Barrick Gold Corporation

Barrick Gold Corporation

November 07, 2006 16:03 ET

Barrick Announces Full Redemption of 8.5% Series B Preferred Securities

TORONTO, ONTARIO--(CCNMatthews - Nov. 7, 2006) - Barrick Gold Corporation (NYSE:ABX)(TSX:ABX)(LSE:BGD) -

All figures in US dollars

Barrick Gold Corporation today announced that it will redeem on December 18, 2006 all of the outstanding Placer Dome Inc. 8.5% Series B Preferred Securities "Series B COPrS" due December 31, 2045 for cash at a redemption price of US$1,039.43 per US$1,000 aggregate principal amount. This redemption price is comprised of the outstanding principal amount plus accrued and unpaid interest to December 17, 2006. Barrick intends to use approximately US$80 million to fund the redemption.

"In combination with the recent issuance of the copper-linked notes, this redemption is consistent with the Company's strategy of retiring higher-cost financing and strengthening the Company's balance sheet," said Jamie Sokalsky, Executive Vice President and CFO.

Barrick's vision is to be the world's best gold company by finding, acquiring, developing and producing quality reserves in a safe, profitable and socially responsible manner.


Certain information included in this press release, including any information as to our future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements." The words "expect", "will", "intend", "estimate" 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 management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Barrick to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: changes in the worldwide price of gold or certain other commodities (such as copper, silver, fuel and electricity) and currencies; changes in U.S. dollar interest rates or gold lease rates; risks arising from holding derivative instruments; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; employee relations; the speculative nature of gold exploration and development, including the risks of diminishing quantities or grades of reserves, adverse changes in our credit rating, contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. These factors are discussed in greater detail in the Company's most recent Form 40-F/Annual Information Form on file with the US Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

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.

Contact Information

  • Barrick Gold Corporation
    Vincent Borg
    Senior Vice President, Corporate Communications
    (416) 307-7477
    (416) 861-1509 (FAX)