Barrick has formalized the divestiture of its historic Hemlo gold mine, located in Ontario, Canada, as part of its strategy to focus on assets with higher profitability and longer lives. The transaction was agreed with Carcetti Capital Corp, which will be renamed Hemlo Mining Corp (HMC) upon completion of the agreement.
Financial details on the sale of the Hemlo mine
The transaction includes an initial cash payment of US$875 million, together with US$50 million in HMC shares. In addition, an additional tiered component of up to $165 million was established, subject to gold production. gold production and gold price performance beginning in 2027 and continuing over a five-year period.
This mixed scheme reinforces Barrick’s strategy of divesting non-core assets, allowing the miner to strengthen its balance sheet and redirect capital to key initiatives.
HMC and its new market position
Currently listed on the NEX directory of the Toronto Stock Exchange, HMC plans to migrate to the TSX Venture Exchange following the closing of the transaction. The firm will have an experienced management team, led by Robert Quartermain, well known for his track record at SSR Mining and Pretium Resources, and linked to the original geological development of the Hemlo deposit.
The financial backing comes from a consortium with a focus on North American mining projects, including Wheaton Precious Metalsincluding Wheaton Precious Metals and Orion Mine Finance, which gives strength to the mine’s operating future.
Barrick’s renewed focus on its global portfolio
With this sale, Barrick will no longer operate active mines in Canada. However, the company maintains early-stage exploration projects in the country and does not rule out future operations if opportunities arise that fit its world-class asset model.
Hemlo’s exit joins other sales such as Donlin and Alturas, bringing the cumulative proceeds from the divestiture of non-core assets to more than US$2 billion for the year. These decisions are aligned with the company’s capital allocation policy and commitment to shareholders.
Completion of the transaction is subject to regulatory approvals and is expected in the fourth quarter of 2025.
Source and photo: Barrick
