Barrick Announces Sale of Hemlo for Up To $1.09 Billion

Core Viewpoint - Barrick Mining Corporation has agreed to sell the Hemlo Gold Mine in Canada to Carcetti Capital Corp. for gross proceeds of up to $1.09 billion, which will enhance Barrick's balance sheet and support its commitment to return capital to shareholders [1][2]. Group 1: Transaction Details - The sale includes cash consideration of $875 million due at closing, shares valued at $50 million, and a tiered cash payment structure linked to gold prices, potentially totaling up to $165 million over five years [7][8]. - HMC, the acquiring company, is expected to graduate to the TSX Venture Exchange and is backed by experienced management and a consortium of investors focused on North American resource development [1][3]. Group 2: Strategic Implications - The sale is part of Barrick's strategy to focus on its Tier One gold and copper portfolio, with total gross proceeds from non-core asset divestments in 2025 expected to exceed $2 billion [2][3]. - Barrick remains committed to exploring and developing world-class gold and copper mines in Canada, maintaining a strong presence in the region [4]. Group 3: Future Outlook - The transaction is anticipated to close in the fourth quarter of 2025, subject to customary conditions and regulatory approvals [4]. - Barrick's ongoing focus on strengthening its balance sheet and returning capital to shareholders is emphasized as a key aspect of its capital allocation framework [2].