Barrick Mining Completes Sale of Hemlo Gold Mine in Canada
Mining News | 2025-11-27 23:03:22
The cumulative cash payments over the five year period will be $165 million, a company news release said.
By Paul Ploumis
SEATTLE (Scrap Monster): Barrick Mining Corporation has officially completed the sale of its Hemlo Gold Mine in Canada to Carcetti Capital Corp., in a transaction valued at up to $1.09 billion, marking a significant step in the company’s portfolio optimization strategy.
The deal includes a contingent cash payment structure tied to future gold prices. Barrick will receive 20% of incremental revenue from specified Hemlo production if gold trades between $3,300/oz and $3,500/oz, and 22.5% if prices fall between $3,500/oz and $3,700/oz. Should the price exceed $3,700/oz, Barrick’s portion rises to 25%. Total contingent payments over the next five years are projected to reach $165 million, according to the company’s announcement.
Barrick expressed gratitude to the Biigtigong Nishnaabeg and Netmizaaggamig Nishnaabeg First Nations for their longstanding collaboration and support throughout the Hemlo mine’s operational life.
In a separate update, Barrick confirmed that Ben van Beurden has stepped down from his position as Director and Lead Independent Director. Loreto Silva, currently serving as a Non-Executive Director, will assume the role of Lead Independent Director.
The asset sale follows a strong third quarter for Barrick Mining, during which the company reported record adjusted net earnings, operating cash flow, and free cash flow. Production in Q3 2025 totaled 829,000 ounces of gold and 55,000 tonnes of copper.
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Do you believe Barrick’s sale of the Hemlo Gold Mine will strengthen its long-term strategic focus?
Frequently Asked Questions
- What is the expected total contingent payout?
Barrick estimates receiving approximately $165 million over a five-year period.
- Did the company acknowledge any stakeholders associated with Hemlo operations?
Yes, the company thanked the Biigtigong Nishnaabeg and Netmizaaggamig Nishnaabeg First Nations for their support.
- How did Barrick perform financially in Q3 2025?
The company reported record adjusted net earnings, operating cash flow, and free cash flow, producing 829,000 ounces of gold and 55,000 tonnes of copper.
