Barrick Announces Sale of Hemlo for Up To $1.09 Billion
Barrick Mining (NYSE:B) has announced the sale of its Hemlo Gold Mine in Canada to Carcetti Capital Corp. (to be renamed Hemlo Mining Corp.) for up to $1.09 billion. The deal structure includes $875 million in cash, $50 million in HMC shares, and potential additional payments of up to $165 million linked to production and gold prices starting January 2027.
HMC is led by experienced mining executive Robert Quartermain and backed by Wheaton Precious Metals and Orion Mine Finance Management. The transaction, expected to close in Q4 2025, is part of Barrick's strategy to focus on its Tier One gold and copper portfolio, with total proceeds from non-core asset sales expected to exceed $2 billion this year.
Barrick Mining (NYSE:B) ha annunciato la cessione della sua miniera d'oro Hemlo in Canada a Carcetti Capital Corp. (che sarà rinominata Hemlo Mining Corp.) per un controvalore fino a $1,09 miliardi. L'accordo prevede $875 milioni in contanti, $50 milioni in azioni HMC e pagamenti aggiuntivi potenziali fino a $165 milioni legati alla produzione e all'andamento del prezzo dell'oro a partire da gennaio 2027.
HMC è guidata dall'esperto dirigente minerario Robert Quartermain e supportata da Wheaton Precious Metals e Orion Mine Finance Management. La transazione, che dovrebbe concludersi nel quarto trimestre del 2025, rientra nella strategia di Barrick di concentrarsi sul suo portafoglio di asset d'oro e rame di primo piano; i proventi totali previsti dalla vendita di asset non core supereranno quest'anno i $2 miliardi.
Barrick Mining (NYSE:B) ha anunciado la venta de su mina de oro Hemlo en Canadá a Carcetti Capital Corp. (que pasará a llamarse Hemlo Mining Corp.) por un importe de hasta $1.090 millones. La operación incluye $875 millones en efectivo, $50 millones en acciones de HMC y pagos adicionales potenciales de hasta $165 millones vinculados a la producción y al precio del oro a partir de enero de 2027.
HMC está dirigida por el experimentado ejecutivo minero Robert Quartermain y cuenta con el respaldo de Wheaton Precious Metals y Orion Mine Finance Management. La transacción, que se espera cerrar en el cuarto trimestre de 2025, forma parte de la estrategia de Barrick de centrarse en su cartera de oro y cobre de primer nivel, y se espera que los ingresos totales por la venta de activos no estratégicos superen este año los $2.000 millones.
Barrick Mining (NYSE:B)은 캐나다의 헴로(Hemlo) 금광을 Carcetti Capital Corp.(향후 Hemlo Mining Corp.으로 사명 변경 예정)에 최대 10억9천만 달러에 매각한다고 발표했습니다. 거래 구조는 8억7,500만 달러 현금, 5,000만 달러의 HMC 주식, 그리고 2027년 1월부터 생산량 및 금값과 연동되는 최대 1억6,500만 달러의 추가 지급 가능성을 포함합니다.
HMC는 경영진 출신의 광산 전문가 로버트 쿼터메인이 이끌며 Wheaton Precious Metals와 Orion Mine Finance Management의 지원을 받습니다. 이 거래는 2025년 4분기 마무리될 것으로 예상되며, Barrick이 1등급 금·구리 자산에 주력하는 전략의 일환입니다. 비핵심 자산 매각으로 올해 총 매각대금은 20억 달러를 넘길 것으로 예상됩니다.
Barrick Mining (NYSE:B) a annoncé la cession de sa mine d'or Hemlo au Canada à Carcetti Capital Corp. (qui prendra le nom Hemlo Mining Corp.) pour un montant pouvant aller jusqu'à 1,09 milliard de $. La transaction comprend 875 M$ en numéraire, 50 M$ en actions HMC et des paiements additionnels potentiels allant jusqu'à 165 M$, liés à la production et au cours de l'or à compter de janvier 2027.
HMC est dirigée par le cadre minier expérimenté Robert Quartermain et bénéficie du soutien de Wheaton Precious Metals et d'Orion Mine Finance Management. La clôture est attendue au quatrième trimestre 2025; cette opération s'inscrit dans la stratégie de Barrick visant à se concentrer sur son portefeuille d'actifs aurifères et cuprifères de premier rang, les produits totaux des cessions d'actifs non stratégiques devant dépasser 2 milliards de $ cette année.
Barrick Mining (NYSE:B) hat den Verkauf seiner Hemlo-Goldmine in Kanada an Carcetti Capital Corp. (künftig Hemlo Mining Corp.) für bis zu 1,09 Mrd. $ angekündigt. Die Struktur des Geschäfts umfasst 875 Mio. $ in bar, 50 Mio. $ in HMC-Aktien sowie mögliche Zusatzzahlungen von bis zu 165 Mio. $, die ab Januar 2027 an Produktion und Goldpreis gekoppelt sind.
HMC wird von dem erfahrenen Bergbau-Manager Robert Quartermain geleitet und von Wheaton Precious Metals sowie Orion Mine Finance Management unterstützt. Der Abschluss der Transaktion wird für das vierte Quartal 2025 erwartet. Die Maßnahme ist Teil von Barricks Strategie, sich auf sein erstklassiges Gold- und Kupferportfolio zu konzentrieren; die Erlöse aus dem Verkauf nicht strategischer Vermögenswerte sollen in diesem Jahr insgesamt mehr als 2 Mrd. $ betragen.
- None.
- Reduction in gold production capacity through mine divestment
- Loss of established operating asset in stable jurisdiction (Canada)
Insights
Barrick's $1.09B Hemlo sale strengthens balance sheet and aligns with strategy to focus on Tier One assets while generating significant shareholder value.
Barrick's sale of the Hemlo Gold Mine for up to
This transaction is part of a broader divestment strategy that has already included the sales of Donlin and Alturas assets. Collectively, these non-core asset sales are expected to generate over
The buyer, Carcetti Capital (to be renamed Hemlo Mining Corp.), brings strong industry credentials to the table. The involvement of Robert Quartermain, who has an established track record with SSR Mining and Pretium Resources, plus backing from Wheaton Precious Metals and Orion Mine Finance, suggests the asset is transitioning to capable operators with the expertise to potentially unlock additional value.
For Barrick shareholders, this deal delivers immediate value while allowing management to concentrate resources on their Tier One gold and copper portfolio - assets with superior production profiles, costs, and mine lives. The company has explicitly stated that proceeds will strengthen the balance sheet and support their capital return framework, signaling potential for increased shareholder returns.
This transaction demonstrates Barrick's disciplined approach to portfolio management, divesting a non-core Canadian asset at what they describe as "an attractive valuation" while maintaining exploration interests in Canada. The expected completion in Q4 2025 should provide near-term financial flexibility for the company's strategic priorities.
All amounts expressed in U.S. dollars
TORONTO, Sept. 10, 2025 (GLOBE NEWSWIRE) -- Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”) today announced that it has reached an agreement to sell the Hemlo Gold Mine (“Hemlo”) in Canada to Carcetti Capital Corp., which is to be renamed to Hemlo Mining Corp. (“HMC”) upon closing of the transaction.
The sale agreement provides for gross proceeds of up to
- Cash consideration of
$875 million , due on closing - HMC shares with an aggregate value of
$50 million (based on the same price per HMC subscription receipt under the concurrent equity offering announced by HMC, to be issued by HMC to Barrick on closing) - A production and tiered gold price-linked cash payment structure of up to
$165 million starting in January 2027 for a five-year term1
HMC is currently listed on the NEX Board of the TSX Venture Exchange (“TSXV”) and expects to graduate to the TSXV in connection with its acquisition of Hemlo. HMC has a management team and Board of Directors with significant operational experience with mining assets in Canada, including Robert Quartermain, who was CEO of SSR Mining Inc. and founder of Pretium Resources Inc, and who also played a key role in the discovery and delineation of Hemlo while working for Teck Resources Limited as a geologist. HMC is also backed by a consortium of investors focused on North American resource development, including Wheaton Precious Metals and Orion Mine Finance Management.
Proceeds from the sale will be used to further strengthen Barrick’s balance sheet and support Barrick’s commitment to return capital to shareholders, consistent with its capital allocation framework.
“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,” says Barrick president and chief executive 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. 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
Canada remains an important jurisdiction for Barrick, with a portfolio that includes a number of prospective early-stage projects and exploration targets, and the Company will continue to pursue opportunities to find and operate world-class gold and copper mines in Canada.
Subject to satisfaction of customary closing conditions and obtaining required regulatory approvals, the transaction is expected to be completed within the fourth quarter of 2025.
CIBC World Markets Inc. is acting as financial advisor to Barrick. Davies Ward Phillips & Vineberg LLP and Blake, Cassels & Graydon LLP are acting as legal counsel to Barrick.
About Barrick Mining Corporation
Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry — including six of the world’s Tier One gold mines — Barrick’s operations and projects span 18 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.
Enquiries:
Kathy du Plessis
Investor and Media Relations
+44 20 7557 7738
Email: barrick@dpapr.com
Endnote 1
Under the contingent cash payment structure, Barrick will be paid (i)
Cautionary Statement on Forward-Looking Information
Certain information contained in this press release, including any information related to the completion and timing of the sale of Hemlo, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “plan”, “would”, “expected”, “will”, “intend”, “continue” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: timing for completion of the transaction with HMC; the anticipated use of proceeds from completion of the transaction; Barrick’s ongoing focus on Tier One gold and copper assets and its portfolio of growth projects; and Barrick’s future intentions with respect to projects in Canada.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by Barrick as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions contained in this news release, which may prove to be incorrect, include, but are not limited to: (i) that the parties will complete the transaction in accordance with the terms and conditions of the relevant agreements, including the anticipated sources of funding of the transaction, on a basis consistent with its expectations; (ii) that the conditions to the completion of the transaction will be satisfied within the expected timeframe or at all; (iii) future gold prices; and (iv) future production levels from Hemlo. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, including the risk that the sale transaction will not be completed for any reason. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in Barrick’s most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities which contain a more detailed discussion of some of the factors underlying forward-looking statements, and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
FAQ
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