[Call Starts Abruptly] …in Nevada last week and we will be hosting the quarterly presentations from there but you're welcome to come here. We'll make sure that cookies and everything are available and you can -- and then we will answer the questions still. And then we'll be back in -- it's not that we won't -- have anything against Canada, we'll be back quarter four and quarter five, and what I'm trying to do is have at least one Board meeting out of town in a year and that’s -- this year we had two but we'll settle down to one, we'll go somewhere like South America or Dominican Republic most probably next year. So it’s been six months since the big merger, lots of people had lots of views about how it would work or wouldn't work. And it's been a fun six months and today I plan to share with you the enormous progress that our teams have made in building that business that we had envisaged and that is really just to remind you -- and to remind you that what we had in mind is a business that would create value for the mining industry. We wanted to be the most valued mining company in the gold space initially and ultimately in the resource space. We’ve rationalized the corporate structure, assembled the new team or teams, who are committed to and capable of achieving our ambitious goals, established three regions for the effective management of our global portfolio to bring that sort of Randgold agility into this new company, and aligned operational management with our core vision. And that is delivering the best returns by combining the best assets with the best people. But that's not all. In addition to settling down the new Barrick,…

Thank you, sir. [Operator Instructions]. There are no questions at this time.

Well, thank you. Let's open to you guys here.

Hi, everyone. If we could just ask if you could state your name and who you represent before asking your question.

It’s Greg Barnes with TD. Just want to ask about Pueblo Viejo and the comments in the MD&A about the unconstrained TMF that is operating.…

Unconstrained?

Yes.

Unconstrained what?

TMF, tailings management…

Okay, tailings, TSF.

TSF, okay, sorry, TSF. I'm just curious what that means? I know tailings storage there has been an issue.

Yes. We've got four sites of potential tailing storage facility and we're busy working through that. We've engaged with the government on that evaluation. And during the process of the feasibility study we will select one of those sites. Once we've done all the geotech work which is the most important and also looked at ownership and the relocation action plan options and so on, and the important thing is that once we've selected that footprint and we get the application settled, it will bring -- it unlocks an enormous amount of reserves and resources, we trade it, unlocks an enormous amount of measured and indicated resources as I indicated. The initial estimate is about 11 million ounces immediately because they’re drilled down to that level. And it's -- that's the only thing that's keeping them in resources is that we can't actually process them without a tailings facility. So that's the one aspect. The other one is, the miner is always getting to have to cope with much lower grades, as it mines at, the Moore pit for example. And so, the way to do it is how do you keep the production rates up at 800 to 1 million ounces, and manage the costs? And the concept initially was to concentrate some of the lower grades into a concentrate, and then leach -- water leach some of the higher sulfide material to reduce the energy component of their feed and merge them in with the main high grade feed into the autoclave with a balanced energy component. And thereby, what you effectively do because of the concentrate is that you can produce more gold because your front end processing is high volume, but then when you get to the autoclave it’s concentrated. After the merger, what we looked…

Some locations for the new TSFs off your current property and you have to….

Yes, they are adjacent to and inclusive of the edges of the agreed license.

Anyone else?

Tanya Jakusconek, Scotiabank. Mark, can I ask about -- you mentioned that there you currently were doing reserves and resources at various mine sites. So, will we have that information when you put out your five year guidance? And maybe just talk about how you're approaching reserves? The two companies have very different approaches to that.

Though we haven't finalized exactly how we are going to do it, our reserves will be shared with you as no more than in annual report next year as we normally do. At this stage, if I were to -- so Africa is still running at $1,000 gold price certainly and the debate is do we change that. And the rest of the business $1,200 is and number. We’re using a long-term $1,200 gold cost and we’ve undertaken that by the end of the year, we will have tested only assets and derisk because it’s -- you know this, it’s oversimplifying things to just say use the gold price because many times you can -- depending on the orebody you can run at 1,200 whittle and it works at a 1,000 and makes money. So that’s what we’ve been doing with the Nevada mines particularly. But given the outlook on, well, gold supply and where the gold price is, the industry is not profitable at 1,200. So that might well be our final number but we've still got some work to do. Right it’s working through -- and the other thing, you can't just take those big Nevada mines and say while we are just going to run them at a 1,000, they’ve got to be redesigned. So part of this optimization, the orebody modeling programs we’ve got is all about testing that opportunity. Along with, for instance, Turquoise Ridge is already, its cut off grade is already down at 6.6 because of we’ve taken out the processing charge to be able to drop that. And our intention is to go down to sort of 5.5, 5.75 around it. That’s the optimum cut off grade as we see it today in Turquoise Ridge. And so we’ve got quite a lot of work streams running at the moment. But it won’t be more than 1,200, I guess is my guidance.

And you have enough information at that point.

We’ve got enough information today. I mean we’ve got a good handle on what it looks like. I can tell you now that if you move from 9, which we were cut off in Turquoise Ridge to -- from 5.5 there’s about 3.5 million ounces unlocked just on that moment. And there is a lot more work to be done. Veladero has got some work to be done. Again when we got -- looked at Veladero the first half with Mark’s team, we really didn’t even know what we're putting on the heap leach. Now we do and we know what's coming. Now the thing is much more can we drill out of the current pit shell, that’s four corners, it’s -- I can’t tell you in Spanish but the English translation is the four corners project which is really looking for -- to the deep extensions of the pit at Veladero and the opportunity to add life. And it’s going to be somewhere between 0.5 million and 2 million ounces potentially to add to that. Now that would be very significant for Veladero and then we’ve got the other satellite, nearby satellite assets. And of course the Pascua-Lama review is -- could well -- because we’re agnostic where it goes, and some of those Lama assets might be best served to processes at Veladero. So we’ve got a complete relook both Valadero as a JV and then what we can add to it and then what it looks like maybe in Pascua-Lama or maybe Pascua on its design and Lama more associated with Veladero, so all those aspects we’re looking at. Porgera I think again we’ve got the drill rigs we’re drilling already. We’re very excited about the potential there and PV you’ve seen the benefit of geology. We’ve…

And when we say the five year plans, are we meaning the Barrick five years and then Nevada joint venture five years, everything released?

Nevada joint venture is called Nevada Gold Mines which consolidates into Barrick, it’s Barrick.

Okay, so all of that.

All that.

And then if I can ask one more question. Just on North Mara, on the tailwinds. We saw this morning that you got the export permit to export gold but what about the tailings, it’s still looking …?

Okay. So that’s important for you to know. The mine has got the ability to ship the gold because it is stuck -- but it still can’t operate because it can’t use the tailings dam. And so our teams have been out there to meet with the Environmental Ministry as well as the other related ministries, Mines Ministry and so on. We are running a coordination committee on a weekly basis with the Acacia team just to make sure that we are moving forward. Because as I pointed out many times, the Government of Tanzania has been very consistent in managing this and had nothing to do with the negotiation as their view of poor performance. And so we’ve studied the North Mara dam. We have a plan. We shared it with government. We believe it’s both responsible and it will mitigate the issues that they have with that tailings dam. And the key thing is to get the water off the dam as quickly as possible. And then in the longer term to build the new dam. So we believe that we will get properly done. Once we get to all the votes and the final consolidation of those assets, we should be in a position to start -- starting things up. If we don't manage to convince people to start, they might be following, and the same goes with Buly.

Any more questions?

It’s okay. The team is here. We got Mark from Latam is here, who leads the Latam team. We've got the [Bennys] and a couple of people from our corporate executive team. So welcome to part three, unfortunately it's just tea and coffee, traditionally and Rangold distributed wine and champagne. But we have to understand, get a -- make a license if we wanted to do that, which is quite hard. So join us…

Sorry Mark, there's two questions on the call actually.

Okay.

[Operator Instructions]. Our first question comes from Danielle Chigumira with Macquarie. Please go ahead.

Hi, thanks for taking my question, perhaps a predictable question from me. Given the speed at which you're already achieving the planned synergies at the Nevada JV and do you have any idea on the quantum or -- of potential upside facilities or when you would get some visibility on how much larger the synergies could be?

So Danielle if you see our announcement today, we are reinforcing $450 million to $500 million in synergies and we are at about -- we announced that we could see in the short-term about $240 million on an annualized basis, already identified and being affected. We have rearranged the pie charts in the presentation, you'll see today, because there's going to be swings and roundabouts, a little bit more here and a little bit less there. But overall in the guidance we've shown that we can see above the 480 million that we originally identified right in the beginning of the engagement with Newmont at the time. So we're very comfortable about that. We already are getting those benefits. Of course, some of them are hidden in some of the underperformance of the operation, also the fact that Newmont hadn't read -- although they guided the market on the collapse of Gold Quarry and the cessation of operations at Mill 5. Now that's a benefit because we're not going to switch off Mill 5. So that is a genuine synergy which would have materialized in Newmont’s hands as an example. So they lost a little stuff. But as I said in the presentation there are ones that we're already delivering on, the picture I showed you on the ore arrangements and that’s both the autoclave at Goldstrike and the Rush are receiving ore from Barrick and Newmont which was not in the mine plans or very far out in the mine plan, so we’ve brought them forward. And in the Turquoise Ridge Twin Creeks immediate benefits which are significant, and then we've already got things with -- on consumables. We renegotiated most of the major bulk consumables contracts which have reduced the pricing. And we are looking to about $110 million of procurement and logistics benefits in that $480 million. And we are well down the road on that. So we're in good shape and got no reason to change that guidance. And we’ll wash out after a while because there's been costs, transaction costs, retrenchment costs and other stuff. But right now I think we're pretty much settled with it.

Our next question is from Howard Flinker with Flinker & Company. Please go ahead.

Hi, Mark. Hi, Graham. I have two questions. One I read the other day that a company in Senegal was assessed taxes, and had no opportunity to appeal. Is your tax circumstance the same or did you copy your contract from Mali when you first went into Senegal? That's my first question.

No, I don't know the company you’re talking about. Do you Graham?

So last news to me.

Teranga Gold. I was astonished to read what I did. They just had to pay, they could not appeal, they could not protest, nothing, just fork over the money. Thank you very much.

Look if you want to have that discussion, rather have it with Mr. Young. We have a stability clause in our investment convention. We have stability close in our investment convention. And we're pretty comfortable with the way things operate in Senegal.

I suspected so, but I wanted to clarify that. And secondly, do you have any thoughts about Argentina, their currency devalued 25% this morning?

So we operate in emerging markets, things go up and down not necessarily in that order. I think in Argentina for us is a place -- certainly we had a town hall there other day with the Governor of San Juan Province. And we see a real commitment to mining. I mean, he quite to me said, San Juan is a mining province. It's all about mining responsibly, but it's not a province that, that can live without mining. And again, we are actively exploring in Argentina, both down the El Indio trend in the form of -- we've got a very big target similar to Veladero, slightly lower grade at this stage, which combines Alturas in Chile with Rojo Grande or Del Carmen in Argentina. And it's a very exciting project, very large, which we're exploring. And we've also moved further down the Andean trend and we're looking at new opportunities. We have a whole dedicated exploration team. We've just moved one of our geologists to -- from PV down to lead the -- do -- be the exploration manager in Argentina. So we're very committed, long-term investors in Argentina.

There are no more registered questions from the conference call.

Thank you very much, everyone. You are welcome to join us for some tea and cookies.

This concludes today's conference call. Should you have additional questions, please contact the Barrick Investor Relations Department. You may now disconnect your lines. Thank you for participating and have a pleasant day.