Barrick Gold Corp. - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht
|Indizes||Dow Jones KanadaS&P/TSX 60S&P/TSX Composite|
|Rohdaten nach||US GAAP in Millionen USD|
|Letztes Bilanz Update||31.03.2017|
|Fundamental Verhältnisse errechnet am: 21.07.2017|
Barrick is a corporation governed by the Business Corporations Act (Ontario) resulting from the amalgamation, effective July 14, 1984, of Camflo Mines Limited, Bob-Clare Investments Limited and the former Barrick Resources Corporation. By articles of amendment effective December 9, 1985, the Company changed its name to American Barrick Resources Corporation. Effective January 1, 1995, as a result of an amalgamation with a wholly-owned subsidiary, the Company changed its name from American Barrick Resources Corporation to Barrick Gold Corporation. On December 7, 2001, in connection with its acquisition of Homestake Mining Company (“Homestake”), the Company amended its articles to create a special voting share, which has special voting rights designed to permit holders of Barrick Gold Inc. (formerly Homestake Canada Inc.) (“BGI”) exchangeable shares to vote as a single class with the holders of Barrick common shares. In March 2009, in connection with Barrick’s redemption of all of the outstanding BGI exchangeable shares, the single outstanding special voting share was redeemed and cancelled. In connection with its acquisition of Placer Dome Inc. (“Placer Dome”), Barrick amalgamated with Placer Dome pursuant to articles of amalgamation dated May 9, 2006. In connection with the acquisition of Arizona Star Resource Corp. (“Arizona Star”), Barrick amalgamated with Arizona Star pursuant to articles of amalgamation dated January 1, 2009. Barrick’s head and registered office is located at Brookfield Place, TD Canada Trust Tower, 161 Bay Street, Suite 3700, Toronto, Ontario, M5J 2S1.
A significant portion of Barrick’s business is carried on through its subsidiaries. A chart showing Barrick’s mines, projects, related operating subsidiaries, other significant subsidiaries and certain associated subsidiaries as at March 21, 2016 and their respective locations or jurisdictions of incorporation, as applicable, is set out at the end of this “General Information” section. All subsidiaries, mines and projects referred to in the chart are 100% owned, unless otherwise noted.
Areas of Interest
A map showing Barrick’s mining operations and projects as at March 21, 2016, including those mines held through Barrick’s equity interest in Acacia Mining plc (“Acacia”), is set out at the end of this “General Information” section.
General Development of the Business
Barrick entered the gold mining business in 1983 and is a leading international gold company. The Company has operating mines or projects in Canada, the United States, the Dominican Republic, Peru, Chile, Argentina, Tanzania, Zambia, Australia, Papua New Guinea and Saudi Arabia. The Company’s principal products and sources of earnings are gold and copper.
During its first ten years, Barrick focused on acquiring and developing properties in North America, notably the Company’s Goldstrike property on the Carlin Trend in Nevada. Since 1994, Barrick has strategically expanded beyond its North American base and now operates on five continents.
Barrick’s corporate strategy is focused on maximizing risk-adjusted rates of return and free cash flow per share through a disciplined approach to capital allocation. Capital allocation decisions are evaluated against the Company’s 15% hurdle rate. As part of this strategy, all capital allocation options, including returns to shareholders, organic investment, acquisitions, and other expenditures, have been, and will continue to be, ranked and prioritized to meet certain key objectives including generating returns to shareholders, aggressively reducing costs, strengthening Barrick’s balance sheet, optimizing Barrick’s asset portfolio around the world including by divesting those assets that do not meet these criteria and investing in assets that do,and reducing geopolitical risk. Barrick carried out the following initiatives in 2013, 2014, 2015 and thus far in 2016 in accordance with its corporate strategy:
In July 2013, Barrick completed the sale of its Barrick Energy oil and gas business segment for consideration of $435 million, consisting of $387 million in cash and a future royalty valued at $48 million. As of August 2013, the Company decided to initiate closure of its Pierina mine in Peru. On September 30, 2013, Barrick completed the sale of the Company’s Yilgarn South assets, which are the Granny Smith, Lawlers and Darlot mines in Australia, for total proceeds of $266 million, consisting of $135 million in cash and $131 million in Gold Fields Limited shares.
In November 2013, Barrick completed a bought deal equity offering of 163.5 million common shares at a price of $18.35 per common share for net proceeds of approximately $2.9 billion. Barrick used the net proceeds of the offering to strengthen the Company’s balance sheet and improve its long-term liquidity position by using approximately $2.6 billion to redeem or repurchase outstanding short- and medium-term debt.
During the fourth quarter of 2013, Barrick announced the temporary suspension of construction at its Pascua-Lama project in Chile and Argentina, except for those activities required for environmental and regulatory compliance. The Company had previously suspended construction activities on the Chilean side of the project, except for those activities deemed necessary for environmental protection, during the second quarter of 2013 as a result of the issuance of a preliminary injunction. The ramp-down was completed on schedule and budget in mid-2014. In late 2015, a temporary suspension plan for the Pascua-Lama project was approved by the mining authorities in Chile and Argentina. See “Narrative Description of the Business – Operating Segments – Pascua-Lama Project.”
On January 31, 2014, Barrick completed the sale of its Plutonic mine in Australia for total cash consideration of A$25 million. On March 1, 2014, Barrick completed the sale of its Kanowna mine in Australia for total cash consideration of A$75 million, subject to certain closing adjustments. On March 11, 2014, Barrick completed the divestment of a portion of its equity interest in Acacia, raising gross proceeds of $186 million (for more information about Acacia, see “Narrative Description of the Business – Operating Segments – Acacia Mining plc”). Following this partial divestment, Barrick’s equity interest in Acacia was reduced from 73.9% to 63.9%. On April 4, 2014, the Company completed the sale of its minority interest in the Marigold mine in Nevada for total cash consideration of $86 million. On December 3, 2014, Barrick formed a joint venture with Saudi Arabian Mining Company (Ma’aden), which is 50% owned by the Saudi Arabian government, to operate the Jabal Sayid project. Ma’aden acquired its 50% interest in Ma’aden Barrick Copper Company, the new joint venture company established to hold the Jabal Sayid assets, for cash consideration of $216 million (for more information about the Jabal Sayid project, see “Exploration and Evaluations”).
In the third quarter of 2014, Barrick implemented an executive management structure that places a greater emphasis on operational excellence and the acceleration of portfolio optimization and cost reduction initiatives, while fostering a partnership culture. Barrick appointed two Co-Presidents and eliminated the Chief Executive Officer role as part of this structure. In the third quarter of 2015, in connection with the retirement of one of the Co-Presidents, Barrick refined its management structure to give the President overall responsibility for execution of the Company’s strategic priorities.
In 2015, Barrick reduced its total debt by $3.1 billion, exceeding an original debt reduction target of $3 billion for the year, through a combination of normal course repayments and early debt retirements. Barrick completed the following transactions in 2015 and 2016 as part of this debt reduction strategy. On July 23, 2015, Barrick completed the sale of the Cowal mine in Australia for cash consideration of $550 million. On August 31, 2015, Barrick completed the sale of 50% of its interest in the Porgera mine in Papua New Guinea to Zijin Mining Group Company (“Zijin”) for cash consideration of $298 million. On September 29, 2015, Barrick closed a gold and silver streaming transaction with Royal Gold, Inc. (“Royal Gold”) for production linked to Barrick’s 60 percent interest in the Pueblo Viejo mine in the Dominican Republic. Royal Gold made an upfront cash payment of $610 million and will continue to make cash payments for gold and silver delivered under the agreement (for more information about the Pueblo Viejo streaming transaction, see “Material Properties – Pueblo Viejo Mine”). On December 1, 2015, Barrick completed the sale of 50% of its Zaldívar copper mine in Chile to Antofagasta Plc for total consideration of $1.005 billion. Barrick received $950 million upon closing of the transaction, net of $10 million for working capital items, $20 million being held in escrow pending finalization of the working capital adjustment and the remaining $25 million will be received over the next five years. On December 17, 2015, Barrick completed the sale of the Ruby Hill mine and Barrick’s 70% interest in the Spring Valley project, both in Nevada, to Waterton Precious Metals Fund II Cayman, LP for cash consideration of $110 million. On January 11, 2016, Barrick completed the sale of the Bald Mountain mine and Barrick’s 50% interest in the Round Mountain mine, both in Nevada, to Kinross Gold Corporation for cash consideration of $610 million.
On February 17, 2016, Barrick announced its intention to further reduce its total debt by at least $2 billion by the end of 2016. In furtherance of this debt reduction target, Barrick completed a cash tender offer on March 21, 2016, resulting in an approximately $718 million reduction in the principal amount of Barrick’s outstanding notes. The Company has a number of options to achieve the remaining targeted debt reductions for 2016, including through a combination of one or more of the following: using existing cash balances ($2.5 billion at December 31, 2015); maximizing free cash flow from operations by implementing a decentralized operating model with more efficient capital spending and reduced general and administrative costs; non-core asset sales; and joint ventures and strategic partnerships.
The Company has a number of orebodies around the world which hold sizeable economic potential, but which currently do not meet Barrick’s investment criteria. In the interim, the Company will spend the minimum amount of capital required to maintain the economic potential of these assets.
Through a combination of acquisitions and its exploration program, Barrick has several projects at varying stages of development. In 2015, the Company completed four studies on projects that have the potential to replace or accelerate gold production, one at each of the Cortez property, Goldrush project, Lagunas Norte mine and Turquoise Ridge mine. All of Barrick’s projects are evaluated against the Company’s 15% hurdle rate as they advance through each stage of the development process. Capital estimates contained within prefeasibility studies may increase or decrease as a result of changes incorporated at the feasibility study stage. For 2016, subject to permitting and other matters, the timing of which are not in Barrick’s control, Barrick expects to spend approximately $50 to $100 million (2015: $61 million) of its total capital expenditures on projects. For additional information regarding Barrick’s projects and the four studies mentioned above, see “Material Properties – Cortez Property,” “Exploration and Evaluations,” “Material Properties – Lagunas Norte Mine,” and “Narrative Description of the Business – Operating Segments – Turquoise Ridge.”
Barrick’s exploration activity is focused on prospective land positions and Barrick prioritizes exploration targets to optimize the investment in exploration programs. Barrick’s exploration programs strike a balance between high-quality brownfield projects, greenfield exploration, and emerging discoveries that have the potential to become profitable mines. For additional information regarding Barrick’s exploration programs and new discoveries, see “Exploration and Evaluations.”
Total revenues in 2015 were $9.0 billion, a decrease of $1.2 billion, or 12%, compared to 2014, primarily due to lower realized gold and copper prices combined with lower gold sales volumes. In 2015, gold and copper revenues totaled $7.8 billion and $1.0 billion, respectively, with gold down 11%, compared to the prior year due to lower realized gold prices and sales volumes, and copper down 18% compared to the prior year due to lower realized copper prices. Realized gold prices of $1,157 per ounce in 2015 were down 9% compared to the prior year, principally due to the 8% decline in market gold prices in 2015. Realized copper prices for 2015 were $2.37 per pound, down 22% compared to the prior year due to a decline in market copper prices in 2015. For an explanation of realized price, see “Non-GAAP Financial Measures – Realized Prices.” In 2015, Barrick reported a net loss of $2.8 billion, including after-tax impairment charges of $3.1 billion primarily related to the Company’s Goldstrike, Zaldívar and Pueblo Viejo mines and Pascua-Lama project, compared to a net loss of $2.9 billion in 2014. Adjusted net earnings were $344 million compared to adjusted net earnings of $793 million in 2014 (for an explanation of adjusted net earnings, see “Non-GAAP Financial Measures – Adjusted Net Earnings and Adjusted Net Earnings per Share”). The significant adjusting items (net of tax and non-controlling interest effects) in 2015 include: impairment charges of $3.1 billion, which includes $2.2 billion in goodwill impairments primarily related to Barrick’s Goldstrike, Zaldívar and Pueblo Viejo mines and $0.90 billion in asset impairments primarily related the Pascua-Lama project and Pueblo Viejo mine; $177 million on unrealized foreign currency translation losses primarily related to value added tax (“VAT”) recoverable in connection with the development of the Argentine side of the Pascua-Lama project; and $118 million in costs arising from changes in accounting for mine supplies inventory and inventory impairments at the Buzwagi mine; partially offset by $263 million of gains on the sale of assets including the Cowal and Ruby Hill mines, 50% interest in Barrick’s Porgera and Zaldívar mines and Spring Valley project; and $50 million in gains on the extinguishment of debt.
In 2015, Barrick’s gold production was 6.12 million ounces, 2% lower than 2014 gold production, with all-in sustaining cash costs of $831 per ounce and cash costs of $596 per ounce and cost of sales of $5.9 billion. Barrick’s copper production in 2015 was 511 million pounds of copper, 17% higher than 2014 copper production, with C1 cash costs of $1.73 per pound, all-in sustaining costs of $2.33 per pound and cost of sales of $0.81 billion. In 2014, Barrick produced 6.25 million ounces of gold, with all-in sustaining cash costs of $864 per ounce and cash costs of $598 per ounce, and 436 million pounds of copper, with C1 cash costs of $1.92 per pound and all-in sustaining costs of $2.79 per pound. For an explanation of all-in sustaining cash costs per ounce, cash costs per ounce, C1 cash costs per pound and all-in sustaining costs per pound, refer to “Non-GAAP Financial Measures – Cash costs per ounce, All-in sustaining costs per ounce, All-in costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound.”