Barrick Completes Hemlo Transaction
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On November 26, 2025, Barrick Mining Corporation announced the completion of the sale of its Hemlo gold mine in Canada to Carcetti Capital Corp. The total consideration for the transaction is up to $1.09 billion, consisting of $875 million in cash, $50 million in shares of the newly named Hemlo Mining Corp., and contingent payments of up to $165 million over five years, linked to production and gold prices above $3,300/oz.
The completion of the Hemlo transaction is materially positive. While the closing of a previously announced deal is expected, the size of the transaction and its timing are significant.
- Execution of Strategy: This sale is a key part of Barrick's stated strategy to divest non-core assets and focus its portfolio on Tier One gold and copper operations. Following the sales of interests in Donlin, Alturas, and the announced sale of Tongon earlier in the year, this transaction demonstrates consistent and successful execution of that strategy.
- Balance Sheet Fortification: The immediate influx of $875 million in cash and $50 million in shares significantly strengthens an already robust balance sheet. As of Q3 2025 (reported Nov 10), Barrick was already in a net cash position. These proceeds will further increase its financial flexibility.
- Funding Shareholder Returns: The cash directly supports the company's aggressive capital return program. On November 10, 2025, Barrick increased its base dividend by 25% and expanded its share repurchase program by $500 million to a total of $1.5 billion. This sale provides the dry powder to execute these returns without compromising investment in growth projects.
- Context of Recent News: The impact of this news is amplified by the resolution of the dispute with the government of Mali, announced just two days prior on November 24, 2025. The Mali settlement removed a major geopolitical and operational overhang, de-risking the story significantly. The combination of resolving a major crisis and immediately following up with a ~$1 billion cash injection from a non-core asset sale is a powerful one-two punch that should be very well-received by the market.
While the terms of the deal are identical to the September 10 announcement, the successful closing provides certainty and delivers the cash as promised, making it a material positive event.
Barrick Mining Corporation, formerly Barrick Gold Corporation, is one of the world's largest senior gold and copper producers. The company's strategy is focused on owning and operating a portfolio of "Tier One" mines—assets with a life of over 10 years, low costs, and significant production scale.
The company's flagship asset base is Nevada Gold Mines (NGM), a joint venture with Newmont, which is the largest gold-producing complex in the world. Other key producing assets include Pueblo Viejo in the Dominican Republic, Loulo-Gounkoto in Mali, and Kibali in the DRC.
Barrick is also aggressively expanding its copper business, which it sees as a key growth driver. Major copper growth projects include the $2 billion "Super Pit" expansion at the Lumwana mine in Zambia and the development of the world-class Reko Diq copper-gold project in Pakistan. The exploration-stage Fourmile project in Nevada is being touted as one of the most significant gold discoveries of the century.