Barrick Mining Corporation President & CEO Mark Bristow, right, rings the New York Stock Exchange opening bell, Friday, May 9, 2025. Barrick has agreed to sell its Hemlo gold mine to Carcetti Capital Corp. for proceeds of up to $1.09 billion. (AP Photo/Richard Drew)
Barrick Mining Corporation President & CEO Mark Bristow, right, rings the New York Stock Exchange opening bell, Friday, May 9, 2025. Barrick has agreed to sell its Hemlo gold mine to Carcetti Capital Corp. for proceeds of up to $1.09 billion. (AP Photo/Richard Drew)
TORONTO - Barrick Mining Corp. has agreed to sell its Hemlo gold mine to Carcetti Capital Corp. for proceeds of up to $1.09 billion.
The transaction includes $875 million in cash, along with $50 million worth of shares in Carcetti, which will be renamed Hemlo Mining Corp. once the deal closes.
The Vancouver-based investment firm will also owe Barrick a production and tiered gold price-linked cash payment structure of up to $165 million starting in January 2027 for a five-year term.
Barrick says it will use the proceeds to strengthen its balance sheet and return capital to shareholders, noting that Hemlo, which is its last ´ºÉ«Ö±²¥ gold mine, had an attractive valuation.
Barrick president and chief executive Mark Bristow says the company expects to generate over $2 billion from the divestment of non-core assets this year, including its Donlin and Alturas projects.
Carcetti's incoming president and chief executive Jason Kosec says the acquisition of Hemlo "establishes the foundation for the next leading mid-tier ´ºÉ«Ö±²¥ growth-focused gold producer."
This report by ´ºÉ«Ö±²¥was first published Sept. 11, 2025.
