Barrick Gold Exits Canadian Operations with Major Mine Divestiture

Barrick Gold has initiated a significant strategic pivot, announcing the sale of its Hemlo mine in Ontario for a total potential consideration of $1.09 billion. This transaction effectively concludes the Canadian mining giant’s era as a domestic operator within its home country.

The company has entered into a definitive agreement to divest the asset to Carcetti Capital Corp., which will be renamed Hemlo Mining Corp. upon the deal’s closure. This move is a direct execution of Barrick’s stated strategy to concentrate its portfolio on world-class “Tier One” gold and copper holdings.

Transaction Structure and Strategic Rationale

The financial terms of the sale are structured to provide both immediate and future value for Barrick. The package includes:
* An upfront cash... Read more...