Barrick Mining Corp. Sells Hemlo Gold Mine For $1 Billion

(MENAFN- Yolo Wire) %BarrickMining Corp. (NYSE: $B) has agreed to sell its %HemloGold mine to %CarcettiCapital Corp. (CVE: CART.H) for C$1.09 billion ($720 million U.S.).

The deal includes C$875 million in cash, along with C$50 million worth of shares in Carcetti, which will be renamed Hemlo Mining Corp. once the acquisition is finalized.

Carcetti, a Vancouver, British Columbia-based investment firm, will also owe Barrick Mining a production and tiered gold price-linked cash payment structure of up to C$165 million.

That payment structure is scheduled to start in January 2027 and run for five years.

Barrick said in a news release that it plans to use the proceeds from the gold mine sale to strengthen its balance sheet and return capital to shareholders.

Hemlo is Toronto-based Barrick's last remaining Canadian gold mine. The company changed its name from Barrick Gold in 2024 to reflect its diversification and move away from the precious metal.

Barrick added in its news release that it expects to generate $2 billion from the divestment of non-core assets this year, including its Donlin and Alturas mine projects.

For its part, Carcetti said the acquisition of Hemlo will help it become a mid-tier Canadian gold producer.

The stock of Barrick Mining has declined 38% this year to trade at $29.48 U.S. per share in New York.

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