Hemlo Mining Achieves Seamless Gold Mine Takeover, First Pour Completed

The company began trading on the TSX Venture Exchange on December 2.

SEATTLE (Scrap Monster): Hemlo Mining has reported a smooth operational transition after taking control of the Hemlo gold mine on the north shore of Lake Superior, positioning the company for steady production growth. President and CEO Jason Kosec described the takeover as seamless, highlighting the company’s ability to maintain stable operations following its acquisition of the asset from Barrick Mining.

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The Toronto-based miner, formerly known as Carcetti Capital, completed its USD 1.1 billion purchase on November 26 and recorded its first gold pour the same day, producing 6,704 ounces under the new ownership. Just before Christmas, Hemlo Mining announced the largest single gold pour of the year at the underground mine, located about 35 kilometres east of Marathon. The company began trading on the TSX Venture Exchange on December 2.

In a December 18 statement, Kosec said the initial pour marked a major milestone achieved amid record gold prices, while maintaining strict health, safety, and environmental standards. The Hemlo mine is the company’s sole operating asset and hosts an estimated 14 years of reserves across its 45,000-hectare property.

Hemlo Mining expects annual gold output of around 150,000 ounces and plans to launch an aggressive exploration program to expand resources, with a detailed corporate update scheduled for January.