Barrick to sell Hemlo mine to Carcetti Capital for more than $1bn

Core Viewpoint - Barrick Mining has agreed to sell the Hemlo Gold Mine to Carcetti Capital Corporation for up to $1.09 billion, as part of its strategy to strengthen its balance sheet and enhance shareholder returns [1][3] Group 1: Transaction Details - The sale includes a cash payment of $875 million due at closing, along with HMC shares valued at $50 million [2] - An additional cash payment linked to production and a tiered gold price, up to $165 million, will start in January 2027 and last for five years [2] Group 2: Strategic Implications - The sale signifies the end of Barrick's successful operations at Hemlo and reflects its focus on building value through a Tier One gold and copper portfolio [3] - Total gross proceeds from the divestment of non-core assets this year, including sales of Donlin and Alturas, are expected to exceed $2 billion [4] Group 3: Financing and Future Plans - Carcetti Capital has secured a financing package of at least $1 billion to facilitate the acquisition, which includes a $400 million gold streaming agreement and a $225 million senior secured credit arrangement [4][5] - HMC aims to maximize the value of Hemlo's existing infrastructure and pursue aggressive brownfields exploration to unlock new opportunities [6]