Wedoany.com Report-Nov. 28, Barrick Gold Corporation has finalised the sale of its Hemlo Gold Mine in Ontario, Canada, to Carcetti Capital. The asset will now operate under the name Hemlo Mining Corporation (HMC).

The proceeds from the sale of the Hemlo Gold Mine will be used to further strengthen Barrick's balance sheet.

The transaction is valued at up to $1.09 billion, consisting of $875 million in cash and $50 million in HMC shares paid at closing, plus potential contingent payments of up to $165 million linked to production milestones and gold prices, payable over five years starting January 2027.

The sale, first announced in September, concludes Barrick's long-standing ownership of the mine.

At the time of the agreement, Barrick President and Chief Executive Officer Mark Bristow said: "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.

"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. Together with the sales of Donlin and Alturas, total gross proceeds from the divestment of non-core assets this year are expected to generate over $2bn."

Proceeds from the transaction will be directed toward strengthening Barrick's balance sheet and supporting continued capital returns to shareholders.

CIBC World Markets acted as financial advisor to Barrick, while Davies Ward Phillips & Vineberg and Blake, Cassels & Graydon provided legal counsel.

Barrick emphasised that Canada remains a core jurisdiction for the company, with a portfolio of promising early-stage projects and exploration prospects.

The Hemlo divestment forms part of Barrick's ongoing strategy to concentrate resources on its highest-quality gold and copper assets worldwide.