Barrick to Sell Hemlo Gold Mine to Carcetti Capital in $1.09 Billion Deal

Strategic Portfolio Shift: Barrick Divests Hemlo Gold Mine

Barrick Gold Corporation has entered a definitive agreement to sell its Hemlo gold mine in Ontario, Canada, to Carcetti Capital Corporation for up to $1.09 billion (CAD 1.51 billion). The deal reflects Barrick’s strategic move to focus on its Tier One gold and copper assets, enhancing capital discipline and shareholder value.

The transaction includes a $875 million upfront cash payment, $50 million in HMC shares, and an additional $165 million in contingent payments tied to future gold production and pricing. These post-closing payments will begin in January 2027 and extend over five years, based on a tiered gold price structure.

Following the acquisition, Carcetti Capital will rebrand as Hemlo Mining Corporation (HMC). As a result, the company will assume full operational control of the Hemlo mine. HMC aims to establish itself as a leading mid-tier Canadian gold producer, with a clear focus on optimizing existing infrastructure and launching an aggressive brownfield exploration strategy.

Hemlo Deal to Fuel New Growth for Carcetti Capital

To finance the acquisition and working capital, Carcetti Capital has secured a comprehensive funding package exceeding $1 billion. This includes:

A $400 million gold streaming deal with Wheaton Precious Metals

A $225 million credit facility underwritten by Bank of Nova Scotia

A $415 million private placement of subscription receipts

The credit facility comprises a $200 million term loan for acquisition costs and a $25 million revolving credit line for operational liquidity. In addition, HMC will transition from the NEX Board to the TSX Venture Exchange (TSXV) following the acquisition, pending regulatory approvals.

Jason Kosec, incoming president and CEO of HMC, emphasized that Hemlo represents the cornerstone for HMC’s growth ambitions. “Our goal is to unlock Hemlo’s full potential through a fit-for-purpose operating strategy and focused exploration,” he said.

SuperMetalPrice Commentary:

The Hemlo divestment is a clear example of Barrick’s evolving focus on high-return, core operations, while enabling a new player to rejuvenate a legacy asset. For investors and market observers, the deal underscores a growing trend: established producers are shedding non-core assets, creating space for emerging firms like HMC to innovate and grow. The transaction not only enhances Barrick’s liquidity but also marks a new phase of value creation within Canada’s mid-tier gold sector. Expect increased M&A activity in 2026 as companies reassess their portfolios amid shifting commodity cycles.