Barrick Mining Corporation · TSX:ABX

Barrick Mining — Barrick Gold — National Bank Luncheon Presentation (February 2004)

13 slides from Barrick Mining's conference presentation, Feb 17, 2004

  1. Slide 1: Barrick Gold Corporation

    BARRICK GOLD CORPORATION February 2004 FORWARD LOOKING STATEMENT Certain statements included herein, including those regarding production, costs, development schedules and other statements that express management’s expectations or estimates of our future performance, constitute “forward-looking stat

  2. Slide 2: Gold Price Performance

    BARRICK GOLD CORPORATION February 2004 GOLD PRICE PERFORMANCE “Sustainable gold rally” 425 400 375 350 325 300 275 2002 2003 2004 GOLD PRICE PERFORMANCE 125 425 118 400 111 375 104 350 97 325 US$ Index 90 300 83 275 2002 2003 2004

  3. Slide 3: Silver Price Performance / Corporate Mission

    BARRICK GOLD CORPORATION February 2004 SILVER PRICE PERFORMANCE US$ per ounce 6.50 6.00 5.50 5.00 4.50 4.00 2002 2003 2004 CORPORATE MISSION VISION ƒ To be the global industry leader STRATEGY ƒ Exploit our size, international experience and financial strength to replace/increase our reserves and pro

  4. Slide 4: Execution – Operating Mines

    BARRICK GOLD CORPORATION February 2004 EXECUTION – Operating Mines ƒ Solid base in OECD countries ƒ 12 operating mines and 4 major projects: – 86 M oz of gold reserves – 25 M oz of gold mineral resources – 7 countries on 4 continents – employing over 7,000 people ƒ Divided into three regional busine

  5. Slide 5: Execution – Operating and Financial Performance

    BARRICK GOLD CORPORATION February 2004 EXECUTION – Operating Performance ƒ 2003 production: 5.5 M oz ƒ 2003 cash costs: $189 per oz – Excellent performances at Betze - Post, Kalgoorlie and Pierina offset weaker results at Meikle and Bulyanhulu ƒ 2004E cash costs: $205-215 per oz ƒ 2004E production:

  6. Slide 6: Financial Performance / Development Projects: Veladero

    BARRICK GOLD CORPORATION February 2004 EXECUTION – Financial Performance ƒ 2003 operating cash flow: $521million vs $589 million in 2002 ƒ $607 million in 2003 excluding $86 million Inmet settlement EXECUTION – Development Projects VELADERO, ARGENTINA POTENTIAL ƒ Gold reserves: 11.1 M oz ƒ Productio

  7. Slide 7: Development Projects – Pascua-Lama and Alto Chicama

    BARRICK GOLD CORPORATION February 2004 EXECUTION – Development Projects PASCUA-LAMA, CHILE / ARGENTINA ƒ 7 kilometers from Veladero – 17 M oz gold reserve ƒ Open pit with oxide and sulphide processing facilities ƒ 2004 focus: optimization of the development plan in first half 2004 EXECUTION – Develo

  8. Slide 8: Alto Chicama Regional Targets / Cowal

    BARRICK GOLD CORPORATION February 2004 C A J A M A R C A ALTO CHICAMA REGIONAL TARGETS GOITOS LAGUNAS Piedra Grande NW Huamachuco 1,350 sq. km L A L I B E R T A D Otuzco LAGUNAS Genusa Lagunas Norte Lagunas La Capilla Lagunas West Sur 8° Quiruvilca Tres Cruces ALUMBRE 0 10 20 URURUPA kilometres ANCA

  9. Slide 9: Development Projects / Reserve Replacement

    BARRICK GOLD CORPORATION February 2004 EXECUTION – Development Projects TULAWAKA, TANZANIA ƒ EIS and project approval Q4 2003 ƒ Construction commenced first quarter 2004 ƒ Production expected Q1 2005 KABANGA, TANZANIA ƒ Falconbridge partnership ƒ Barrick can focus on gold ƒ Expectation of feasibilit

  10. Slide 10: Exploration Strategy

    BARRICK GOLD CORPORATION February 2004 EXECUTION – Exploration Strategy ƒ More than 95 projects in 9 countries ƒ > 2 million ounce gold deposits ƒ 6 high priority countries (Peru, Chile, Argentina, USA, Tanzania, Australia) EXPLORATION & BUSINESS DEVELOPMENT ƒ Optimize 2004E = $110M chances Minesite

  11. Slide 11: Resources to Execute Strategy

    BARRICK GOLD CORPORATION February 2004 RESOURCES TO EXECUTE STRATEGY HUMAN ƒ New organizational structure – Consolidating life-of-mine accountability under the COO – Establishing regional economic business units – Building a corporate center that adds value to the global enterprise RESOURCES TO EXEC

  12. Slide 12: Hedging – Policy Change / NAV Valuation

    BARRICK GOLD CORPORATION February 2004 HEDGING – Policy Change ƒ Adopted a no-hedge policy ƒ Eliminate hedges opportunistically over time ƒ Reduced position from a high of: 24.1 M oz or 29% of reserves to 15.5 M oz or 18% of reserves at year-end 2003 ƒ 8.6 M oz were eliminated at substantially lower

  13. Slide 13: Investment Highlights

    BARRICK GOLD CORPORATION February 2004 INVESTMENT HIGHLIGHTS ƒ Steady Current Operations ƒ Solid Reserve Base ƒ Robust Exploration & Development Pipeline ƒ Strong Balance Sheet ƒ Lowest Cost Major Producer ƒ Growing Production

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