Barrick Reached Agreement to Sell Hemlo Gold Mine

The proceeds will be used by Barrick to support the company's objective to returning money to its shareholders and to further improve its balance sheet.

SEATTLE (Scrap Monster): Barrick Mining Corporation today announced that it has reached an agreement to sell the Hemlo Gold Mine in Canada to Carcetti Capital Corp. Upon closing of the transaction, the Canadian mine will be renamed to Hemlo Mining Corp.

Barrick is anticipated to receive up to $1.09 billion in total proceeds under the terms of the deal. This includes shares worth a total of $50 million that will be issued to Barrick at closing, as well as a cash consideration of $875 million that is payable at the end of the transaction. A production and tiered gold price-linked cash payout system of up to $165 million is also stipulated in the agreement. It will begin in January 2027 and last for five years.

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The proceeds will be used by Barrick to support the company's objective to returning money to its shareholders and to further improve its balance sheet.

The departure from Hemlo at a favourable price signifies the end of Barrick's lengthy and prosperous tenure at the mine, according to remarks made by Mark Bristow, president and chief executive of the company. Additionally, he said, it supports Barrick's plan to concentrate on his Tier One copper and gold holdings.

If all usual closing conditions are met and the requisite regulatory clearances are obtained, the transaction should be finalised in the fourth quarter of 2025.