Hemlo gold mine in Ontario. (Image courtesy of Barrick Gold.)
Barrick Mining (NYSE: B; TSX: ABX) has agreed to sell its last operating gold mine in Canada, marking a significant milestone as the company shifts its focus toward copper.
The Hemlo Gold Mine in Ontario will be sold to Carcetti Capital Corp. for $875 million in cash and $50 million worth of Carcetti shares. An additional $165 million in contingent payments could be triggered depending on future gold prices. The sale is expected to close in the fourth quarter of 2025.
The $1.1 billion transaction comes at a time when bullion prices are at all-time highs, allowing Barrick to realize substantial value from one of its legacy assets.
Carcetti said it will rename itself Hemlo Mining Corp. after the acquisition. To help finance the purchase, the company has arranged a $400 million streaming agreement with Wheaton Precious Metals.
Under the…
