Hemlo Mining Achieves Seamless Gold Mine Takeover, First Pour Completed
Mining News | 2025-12-30 04:39:52
The company began trading on the TSX Venture Exchange on December 2.
By Paul Ploumis
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.
RELATED NEWS:
B2Gold Corp. Announced First Gold Pour at the Goose Mine
Newmont Announced First Gold Pour at Ahafo North Project in Ghana
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.
POLL
What factor is most critical to Hemlo Mining’s long-term growth at the Hemlo gold mine?
Frequently Asked Questions
- When did Hemlo Mining complete the acquisition of the Hemlo gold mine?
The USD 1.1 billion acquisition was completed on November 26, 2025.
- How quickly did production resume under new ownership?
Production continued seamlessly, with Hemlo Mining recording its first gold pour on the same day the takeover was completed.
- What is the expected annual gold output from the Hemlo mine?
The company expects annual production of approximately 150,000 ounces of gold.
