Barrick Gold Considers Exit from Canada with Hemlo Mine Sale

Barrick Gold is preparing to sell its last remaining Canadian mine, aiming to take advantage of record-high gold prices and renewed investor interest in North American mining assets.

According to sources familiar with the matter, the company initiated the sale process for its Hemlo gold mine in Ontario in April and has engaged Canadian Imperial Bank of Commerce (CIBC) to identify potential buyers and manage the bidding process. Neither Barrick nor CIBC has commented publicly on the matter.

If completed, the sale would mark Barrick’s full exit from mining operations in Canada, the country where it was founded.

Since its merger with Africa-focused Randgold Resources, the Toronto-based company has significantly scaled back its Canadian footprint, relocating some head office functions and reducing local executive presence as part of a broader strategy to decentralize operations.

Barrick’s move comes as part of an ongoing effort to streamline its portfolio and focus on higher-value assets.

Earlier this week, the company sold its stake in an Alaskan gold project for $1 billion and is currently seeking buyers for its Tongon gold mine in Côte d’Ivoire.

This aligns with a trend among major miners, such as Newmont, which has raised $4.3 billion through the sale of non-core assets.

Hemlo contributed approximately 143,000 ounces of gold in 2023, representing just 3.5% of Barrick’s total annual output.

Globally, Barrick holds a diverse portfolio that includes 13 gold and three copper operations across 18 countries.

However, the company has faced headwinds, including rising costs at aging mines and an ongoing dispute with the government of Mali, which has temporarily halted operations at one of its most productive gold mines.

Despite these challenges, the potential sale of Hemlo underscores Barrick’s strategic shift toward optimizing its global operations and capitalizing on strong gold market conditions.