Sale Announcement
On 11 September 2025, Barrick Mining Corporation announced an agreement to sell its Hemlo gold mine in Ontario, Canada, to private equity firm Carcetti Capital in a deal worth up to US$1.09 billion. The transaction will be structured through a combination of cash, stock, and contingent payments tied to future gold prices and production levels. For Barrick, the decision reflects its strategy to focus on larger, higher-margin operations within its global portfolio.
Mine Background
Hemlo has been in operation for more than 30 years and is known as one of Canada’s more mature gold assets. While historically productive, in recent years it has faced rising costs, declining grades, and operational challenges, prompting Barrick to reassess its role within the company’s portfolio. By divesting, Barrick frees up capital for expansion in Africa and Latin America, where it sees stronger growth prospects. Carcetti Capital, meanwhile, views Hemlo as a stable, cash-generating asset with potential for efficiency improvements and extended mine life.
Implications for Canada’s Mining Sector
The sales highlight a broader trend of major mining companies streamlining portfolios while private capital increases its role in acquiring mid-tier and mature assets. For Canada, the Hemlo sale underscores the importance of private investment in sustaining older mining operations, especially as global demand for gold remains strong. Analysts note that Carcetti’s ability to manage costs and community relations will be critical to sustaining Hemlo’s contribution to local employment and regional development in Ontario.