Group 1 - Barrick Mining Corporation's price target was raised to $30 from $28.50 by Raymond James, maintaining an Outperform rating [1] - Barrick announced the sale of its Hemlo Gold Mine in Ontario, Canada, to Carcetti Capital Corp. for approximately $1.09 billion [2] - The sale includes an upfront cash payment of $875 million, $50 million in equity, and contingent payments tied to gold prices that could total up to $165 million starting in 2027 [2][3] Group 2 - The proceeds from the Hemlo Gold Mine sale will support Barrick's balance sheet and are part of a broader strategy to streamline its portfolio [3] - Total proceeds from recent asset divestments are expected to exceed $2 billion in 2023 [3] - The transaction is anticipated to close in Q4 2025 [3]

Core Viewpoint - The legal situation surrounding Barrick Mining's operations in Mali has intensified, with the company facing significant challenges due to government pressure and legal issues related to its Loulo-Gounkoto gold complex [1][3]. Group 1: Legal Issues - Malian prosecutors have appealed a judge's order to release four Barrick employees on bail, prolonging the uncertainty regarding the company's operations in the country [1][2]. - The employees, including a regional manager, will remain in jail until the Court of Appeal reviews the prosecution's case, with bail set at 50 billion CFA francs (approximately US$90.3 million) [2]. Group 2: Allegations and Government Pressure - The arrests in November 2024 were linked to allegations of money laundering, terrorism financing, and tax-related offenses, which Barrick has denied, claiming they are part of escalating pressure from Mali's military-led government [3]. - The dispute stems from Mali's 2023 mining code, which increased government royalties and equity stakes in joint ventures, leading to tensions as Barrick resisted demands for a larger share of profits from the Loulo-Gounkoto complex [4]. Group 3: Financial Impact - The standoff has resulted in significant financial repercussions, with Barrick announcing a writedown of over $1 billion on its Malian operations, reducing the carrying value of its 80% stake in Loulo-Gounkoto, which previously contributed about 15% of the company's total gold output [6]. - Barrick's shares fell by 0.5% in morning trading, resulting in a market capitalization of approximately $50.2 billion [7]. Group 4: Management Changes - The crisis escalated when Hilaire Diarra, a former general manager of Barrick's Tongon mine and key negotiator with Mali, was appointed as a special adviser to Mali's president, indicating a shift in the negotiation landscape [7].

Core Insights - The Fourmile project in Nevada is highlighted as one of the century's greatest gold discoveries, with a new preliminary economic assessment (PEA) confirming its potential to become a leading global gold producer [1][2][10] Project Overview - Barrick Mining Corporation owns 100% of the Fourmile project, which is expected to double its resource by the end of 2025, with current estimates indicating 32-34 million tonnes at grades of 15-16 grams per tonne [2][4] - The project is projected to achieve average annual gold production of 600,000 to 750,000 ounces at low mining rates of 1.5 to 1.8 million tonnes of ore per year [4][11] Economic Metrics - The PEA outlines a project capital requirement of approximately $1.5 to $1.7 billion, with a cost of sales estimated at $850 to $900 per ounce and all-in sustaining costs (AISC) ranging from $650 to $750 per ounce [11][10] - The mine life is projected to exceed 25 years, indicating long-term production potential [11] Geological Characteristics - The Fourmile orebody features a steeply dipping structurally controlled breccia domain, which is geologically unique and supports multiple large-scale mining fronts [5][6] - The orebody is characterized by low preg-robbing carbon, allowing for more flexible and cost-effective processing [3][5] Exploration and Development Plans - Barrick plans to increase its drilling fleet from 16 to over 20 rigs, with approximately 120 kilometers of directional surface drilling planned for 2026 [7] - The company is also advancing the permitting for the Bullion Hill exploration decline, with construction expected to commence in 2026 [8][9] Strategic Positioning - Fourmile is positioned within the Carlin-Cortez complexes, providing a unique value proposition with potential for world-class annual cash flows at low capital intensity [3][10] - The project is anticipated to reset the industry cost curve due to its combination of grade, scale, and cash flow potential [2][10]

COLORADO SPRINGS, Colo., Sept. 16, 2025 (GLOBE NEWSWIRE) -- Barrick Mining Corporation (NYSE:B)(TSX:ABX) – The Fourmile project in Nevada is cementing its position as one of the century’s greatest gold discoveries, updated studies by 100%-owner Barrick show. Backed by ongoing 2025 evaluation results1 and the 2024 mineral resource, the new preliminary economic assessment (PEA) underscores Fourmile’s rare combination of grade, scale and exploration upside, confirming its potential to become one of the world’s ...

Core Insights - Barrick Mining Corporation has agreed to sell its Hemlo Gold Mine in Canada to Carcetti Capital Corp for gross proceeds of up to $1.09 billion, including $875 million in cash [1][9] - The divestment is expected to conclude within the fourth quarter of 2025 and aims to strengthen Barrick's balance sheet and return capital to shareholders [1][4] Company Operations - Hemlo has been operated by Barrick for over three decades, producing more than 21 million ounces of gold, with 143,000 ounces produced last year [2] - This sale marks Barrick's exit from its last operating mine in Canada, a significant region for the company, which plans to pursue new opportunities through early-stage projects and exploration targets in the country [2] Strategic Focus - Barrick has divested several non-core assets to concentrate on Tier 1 assets, including the sale of its 50% interest in the Donlin Gold Project in June 2025 and the Alturas Project in Chile, expected to close in the third quarter of 2025 [3] - Combined with the sales of Donlin and Alturas, Barrick anticipates generating over $2 billion from non-core asset divestments this year, supporting its capital allocation strategy [4] Industry Context - Among Barrick's peers, Newmont Corporation completed its non-core divestiture program in April 2025, expecting to generate $3 billion in after-tax cash proceeds from its divestiture program [5] - Kinross Gold Corporation also streamlined its portfolio through the sale of its Russian assets and other operations, resulting in a strong production profile anchored by its major assets [6] Financial Performance - Barrick's shares have gained 87.3% year to date, compared to a 101.6% rise in the Zacks Mining – Gold industry, driven by a rally in gold prices [7] - The Zacks Consensus Estimate for Barrick's earnings in 2025 and 2026 implies year-over-year increases of 56.4% and 21.8%, respectively, with EPS estimates trending higher over the past 60 days [10] Valuation Metrics - Barrick is currently trading at a forward 12-month earnings multiple of 12.81, which is approximately 17.8% lower than the industry average of 15.59 [11]

Group 1: Emissions and Environmental Impact - Global gold producers have reduced combined Scope 1 and 2 greenhouse-gas emissions to below 30 million tons of CO₂ equivalent in 2024, marking the lowest level in a decade [1] - Absolute emissions from the industry's top miners fell 2% year-on-year to 29.9 million tons CO₂e, representing the fourth consecutive annual decline [2] - Scope 3 emissions rose 2% to 26.2 million tons, indicating challenges in addressing downstream impacts [3] Group 2: Renewable Energy Initiatives - The report highlights renewable energy adoption, with Barrick and Newmont's Nevada joint venture commissioning a solar facility expected to cut 234,000 tons CO₂e annually [4] - AngloGold Ashanti connected its Geita mine in Tanzania to the national grid, while Kinross reduced diesel use at Bald Mountain [4] - Despite these efforts, challenges remain, as Solidcore Resources in Kazakhstan lost access to renewable power, illustrating the fragility of decarbonization pathways [4] Group 3: Energy Usage and Sustainability - Energy usage within the industry is uneven, with average intensity stable at around 9.3 gigajoules per ounce, nearly one-third higher than a decade ago [5] - Renewables supply only 10% of the sector's electricity, with the US and Australia showing promise in electrification efforts, while many African and Latin American projects still rely on fossil fuels [5] - Declining ore grades mean more rock is processed for each ounce of gold, increasing energy use, waste, and water intensity despite improvements in absolute totals [8] Group 4: Safety Performance - Safety performance has deteriorated, with fatalities across 14 analyzed companies rising to 27 in 2024, up from 24 the previous year [6] - More than half of the fatalities occurred in underground operations in Africa, where seismic events and fall-of-ground accidents are common [6] - While some companies like Northern Star and B2Gold extended their fatality-free records, eight firms reported fatalities, reversing two years of improvement [7] Group 5: Emissions from Non-Carbon Pollutants - Sulphur dioxide and nitrous oxide emissions fell 16% and 8%, respectively, indicating progress on non-carbon pollutants [8] Group 6: Industry Dynamics - The inclusion of China's Zijin Mining and Shandong among the world's top 15 producers highlights shifting dynamics, with Zijin reporting the highest single-company emissions and nearly a billion tons of waste rock [9] - Zijin also leads in socio-economic payments, reflecting Beijing's dual mandate of growth and local benefit [9]

Industry Overview - The Zacks Mining - Gold industry has experienced a 38.5% growth in gold prices this year, driven by geopolitical tensions and central bank buying [1][4] - The industry involves complex processes of gold extraction from both underground and open-pit mines, requiring significant financial resources and time [3] Major Trends - Gold prices are expected to continue rising due to a demand-supply imbalance, with central banks accumulating gold reserves [2][6] - The industry faces challenges such as high production costs and a shortage of skilled labor, prompting companies to focus on cost-reduction strategies and digital innovation [5] Demand & Supply Dynamics - Depleting resources and declining supply from old mines are significant threats, while demand from sectors like energy and technology is increasing [6] - India and China account for approximately 50% of global consumer gold demand, with strong demand expected to persist in India [6] Industry Performance - The Mining-Gold Industry has outperformed the S&P 500 Index and the Basic Material sector, with a collective gain of 67.3% compared to the sector's 6.6% and the S&P 500's 19.1% [9] - The industry currently trades at an EV/EBITDA of 9.04X, significantly lower than the S&P 500's 18.23X and the Basic Material sector's 14.11X [11] Company Highlights - **Agnico Eagle Mines (AEM)**: Focused on extending mine life and optimizing costs, with a projected 64% year-over-year earnings growth for 2025 [18][17] - **Barrick Mining (B)**: Positioned to benefit from key growth projects, with a projected 56.4% year-over-year earnings growth for 2025 [23][22] - **Newmont (NEM)**: Created an industry-leading portfolio through the acquisition of Newcrest Mining, with a projected 52% year-over-year earnings growth for 2025 [26][25] - **Franco-Nevada (FNV)**: Expected to see a 51.4% year-over-year earnings growth for 2025, focusing on cost management and a healthy portfolio of agreements [30][29] - **Kinross Gold (KGC)**: Anticipates a remarkable 103% year-over-year earnings growth for 2025, supported by strong liquidity and development projects [32][34]

Core Insights - Barrick Mining Corporation has agreed to divest its Hemlo Gold Mine in Canada to Carcetti Capital Corp., which will be renamed Hemlo Mining Corp. upon closing [1] Financial Summary - The sale is expected to generate up to $1.09 billion in gross proceeds, including $875 million in cash, $50 million in HMC shares, and up to $165 million in production and tiered gold price-linked cash payments over five years starting January 2027 [2][8] - Combined with the sale of Donlin and Alturas, Barrick anticipates generating over $2 billion from non-core asset divestments this year [5] Strategic Implications - The divestiture signifies Barrick's strategy to focus on Tier One gold and copper assets, with proceeds aimed at strengthening the balance sheet and returning capital to shareholders [4][8] - HMC is expected to graduate to the TSXV, supported by an experienced management team and a consortium of investors, enhancing its potential [3] Market Context - Barrick's shares have increased by 44.2% over the past year, while the industry has seen a growth of 68% [5]

Core Viewpoint - Barrick Mining has agreed to sell its last operating gold mine in Canada, the Hemlo Gold Mine, to Carcetti Capital Corp for a total of $1.1 billion, marking a strategic shift towards copper investments [2][5]. Transaction Details - The sale includes $875 million in cash and $50 million in Carcetti shares, with an additional $165 million in contingent payments based on future gold prices [2]. - The transaction is expected to close in the fourth quarter of 2025 [2]. - BMO Capital Markets valued Hemlo at approximately $620 million under long-term assumptions, but up to $1.2 billion at current spot prices, indicating a sale price of about $3,150 per ounce of reserves [4]. Strategic Shift - The sale reflects CEO Mark Bristow's strategy to diversify Barrick's portfolio beyond gold and into copper, following the acquisition of Randgold Resources in 2019 [5]. - Barrick has reduced its Canadian presence by relocating head office functions and cutting the number of executives based in Canada [5]. Production and Future Plans - Hemlo has produced over 21 million ounces of gold since its discovery, contributing 143,000 ounces in 2024, which accounted for about 3.5% of Barrick's total output [6]. - Despite the sale, Barrick maintains a pipeline of early-stage projects and exploration targets in Canada, emphasizing its ongoing commitment to the region [6]. Other Asset Sales - Barrick has been active in divesting non-core assets, including a $1 billion sale in Alaska earlier this year, with total gross proceeds from such sales expected to exceed $2 billion in 2025 [7]. - The company is also advancing major copper projects, including the $6 billion Reko Diq mine in Pakistan and an expansion in Zambia [7].

Barrick Mining Corporation (NYSE:B) announced Wednesday that it has struck a deal to divest its Hemlo Gold Mine in Ontario, Canada, in a transaction worth as much as $1.09 billion. The mine will be acquired by Carcetti Capital Corp., which plans to rename itself Hemlo Mining Corp. once the sale closes. The transaction includes upfront cash of $875 million, equity in the acquiring firm valued at $50 million, and additional gold price-linked contingent payments of up to $165 million beginning in 2027. Also ...