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M&A / Property

Barrick Announces Sale of Hemlo for Up To $1.09 Billion

By The Northwire Desk — AI Analysis Sep 10, 2025 · 19:47 HMMC · 0.82 Hemlo Mining Corp.
HMMC · Price

Executive Summary

  • Barrick Mining Corporation has entered into an agreement to sell its Hemlo Gold Mine in Canada to Carcetti Capital Corp. (to be renamed Hemlo Mining Corp. or "HMC").
  • The transaction is valued at up to $1.09 billion, comprising immediate cash, equity shares, and contingent production-linked payments.
  • Proceeds will be used to strengthen Barrick’s balance sheet and return capital to shareholders, contributing to a total expected divestment of over $2 billion from non-core assets in 2025.

Key Details

  • Transaction Structure:
    • Cash Consideration: $875 million, due on closing.
    • Equity Consideration: HMC shares with an aggregate value of $50 million, issued to Barrick on closing based on the price per HMC subscription receipt from a concurrent equity offering.
    • Contingent Payments: Up to $165 million in cash payments linked to production and tiered gold prices, starting in January 2027 for a five-year term.
  • Contingent Payment Terms:
    • 20.0% of incremental revenue on specified Hemlo production if gold prices are >$3,300/oz but <$3,500/oz.
    • 22.5% of incremental revenue on specified Hemlo production if gold prices are >$3,500/oz but <$3,700/oz.
    • 25.0% of incremental revenue on specified Hemlo production if gold prices are >$3,700/oz.
    • Cumulative cap of $165 million over the five-year term.
  • Buyer Information:
    • Buyer: Carcetti Capital Corp., renaming to Hemlo Mining Corp. ("HMC") upon closing.
    • Current Status: Listed on the NEX Board of the TSX Venture Exchange, expecting to graduate to the TSXV.
    • Backers: Consortium including Wheaton Precious Metals and Orion Mine Finance Management.
    • Management: Led by Robert Quartermain (former CEO of SSR Mining, founder of Pretium Resources, former geologist at Teck Resources).
  • Financial Impact & Use of Proceeds:
    • Gross proceeds up to $1.09 billion.
    • Combined with sales of Donlin and Alturas, total gross proceeds from non-core asset divestments in 2025 are expected to exceed $2 billion.
    • Proceeds designated to strengthen Barrick’s balance sheet and support shareholder capital returns.
  • Timeline & Advisors:
    • Expected Closing: Fourth quarter of 2025, subject to regulatory approvals and customary conditions.
    • Financial Advisor: CIBC World Markets Inc.
    • Legal Counsel: Davies Ward Phillips & Vineberg LLP and Blake, Cassels & Graydon LLP.

Notable Quotes

  • “The sale of Hemlo at an attractive valuation marks the close of Barrick’s long and successful chapter at the mine and underscores our disciplined focus on building value through our Tier One gold and copper portfolio,” said Barrick president and chief executive Mark Bristow.
  • “We are confident that HMC’s experienced management and the existing Hemlo team will be excellent stewards of the asset, unlock its future potential and continue to deliver benefits for all stakeholders.” — Mark Bristow
Read the original news release →

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