporate and Legal Affairs at the company from 2010 to
2012. He held various positions in Barrick, including, Vice President of Regulatory Affairs and Senior
Vice President of Corporate Affairs. Prior to Barrick, Mr. Dushnisky was a Managing Director at
Altara Securities. He also served as the Vice Chair, General Counsel, and a founding Director at
EuroZinc Mining Corporation, a Vice President at Sutton Resources, and a Vice President at Rescan
Consultants.

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Mr. Dushnisky is a member of the Law Society of British Columbia and the Canadian Bar Association
and represents Barrick at the World Gold Council and the International Council on Mining and Metals
(ICMM). Mr. Dushnisky also serves on the boards at the Mining Association of Canada, the Institute
of the Americas, the Canadian Council of the Americas, and the Canadian Chamber of Commerce.

Igor Gonzales

Job Title: Executive Vice President and Chief Operating Officer
Since: 2012
Age: 57

Mr. Gonzales has been an Executive Vice President and the Chief Operating Officer at Barrick since
2012. Prior to this, he served as the President of Barrick's South America region from 2005 to 2012.
He joined Barrick in 1998 and has more than 30 years of experience in the mining industry. He has
played a key role in the growth of Barrick’s South American business unit and has also been integral
to the development of the Pascua-Lama project.

Ammar Al-Joundi

Job Title: Executive Vice President and Chief Financial Officer
Since: 2012

Mr. Al-Joundi has been an Executive Vice President and the Chief Financial Officer at Barrick since
2012. He has more than 20 years of experience in corporate finance and banking within the mining
industry, with extensive expertise in capital markets, business strategy, financial controls, and mine
operations.

Mr. Al-Joundi spent 11 years at Barrick, prior to joining Agnico-Eagle Mines as Senior Vice President
of Finance and Chief Financial Officer in 2010. While at Barrick, Mr. Al-Joundi served as Senior Vice
President of Business Strategy and Capital Allocation, Senior Vice President of Finance, and Vice
President and Treasurer. His experience at Barrick also included two years as Chief Financial Officer
at the company's South American business unit. Prior to joining Barrick in 1999, Mr. Al-Joundi spent
eight years as an investment banker at Citibank Canada.

Sybil Veenman

Job Title: Senior Vice President and General Counsel
Since: 2010
Age: 48

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Ms. Veenman has been a Senior Vice President and the General Counsel at Barrick since 2010.
Previously, she served as the Senior Vice President, Assistant General Counsel, and Secretary at
the company from 2008 to 2010. She joined Barrick in 1994. Previously, she was at Lac Minerals,
and was in private practice for seven years at Fasken Campbell Godfrey where she specialized in
securities and mergers and acquisitions.

Donald D. Ritz

Job Title: Senior Vice President, Safety and Leadership
Since: 2009
Age: 65

Mr. Ritz has been the Senior Vice President of Safety and Leadership at Barrick since 2009. Prior
to this, he served as the Vice President of Safety and Health from 2003 to 2009. Before joining
Barrick, he was Loss Management Executive at Syncrude Canada (Syncrude). Prior to Syncrude,
he served 11 years at Texaco Canada. He has served on numerous safety committees and advisory
boards, including as Vice Chairman at the Alberta Workers’ Compensation Board of Directors.

Robert Krcmarov

Job Title: Senior Vice President, Global Exploration
Since: 2008
Age: 47

Mr. Krcmarov has been the Senior Vice President of Global Exploration at Barrick since 2008. He
has more than 20 years of experience in geology and exploration. He also works closely with the
corporate development group to assess assets and help the company replace and grow reserves
and resources. Earlier, Mr. Krcmarov worked extensively at Homestake Mining.

Richard McCreary

Job Title: Senior Vice President, Corporate Development
Since: 2011
Age: 49

Mr. McCreary has been the Senior Vice President of Corporate Development at Barrick since 2011.
Before joining Barrick, he worked in the mining investment banking for over fourteen years culminating
as the Head at CIBC World Markets' Global Mining investment banking group. He worked at the
Noranda/Falconbridge organization for eight years in various areas, including metals marketing,
geophysics, geological engineering, and technology development.

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Ivan Mullany

Job Title: Senior Vice President, Capital Projects
Since: 2011

Mr. Mullany has been the Senior Vice President of Capital Projects at Barrick since 2011. Prior to
this, he served in various positions at the company, including Senior Director of Metallurgy and
Process Development. Mr. Mullany has 30 years of experience in the mining industry, including
leadership roles at Iron Ore Company Canada (Rio Tinto) and Emperor Mines. He has worked
around the globe, including stints in Australia, Fiji, France, and Canada.

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Major Products and Services

MAJOR PRODUCTS AND SERVICES

Barrick is an international gold mining company. Its key products and services include the following:

Products:

Gold
Platinum
Copper
Silver
Nickel

Services:

Mining, exploration, and processing

© MarketLine

Revenue Analysis

REVENUE ANALYSIS

Overview

Barrick recorded revenues of $14,312 million during FY2011, an increase of 30.1% over FY2010.
For FY2011, the US, the company's largest geographic market, accounted for 34.3% of the total
revenues.

During FY2011, Barrick generated revenues through six primary business units: North America
regional gold business (36.8% of the total revenues in FY2011); Australia Pacific regional gold
business (21.5%); South America regional gold business (20.0%); Africa regional gold business
(12.0%); global copper business (8.5%); and oil and gas business (1.2%). The capital projects
business did not generate any revenue in FY2011.

Revenue by segment

During FY2011, the North America regional gold business segment recorded revenues of $5,263
million, an increase of 37.5% over FY2010.

The Australia Pacific regional gold business segment recorded revenues of $3,073 million in FY2011,
an increase of 26% over FY2010.

The South America regional gold business segment recorded revenues of $2,864 million in FY2011,
an increase of 11.6% over FY2010.

The Africa regional gold business segment recorded revenues of $1,218 million in FY2011, an
increase of 23.7% over FY2010.

The global copper business segment recorded revenues of $1,717 million in FY2011, an increase
of 61.8% over FY2010.

The oil and gas business segment recorded revenues of $177 million in FY2011, an increase of
43.9% over FY2010.

Revenue by geography

The US, Barrick's largest geographical market, accounted for 34.3% of the total revenues in FY2011.
Revenues from the US reached $4,914 million in FY2011, an increase of 39.4% over FY2010.

Australia accounted for 16.3% of the total revenues in FY2011. Revenues from Australia reached
$2,330 million in FY2011, an increase of 27.5% over FY2010.

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Revenue Analysis

Peru accounted for 10.3% of the total revenues in FY2011. Revenues from Peru reached $1,468
million in FY2011, an increase of 20.8% over FY2010.

Argentina accounted for 9.8% of the total revenues in FY2011. Revenues from Argentina reached

Tanzania accounted for 8.5% of the total revenues in FY2011. Revenues from Tanzania reached

Chile accounted for 8% of the total revenues in FY2011. Revenues from Chile reached $1,148 million
in FY2011, an increase of 8.1% over FY2010.

Other countries accounted for 12.8% of the total revenues in FY2011. Revenues from other countries
reached $1,837 million in FY2011, an increase of 77.5% over FY2010.

© MarketLine

SWOT Analysis

SWOT ANALYSIS

Barrick is one of the largest gold mining companies globally, having a portfolio of 26 operating mines
and advanced exploration and development projects located across five continents. The company's
strong market position reflects an efficient cost structure. However, strong competition could erode
the company’s market share.

Strengths Weaknesses

Strong market position Litigations and claims
Effective allocation of resources

Opportunities Threats

Poised to benefit from the acquisition of Strong competition
Equinox Minerals Risk from foreign investments and
Increasing gold prices operations
Growing demand for gold Environmental laws and regulations

Strengths

Strong market position

Barrick is the gold industry leader, with a portfolio of 26 operating mines and advanced exploration
and development projects located across five continents, and large land positions on some of the
world’s most prolific and prospective mineral trends. The company also has the largest reserves in
the gold industry, with about 139.9 million ounces of proven and probable gold reserves. In addition,
Barrick has 12.7 billion pounds of proven and probable copper reserves and 1.2 billion ounces of
silver contained within gold reserves, as of December, 2011.

Barrick is the only company in the gold mining industry that possesses an "A" rating balance sheet
which vindicates its conservative but effective financial policy and cost profile, strong pipeline of
development projects, solid reserve base, and a low overall geopolitical risk. A strong balance sheet
gives the company the flexibility it needs to develop new projects and push others into production,
finance its exploration programs, and support corporate development initiatives, such as acquisitions,
as and when the opportunities emerge. A strong market status reflects the company's strengthening
market position with efficient cost structure.

Effective allocation of resources

© MarketLine

SWOT Analysis

The company has high return on equity (ROE) and return on assets (ROA) compared to its peer
companies. The company's competitors such as Kinross Gold have a lower ROE when compared
to Barrick. In FY2011, Kinross Gold's ROE was -16.6% In contrast, Barrick's ROE was 17.5% in
FY2011. Higher ROE compared to its peers indicates that the company is using the shareholders'
money efficiently and that it is generating high returns for its shareholders.

Moreover, Kinross Gold also has less ROA when compared to Barrick. In FY2011, Kinross Gold's
ROA was -12.6% significantly less than Barrick. In contrast, the ROA of Barrick was 9.2% in FY2011.
High ROA indicates that the company has been deploying its assets in an efficient manner and
indicates the efficient management of the company towards allocation of resources compared to its
peer companies.

Weaknesses

Litigations and claims

The company has a number of lawsuits pending against it. For instance, in 2008, the TeMoak
Shoshone Tribe, the East Fork Band Council of the TeMoak Shoshone Tribe and the Timbisha
Shoshone Tribe, the Western Shoshone Defense Project, and Great Basin Resource Watch filed a
lawsuit against the US seeking to enjoin the majority of the activities comprising the Cortez Hills
project on grounds that it violated the Western Shoshone rights under the Religious Freedom
Restoration Act (RFRA). The lawsuit also claimed that the project violated the Federal Land Policy
and Management Act's (FLPMA) prohibition on “unnecessary and undue degradation”, and that the
project's environment impact statement did not meet the requirements of the National Environmental
Policy Act (NEPA). On January 2012, the court issued a decision granting summary judgment in
favor of Barrick and the BLM on all remaining issues. The plaintiffs have appealed this decision to
the US Court of Appeals for the Ninth Circuit.

Similarly, in April 2010, the company’s subsidiary Pueblo Viejo Dominicana received a copy of an
action filed in the Dominican Republic by Fundacion Amigo de Maimon, Fundacion Miguel, Pena
Garcia, and a number of individuals. The action alleged several matters couched as violations of
fundamental rights, including taking of private property, violations of mining and environmental and
other laws, slavery, human trafficking, and bribery of government officials. In addition, Barrick is
involved in other legal proceedings. Although, the company maintains reserves to cover the costs
for claims and lawsuits, such litigations would impact the company's brand image and reputation.

Opportunities

Poised to benefit from the acquisition of Equinox Minerals

The company is continuously focused on strengthening its position through strategic acquisition. In
this view, in July 2011, Barrick acquired a 98% stake in Equinox Minerals, a Canadian mining

© MarketLine

SWOT Analysis

company. The acquisition would add a high-quality, long-life asset to the company’s portfolio and is
consistent with its strategy of increasing gold and copper reserves through exploration and
acquisitions. It would add 5.7 billion pounds of copper reserves, including 4.5 billion pounds of copper
reserves at Lumwana and 1.2 billion pounds of copper reserves at Jabal Sayid, plus an additional
5.5 billion pounds of inferred copper resources at Lumwana. Combined with Barrick’s Zaldivar mine
and Cerro Casale project in Chile, this acquisition would position the company with significant
production growth potential in two of the most prolific copper-producing regions of the world.

Increasing gold prices

Average gold prices in all major markets across the world have been increasing since 2007. The
gold prices have grown at a compound annual growth rate of 17% during 2008–12.The gold price
in October 2012 was $1,746.58 per troy ounce, as compared to $806.62 per troy ounce in October
2008. In addition, the price of gold has increased by 5% in the last one year. Growing investment
demand, economic uncertainty, and a weak US Dollar are continuing to support gold prices.

Barrick generates a significant part of its revenues and earnings from gold sales. Favorable pricing
environment would benefit the company's financial performance in the short term.

Growing demand for gold

According to Informa, the global gold market grew by 31.4% in 2011 to reach a value of $110,099.2
million and a volume of 2,011.3 thousand metric tons. In 2016, the global gold market is forecasted
to have a value of $169,655.4 million, an increase of 54.1% since 2011 and a volume of 2,488.3
thousand metric tons, an increase of 23.7% since 2011. Barrick Gold is the leading player in the
global gold market, generating a 13.5% share of the market's volume. Thus, Barrick can take
advantage of this growing demand and increase its revenue and future growth.

Threats

Strong competition

The company faces a strong competition in the industry in which it operates. Barrick competes with
other mining companies and individuals for mining claims and leases on exploration properties and
the acquisition of mining assets. In addition, the company competes with other mining companies
to attract and retain key executives and employees. Barrick’s key competitors include Newmont
Mining, Rio Tinto, Freeport-McMoRan Copper & Gold, AngloGold Ashanti, DRDGOLD, Gold Fields,
Harmony Gold Mining Company, Lihir Gold, BHP Billiton, Xstrata, Agnico-Eagle Mines, Goldcorp,
Kinross Gold, New Gold, NovaGold Resources, Silver Wheaton, and Yamana Gold. This competition
may increase the company’s cost of acquiring suitable claims, properties, and assets, should they
become available to it. Such strong competition could impact the company’s market share.

Risk from foreign investments and operations

© MarketLine

SWOT Analysis

Barrick conducts mining, development, and exploration activities in many countries, including the
US, Canada, Australia, Argentina, Chile, Peru, Dominican Republic, Papua New Guinea, Pakistan,
and Tanzania. Mining investments are subject to the risks normally associated with any conduct of
business in foreign countries including: uncertain political and economic environments; war, terrorism,
and civil disturbances; changes in laws or policies of particular countries; royalty and tax increases
or other claims by government entities; risk of expropriation and nationalization; delays in obtaining
or the inability to obtain or maintain necessary governmental permits; and other similar factors.

These risks may limit or disrupt operating mines or projects, restrict the movement of funds, cause
the company to expend more funds than previously expected or required, or result in the deprivation
of contract rights, or the taking of property by nationalization or expropriation without fair
compensation. This may materially adversely impact Barrick’s financial position or results of
operations. Furthermore, in the event of a dispute arising from the company’s activities in Argentina,
Chile, Peru, Dominican Republic, Papua New Guinea, Pakistan, or Tanzania, the company may be
subject to the exclusive jurisdiction of courts outside North America and Australia, which could
adversely impact the outcome of the dispute.

Environmental laws and regulations

Barrick's ongoing mining operations and exploration activities are subject to extensive laws and
regulations governing the protection of the environment, waste disposal, worker safety, mine
development, and protection of endangered and other special status species. In addition, the
company's ability to successfully obtain key permits and approvals to explore for, develop, and
operate mines and to successfully operate in communities around the world would depend on its
ability to develop, operate, and close mines in a manner that is consistent with the creation of social
and economic benefits in the surrounding communities. Barrick's ability to obtain permits and
approvals and to successfully operate in particular communities may be adversely impacted by real
or perceived detrimental events associated with Barrick's activities or those of other mining companies
impacting the environment, human health and safety, or the surrounding communities.

Delays in obtaining or failure to obtain government permits and approvals may adversely influence
Barrick's operations, including its ability to explore or develop properties, commence production, or
continue operations. The company has made, and expects to make in the future, significant
expenditures to comply with such laws and regulations and, to the extent reasonably practicable,
create social and economic benefit in the surrounding communities. Future changes in applicable
laws, regulations, and permits, or changes in their enforcement or regulatory interpretation, could
have an adverse impact on Barrick's financial condition or results of operations.

© MarketLine

Top Competitors

TOP COMPETITORS

The following companies are the major competitors of Barrick Gold Corporation

Newmont Mining Corporation
Rio Tinto
Freeport-McMoRan Copper & Gold Inc.
AngloGold Ashanti Limited
DRDGOLD, Limited
Gold Fields Limited
Harmony Gold Mining Company Limited
Lihir Gold Limited
BHP Billiton
Xstrata plc
Agnico-Eagle Mines Limited
Goldcorp Inc.
Kinross Gold Corporation
New Gold Inc.
NovaGold Resources Inc.
Silver Wheaton Corp
Yamana Gold Inc.

© MarketLine

Company View

COMPANY VIEW

A statement by Aaron Regent, former President and Chief Executive Officer at Barrick, is given
below. The statement has been taken from the company’s FY2011 annual report.

During a year of increased market volatility and persistent concerns about the fiscal and economic
challenges that lay ahead of us, gold continued to broaden its appeal as a means to preserve and
grow wealth. The metal continued to perform well, setting a new record, underpinned by strong
investment demand in traditional markets, surging demand from emerging economies and accelerating
central bank purchases.

We continue to have a positive outlook on the gold price because the underlying factors driving
demand for the metal are structural and long-term in nature. A stubbornly sluggish economic recovery
in the United States has led to a period of prolonged monetary and fiscal stimulus, with interest rates
expected to remain at historically low levels for the foreseeable future. In Europe, sovereign debt
concerns have put further downward pressure on the Euro currency, while austerity measures
threaten to slow economic growth. Meanwhile, in emerging markets, the threat of rising inflation
persists.

In addition to strong demand, we believe that supply is likely to remain constrained over the long
term, which should further support gold prices. Despite a decade of rising gold prices, the gold mining
industry has struggled to increase supply as new deposits remain scarce and the permitting and
construction environment becomes increasingly complex.

Copper has also performed well, even in the face of continuing uncertainty about the direction of
the global economy. Although prices have been volatile, copper has remained at elevated levels,
with demand underpinned by strong growth in emerging markets, as these countries, particularly
China, industrialize and urbanize. New supply continues to be limited due to many of the same
factors affecting gold: production disruptions, low discovery rates and increased hurdles to put new
resources into production. This has resulted in a solid underpinning for copper prices, which is
expected to continue for the foreseeable future.

Taken all together, we believe the fundamentals supporting gold and copper prices are positive and
our focus remains on positioning Barrick to be a prime beneficiary of rising prices over the long term.
Barrick’s production will continue to be dominated by gold, complemented by growing copper
production from existing mines and projects.

Our strategy to create value for Barrick shareholders is focused on five key areas:

maximizing the benefits of rising metal prices by meeting operational and financial targets;

increasing gold and copper reserves and production through exploration and selective acquisitions;

© MarketLine

Company View

maximizing the value of our existing mines and properties by leveraging Barrick’s expertise and
regional infrastructure;

growing production by investing in and developing high return projects; and

continuing to improve corporate social responsibility practices to maintain and strengthen our license
to operate.

By executing on this strategy, we expect to increase earnings and cash flow on a per share basis
and enhance our shareholders’ leverage to metal prices.

In 2011, the Company performed well against this strategy. Barrick met its operating guidance for
the ninth consecutive year, producing 7.7 million ounces of gold at total cash costs of $460 per
ounce, positioning Barrick as one of the lowest cost senior gold producers. Copper production
increased by 23% to 451 million pounds at total cash costs of $1.75 per pound, reflecting six months
of production from the Lumwana mine in Zambia. Adjusted net earnings increased by 33% to a
record $4.7 billion while adjusted operating cash flow increased by 8% to $5.7 billion, also a Company
record. Total gold cash margins grew substantially, rising by 37% to nearly $1,120 per ounce,
compared to a cost increase of 12% over the same period.

Capturing the benefits of margin expansion and strong operating results, Barrick achieved a return
on equity of 22% in 2011. Strong financial results also allowed us to raise our quarterly dividend by
25%. In fact, the Company has increased its dividend by 170% over the past five years, maintaining
our track record of paying a progressive dividend.

These results also underscore the leverage to gold that Barrick offers its shareholders. Since the
introduction of the largest gold exchange traded fund seven years ago, gold prices have risen by
around 260%. Over the same period, Barrick’s earnings per share have grown by nearly 900%1,
while operating cash flows per share have risen about 500%1.

In 2011, we successfully replaced our gold reserves, which now stand at 140 million ounces, with
an additional 80 million ounces in measured and indicated gold resources. Barrick also has 1.1 billion
ounces of silver contained within gold reserves.

We significantly increased copper reserves and resources through the acquisition of Equinox Minerals,
complementing our existing copper business. Copper reserves nearly doubled from 6.5 billion pounds
to almost 13 billion pounds, measured and indicated copper resources rose 17% to 15 billion pounds
and inferred resources increased 117% to 20 billion pounds. Looking ahead, we see significant
potential to grow copper reserves and resources at the Lumwana mine in Zambia, which is located
in one of the most prolific copper regions of the world, and at the Jabal Sayid project in Saudi Arabia.

Indeed, our investments in exploration are yielding excellent results. In September, we announced
two major new gold discoveries, Red Hill and Goldrush, just six kilometers away from our world-class
Cortez mine in Nevada. Mineralization at both Red Hill and Goldrush remains open in all directions,

© MarketLine

Company View

and drilling results indicate the two deposits are part of one large mineralized system. It is still early
days, but results continue to suggest a high likelihood of major resource expansion.

The quality of our portfolio and the Company’s ability to add additional value is another key driver
of Barrick’s success. When you consider the assets we have acquired from other companies, Barrick
has consistently added substantial value, in many cases doubling or even tripling the known reserves
and resources.

We have also used our technical expertise and the deepest talent pool in the gold industry to grow
the value of our projects, improving designs and anticipated recovery rates to improve overall
shareholder returns. In 2011, we made significant progress on two longlife, low cost projects. Our
Pueblo Viejo project is expected to begin production in 2012, with Barrick’s share of average annual
production expected to be 625,000 – 675,000 ounces of gold at total cash costs of $300 – $350 per
ounce in its first full five years of operation. Based on a $1,600 gold price, Pueblo Viejo is expected
to generate around $800 million in average annual EBITDA for Barrick over the same period.

Similarly, we continue to make progress on our Pascua-Lama project on the border of Chile and
Argentina. Once in production, Pascua-Lama will be one of the lowest cost gold mines in the world.
This project is expected to begin producing in 2013, with average annual gold production of 800,000
– 850,000 ounces at negative total cash costs of $225 – $275 per ounce, assuming a $25 silver
price, in its first full five years of operation. Based on a $1,600 gold price and a $30 silver price, this
mine is expected to generate approximately $1.65 billion in average annual EBITDA for Barrick over
this same period. “Capturing the benefits of margin expansion and strong operating results, Barrick
achieved a return on equity of 22% in 2011.”

Once Pueblo Viejo and Pascua-Lama are in production, these two mines are expected to have a
significant positive impact on Barrick’s overall production and cash cost profile.

In 2011, we also advanced the Jabal Sayid project in Saudi Arabia, expected to enter production in
the second half of 2012 with average annual production of 100 – 130 million pounds of copper at
total cash costs of $1.50 – $1.70 per pound in its first full five years of operation.

Looking further ahead, Barrick has a deep pipeline of next generation projects that offer significant
development options for the future. Most importantly the Company has demonstrated its ability to
successfully convert its reserves and resources into world-class, producing mines.

That expertise will serve our shareholders well, as we expect to increase gold, silver and copper
production across the board. Barrick is targeting annual production of 9 million ounces of gold by
2016, along with a significant increase in silver production, from about 3 million ounces in 2011 to
nearly 50 million ounces by 2016. Barrick’s copper production also has the potential to more than
double by 2017, increasing to about 1 billion pounds.

During the year, we also strengthened the Company’s social and environmental performance, as
well as our human rights governance framework. Ongoing challenges with respect to security and
human rights at the Porgera Joint Venture and the North Mara operation underscored the critical

© MarketLine

Company View

importance of ensuring our practices on the ground live up to our policy commitments. Barrick was
the first Canadian mining company to formally join the Voluntary Principles on Security and Human
Rights, a leading international forum for governments, private business and non-governmental
organizations who share a public commitment to uphold human rights. In 2011, we also laid the
groundwork for the Company’s new Corporate Social Responsibility Advisory Board, which will hold
its first meeting in 2012. This Board, made up of highly distinguished, leading international experts,
will provide advice and guidance on challenging social and environmental issues and encourage
further innovation and leadership.

Overall, the Company continues to demonstrate a strong track record of social and environmental
performance. This is reflected by our listing on the world-leading Dow Jones Sustainability Index for
the fourth consecutive year, as well as our inclusion on the NASDAQ Global Sustainability Index,
which tracks the world’s top 100 companies in this area.

In conclusion, we expect gold and copper prices will be well supported over the long term, underpinned
by strong supply and demand fundamentals. With competitive operating costs and the industry’s
largest gold production and reserves, and sizable copper production and reserves, Barrick is well
positioned to be a major beneficiary of rising metal prices. This is reflected by the Company’s
expanding margins and record earnings, which has allowed us to consistently increase our dividend.
Looking ahead, we have a growing production base with two world-class projects nearing production,
and a deep project pipeline, which provides us with future investment options. The success and the
progress that we have achieved is a result of the efforts of the 25,000 people who work for this
Company and I want to thank them for what they do for us every day. We truly believe Barrick is a
symbol of value, and we intend to continue working every day to realize that value for our
shareholders.

© MarketLine

Locations and Subsidiaries

LOCATIONS AND SUBSIDIARIES
Head Office
Brookfield Place
TD Canada Trust Tower
Suite 3700
161 Bay Street
Toronto M5J 2S1
CAN
P:1 416 861 9911
F:1 416 861 2492
http://www.barrick.com

Other Locations and Subsidiaries

Barrick Gold Corporation North America Barrick Gold Corporation Chile
460 West 50 North Avenue Ricardo Lyon 222
Suite 500 Piso 8
Salt Lake City Providencia
Utah 84101 Santiago
USA CHL

Barrick Gold Corporation Australia Pacific African Barrick Gold PLC
Brookfield Place Level 9 5th Floor
125 St. George Terrace No. 1 Cavendish Place
Perth London W1G 0QF
Western Australia 6000 GBR
AUS

African Barrick Gold PLC African Barrick Gold PLC
2nd Floor Plot 1736 Kahama Road/Hamza Aziz Road
Bedford Square Offices Suite Msasani Peninsula
Bedford Gardens Dar es Salaam
Bedfordview 2007 TZA
ZAF

© MarketLine

Barrick marketline

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