Conclusions -

Why would we see the meticulous jackdaw accounting repeated this year over last? It's very simple. If you actually see $37m in revenue from production, you need to write off the entire amount in development. Since tax laws were changed in Canada, you are only allowed to write off 66% of your development budget.

Thus the net loss covers the other 33% and then some left over. Barrick, for its part recorded one of the biggest accounting losses in Canadian corporate history. I would presume that any and all costs which had been carried over in prior years saw itself written off this year, which probably include substantial hedging losses from as far back as a decade ago.

Good luck in trying to tie it all together.

In the meanwhile, the company has gone through firing an entire board, two CFO's, two Chief Operations Officers, and has decided to function without one.

-F6