Barrick Mining has reached an agreement to sell its Hemlo gold mine to Carcetti Capital Corp. for up to $1.09 billion. Upon closing, Carcetti will be renamed to Hemlo Mining Corp.
“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,” said Barrick President and CEO Mark Bristow.
“We are confident that HMC’s experienced management and the existing Hemlo team will be excellent stewards of the asset, unlock its future potential and continue to deliver benefits for all stakeholders.”
Hemlo is located about 35 kilometers east of Marathon, Ontario, and has been in operation for over 30 years.
The transaction is expected to be completed in the fourth quarter of 2025.
Source: Barrick