Slide 1: TD Securities Mining Conference
TD Secu Securities t es Mining g Co Conference e e ce January 29, 2013 1
Slide 2: Cautionary Statement on Forward-Looking Information
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION Certain information contained or incorporated by reference in this presentation, including any information as to our strategy, project plans or future financial or operating performance, constitutes "forward-looking statements". All statements, oth
Slide 3: Disciplined, Profitable Production
Disciplined, Profitable Production Industry’s largest production Lowest total cash costs among g seniors World class assets, lower risk global portfolio Disciplined capital allocation Recalibrated production Sharp focus on cost management Two large low-cost projects contributing ~1.5 M
Slide 4: Global Portfolio
Global Portfolio 2011 P&P Reserves North America North America 42% 2012E Production Australia Africa 9% Pacific 11% North America South 47% America 38% Africa 6% Australia Pacific South Africa 25% America South 22% America Australia Pacific Mine Project 4
Slide 5: Industry Leading Production/Reserves
Industry Leading Production/Reserves 2011 Gold Production(1) 2011 Gold Reserves(1,2) (M oz) (P&P – M oz) 7.7 139.9 ABX ABX 98.8 5.2 NEM NEM 43 4.3 80.0 77 6 77.6 75 6 75.6 AU NCM GFI 3.5 AU 64.7 62.6 GFI GG KGC 2.7 2.6 25 2.5 NCM KGC GG (1) Source: Company reports. (2) See final slide #4 5
Slide 6: World Class Operations and Projects
World Class Operations and Projects Total Global Gold Mines by Size 6 mines (2011 gold production) >1 Moz Barrick Mines Other Mines 8 mines >800 Koz 2 Goldstrike Cortez 21 mines >500 Koz 3 156 mines >100 Koz 6 ~1,000 Koz(1,2) Pueblo Viejo 1 Project 800-850 Koz(1) 19 Pascua-Lama Pascua Lama Sources:
Slide 7: Key Gold Assets
Key Gold Assets 9 months ended Sept. 30, 2012 2011 Total Production Cash Costs(1) Reserves(2) (K oz) (US$/oz) (P&P-M oz) Cortez 1,024 , 296 14.5 Goldstrike 844 556 12.4 Veladero 544 478 10 6 10.6 Lagunas Norte 540 326 6.2 2,952 409 43.7 Total/Average 5,402 584 139.9 (1) See final slide #1 (2) See fi
Slide 8: Returning Capital
Returning Capital Annualized Dividend(1,2) 80 US cents per share 60 48 40 40 30 22 2006 2007 2008 2009 2010 2011 2012 (1) Calculation based on annualizing the last dividend paid in the respective year (2) See final slide #5 8
Slide 9: 2012 Preliminary Results
2012 Preliminary Results Final full year results and 2013 guidance to be released in February Preliminary results are in line with 2012 operating ti guidance id andd indicate: i di t – mid-point of gold production of 7.3-7.5 M oz att th the ttop end d off ttotal t l cash h costs t off $575-$585/
Slide 10: Pueblo Viejo - ramp up progress
Pueblo Viejo - ramp up progress Achieved commercial production in Januaryy 2013 p Ramp-up to full capacity expected in the second half of 2013 Autoclave Circuit 10
Slide 11: Pueblo Viejo - long life, low cost
Pueblo Viejo - long life, low cost 2013 expected production of 500-650 K oz(1,3) 625-675 625 675 K oz(1) of average annual production at total cash costs of $300-$350/oz(2) in first full five years +25 year mine life (1) Barrick’s Barrick s 60% share share. (2) See final slide #1 and #2 #2. (3
Slide 12: Pascua-Lama - world class asset
Pascua-Lama - world class asset Merrill Crowe Building One of the world’s largest, lowest cost g gold mines 800-850 K oz of average annual gold production(1) 35 M oz of average annual silver production(1) $0 to t negative ti $150/oz $150/ Argentina Camp total cash costs(1,2) ~18 M oz of gold
Slide 13: Pascua-Lama - progress review
Pascua-Lama - progress review Reset and strengthened project structure – transferred project management to Fluor – Barrick project team strengthened with new project director,, hiring g of industryy experts p to improve p oversight Fluor and Barrick are completing a detailed review of cost and s
Slide 14: Pascua-Lama – construction update
Pascua-Lama – construction update Covered Stockpile/Grinding Building Autogenous Grinding Mill Pebbles Crusher Leach Circuit Overview 14
Slide 15: Lumwana – copper
Lumwana – copper In-fill drilling exploration program completed An updated year-end year end reserves and resources to be incorporated into a new life-of-mine (LOM) plan Recently appointed management of the Global Copper Business unit currently working on new LOM – initial indications are that
Slide 16: Disciplined Capital Allocation
Disciplined Capital Allocation Framework focused on two key metrics: 1 Free cash flow 1. 2. Risk adjusted return Economic environment and capital size considerations Portfolio management approach Returns will drive production; production will not drive returns 16
Slide 17: All-In Sustaining Cash Costs
All-In Sustaining Cash Costs(1) Nine Months Ended Sept. 30, 2012 US$ per ounce Total 939 584 15% Total Cash Costs Other 10% 40% Maintenance Labor 261 Sustaining 15% Energy Capex 20% Consumables 52 G&A 21 21 Exploration E l ti & Oh Other Evaluation (1) See final slide #1 17
Slide 18: Disciplined Capital Allocation
Disciplined Capital Allocation Second quarter 2012: initiated ongoing, ongoing dynamic d namic portfolio po tfolio review e ie cut or deferred ~$3 B in previously budgeted capex by recalibrating longer term gold and copper production Third quarter 2012: cut or deferred ~$1.0 B from initially b
Slide 19: Profitable Production
Profitable Production Gold production of ~8 M oz by 2016(1) Copper production of ~600 M lbs by 2015 High-quality, profitable production Improved free cash flow and rates of return (1) Production is inclusive of the company’s 73.9% interest in ABG. 19 19
Slide 20: Priorities/Catalysts
Priorities/Catalysts Meet production and cost targets – preliminary li i results lt indicate i di t 2012 guidance id achieved hi d Ramp Pueblo Viejo up to full capacity – achieved commercial production in January Advance Pascua-Lama Improve Lumwana performance Portfolio optimization Iden
Slide 21: Footnotes
Footnotes 1. Gold total cash costs per ounce, gold all-in sustaining cash costs per ounce and C1 copper cash costs per pound are non-GAAP financial measures. See pages 42-47 of Barrick’s Third Quarter Report 2012 for all non-GAAP measures except for gold all-in sustaining cash costs per ounce. 2. Al