(BN) *CHEVRON TO SELL $10 BILLION IN ASSETS DURING NEXT THREE YEARS

+------------------------------------------------------------------------------+

BN 03/11 13:22 *CHEVRON TO SELL $10 BILLION IN ASSETS DURING NEXT THREE YEARS BN 03/11 13:20 *CHEVRON INCREASES PLANNED SALES OF OIL, GAS ASSETS BN 03/11 13:13 *CHEVRON SAYS WHEATSTONE LNG PROJECT IS 30 PERCENT COMPLETE BN 03/11 13:12 *CHEVRON: GORGON LNG COMPLEX IN AUSTRALIA IS 78% COMPLETE BN 03/11 13:11 *CHEVRON CEO JOHN WATSON COMMENTS ON LNG DURING ANALYST EVENT BN 03/11 13:11 *CHEVRON SEES GLOBAL LNG DEMAND DOUBLING BY 2025 BN 03/11 13:09 *CHEVRON PLANS TO DRILL 140 ARGENTINA SHALE WELLS THIS YEAR BN 03/11 13:08 *CHEVRON TO ALMOST DOUBLE PERMIAN PRODUCTION BY END OF 2020 BN 03/11 13:08 *CHEVRON TO INCREASE PERMIAN BASIN DRILLING BY 8.6% THIS YEAR BN 03/11 13:06 *CHEVRON TO DRILL 505 WELLS IN U.S. PERMIAN BASIN THIS YEAR BFW 03/11 13:03 *CHEVRON TO DIVEST EGYPT, PAKISTAN FUEL BUSINESSES BY END OF ’16 BN 03/11 13:02 *CHEVRON TO DIVEST EGYPT, PAKISTAN FUEL BUSINESSES BY END OF '16 BN 03/11 13:01 *CHEVRON TO SELL U.S. PIPELINES AND TERMINALS BY END OF 2016 BN 03/11 12:50 *CHEVRON'S 2017 PRODUCTION OUTLOOK ASSUMES $110/BBL CRUDE PRICE BN 03/11 12:49 *CHEVRON CITES REDUCED U.S. GAS DRILLING, HIGHER CRUDE FOR CUT BN 03/11 12:48 *CHEVRON CUTS 2017 OUTPUT ESTIMATE BY 6.1 % TO 3.1 MLN BOE/DAY BN 03/11 12:47 *CHEVRON DISCLOSES 2017 OUTPUT FORECAST IN SLIDE PRESENTATION BN 03/11 12:46 *CHEVRON'S ASIA OIL, GAS OUTPUT TO SURPASS N. AMERICA BY 2017

+------------------------------------------------------------------------------+

Chevron Cuts Long-Term Production Target as Gas Drilling Slows 2014-03-11 12:57:42.61 GMT

By Joe Carroll March 11 (Bloomberg) -- Chevron Corp., the world’s third- largest non-state energy producer by market value, reduced its 2017 output estimate by 6.1 percent as it slows drilling for U.S. natural gas and higher crude prices lower the company’s share of production in some nations. Chevron will produce the equivalent of 3.1 million barrels of oil daily in 2017, rather than the 3.3 million it previously forecast, the San Ramon, California-based company said in a presentation on its website today. The target assumes crude prices will average about $110 a barrel during 2017, Chevron said. That compares with the $79 price assumption that underlaid the prior forecast. When prices rise, international oil companies receive fewer barrels from jointly-owned wells in some countries where they hold production-sharing agreements.

Link to Company News:{CVX US <Equity> CN <GO>}

For Related News and Information: Top Stories:{TOP<GO>}

To contact the editor responsible for this story: Joe Carroll at +1-312-443-5928 or jcarroll8@bloomberg.net

>>> US Gapping down

Gapping down

In reaction to disappointing earnings/guidance: FTEK -19%, BONT -8% (also announces Brendan L. Hoffman's term as President and Chief Executive Officer will end in 2015), AEO -6.8%, URBN -4.5%, CASY -2.4%, VRNG -2.1%, RNF -1.8% (light volume), SNTA -1.2%(also Synta Pharma and QuantumLeap Healthcare Collaborative Announce Selection of Ganetespib for I-SPY 2 TRIAL in Breast Cancer), DD -0.9%.

European financial names showing weakness: BCS -3.3%, NBG -2.4%, RBS -2.2%, DB -1.5%, CS -0.8%, HSBC -0.4%.

A few oil/gas related names showing early weakness: CEO -2.6%, RDS.A -1%, BP -0.3%, .

Other news: AMZG -10.9% (announces exercise of purchase option and updated 2014 capital budget; Announces offering of 10 mln shares of common stock after giving effect to a 1 for 4 reverse stock split that will occur concurrently with pricing of the offering), MYGN -9.4% ( request for injunction in patent related dispute has been denied, according to reports), OXLC -3.9% (commences public offering of 2.35 mln shares of common stock), VIPS -3.4% (proposes to offer $400 mln of the Notes due 2019; downgraded to Neutral from Buy at Goldman), ACMP -3.2% (announced the commencement of an underwritten public offering of 8 mln common units representing limited partner interests owned by Global Infrastructure Partners II), STCK -2.3% (announces commencement of public offering of 6.6 mln shares of common stock by selling stockholders), TKMR -2.2% (announced that it is offering to sell shares of its common stock in an underwritten public offering to raise gross proceeds of ~US$60 mln), HLF -1.8% (ahead of Pershing presentation), KO -1.7% (Coca Cola discloses GMCR stake in 13D), MMYT -1.3% (announces public offering of 4.5 mln ordinary shares), NVO -1.2% (still checking), AMGN -1.1% (Amgen and Bayer report Phase 3 Study results of NEXAVAR as adjuvant treatment for patients with liver cancer who have undergone surgery or local ablation), CCL -1.1% (still checking), MCD -0.3% (Barron's profiles cautious view on McDonalds), BHP -0.2% ( plans to sell African iron ore assets, according to reports).

Analyst comments: ARTX -1.8% (downgraded to Neutral from Buy at B. Riley & Co. on valuation; tgt raised to $5 from $3.70), NXTM -3.5% ( downgraded to Underperform from Market Perform at Wells Fargo), RKUS -2% (initiated with a Underperform at Bernstein), AIXG -1.9% (downgraded to Neutral from Outperform at Exane BNP Paribas), NTRS -1.3% (downgraded to Sell from Neutral at UBS), ARUN -0.7% (initiated with a Underperform at Bernstein), USB -0.4% (downgraded to Market Perform from Outperform at Keefe Bruyette ), INTC -0.2% (initiated with a Sell at Ascendiant Capital Markets)

>>> US Gapping up

Gapping up

In reaction to strong earnings/guidance: FCEL +18.3%, PME +16.7%, (light volume), POWR +16% (light volume), PWRD +9.4%, NVAX +9.2% (light volume), EJ +8.6%, PLOW +5.4%, HIL +4.6%, ARCO +3%, CISG +2.6%, ROYL +2.3% (thinly traded), ONTX +2% (light volume)

M&A news: TMUS +2% ( Softbank still attempting to buy TMUS and merge it with Sprint, according to reports).

Select metals/mining stocks trading higher: GFI +1.8%, SLV +1.5%, SLW +1.2%, AUY +1.2%, GG +1.2%, GDX +1.1%, GOLD +0.8%.

Battery related names seeing continued momentum: CPST +12.2%, PLUG +11.5%, BLDP +10.5%, CBAK +2.5%

Other news: LJPC +63.9% (reports positive, top-line results from Phase 2 Clinical Trial of GCS-100 in chronic kidney disease; primary efficacy endpoint of improved kidney function achieved), RCON +22.6% (Recon Technology's BHD division receives new authorization to provide fracturing equipment and services for SinopeC), HOTR +19.3% (modestly rebounding), DSS +11.6% (files patent infringement claim against Samsung (SSNLF), TSMC, and NEC), UQM +10.4% (continued strength), BYD +8.5% (Elliott Associates and Elliott International disclosed a combined 4.99% stake), RGSE +7.1% (continued strength), RNN +6.4% (Announces Initial Results from Phase I Trial of Supinoxin (RX-5902) for Solid Cancer Tumors; Supinoxin is safe and well tolerated over the dose range tested in cancer patients), PPHM +4.2% ( Data Presentations at Keystone Symposium Support Potential of co's PS-Targeting Antibodies to Overcome Immune Suppression and Enhance Anti-Tumor Activity of Anti-CTLA-4 and PD-1 Antibodies), GTAT +2.9% (Signs Agreement to Supply $336 Million of Equipment and Technology for a 25,000 MTA Polysilicon Production Facility in Sarawak, Malaysia), EXXI +1.7% ( positive comments on Mad Money), BBRY +1.3% (has sold its US HQ in Las Colinas, according to reports), KYTH +1.1% (acquired rights to ATX-101 outside of the U.S. and Canada from Bayer (BAYRY) Consumer Care), MSG +0.8% ( Sean 'Diddy' Combs bid ~$200 mln for the MSG owned Fuse cable-TV channel, according to reports), DATA +0.4% ( JANA Partners discloses sale of 2 mln shares at $68 on 3/6).

Analyst comments: JCP +6.9% (upgraded to Buy from Neutral at Citigroup), ITMN +4% (upgraded to Buy from Neutral at Goldman), DDD +2.7% ( upgraded to Overweight from Equal Weight at a boutique firm), GWPH +2.1% (initiated with a Buy at BofA/Merrill), ARO +1.4% ( initiated with a Buy at Buckingham Research), BLOX +0.9% (Infoblox initiated with an Overweight at Piper Jaffray),M +0.8% (upgraded to Outperform from Market Perform at Wells Fargo), AAPL +0.7% (upgraded to Outperform from Sector Perform at Pacific Crest), FB +0.7% (target raised to $85 from $70 at Citigroup), RFMD +0.7% ( initiated with a Buy at Ascendiant Capital Markets)

>>> US Early premarket gappers

Early premarket gappers
Gapping up: LJPC +77.3%, FCEL +22.1%, BLDP +19.2%, PME +16.7%, POWR +16%, PLUG +13.5%, CPST +12.2%, DSS +11.6%, UQM +10.4%, PWRD +9.4%, BYD +8.5%, EJ +7.9%, RGSE +7.1%, PLOW +5.4%, HIL +4.6%, CISG +2.6%, CBAK +2.5%, ONTX +2%, GMCR +1.9%, BONT +1.7%, SLV +1.5%, BBRY +1.3%, KYTH +1.1%, S +1.1%, MSG +0.8%

Gapping down: FTEK -14.5%, MYGN -9.9%, AMZG -5.9%, NES -4.7%, VIPS -3.4%, BCS -3.3%, OXLC -2.8%, URBN -2.7%, CEO -2.6%, NBG -2.4%, CASY -2.4%, STCK -2.3%, RBS -2.2%, VRNG -2.1%, TKMR -1.8%, RNF -1.8%, KO -1.7%, DB -1.5%, MMYT -1.3%, SNTA -1.2%, NVO -1.2%, SNTA -1.2%, AMGN -1.1%, CCL -1.1%, RDS.A -1%, DD -0.9%, ACMP -0.8%, MED -0.6%

WSJ : IBM CEO Rometty: “We Are Not Exiting Hardware”

In her annual letter to IBMIBM -0.69% shareholders, CEO Virginia Rometty acknowledged the company failed to meet expectations last year, and vowed to turnaround its troubled hardware business instead of divesting it entirely.

The letter, published in the company’s annual report, described 2013 as a year of transformation as IBM positioned itself to help companies mine data, move to the cloud and engage online more with customers.

But Rometty said the company’s performance “did not meet our expectations” and defined two challenges ahead — hardware and emerging markets.

The hardware business swung to a $500 million pretax loss last year from a $1.2 billion pretax profit in 2012. Rometty said IBM needs to shift the hardware business “for new realities and opportunities.”

That means copying a move by its mainframe business to migrate more computing from its proprietary operating system to the open Linux system. Rometty wants to accelerate the move of its hardware product portfolio, especially its shrinking Power and storage businesses, to Linux and other “growth opportunities,” without spelling those out.

IBM last month sold its low-end server business to Lenovo, but Rometty drew a line in the sand on other divestitures.

“[L]et me be clear—we are not exiting hardware,” she wrote. “IBM will remain a leader in high-performance and high-end systems, storage and cognitive computing, and we will continue to invest in R&D for advanced semiconductor technology.”

The inclusion of storage is a bit surprising since IBM is the No. 3 largest player in that market and has been losing share for some time. Some analysts have speculated that it might be a smart move for IBM to dump its storage technology. One new reason is much of its storage technology is tied to sales of its x86, or low-end servers, said Gartner analyst Roger Cox.

“The good part of their storage business is connected to x86 servers,” said Cox. “IBM will not be selling as much storage as they would have.”

Rometty didn’t say IBM would remain a leader in the manufacturing of advanced semiconductor technology. That revealing omission could increase the chances that IBM will offload its chip manufacturing plants. In early February, the Wall Street Journal reported IBM was exploring the sale of its chip manufacturing operations.

Regarding IBM’s other challenge, emerging markets, Rometty said the company’s growth in Latin America, Middle East and Africa was strong, but enterprise spending slowed in other regions. “We are intensifying focus on new growth opportunities,” she wrote. “Overall, the opportunity in the world’s growth markets remains attractive.”

So far, the changes Rometty has made haven’t worked. IBM was hoping a third-quarter management shakeup in the company’s unit that sells to developing markets would improve its performance, but sales in the growth markets unit decreased 9% in the fourth quarter, the same rate as the third quarter.

>>> Scania shareholder opposition to VW offer 'dwindles'

Scania shareholder opposition to VW offer 'dwindles'

Scania shareholders opposed to the takeover offer from German Volkswagen are dwindling, according to Dagens Industri.

The Swedish business daily reported, without citing specific sources, that Volkswagen is expected to release its official offer for the Swedish truck maker on 14 March, and it now seems more likely that the German auto giant will succeed in its plans to take over the remaining shares in Scania.

The paper reported that a shareholder group of institutional shareholders called Friends of Scania (Scanias Vanner) had 12%-13% of the shares in Scania when it tried to reinstate Scania’s election committee last year. But an unnamed source close to the group told the paper that shareholders within the group opposed to Volkswagen’s offer now represent only 7% of the shares.

The paper wrote that Volkswagen needs at least 90% approval in order to gain all of the Scania shares via compulsory redemption and then de-list the company from the Stockholm stock exchange. The item noted that it is uncertain whether the opposing shareholders will manage to reach the 10% needed to block the offer.

The paper wrote that Swedish institutions such as Swedbank Robur, Skandia Liv, AMF and Alecta are members of Friends of Scania.


Source Dagens Industri

(DBK) Iliad - Buy TP up 16% to 222, embodying a high probability of mobile cons

* Q4 better than consensus; Bouygues-Iliad deal makes consolidation likely
Our target price embodies a 90% probability for mobile consolidation because
of the speed at which Iliad and Bouygues reached an agreement aimed at
facilitating consolidation means that the companies are likely to agree on a
merger between themselves if Vivendi accepts Numericable’s offer for SFR
instead of Bouygues, which Iliad actually sees as unlikely. Therefore, mobile
consolidation is likely to happen in both scenarios and Iliad would benefit.
Hence, we maintain our Buy rating.

* Bouygues offers to buy SFR and prepares remedies: sell spectrum/sites to Iliad
Bouygues (B) entered exclusive negotiations for the sale to Free of 15,000
mobile sites and spectrum (2G/3G/4G) for up to €1.8bn. Iliad was planning to
spend c.E900m to roll out 9,000 sites by 2018 so it would get the best network
in France at a lower price than roll out. Iliad seems very confident that the SFRB
combination will go ahead. The regulator and the social parties are backing
it. In addition, the Antitrust should be convinced by the spectrum/network
deal. Regulatory-wise, it should take the same time (c.9 months) to examine
SFR+NUME and SFR+B because a combination with Numericable implies
combining three wire line operators (B and SFR already share fixed networks),
so it is potentially more complicated to pass than the mobile tie up. Industry
sources suggest synergies would be higher in a SFR+B combination because
of a 100% overlap at all levels, with NUME overlapping only in 35% of the
territory and only in fixed. SFR is due to decide in the next one to three weeks.

* Estimates upgraded simply to incorporate Q4 results
Sales +0.6%; EBITDA +3.2% in 2014 and +1.5% in the following years. OpFCF
was 17% better than expected in 2013; 2014 is +7%, following years +2-3%.

* Valuation; increasing TP 16% to E222 on preliminary consolidation scenario
Our target price is DCF based. We use 8% WACC and +1% g (see page 6). Iliad
trades at a 7% discount to alternative carriers based on 2015 EV/EBITDA and
at a 31% premium on an unlevered FCF yield. We attribute a 90% probability
to mobile consolidation that would imply: 1) better ARPU (we assume +E0.5 in
year one and +E 1 in year two, 2) higher market share (25% by 2022 vs. 17% in
our base case, 3) 38% mobile mg by 2022 (vs. 37%), 4) unitary SACS 20%
lower and fixed margin trending to 50% (vs. <48%). We see the resulting 19%
EBITDA increase (E400m) as on the shy end of consolidation scenario
sensitivity. Downside risks: 1) failure to expand FTTH penetration limiting
margin expansion and 2) quality issues on 4G in the absence of a deal with B.

(Le Point) SFR / Numericable / Bouygues : Phone: difficult "dance" Montebourg

Original article : {http://bit.ly/1lRb7HU}
Google Translation : {http://bit.ly/1lRb7HU}

Phone: difficult "dance" Montebourg

The minister, who had fought for the entry of a fourth operator (Free), trying to keep your head on the eve of a likely return three players.

The Minister of Productive Recovery Arnaud Montebourg said Tuesday that lower prices of mobile phones, reached 30% in two years, was an "irreversible acquired," while the sector is on the verge of a restructuring. Vivendi , who wishes to withdraw from the sector, received two takeover offers for its subsidiary SFR : one from Bouygues Telecom, the other Numericable. To avoid potential problems of competition, Bouygues plans, if accepted, then assign its network of antennas and mobile frequencies to its competitor Free (Iliad). Consumer groups fear that the return of four to three operators would lead to higher prices.

"It is time to organize the renaissance of the telecom sector. I do not think it will be to the detriment of consumers. Prices have fallen 30% this is an irreversible acquired," said Mr. Montebourg on RTL. According to him, "the fact that, in this operation, Free strengthened so continues to be the troublemaker - whose identity is still to lower prices and to serve consumers and avoid annuities - is our guarantee of fair competition. " And "It will allow us to fiberize (install optical fibers) France," noted the minister. "We do not want to raise taxes to pay for it, we will require operators to finance these investments on the basis of a very long-term profitability."

"Vivendi will choose who he wants" but "we have a preference of general interest which is to say that the consolidation that started in all European countries is necessary," said Mr. Montebourg, showing again support a resumption of SFR Bouygues. If Vivendi had to choose Numericable, "we bow," Has he said, recalling that the Competition Authority will consider the case.

(BN) *AFRICAN BARRICK GOLD SHARES FALL AS MUCH AS 14.5% IN LONDON

+------------------------------------------------------------------------------+

BN 03/11 08:31 *AFRICAN BARRICK GOLD SHARES FALL AS MUCH AS 14.5% IN LONDON BN 03/11 08:30 *BARRICK SELLS 41.0M SHRS IN AFRICAN BARRICK GOLD AT 275P/SHR BN 03/11 08:30 *BARRICK: PROCEEDS ABOUT £113M FROM AFRICAN BARRICK SHR SALE BN 03/11 08:29 *BARRICK SELLS 41M SHRS IN AFRICAN BARRICK GOLD AT 275P/SHR BN 03/11 08:28 *BARRICK COMPLETES PARTIAL SALE OF AFRICAN BARRICK GOLD HOLDING

+------------------------------------------------------------------------------+

Barrick Completes Partial Divestment of African Barrick Gold plc Holding 2014-03-11 08:28:34.417 GMT

Barrick Completes Partial Divestment of African Barrick Gold plc Holding

NEWS RELEASE TRANSMITTED BY Marketwired

FOR: Barrick Gold Corporation

NYSE SYMBOL: ABX TSX SYMBOL: ABX

MARCH 11, 2014

Barrick Completes Partial Divestment of African Barrick Gold plc Holding

Continued Progress on Portfolio Optimization

TORONTO, ONTARIO--(Marketwired - March 11, 2014) -

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) ("Barrick" or the "Seller") today announced that, further to its release of March 10, 2014, it has completed the divestment of 41.0 million ordinary shares in African Barrick Gold plc ("ABG") (the "Placing Shares"), representing in aggregate approximately 10.0 percent of the issued ordinary share capital of ABG, at a price of 275 pence per ordinary share (the "Placing"), raising gross proceeds of approximately GBP 113 million (US$188 million).

"ABG has made excellent progress with its Operational Review to increase production and reduce operating and capital costs, and the results to date have been favorably received by the market," said Jamie Sokalsky, Barrick's President and CEO. "Barrick continues to support ABG management as they advance the operational turnaround and make other efforts to improve the business. After this transaction, Barrick will still be a controlling shareholder, but this transaction allows us to realize some liquidity from our holding in ABG in keeping with our disciplined capital allocation framework and our ongoing program to optimize and lower the average cost of our portfolio."

Barrick continues to hold approximately 262 million ordinary shares of ABG, representing approximately 64 percent of the issued ordinary share capital of ABG.

Barrick has undertaken not to dispose of any further ABG ordinary shares without the consent of the Joint Bookrunners for a period of 120 days following completion of the Placing, except that consent shall not be required (i) in the event of an offer for the entire issued share capital of ABG in accordance with the City Code on Takeovers and Mergers or (ii) with respect to a single sale of 10-20 percent of Barrick's remaining shareholding in ABG to a single corporate or strategic purchaser as part of a single transaction, provided that such purchaser agrees to be bound by an equivalent restriction for the remainder of the lock-up period.

UBS Limited, J.P. Morgan Securities plc (which conducts its UK investment banking business under the name J.P. Morgan Cazenove) and RBC Europe Limited acted as Joint Bookrunners in relation to the Placing (the "Joint Bookrunners").

Enquiries:

UBS Limited, Ted Larkin, Simon Lyons, Tel: +44 (0)20 7567 8000

J.P. Morgan Cazenove, Greg Chamberlain, Ben Davies, Tel: +44 (0)20 7742 4000

RBC Europe Limited, Jonathan Stephens, Stephen Foss, Tel: +44 (0)20 7653 4000

Important Notice:

This announcement is for information purposes only and shall not constitute or form part of an offer to buy, sell, issue, acquire or subscribe for, or the solicitation of an offer to buy, sell, issue, acquire or subscribe for, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

In particular, the securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered, sold or transferred, directly or indirectly, within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the securities laws of any state or other jurisdiction of the United States. No public offering of the securities referred to herein is being made in the United Kingdom, the United States, Australia, Canada, Japan, South Africa or any other jurisdiction.

The distribution of this announcement and the Placing of the Placing Shares as set out in this announcement in certain jurisdictions may be restricted by law. No action has been taken that would permit an offering of such shares or possession or distribution of this announcement or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required to inform themselves about, and to observe, such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

UBS Limited ("UBS"), J.P. Morgan Securities plc (which conducts its UK investment banking activities as J.P. Morgan Cazenove) ("JPMC") and RBC Europe Limited ("RBC"), each of which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, are acting for the Seller in connection with the Placing and no-one else and they will not be responsible to anyone other than the Seller for providing advice in relation to the Placing or any other matter referred to in this announcement.

This announcement has been issued by and is the sole responsibility of the Seller. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by UBS, JPMC or RBC or by any of their respective affiliates or agents as to, or in relation to, the accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "expect", "intend", "continue", "may", "will" 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 Barrick, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold and copper or certain other commodities; changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and political or economic developments in jurisdictions in which Barrick does or may carry on business in the future; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; the impact of inflation; fluctuations in the currency markets; operating or technical difficulties in connection with mining or development activities; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits; contests over title to properties, particularly title to undeveloped properties; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation; business opportunities that may be presented to, or pursued by, Barrick; our ability to successfully integrate acquisitions or complete divestitures; employee relations; availability and increased costs associated with mining inputs and labor; and, the organization of our African gold operations and properties under a separate listed company.

In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold/copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying 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.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

INVESTOR CONTACT: Amy Schwalm Vice President, Investor Relations (416) 307-7422 aschwalm@barrick.com or MEDIA CONTACT: Andy Lloyd Vice President, Communications (416) 307-7414 alloyd@barrick.com

INDUSTRY: Manufacturing and Production - Mining and Metals

SUBJECT: RCN

-0-

-0- Mar/11/2014 08:28 GMT