- Barrick Mining Corp. (TSX:ABX) has agreed to sell its Hemlo Gold Mine to Carcetti Capital Corp., which will be renamed Hemlo Mining Corp., for up to US$1.09 billion, with the deal expected to close in Q4 2025.
- The transaction includes $875 million in cash, US$50 million in HMC shares, and up to US$165 million in gold price-linked payments over five years starting in 2027.
- HMC will graduate to the TSX Venture Exchange, while Barrick plans to use the proceeds to strengthen its balance sheet and return capital to shareholders
- Barrick Mining stock (TSX:ABX) last traded at C$40.92
Barrick Mining Corp. (NYSE:B / TSX:ABX) announced a definitive agreement to sell its Hemlo Gold Mine in Ontario, Canada, to Vancouver-based investment firm Carcetti Capital Corp. (TSXV:CART.H) for gross proceeds of up to US$1.09 billion. Upon closing, Carcetti will be renamed Hemlo Mining Corp. (HMC) and is expected to graduate from the NEX Board to the main TSX Venture Exchange.
The transaction, slated for completion in Q4 2025, includes:
- US$875 million in cash, payable at closing
- US$50 million in HMC shares, issued at the same price per subscription receipt as HMC’s concurrent equity offering
- A tiered gold price-linked payment structure of up to US$165 million, beginning in January 2027 and extending over five years
This content has been prepared as part of a partnership with Barrick Mining Corp. and is intended for informational purposes only.
Barrick CEO Mark Bristow described the sale as a move to optimize the company’s portfolio and focus on Tier One gold and copper assets. “The sale of Hemlo at an attractive valuation marks the close of Barrick’s long and successful chapter at the mine,” he said in a news release. “We are confident that HMC’s experienced management and the existing Hemlo team will be excellent stewards of the asset.”
HMC’s leadership team includes Robert Quartermain, former CEO of SSR Mining and founder of Pretium Resources, who played a key role in Hemlo’s original discovery while at Teck Resources. The company is backed by a consortium of resource-focused investors, including Wheaton Precious Metals (TSX:WPM) and Orion Mine Finance Management.
The proceeds from the sale will be used to strengthen Barrick’s balance sheet and support its capital return strategy for shareholders. This transaction is part of a broader divestment initiative that includes the sales of Donlin and Alturas, expected to generate over US$2 billion in total for Barrick in 2025.
Hemlo, which has produced over 21 million ounces of gold over its 30-year history, was Barrick’s last operating gold mine in Canada. The sale marks a significant shift in the company’s geographic footprint and strategic focus toward copper and large-scale gold operations globally.
Barrick Mining Corp. is the world’s second-largest gold producer with ownership interests in producing gold mines in Argentina, Canada, Cote d’Ivoire, the Democratic Republic of Congo, the Dominican Republic, Mali, Tanzania and the United States.
Barrick Mining stock (TSX:ABX) last traded at C$40.92 and has risen 83.58 per cent since the year began.
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