Barrick Mining to Sell Hemlo, Expects Proceeds of More Than $1.09B

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]