Barrick Mining (TSX:ABX,NYSE:B) has agreed to sell its Hemlo gold mine in Ontario for up to US$1.09 billion, transferring one of Canada’s most storied gold operations to a new owner and continuing Barrick’s shift away from non-core assets.
The company announced on Thursday (September 11) that Carcetti Capital (TSXV:CART.H,LSE:ORUG), which will be renamed Hemlo Mining (HMC), will acquire the mine under terms that include US$875 million in cash, US$50 million in HMC shares, and as much as US$165 million in contingent payments tied to future gold prices and production.
Barrick president and chief executive Mark Bristow said that the sale is part of the company’s ongoing capital allocation approach, noting that proceeds will help bolster the company’s balance sheet and fund returns to shareholders.
“The sale of Hemlo at an attractive valuation marks the close of Barrick’s long and successful chapter at the mine and underscores…
