Barrick reported adjusted EPS of 16c, slightly below DBe of 17c and in-linewith Factset consensus of 16c. Reported EPS loss of 1c included a $101m(~$0.09/sh) loss on debt retirement and $172m (~15c/sh) tax provision relatedto Acacia Mining, offset by a $93m (~8c/sh) tax adjustments. Barrick recentlyagreed on a framework with Tanzania to resolve the import ban on AcaciaMining, where 50% of the economic benefits would be shared with thegovernment in the form of royalties, taxes and a 16% free carried interest.    Acacia’s approval of this framework expected by 1H18. A $300m payment tothe government is being put in place to resolve outstanding tax matter. A 3cdividend will be paid on Dec 15. Maintain Buy with improving Balance Sheetand unlocking value for key development projects, such as Pascua-Lama.Adjusted EBITDA of $899m (-19% QoQ, -8% vs DBe) with gold sales of 1.2moz(pre-released) 12% below 2Q17due to lower gold production in North Americaand South America. Higher cash costs than forecast at $546/oz (+15%, +12%),driven mainly by mining costs. Copper sales at 107m lbs, 9% above 2Q17. NetDebt 2% lower QoQ at $4.4bn.    2017outlook reduced to 5.3-5.5m oz gold (prev. 5.3-5.6m oz; DBe 5.3m ozconservative due to Tanzania). Copper guidance narrowed to 420-440m lbs(prev. 400-450m lbs, DBe 421m lbs) and cost of sales $1.70-1.85/lb due tohigher costs in Zambia (prev. $1.50-1.70/lb, DBe $1.68/lb). All-in SustainingCosts at $740-770/oz (prev. $720-770/oz, DBe $749/oz). Cortez Deep Southunderground expansion on schedule, with a record of decision anticipated by2020. Work at Goldrush continues with permitting expected in 2018. Conf. callOct 26at 8.00am ET; call-in: (800) 319-4610.

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