EX-99.1 2 d623615dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Form 51-102F3

MATERIAL CHANGE REPORT

Section 7.1 of National Instrument 51-102

Continuous Disclosure Obligations

 

ITEM 1:    NAME AND ADDRESS OF COMPANY
   Barrick Gold Corporation (“Barrick”)
   Brookfield Place, TD Canada Trust Tower
   Suite 3700, 161 Bay Street, P.O. Box 212
   Toronto, Ontario M5J 2S1
ITEM 2:    DATE OF MATERIAL CHANGE
   October 31, 2013
ITEM 3:    NEWS RELEASE
   A press release titled “Barrick Reports Third Quarter 2013 Results” was issued by Barrick on October 31, 2013.
ITEM 4:    SUMMARY OF MATERIAL CHANGE
   On October 31, 2013, Barrick announced that it has decided to temporarily suspend construction activities at the Pascua-Lama project in Chile and Argentina, except those required for environmental protection and regulatory compliance.
ITEM 5    FULL DESCRIPTION OF MATERIAL CHANGE
   The Pascua-Lama project is located on the border of Chile and Argentina, at an elevation of 3,800 to 5,200 meters, approximately 10 kilometers from Barrick’s Veladero mine.
   Barrick has decided to temporarily suspend construction activities at Pascua-Lama, except those required for environmental protection and regulatory compliance. This decision will postpone near term cash outlays, and will allow Barrick to proceed with development at the appropriate time under a phased approach. The decision to re-start will depend on improved project economics such as go-forward costs, the outlook for metal prices, and reduced uncertainty associated with legal and other regulatory requirements. As a result of the suspension, Barrick no longer expects production at Pascua-Lama to begin by mid-2016.
   The ramp-down will be carried out in a way that allows for an efficient and effective re-start when conditions warrant. In the meantime, Barrick will update and refine capital cost estimates and stage the project’s remaining development into distinct phases with specific work programs, budgets and objectives. This staged approach will also facilitate more efficient planning and execution, better capital deployment and effectiveness, and improved cost control. Barrick will also


   continue to explore further opportunities to improve the project’s risk-adjusted returns such as joint ventures or other strategic partnerships and royalty or other income streaming agreements.
   CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
   Certain information contained in this report, including any information as to Barrick’s plans, constitutes “forward-looking statements”. See the Cautionary Statement on Forward-Looking Information included in the October 31, 2013 news release referred to in Item 3 above for a description of certain factors that could cause actual results to differ materially from those projected in the forward- looking statements. Barrick 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.
ITEM 6:    RELIANCE OF SUBSECTION 7.1(2) OR (3) of NATIONAL INSTRUMENT 51-102
   Not applicable.
ITEM 7:    OMITTED INFORMATION
   Not applicable.
ITEM 8:    EXECUTIVE OFFICER
   For further information, please contact:
   Sybil E. Veenman
   Senior Vice President and General Counsel
   (416) 861-9911
ITEM 9:    DATE OF REPORT
   November 5, 2013
   Dated at Toronto, Ontario this 5th day of November, 2013.

 

By:  

(signed) Sybil E. Veenman

  Sybil E. Veenman
  Senior Vice President and General
  Counsel

 

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