Barrick Mining Corporation announced that it has reached an agreement to sell the Hemlo Gold Mine in Canada to Carcetti Capital Corp., which is to be renamed to Hemlo Mining Corp. upon closing of the transaction.
The sale agreement provides for gross proceeds of up to $1.09 billion.
Proceeds from the sale will be used to further strengthen Barrick’s balance sheet and support Barrick’s commitment to return capital to shareholders, consistent with its capital allocation framework.
“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,” says Barrick president and chief executive Mark Bristow.
Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry — including six of the world’s Tier One gold mines — Barrick’s operations and projects span 18 countries and five continents.
Barrick is also the largest gold producer in the United States.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
