Barrick Sells Hemlo Mine to Carcetti Capital in $1.09 Billion Deal
Barrick Mining Exits Canadian Gold Production with $1.09B Sale of Hemlo Mine to Carcetti Capital
Barrick Mining has agreed to sell its Hemlo gold mine in Ontario, its last producing gold operation in Canada, to Carcetti Capital for up to $1.09 billion. Following the transaction, the buyer will be renamed Hemlo Mining Corp (HMC).
The deal, announced Wednesday, marks the latest step in Barrick’s multi-year strategy to divest noncore assets and sharpen its focus on large, long-life gold and copper operations.
Deal Structure
Under the terms, Barrick will receive:
$875 million in cash at closing,
$50 million in HMC shares, and
Up to $165 million in contingent payments tied to production and gold prices beginning in 2027.
The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in the fourth quarter of 2025.
Barrick’s Strategy Shift
“The sale of Hemlo at an attractive valuation marks the close of Barrick’s long and successful chapter at the mine and underscores our disciplined focus on building value through our Tier 1 gold and copper portfolio,” said Mark Bristow, Barrick president and CEO.
The Toronto-based miner has been streamlining its portfolio in recent years, exiting smaller, shorter-life, or lower-margin assets in the US, South America, and Africa.
Instead, Barrick is concentrating on its Tier 1 mines—operations producing more than 500,000 ounces of gold annually, with at least 10 years of mine life and low costs—and advancing copper projects to align with the global energy transition.
Barrick said proceeds from the Hemlo sale would strengthen its balance sheet and support shareholder returns. Bristow added that, together with earlier sales of Donlin and Alturas, the company expects to generate more than $2 billion in gross proceeds from noncore divestments this year.
HMC, currently listed on the NEX board of the TSX-V, is backed by Wheaton Precious Metals and Orion Mine Finance. Its leadership team includes Robert Quartermain, former CEO of SSR Mining and founder of Pretium Resources, who helped discover and delineate Hemlo while at Teck Resources. HMC expects to graduate to the TSX-V as part of the transaction.
Barrick emphasized that Canada remains a priority jurisdiction, noting it continues to advance a pipeline of early-stage projects and exploration targets in the country despite the Hemlo divestment.
