TORONTO – Barrick Mining Corp. has agreed to sell its Hemlo gold mine to Carcetti Capital Corp. for proceeds of up to $1.09 billion.

The transaction includes $875 million in cash, along with $50 million worth of shares in Carcetti, which will be renamed Hemlo Mining Corp. once the deal closes.

The Vancouver-based investment firm will also owe Barrick a production and tiered gold price-linked cash payment structure of up to $165 million starting in January 2027 for a five-year term.

Barrick says it will use the proceeds to strengthen its balance sheet and return capital to shareholders, noting that Hemlo, which is its last Canadian gold mine, had an attractive valuation.

Barrick president and chief executive Mark Bristow says the company expects to generate over $2 billion from the dive

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