Barrick Reports Fourth Quarter and Full Year 2012 Results

TORONTO, ONTARIO--(Marketwire - Feb 14, 2013) -

FOURTH QUARTER AND YEAR-END REPORT 2012

Based on IFRS and expressed in US dollars. For a full explanation of results, the Financial Statements and Management Discussion & Analysis, please see the company''s website, www.barrick.com.

Barrick Gold Corporation (ABX)(ABX.TO) (Barrick or the "company") today reported fourth quarter and full year 2012 results and reinforced a model for stricter, more disciplined capital allocation to improve shareholder returns and drive the future direction of the company.

"Investors are rightfully demanding fundamental change in the gold industry, and Barrick is driving this new paradigm," said Jamie Sokalsky, President and Chief Executive Officer of Barrick. "Rising costs, poor capital allocation and the pursuit of production growth at any cost in the industry have led to declining equity valuations across the sector. The message is clear: the industry must chart a new path forward. Barrick highlighted the need for change last year, and we are increasingly taking strong action and re-focusing our business based on the principle that returns will drive production, production will not drive returns."

FOURTH QUARTER/FULL YEAR 2012 RESULTS AND 2013 OUTLOOK

The company reported a fourth quarter 2012 net loss of $3.06 billion ($3.06 per share), including a $4.2 billion after-tax impairment charge primarily related to our copper business unit. Adjusted net earnings were $1.11 billion ($1.11 per share)⁽¹⁾.

For the full year 2012, Barrick reported a net loss of $0.67 billion ($0.66 per share), including after-tax impairment charges of $4.4 billion. Adjusted net earnings of $3.83 billion ($3.82 per share) were the second highest in the company''s history.

• We recorded a total after-tax asset and goodwill impairment charge of $3.8 billion for the copper business unit in the fourth quarter, as the new life-of-mine model for Lumwana reflects higher operating and sustaining capital costs and reduced profitability.
  

• Full year 2012 operating cash flow of $5.44 billion was a company record.
  

• Pascua-Lama estimates confirmed: $8.0-$8.5 billion in capex and first production targeted for the second half of 2014.
  

• Pueblo Viejo now in commercial production; ramp up to full production expected in the second half of 2013.
  

• Replaced total gold reserves and doubled the resource at Goldrush in Nevada.
  

• Strong operating results with fourth quarter and full year 2012 gold production of 2.02 million ounces and 7.42 million ounces, respectively.
  

• Gold all-in sustaining cash costs for the fourth quarter and full year 2012 of $972 per ounce⁽¹⁾ and $945 per ounce, respectively. Total cash costs were $584 per ounce⁽¹⁾ for the fourth quarter and full year.
  

• 2013 gold production is expected to be 7.0-7.4 million ounces at all-in sustaining cash costs of $1,000-$1,100 per ounce and total cash costs of $610-$660 per ounce. Total capex for 2013 is anticipated to be $5.7-$6.3 billion.
  

"Barrick''s strategy prioritizes shareholder value creation by focusing on maximizing risk-adjusted rates of return and free cash flow through a disciplined approach to capital allocation," Mr. Sokalsky said. "The execution of this strategy will position the company to return more capital to shareholders over time. We made some significant initial progress in the second half of 2012 and we are taking further action in 2013 and beyond."

The company has taken and will undertake the following steps to re-focus the business and adhere to the principles of its disciplined capital allocation framework:

• Now reporting an all-in sustaining cash cost measure that is a more meaningful metric and better reflects the total cost of producing gold. This measure also reflects how we manage our business and is more aligned with the generation of increasing returns and free cash flow.

• Cut or deferred approximately $4 billion in previously budgeted capital spending.

• In today''s challenging environment, Barrick has no plans to build any new mines. We have a number of world class ore-bodies around the world which hold sizeable economic potential, but which currently do not meet our investment criteria. In the interim, we will spend the minimum amount of capital required to maintain the economic potential of these assets.

• We will also continue to advance our projects in Nevada, which is home to our rapidly expanding Goldrush deposit where we have more than doubled the gold resource over the past year. Nevada is a core operating region for Barrick and is the cornerstone of our success. Nevada contributed over 40 percent of our total 2012 production and represents about a third of our total 2012 reserves.

• In light of the impairment and higher than anticipated costs at Lumwana, and in accordance with our rigorous investment standards, we do not intend to proceed at this time with mine expansion plans that were previously under consideration.

• Recalibrated long-term gold production to a higher quality, more profitable base of eight million ounces by 2016.

• Bringing in about 1.5 million ounces(2) of average annual production from Pueblo Viejo and Pascua-Lama at average all-in sustaining cash costs of $250-$350 per ounce(3) and average total cash costs of $100-$200 per ounce⁽³⁾. Including depreciation of mine construction capital, costs are expected to be $600-$700 per ounce⁽³⁾. Some of this new production is additive and contributes to our targeted production base, while some replaces shorter life, higher cost production.

• Pursuing and actively engaged in realizing opportunities to rationalize our portfolio, including the sale of Barrick Energy and other non-core assets with short mine lives and high operating costs.

• Launched a company-wide overhead review. As an initial step, we have reduced 2013 company-wide overhead costs by over $100 million and expect further reductions through the review process.

2012 OPERATING HIGHLIGHTS AND 2013 GUIDANCE
	2012	2013
Gold	Fourth Quarter	Full Year	Guidance
Production (000s of ounces)	2,019	7,421	7,000-7,400
All-in sustaining cash costs ($ per ounce)	972	945	1,000-1,100
Total cash costs ($ per ounce)	584	584	610-660
Copper
Production (millions of pounds)	130	468	480-540
C1 cash costs ($ per pound)(4)	2.07	2.17	2.10-2.30
C3 fully allocated costs ($ per pound)(4)	3.04	2.97	2.60-2.85

2013 is a relatively low production year for Barrick for a number of reasons:

• Lower production from Goldstrike primarily due to lower throughput capacity while the autoclaves are being modified as part of the thiosulphate project. These modifications are expected to be completed in 2014 and will result in increased overall throughput for this flagship operation;

• Reduced production from Cortez as mining is restricted to a low grade zone of the open pit while we work through pit wall stability issues, which are expected to be fully resolved by late 2014;

• Lagunas Norte is entering a zone of lower grade and higher sulphide ore in 2013. Construction of a carbon-in-column circuit is anticipated to be completed by the end of 2013 and will allow for a better, long term exploitation of the mine;

• A transition to lower grade ore at Veladero before returning to higher grade ore in 2015 after completion of a significant waste stripping campaign; and,

• Lower 2013 production guidance for African Barrick Gold.

A number of these factors are transitory, and we are maintaining our production guidance of eight million ounces by 2016.

ADOPTING ALL-IN SUSTAINING CASH COST MEASURE

Current operating measures used in the gold industry do not capture all of the sustaining expenditures incurred in order to produce gold, and therefore do not reflect a complete picture of operating performance, the ability to generate free cash flow from operations, or the expenditures that would be included in the valuation of a gold mining company. For these reasons, Barrick has been working with the members of the World Gold Council (WGC) to define an all-in sustaining cash cost measure that better represents the total cost of producing gold. This is a more meaningful measure and is consistent with our goal of generating higher returns and free cash flow under our disciplined capital allocation framework.

A final standard to define all-in sustaining cash costs is expected to be finalized by the members of the WGC in the middle of 2013 and Barrick will conform its disclosure to the measure that is ultimately approved. Our current definition of all-in sustaining cash costs starts with total cash costs and adds sustaining capital expenditures, general and administrative costs, mine site exploration and evaluation costs, and environmental rehabilitation costs. We are adopting this new measure for 2013 and expect all-in sustaining cash costs this year of $1,000-$1,100 per ounce compared to $945 per ounce in 2012. As part of our sharp focus on cost management, we continue to evaluate a broad spectrum of ways to meaningfully reduce these costs.

DISCIPLINED CAPITAL ALLOCATION TO DRIVE FUTURE DIRECTION

All capital allocation options, including returns to shareholders, organic investment, acquisitions, and other expenditures, will be ranked and prioritized under our disciplined capital allocation framework, which includes the following key objectives:

• Returns to Shareholders: A commitment to pass through to shareholders the benefits and capital inflow as a result of pursuing this model, including through a strong dividend policy.

• Returns Driving Production: Production decisions to be made based on generating appropriate risk-adjusted rates of return and free cash flow as opposed to ''growth for growth''s sake''.

• Aggressive Cost Management: Reducing costs, including company-wide overhead costs and sustaining capital. An ongoing review of our cost structure is an integral part of the management of our business.

• Portfolio Optimization: Scrutinizing our portfolio of assets around the world and divesting those that do not meet specific criteria, including risk-adjusted return thresholds, free cash flow generation, operating performance and reserve life, and investing in assets that do meet these criteria.

• Reduction of Geopolitical Risk: Focusing on high-return, low cost assets in less risky geopolitical jurisdictions.

PASCUA-LAMA PROJECT UPDATE

Pascua-Lama is a world class resource with nearly 18 million ounces of proven and probable gold reserves, 676 million ounces of silver contained within the gold reserves, and a mine life of 25 years. It is expected to produce an average of 800,000-850,000 ounces of gold and 35 million ounces of silver in its first full five years of operation at all-in sustaining cash costs of $50-$200 per ounce⁽⁵⁾ and total cash costs of $0 to negative $150 per ounce⁽⁵⁾. Including depreciation of mine construction capital, costs are expected to be $550-$700 per ounce⁽⁶⁾.

During the fourth quarter, the cost estimate and schedule for the project was finalized. Expected total mine construction capital remains unchanged in the range of $8.0 to $8.5 billion, and includes a contingency of 15-20 percent of remaining capital. First gold production continues to be targeted for the second half of 2014. Incentives for both Fluor and Techint are based on the completion of the project in line with this estimate and schedule.

As of December 31, 2012, approximately $4.2 billion had been spent and construction was approximately 40 percent complete, largely in line with plan. The four kilometer long tunnel which conveys the ore from Chile to Argentina was approximately 70 percent complete. Construction of the primary crusher in Chile commenced in January 2013 and in Argentina, construction of the process plant facility advanced with approximately 60 percent of structural steel erected.

During the fourth quarter of 2012, pre-stripping activities were halted to address certain matters that are the subject of ongoing legal and regulatory processes. To date, the suspension of pre-stripping has not altered our target of first production in the second half of 2014; however, the outcomes of these processes are uncertain. We will continue to assess the potential for impacts on the timing of first gold.

FINANCIAL RESULTS

"The first step towards increasing returns to shareholders is to have the underlying business running well. For 2012, we delivered record annual operating cash flow, and the second-highest adjusted earnings per share in Barrick''s history," said Mr. Sokalsky. "My overriding objective, and that of everyone at Barrick today, is to translate our company''s strengths and results into higher rates of return, more free cash flow, and ultimately, superior shareholder returns."

Fourth quarter 2012 adjusted net earnings were $1.11 billion ($1.11 per share) compared to $1.17 billion ($1.17 per share) in the same prior year period. The lower adjusted net earnings primarily reflect higher gold and copper costs and lower realized copper prices. These impacts were partially offset by a higher realized gold price, higher gold and copper sales volumes and lower income tax expense.

The net loss for the fourth quarter was $3.06 billion ($3.06 per share) compared to net earnings of $0.96 billion ($0.96 per share) in the same prior year quarter. The current period net loss includes the impact of a $4.2 billion after-tax impairment charge. Significant adjusting items include:

• $3.8 billion in after-tax impairment charges attributable to our copper business.

• $0.4 billion in after-tax asset impairment charges primarily due to various properties in our oil and gas business unit and to our investment in Reko Diq.

Fourth quarter operating cash flow rose 37 percent to $1.67 billion compared to $1.22 billion in the fourth quarter of 2011. Adjusted operating cash flow of $1.75 billion⁽⁷⁾ for the quarter increased 35 percent from $1.30 billion in the same prior year period. The higher operating cash flow and adjusted operating cash flow primarily reflects higher realized gold prices, lower income tax payments, and a decrease in net working capital outflow, partially offset by lower net earnings. Fourth quarter adjusted EBITDA was $2.17 billion⁽⁷⁾ compared to $2.21 billion in the prior year period.

Full year 2012 adjusted net earnings of $3.83 billion ($3.82 per share) compare to $4.67 billion ($4.67 per share) in 2011. The 2012 net loss of $0.67 billion ($0.66 per share) includes after-tax impairment charges of $4.4 billion and compares to net earnings of $4.48 billion ($4.49 per share) in 2011. Operating cash flow was a record $5.44 billion in 2012 compared to $5.32 billion in 2011 and adjusted operating cash flow was $5.16 billion in 2012 compared to $5.68 billion in 2011. Adjusted full year EBITDA was $7.46 billion compared to $8.61 billion in 2011.

OPERATING RESULTS

Full year 2012 production of 7.42 million ounces met original guidance for the year. All-in sustaining cash costs for the year were $945 per ounce and total cash costs of $584 per ounce were within recent guidance. Fourth quarter production was 2.02 million ounces at all-in sustaining cash costs of $972 per ounce and total cash costs of $584 per ounce.

North America Regional Business Unit

North America produced 0.96 million ounces at all-in sustaining cash costs of $823 per ounce and total cash costs of $482 per ounce in the fourth quarter. Pre-commercial production from the new Pueblo Viejo mine in the fourth quarter was 65,000 ounces (Barrick''s 60 percent share), while plant commissioning advanced. The mine achieved commercial production in January, 2013. For 2013, Barrick''s share of production from Pueblo Viejo is anticipated to be 500,000-650,000 ounces at all-in sustaining cash costs of $525-$575 per ounce and total cash costs of $375-$425 per ounce⁽⁸⁾. The mine is expected to ramp up to full capacity in the second half of the year. Barrick''s share of average annual gold production in the first full five years of operation is anticipated to be 625,000-675,000 ounces at all-in sustaining cash costs of $500-$600 per ounce⁽⁹⁾ and total cash costs of $300-$350 per ounce⁽⁹⁾. Including depreciation of mine construction capital, costs are expected to be $650-$750 per ounce⁽¹⁰⁾.

The Cortez mine produced 0.35 million ounces at total cash costs of $242 per ounce in the fourth quarter. Cortez is expected to contribute 1.17-1.24 million ounces in 2013 at total cash costs of $255-$275 per ounce on lower grades and a change in the ore mix to more heap leach tons, which have lower recoveries.

Goldstrike produced 0.33 million ounces in the fourth quarter at total cash costs of $506 per ounce, reflecting lower grades and lower tonnes processed through the autoclave. Production in 2013 is forecast to be 0.87-0.94 million ounces at total cash costs of $680-$700 per ounce, primarily due to reduced autoclave capacity associated with construction of the thiosulphate project, which is expected to be completed in mid-2014.

North America is anticipated to produce 3.55-3.70 million ounces in 2013, reflecting the ramp-up of Pueblo Viejo to full production in the second half, partially offset by lower expected production from Goldstrike and Cortez. All-in sustaining cash costs for 2013 are forecast to be $820-$870 per ounce. Expected total cash costs of $495-$545 per ounce reflect lower grades at these mines which are anticipated to offset lower cost ounces from Pueblo Viejo, as well as higher capitalized stripping costs.

South America Regional Business Unit

South America produced 0.46 million ounces at all-in sustaining cash costs of $742 per ounce and total cash costs of $528 per ounce in the fourth quarter. The Veladero mine contributed 0.22 million ounces at total cash costs of $577 per ounce, reflecting improved recoveries due to better leach pad kinetics and continued high inflation in Argentina. In 2013, Veladero is expected to produce 0.57-0.61 million ounces at total cash costs of $630-$670 per ounce as a result of lower grades.

Lagunas Norte produced 0.21 million ounces for the quarter at total cash costs of $298 per ounce with access to higher grades following the completion of the current phase of pit dewatering. In 2013, Lagunas Norte is expected to contribute 0.56-0.60 million ounces at total cash costs of $380-$420 per ounce as a result of lower grades and lower recovery on a higher proportion of sulfide ore.

South America is expected to produce 1.25-1.35 million ounces in 2013 at all-in sustaining cash costs of $875-$925 per ounce. Anticipated total cash costs of $550-$600 per ounce reflect lower grades at all mines, increased costs for consumables related to higher tonnage, a strengthening Peruvian currency and continued high inflation in Argentina.

Australia Pacific Regional Business Unit

Australia Pacific produced 0.47 million ounces at all-in sustaining cash costs of $1,247 per ounce and total cash costs of $801 per ounce in the fourth quarter. Production of 0.11 million ounces from Porgera at total cash costs of $929 per ounce was impacted by pit wall remediation activities that prevented mining in higher grade zones of the pit. Porgera is expected to produce 0.43-0.48 million ounces in 2013 following the completion of remediation activities that will allow full access to the underground. Total cash costs for Porgera in 2013 are anticipated to be $1,000-$1,100 per ounce, reflecting higher mining costs associated with a full year of underground production.

Production for Australia Pacific in 2013 is expected to be 1.70-1.85 million ounces at all-in sustaining cash costs of $1,200-$1,300 per ounce and total cash costs of $880-$950 per ounce, which is consistent with 2012 but with higher costs at Porgera, as well as higher labor costs in general.

African Barrick Gold plc

Fourth quarter attributable production from African Barrick Gold was 0.13 million ounces at all-in sustaining cash costs of $1,302 per ounce and total cash costs of $958 per ounce as a result of better plant performance at Buzwagi and higher grades at both North Mara and Buzwagi, which more than offset lower production from Bulyanhulu and Tulawaka. Barrick''s share of 2013 production from African Barrick Gold is expected to be 0.40-0.45 million ounces at all-in sustaining cash costs of $1,550-$1,600 per ounce and total cash costs of $925-$975 per ounce, reflecting lower anticipated production from Bulyanhulu, the expected closure of Tulawaka in the first half of 2013, and higher labor and power costs.

Global Copper Business Unit

Copper production in the fourth quarter was 130 million pounds at C1 cash costs of $2.07 per pound and C3 fully allocated costs of $3.04 per pound. For the full year 2012, production was 468 million pounds at C1 cash costs of $2.17 per pound and C3 fully allocated costs of $2.97 per pound. Lumwana''s performance improved in the fourth quarter with production of 56 million pounds at C1 cash costs of $2.76 per pound. The Zaldívar copper mine in Chile had a strong quarter, contributing 74 million pounds at C1 cash costs of $1.73 per pound.

We have prepared a new life-of-mine (LOM) plan for Lumwana, which reflects information obtained from the exploration and infill drilling program that was completed late in the fourth quarter of 2012. The purpose of the drilling program was to better define the limits of mineralization and develop an updated, more comprehensive block model of the ore body for mine planning purposes. After this drilling was completed, the ore body did not meet our economic expectations. While the drilling increased reserves and defined significant additional mineralization, some at higher grades, much of it was deep and would require a significant amount of waste stripping, which makes it uneconomic based on our expected operating costs and current market copper prices. At higher copper prices, however, much of this copper will be economic and come into reserves and resources.

The new LOM plan also reflects revised operating and sustaining capital costs after results of the drill program were incorporated into a new block model for the life-of-mine plan. The revised LOM cost estimates - under present copper price assumptions - reduced expected copper production and, in turn, profitability over the mine life. As a result, we have recorded an after-tax asset impairment charge of $3.0 billion for Lumwana in the fourth quarter. We also recorded a goodwill impairment of $0.8 billion for the copper business unit for a total charge of $3.8 billion. We continue to progress a number of key initiatives to lower costs, including improvements to operating systems and processes, and a full transition to an owner maintained operation. A focus on higher utilization and productivity of the mining fleet has also been identified as one of the major opportunities to improve value. Until we can improve mining costs, and/or copper prices increase, the expansion opportunity to increase the throughput capacity of the processing plant does not meet our investment criteria. The company will only invest capital if it generates acceptable rates of return suitable to the size of the capital investment. We will not invest capital simply to increase production.

"When we bought Equinox, our view was that Lumwana was a very long life mine, with exceptional resource potential in the Chimiwungo area," said Jamie Sokalsky. "Unfortunately, our new mining plan projects mining costs to be higher than we anticipated, resulting in a significant impairment. Clearly, our focus is on significant cost reduction and with the new focused leadership team and an enhanced understanding of the asset, we are in a better position to identify changes that would improve free cash flow. Our 2013 guidance reflects realistic expectations for an improvement over 2012; however, we need to implement a significant change in the mine''s future performance in order to realize its potential. Our view of the resource potential has been validated by the results of our exploration program - Lumwana has an enormous mineral inventory and tremendous leverage to higher copper prices. As copper becomes more difficult to find and demand increases, we stand to benefit substantially from having this asset in our portfolio."

Our 2013 production guidance for Lumwana is 210-250 million pounds of copper at C1 cash costs of $2.70-$3.10 per pound and C3 fully allocated costs of $3.20-$3.60 per pound. A stronger second half is expected following the end of the annual rainy season. The Zaldívar mine is expected to produce 270-290 million pounds in 2013 at C1 cash costs of $1.55-$1.65 per pound and C3 fully allocated costs of $1.80-$1.90 per pound.

Utilizing option collar hedging strategies, the company has protected the downside on approximately 50 percent of its expected 2013 copper production at an average price of $3.50 per pound and can participate on the same amount up to an average price of $4.25 per pound⁽¹¹⁾.

RESERVE AND RESOURCE DEVELOPMENT

The company replaced proven and probable gold reserves for the seventh straight year to an industry-leading 140.2 million ounces(12) at the end of 2012, based on a $1,500 per ounce gold price⁽¹²⁾. In addition, measured and indicated resources were 83.0 million ounces and inferred resources were 35.6 million ounces, based on a $1,650 per ounce gold price. Copper reserves increased to 13.9 billion pounds based on a copper price of $3.00 per pound. Measured and indicated resources and inferred copper resources decreased to 10.3 billion pounds and 0.5 billion pounds, respectively, based on a copper price of $3.50 per pound, primarily due to the exclusion of Reko Diq from our 2012 resources.

RESERVES AND RESOURCES
Gold (millions of ounces)	2012	2011
Proven and Probable Reserves	140.2	139.9
Measured and Indicated Resources	83.0	80.4
Inferred Resources	35.6	40.2
Copper (billions of pounds)
Proven and Probable Reserves	13.9	12.7
Measured and Indicated Resources	10.3	15.3
Inferred Resources	0.5	19.9

The 2013 exploration budget is $400-$440 million⁽¹³⁾, of which approximately 45 percent will be capitalized. The budget is weighted towards near-term resource additions and conversion at our existing mines, where we believe there is excellent potential to make new discoveries and to expand reserves and resources. North America will be allocated approximately 50 percent of the budget, the majority of which is targeted for Nevada. Australia Pacific will receive about 18 percent of the budget, copper will be allocated about 16 percent and South America about 14 percent, with the balance being for African Barrick Gold.

In Nevada, drilling in 2012 doubled and upgraded the resource base at Goldrush. The updated measured and indicated resource of 8.4 million ounces represents more than a 500 percent increase from 2011. Additionally, there are 5.7 million ounces in the inferred category. The footprint of the deposit has more than doubled to greater than seven kilometers, and the system still remains open in multiple directions. As this project advances through prefeasibility, a number of development options are being considered, including open pit mining, underground mining, or a combination of both. In addition, shallow mineralization has been encountered to the west, and high grade mineralization has been encountered to the north, which provides flexibility on mining and development options.

The greater Cortez area contains substantial district-scale opportunities, including a new parallel exploration trend identified to the west of Goldrush, and the northern, eastern and southern extensions of the Goldrush system. Exploration drilling programs will be focused on growing and upgrading the resource base, delineating the extent of the system and exploring the potential for extensions to the north and south. In addition, the potential of the newly identified parallel trend to the west will be assessed. A scoping study has been recently completed, and a prefeasibility study is underway in parallel with continuing exploration work and technical studies. This district is a cornerstone of Barrick''s past, current and future success, and is located in Nevada, a mining oriented state with significant infrastructure and operational capabilities.

CHANGE IN SENIOR MANAGEMENT

The company announced today that Executive Vice President and Chief Operating Officer (COO) Igor Gonzales will retire this year but intends to remain with the company until his successor is appointed to ensure an orderly transition. The process will begin immediately with a global search. Mr. Gonzales joined Barrick in 1998 and has played a key role in the growth of Barrick''s South America business unit, overseeing the development of the Pierina and Lagunas Norte mines in Peru, before taking on responsibility for the entire region, including the Veladero mine in Argentina and the Zaldívar copper mine in Chile. "Igor has made an immense contribution to the growth and success of Barrick over the past 14 years," said Jamie Sokalsky. "He has been an outstanding leader and a role model to many at Barrick and we will sincerely miss him. On behalf of the entire company, I would like to extend my gratitude to Igor for his many contributions and offer our best wishes for a fulfilling retirement."

CORPORATE RESPONSIBILITY

Barrick continues to be recognized for its strong corporate responsibility culture. In 2012, the company was listed for the fifth consecutive year on the Dow Jones Sustainability World Index and was also ranked among the top 100 sustainable companies in the world by NASDAQ. The CSR Advisory Board met twice during 2012 to provide input to Barrick management on our corporate responsibility performance and advice on a broad range of these matters. In 2012, we also continued to implement global human rights compliance programs aligned with the UN Guiding Principles on Business and Human Rights. We are also conducting human rights assessments, which will be carried out for all sites and projects over a three year period, and advanced human rights training programs for our employees.

OUTLOOK AND GUIDANCE

The company anticipates 2013 gold production to be in the range of 7.0-7.4 million ounces, reflecting a change in the production mix as higher production in North America is offset by lower production in South America. All-in sustaining cash costs for 2013 are expected to be $1,000-$1,100 per ounce. Total cash costs of $610-$660 per ounce for 2013 principally reflect the impact of lower ore grades on production levels in South America, North America and Australia Pacific, combined with rising labor costs due to significant inflation in certain parts of South America, and increasing power, fuel and maintenance costs in Australia Pacific.

Copper production in 2013 is expected to increase to 480-540 million pounds, primarily reflecting improved production from Lumwana. Total C1 cash costs of $2.10-$2.30 per pound anticipated for 2013 reflect similar costs for Zaldívar and lower costs at Lumwana compared to 2012. C3 fully allocated costs are expected to be $2.60-$2.85 per pound.

As part of our focus on cost control, we have reduced company-wide overhead costs for 2013 by over $100 million and expect further reductions through the ongoing, company-wide review process. Total capital expenditures of $5.7-$6.3 billion⁽¹⁴⁾ expected for 2013 reflect accounting changes that result in higher capitalization of operating costs related to waste stripping and capitalization of Goldrush exploration costs. Minesite sustaining expenditures are forecast to be lower than 2012 at $1.0-$1.1 billion. Project capital expenditures are anticipated to be in the range of $2.7-$3.0 billion(15), reflecting the ramp-up in construction activity at Pascua-Lama, partly offset by lower expenditures at Pueblo Viejo following commencement of commercial production. Mine development expenditures are expected to total $1.20-$1.30 billion. Mine site expansion capital is anticipated to be $800-$900 million⁽¹⁵⁾, including expenditures on development projects at Goldstrike, Cortez and Lagunas Norte. Higher project expenditures and mine expansion expenditures are offset by a decrease in minesite sustaining expenditures and the results of our ongoing cost reduction efforts.

Outlook Assumptions and Economic Sensitivity Analysis

		2013 Guidance Assumption	Hypothetical Change		Impact on Total Cash Costs	Impact on EBITDA (millions)
Gold revenue		$1,700/oz(1)	$50/oz		n/a	$350 - $370
Copper revenue(2)		$3.50/lb(1)	+ $0.25/lb		n/a	$120 - $130
		$3.50/lb(1)	- $0.25/lb		n/a	$60 - $70
Gold total cash costs
	Gold price effect on royalties	$1,700/oz	$50/oz		$1.30/oz	$10
	WTI crude oil price(3)	$90/bbl	$10/bbl		$1.25/oz	$9
	Australian dollar exchange rate(3)	1 : 1	10	%	$11/oz	$80
Copper C1 cash costs
	WTI crude oil price(3)	$90/bbl	$10/bbl		$-	$1
	Chilean peso exchange rate(3)	475 : 1	10	%	$-	$-

(1)	We have assumed a gold price of $1,700 per ounce and copper price of $3.50 per pound, which are in line with current market prices.
(2)	Utilizing option collar strategies, the company has protected the downside on approximately 50 percent of its expected 2013 copper production at an average price of $3.50 per pound and can participate on the same amount up to an average price of $4.25 per pound.
(3)	Due to hedging activities we are largely protected against changes in these factors.

Interview with Jamie Sokalsky, President and CEO

A video interview with Jamie Sokalsky discussing 2012 results, company strategy and 2013 outlook is available at http://www.barrick.com/investors/CEO-results-interview.

Barrick''s vision is to be the world''s best gold mining company by operating in a safe, profitable and responsible manner. Barrick''s shares are traded on the Toronto and New York stock exchanges.

⁽¹⁾ Adjusted net earnings, adjusted net earnings per share, gold all-in sustaining cash costs per ounce and gold total cash costs per ounce are non-GAAP financial measures. See pages 60-67 of Barrick''s Year End 2012 Report.

⁽²⁾ About 1.5 million ounces is based on the estimated cumulative annual average production in the first full five years once both mines are at full capacity.

⁽³⁾ Based on first full five year average once both mines are at full capacity.

⁽⁴⁾ C1 cash costs per pound and C3 fully allocated costs per pound for copper are non-GAAP financial measures. See pages 60-67 of Barrick''s Year-End 2012 Report.

⁽⁵⁾ Based on first full five year average and gold, silver and WTI oil price assumptions of $1,700/oz, $30/oz and $90/bbl, respectively, and assuming a Chilean Peso assumption of 475:1. Does not include escalation for future inflation.

⁽⁶⁾ Based on first full five year average and includes mine construction capital of $8.0-$8.5 billion.

⁽⁷⁾ Adjusted operating cash flow and adjusted EBITDA are non-GAAP financial measures. See pages 60-67 of Barrick''s Year-End 2012 Report.

⁽⁸⁾ Actual results will vary depending on the how the ramp up progresses.

⁽⁹⁾ Based on first full five year average and gold and WTI oil price assumptions of $1,700/oz and $90/bbl, respectively. Does not include escalation for future inflation.

⁽¹⁰⁾ Based on first full five year average and includes mine construction capital of $3.7 billion.

⁽¹¹⁾ The realized price on all 2013 copper production is expected to be reduced by approximately $0.04 per pound as a result of the net premium paid on these strategies, while the remaining copper production is subject to market prices.

⁽¹²⁾ Calculated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. For United States reporting purposes, Industry Guide 7 (under the Securities Exchange Act of 1934), as interpreted by the Staff of the SEC, applies different standards in order to classify mineralization as a reserve. Accordingly, for U.S. reporting purposes, approximately 1.98 million ounces of reserves at Pueblo Viejo (Barrick''s 60 percent interest) is classified as mineralized material. For a breakdown of reserves and resources by category and additional information relating to reserves and resources, see pages 142-147 of Barrick''s 2012 Year-End Report.

⁽¹³⁾ Barrick''s exploration programs are designed and conducted under the supervision of Robert Krcmarov, Senior Vice President, Global Exploration of Barrick.

⁽¹⁴⁾ Represents Barrick''s share of expenditures.

⁽¹⁵⁾ Excludes capitalized interest.

Key Statistics
Barrick Gold Corporation			Three months ended					Twelve months ended
(in United States dollars)			December 31,					December 31,
(Unaudited)			2012			2011		2012			2011
Operating Results
Gold production (thousands of ounces)1			2,019			1,814		7,421			7,676
Gold sold (thousands of ounces)			2,027			1,865		7,292			7,550
Per ounce data
	Average spot gold price	$	1,722		$	1,688	$	1,669		$	1,572
	Average realized gold price2		1,714			1,664		1,669			1,578
	Total cash costs2		584			505		584			460
	Depreciation3		208			168		191			154
	Other4		12			17		12			16
	Total production costs		804			690		787			630
	All-in sustaining cash costs2		972			826		945			752
Copper production (millions of pounds)			130			143		468			451
Copper sold (millions of pounds)			154			135		472			444
Per pound data
	Average spot copper price	$	3.59		$	3.40	$	3.61		$	4.00
	Average realized copper price2		3.54			3.69		3.57			3.82
	C1 cash costs2		2.07			1.96		2.17			1.71
	Depreciation3		0.39			0.48		0.46			0.38
	Other5		0.58			0.03		0.34			0.21
	C3 fully allocated costs2		3.04			2.47		2.97			2.30
Financial Results (millions)
Revenues		$	4,189		$	3,761	$	14,547		$	14,236
Net (loss) earnings6			(3,062	)		959		(665	)		4,484
Adjusted net earnings2			1,108			1,166		3,827			4,666
EBITDA2			(4,023	)		1,998		987			8,376
Adjusted EBITDA2			2,173			2,210		7,457			8,611
Operating cash flow			1,672			1,224		5,439			5,315
Adjusted operating cash flow2			1,752			1,299		5,156			5,680
Per Share Data (dollars)
	Net (loss) earnings (basic)		(3.06	)		0.96		(0.66	)		4.49
	Adjusted net earnings (basic)2		1.11			1.17		3.82			4.67
	Net (loss) earnings (diluted)		(3.06	)		0.96		(0.66	)		4.48
Weighted average basic common shares (millions)			1,001			1,000		1,001			999
Weighted average diluted common shares (millions)7			1,001			1,002		1,001			1,001

	As at			As at
	December 31,			December 31,
	2012			2011
Financial Position (millions)
Cash and equivalents	$	2,093		$	2,745
Non-cash working capital		3,132			2,335
Adjusted debt2		13,680			13,058
Net debt2		11,599			10,320

1	Production includes our equity share of gold production at Highland Gold up to April 26, 2012, the effective date of our sale of Highland Gold. Production also includes African Barrick Gold on a 73.9% basis, which reflects our equity share of production.
2	Realized price, total cash costs, all-in sustaining cash costs, C1 cash costs, C3 fully allocated costs, adjusted net earnings, EBITDA, adjusted EBITDA, adjusted operating cash flow, adjusted debt, and net debt are non-GAAP financial performance measures with no standard definition under IFRS. See pages 60-67 of the Company''s MD&A.
3	Represents equity depreciation expense divided by equity ounces of gold sold or pounds of copper sold.
4	Represents the Barrick Energy gross margin divided by equity ounces of gold sold.
5	For a breakdown, see reconciliation of cost of sales to C1 cash costs and C3 fully allocated costs per pound on page 65 of the Company''s MD&A.
6	Net earnings represents net income attributable to the equity holders of the Company.
7	Fully diluted includes dilutive effect of stock options.

Production and Cost Summary

		Gold Production (attributable ounces) (000''s)						Total Cash Costs ($/oz)
		Three months ended			Twelve months ended			Three months ended					Twelve months ended
		December 31,			December 31,			December 31,					December 31,
(Unaudited)		2012	2011		2012	2011		2012		2011			2012		2011
Gold
	North America	956	761		3,493	3,382	$	482	$	498		$	500	$	426
	South America	459	446		1,631	1,872		528		357			467		358
	Australia Pacific	470	485		1,822	1,879		801		677			803		621
	African Barrick Gold1	134	118		463	509		958		779			949		692
	Other2	-	4		12	34		-		-			-		-
Total		2,019	1,814		7,421	7,676	$	584	$	505		$	584	$	460

	Copper Production (attributable pounds) (Millions)					C1 Cash Costs ($/lb)
	Three months ended			Twelve months ended		Three months ended					Twelve months ended
	December 31,			December 31,		December 31,					December 31,
(Unaudited)	2012	2011		2012	2011		2012		2011			2012		2011
Total	130	143		468	451	$	2.07	$	1.96		$	2.17	$	1.71

		Total Gold Production Costs ($/oz)
		Three months ended							Twelve months ended
		December 31,							December 31,
(Unaudited)			2012			2011				2012			2011
	Direct mining costs at market foreign exchange rates	$	623		$	549			$	620		$	506
	Gains realized on currency hedge and commodity hedge/economic hedge contracts		(58	)		(53	)			(51	)		(53	)
	Other3		(12	)		(17	)			(12	)		(16	)
	By-product credits		(17	)		(18	)			(17	)		(18	)
	Royalties		48			44				44			41
Total cash costs4			584			505				584			460
	Depreciation		208			168				191			154
	Other3		12			17				12			16
Total production costs		$	804		$	690			$	787		$	630
All-in sustaining cash costs4		$	972		$	826			$	945		$	752

	Total Copper Production Costs ($/lb)
	Three months ended					Twelve months ended
	December 31,					December 31,
(Unaudited)		2012		2011			2012		2011
C1 cash costs4	$	2.07	$	1.96		$	2.17	$	1.71
Depreciation		0.39		0.48			0.46		0.38
Other5		0.58		0.03			0.34		0.21
C3 fully allocated costs4	$	3.04	$	2.47		$	2.97	$	2.30

1	Figures relating to African Barrick Gold are presented on a 73.9% basis, which reflects our equity share of production.
2	Includes our equity share of gold production at Highland Gold up to April 26, 2012, the effective date of our sale of Highland Gold.
3	Represents the Barrick Energy gross margin divided by equity ounces of gold sold.
4	Total cash costs, all-in sustaining cash costs, C1 cash costs and C3 fully allocated costs are non-GAAP financial performance measures with no standard meaning under IFRS. See pages 62-65 of the Company''s MD&A.
5	For a breakdown, see reconciliation of cost of sales to C1 cash costs and C3 fully allocated costs per pound on page 65 of the Company''s MD&A.

Consolidated Statements of Income
Barrick Gold Corporation
For the years ended December 31 (in millions of United States dollars, except per share data)			2012			2011
Revenue (notes 5 and 6)		$	14,547		$	14,236
Costs and expenses
Cost of sales (notes 5 and 7)			7,654			6,240
Corporate administration			195			166
Exploration and evaluation (notes 5 and 8)			429			346
Other expense (note 9a)			633			576
Impairment charges (note 9b)			6,470			235
			15,381			7,563
Other income (note 9c)			69			248
Income (loss) from equity investees (note 14a)			(13	)		8
Gain on non-hedge derivatives (note 23e)			31			81
Income (loss) before finance items and income taxes			(747	)		7,010
Finance items
Finance income			11			13
Finance costs (note 12)			(177	)		(199	)
Income (loss) before income taxes			(913	)		6,824
Income tax recovery (expense) (note 10)			236			(2,287	)
Net income (loss)		$	(677	)	$	4,537
Attributable to:
Equity holders of Barrick Gold Corporation		$	(665	)	$	4,484
Non-controlling interests (note 30)		$	(12	)	$	53
			(677	)		4,537
Earnings per share data attributable to the equity holders of Barrick Gold Corporation (note 11)
Net income (loss)
	Basic	$	(0.66	)	$	4.49
	Diluted	$	(0.66	)	$	4.48

The notes to these unaudited consolidated financial statements, which are contained in the Fourth quarter and Year-end report, available on our website, are an integral part of these consolidated financial statements.

Consolidated Statements of Comprehensive Income
Barrick Gold Corporation
For the years ended December 31 (in millions of United States dollars)		2012			2011
Net income (loss)	$	(677	)	$	4,537
Other comprehensive income (loss), net of taxes
Unrealized gains (losses) on available-for-sale ("AFS") financial securities, net of tax $6, $9		(37	)		(91	)
Realized (gains) losses and impairments on AFS financial securities, net of tax $6, $5		34			36
Unrealized gains on derivative investments designated as cash flow hedges, net of tax $20, $41		167			370
Realized (gains) on derivative investments designated as cash flow hedges, net of tax $96, $93		(331	)		(413	)
Actuarial (losses) on post employment benefit obligations, net of tax $3, $13		(5	)		(22	)
Currency translation adjustments gain (loss), net of tax $nil, $nil		35			(36	)
Total other comprehensive loss		(137	)		(156	)
Total comprehensive income (loss)	$	(814	)	$	4,381
Attributable to:
Equity holders of Barrick Gold Corporation	$	(802	)	$	4,328
Non-controlling interests	$	(12	)	$	53

The notes to these unaudited consolidated financial statements, which are contained in the Fourth quarter and Year-end report, available on our website, are an integral part of these consolidated financial statements.

Consolidated Statements of Cash Flow
Barrick Gold Corporation
For the years ended December 31 (in millions of United States dollars)			2012			2011
OPERATING ACTIVITIES
Net income		$	(677	)	$	4,537
Adjustments for the following items:
	Depreciation		1,722			1,419
	Finance costs (excludes accretion)		123			147
Impairment charges (note 9b)			6,470			235
Income tax expense (note 10)			(236	)		2,287
Increase in inventory			(616	)		(708	)
Proceeds from settlement of Australian dollar hedge contracts			465			-
Gain on non-hedge derivatives (note 23e)			(31	)		(81	)
Gain on sale of long-lived assets/investments			(18	)		(229	)
Other operating activities (note 13a)			(186	)		(187	)
Operating cash flows before interest and income taxes			7,016			7,420
Interest paid			(118	)		(137	)
Income taxes paid			(1,459	)		(1,968	)
Net cash provided by operating activities			5,439			5,315
INVESTING ACTIVITIES
Property, plant and equipment
	Capital expenditures (note 5)		(6,369	)		(4,973	)
	Sales proceeds		18			48
Acquisitions (note 4)			(37	)		(7,677	)
Investments
	Purchases		-			(72	)
	Sales		168			80
Other investing activities (note 13b)			(301	)		(233	)
Net cash used in investing activities			(6,521	)		(12,827	)
FINANCING ACTIVITIES
Proceeds on exercise of stock options			18			57
Long-term debt (note 23b)
	Proceeds		2,000			6,648
	Repayments		(1,462	)		(380	)
Dividends			(750	)		(509	)
Funding from non-controlling interests (note 30)			505			403
Deposit on silver sale agreement (note 27)			137			138
Other financing activities (note 13c)			(25	)		(66	)
Net cash provided by financing activities			423			6,291
Effect of exchange rate changes on cash and equivalents			7			(2	)
Net decrease in cash and equivalents			(652	)		(1,223	)
Cash and equivalents at beginning of year (note 23a)			2,745			3,968
Cash and equivalents at the end of year (note 23a)		$	2,093		$	2,745

The notes to these unaudited consolidated financial statements, which are contained in the Fourth quarter and Year-end report, available on our website, are an integral part of these consolidated financial statements.

Consolidated Balance Sheets
		As at		As at
Barrick Gold Corporation		December 31,		December 31,
(in millions of United States dollars)		2012		2011
ASSETS
Current assets
	Cash and equivalents (note 23a)	$	2,093	$	2,745
	Accounts receivable (note 16)		449		426
	Inventories (note 15)		2,695		2,498
	Other current assets (note 16)		626		876
Total current assets			5,863		6,545
Non-current assets
	Equity in investees (note 14a)		135		440
	Other investments (note 14b)		78		161
	Property, plant and equipment (note 17)		28,717		28,979
	Goodwill (note 18a)		8,837		9,626
	Intangible assets (note 18b)		453		569
	Deferred income tax assets (note 28)		443		409
	Non-current portion of inventory (note 15)		1,692		1,153
	Other assets (note 20)		1,064		1,002
Total assets		$	47,282	$	48,884
LIABILITIES AND EQUITY
Current liabilities
	Accounts payable (note 21)		2,265		2,083
	Debt (note 23b)		1,848		196
	Current income tax liabilities		41		306
	Other current liabilities (note 22)		261		326
Total current liabilities			4,415		2,911
Non-current liabilities
	Debt (note 23b)		12,095		13,173
	Provisions (note 25)		2,812		2,326
	Deferred income tax liabilities (note 28)		2,602		4,231
	Other liabilities (note 27)		850		689
Total liabilities			22,774		23,330
Equity
Capital stock (note 29)			17,926		17,892
Retained earnings			3,142		4,562
Accumulated other comprehensive income			463		595
Other			314		314
Total equity attributable to Barrick Gold Corporation shareholders			21,845		23,363
	Non-controlling interests (note 30)		2,663		2,191
Total equity			24,508		25,554
Contingencies and commitments (notes 16 and 34)
Total liabilities and equity		$	47,282	$	48,884

The notes to these unaudited consolidated financial statements, which are contained in the Fourth quarter and Year-end report, available on our website, are an integral part of these consolidated financial statements.

Consolidated Statements of Changes in Equity

Barrick Gold Corporation				Attributable to equity holders of the company
(in millions of United States dollars)			Common Shares (in thousands)	Capital stock		Retained earnings			Accumulated other comprehensive income (loss)1			Other2		Total equity attributable to shareholders			Non- controlling interests				Total equity
At January 1, 2012			1,000,423	$	17,892	$	4,562		$	595		$	314	$	23,363		$	2,191		$	25,554
	Net loss		-		-		(665	)		-			-		(665	)		(12	)		(677	)
	Total other comprehensive loss		-		-		(5	)		(132	)		-		(137	)		-			(137	)
	Total comprehensive loss		-	$	-	$	(670	)	$	(132	)	$	-	$	(802	)	$	(12	)	$	(814	)
	Transactions with owners
		Dividends	-		-		(750	)		-			-		(750	)		-			(750	)
		Issued on exercise of stock options	685		18		-			-			-		18			-			18
		Recognition of stock option expense	-		16		-			-			-		16			-			16
		Funding from non-controlling interests	-		-		-			-			-		-			505			505
		Other decrease in non-controlling interests	-		-		-			-			-		-			(21	)		(21	)
	Total transactions with owners		685	$	34	$	(750	)	$	-		$	-	$	(716	)	$	484		$	(232	)
At December 31, 2012			1,001,108	$	17,926	$	3,142		$	463		$	314	$	21,845		$	2,663		$	24,508
At January 1, 2011			998,500	$	17,820	$	609		$	729		$	314	$	19,472		$	1,745		$	21,217
	Net income		-		-		4,484			-			-		4,484			53			4,537
	Total other comprehensive loss		-		-		(22	)		(134	)		-		(156	)		-			(156	)
	Total comprehensive loss		-	$	-	$	4,462		$	(134	)	$	-	$	4,328		$	53		$	4,381
	Transactions with owners
		Dividends	-		-		(509	)		-			-		(509	)		-			(509	)
		Issued on exercise of stock options	1,923		57		-			-			-		57			-			57
		Recognition of stock option expense	-		15		-			-			-		15			-			15
		Funding from non-controlling interests	-		-		-			-			-		-			403			403
		Other decrease in non-controlling interests	-		-		-			-			-		-			(10	)		(10	)
	Total transactions with owners		1,923	$	72	$	(509	)	$	-		$	-	$	(437	)	$	393		$	(44	)
At December 31, 2011			1,000,423	$	17,892	$	4,562		$	595		$	314	$	23,363		$	2,191		$	25,554

1

Includes cumulative translation adjustments as at December 31, 2012: $13 million (2011: $22 million loss).

2

Includes additional paid-in capital as at December 31, 2012: $276 million (December 31, 2011: $276 million) and convertible borrowings - equity component as at December 31, 2012: $38 million (December 31, 2011: $38 million). The notes to these unaudited consolidated financial statements, which are contained in the Fourth quarter and Year-end report, available on our website, are an integral part of these consolidated financial statements.

CORPORATE OFFICE		TRANSFER AGENTS AND REGISTRARS
Barrick Gold Corporation		CIBC Mellon Trust Company
Brookfield Place, TD Canada Trust Tower		c/o Canadian Stock Transfer Company Inc.,
Suite 3700		as administrative agent
161 Bay Street, P.O. Box 212		P.O. Box 700, Postal Station B
Toronto, Canada M5J 2S1		Montreal, Quebec, Canada H3B 3K3
Tel: (416) 861-9911 Fax: (416) 861-0727		or
Toll-free throughout North America: 1-800-720-7415		American Stock Transfer & Trust Company, LLC
Email: investor@barrick.com		6201 - 15 Avenue
Website: www.barrick.com		Brooklyn, NY 11219
		Tel: 1-800-387-0825
SHARES LISTED		Toll-free throughout North America
ABX - The New York Stock Exchange		Fax: (416) 643-5501 or 1-888-249-6189
The Toronto Stock Exchange		Email: inquiries@canstockta.com
		Website: http://www.canstockta.com/
INVESTOR CONTACT		MEDIA CONTACT
Greg Panagos		Andy Lloyd
Senior Vice President		Director
Investor Relations and Communications		Media Relations
Tel: (416) 309-2943		Tel: (416) 307-7414
Email: gpanagos@barrick.com		Email: alloyd@barrick.com

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained or incorporated by reference in this Fourth Quarter and Year-End Report 2012, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intend", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold and copper or certain other commodities (such as silver, diesel fuel and electricity); diminishing quantities or grades of reserves; the impact of inflation; changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and political or economic developments in Canada, the United States and other jurisdictions in which the Company does or may carry on business in the future; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; increased costs, delays and technical challenges associated with the construction of capital projects; fluctuations in the currency markets;
changes in U.S. dollar interest rates; risks arising from holding derivative instruments; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; operating or technical difficulties in connection with mining or development activities; employee relations; availability and increased costs associated with mining inputs and labor; litigation; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits; adverse changes in our credit rating; contests over title to properties, particularly title to undeveloped properties; and the organization of our previously held African gold operations and properties under a separate listed company. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion or copper cathode losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this Fourth Quarter and Year-End Report 2012 are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.