DBRS Releases Report on Barrick Gold Corporation

DBRS has today released a report on Barrick Gold Corporation and its subsidiaries (Barrick or the Company) that provides further detail on the recent downgrade of the Company’s long-term ratings to A (low) from “A”.

The June 2, 2011, downgrade followed Barrick’s announcement that it had acquired control of copper producer Equinox Minerals Limited (Equinox). Barrick has subsequently announced it has acquired 96% of Equinox and was proceeding with compulsory acquisition of the remaining outstanding Equinox shares. DBRS expects that the approximate US$7.7 billion acquisition of Equinox will, on a pro forma basis, increase Barrick’s gross debt leverage from 24.4% at December 31, 2010, to approximately 36.9%, assuming US$5 billion of the cost is financed by new debt and draws under existing credit facilities and the remainder by the Company’s existing cash resources. In addition, DBRS considers that the acquisition of Equinox will broaden Barrick’s copper diversification but also increase its political risk profile, as Equinox’s major assets are in Zambia and Saudi Arabia.

Today’s report and the June 2, 2011, press release, are available at www.dbrs.com