Hemlo Mining has high hopes for growth after $1-billion purchase from Barrick

Hemlo Mining Corp. has ambitious plans for its eponymous Northern Ontario gold mine.

The company acquired the mine from Barrick Mining Corp. ABX-T in September for up to US$1.09-billion and changed its name from Carcetti Capital Corp., which was a corporate shell.

Jason Kosec, a former CFL linebacker-turned-structural geologist who was recruited to be Hemlo Mining’s first chief executive officer, said in an interview that Barrick was not able to prioritize giving the mine the resources required to maximize production.

“When you’re Barrick and this is the lowest of the low-production profile in your portfolio, to fight over capital being allocated to Hemlo versus something like Fourmile, Hemlo was never going to get that money,” Mr. Kosec said, referring to one of Barrick’s other min