Barrick Gold Corp. (TSX:ABX, NYSE:GOLD) announced that it has agreed to sell its last operating gold mine in Canada, the Hemlo Gold Mine in Ontario, to Carcetti Capital in a transaction valued at up to $1.09 billion.
Under the terms of the agreement, Barrick will receive $875 million in cash at closing, $50 million in Carcetti shares, and up to $165 million in contingent payments tied to future gold prices beginning in 2027.
The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals and customary conditions.
Carcetti Capital plans to rename itself Hemlo Mining Corp (HMC) following the acquisition.
The company has arranged financing for the deal, including a $400 million streaming agreement with Wheaton Precious Metals.
HMC also expects to graduate from the NEX Board of the TSX Venture Exchange to the TSX Venture Exchange in connection with the transaction.
Barrick president and CEO Mark Bristow said the sale reflects the company’s strategy to focus on larger, higher-margin assets.
“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 One gold and copper portfolio,” Bristow said.
He added that Canada will remain an important jurisdiction for Barrick, noting that the company will continue to pursue early-stage exploration opportunities despite exiting active gold mining operations in the country.
Barrick acquired Hemlo in 1989 and has operated the mine for more than three decades.
The sale will mark the end of its direct gold production in Canada while highlighting its shift toward copper and large-scale projects across its global portfolio.
The sale comes amid record-high gold prices above $3,600 per ounce, allowing Barrick to monetize the long-running asset.
It also extends the company’s broader divestment program, which has generated more than $2 billion this year from the sales of non-core assets, including Donlin and Alturas.
The proceeds from the sale are expected to support Barrick’s balance sheet and capital return framework.
Barrick’s shares edged 1.2% lower to about $29 late morning on Thursday.