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Investing.com-- Barrick Mining Corp (NYSE:B) said on Wednesday it had entered an agreement to sell its Hemlo Gold Mine in Canada to Carcetti Capital Corp (TSXV:CARTh) for about $1.09 billion.
Barrick said it will receive $875 million in cash, plus $50 million in Hemlo shares. It will also receive production-based payments of up to $165 million from January 2027, for a five-year period.
Barrick President and CEO Mark Bristow said the Hemlo sale, at an “attractive valuation,” was part of the company’s goal to build up and focus on its tier one gold and copper portfolio.
Carcetti will change its name to Hemlo Mining Corp after the sale, and expects to be listed on the main board of the TSX Venture Exchange, Barrick said.
The Hemlo mine has produced over 21 million ounces of gold and has operated continuously for over 30 years. The mine is located about 35 kilometers east of Marathon, Ontario, and is an underground mining operation.
Sale of the gold mine comes amid positive trend for bullion prices, which hit a record high of nearly $3,700 an ounce earlier this week. Barrick’s shares surged to a five-year high.