Canadian miner Barrick Mining is in advanced discussions to divest its last Canadian gold mine, Hemlo, to Discovery Silver, as the mining sector witnesses a surge in precious metal prices, as reported by Bloomberg.
The sale process, initiated in April 2025, is reaching its final stages, although the outcome remains uncertain.
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Both Toronto-based Barrick and Discovery Silver have yet to comment on the potential transaction.
The Hemlo gold mine, situated 35km east of Marathon, Ontario, near Lake Superior along the Trans-Canada Highway, has a production history of more than 21 million ounces of gold. This underground operation has been active for more than three decades.
The precious metals market has seen a significant rise in 2025, with gold prices soaring 25% partly due to geopolitical uncertainties, including US trade tariff policies under President Donald Trump.
This rally has prompted investors to seek refuge in safe-haven assets, leading to a spate of mining deals.
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By GlobalDataBarrick’s decision to sell Hemlo aligns with its strategy to capitalise on the high gold prices, mirroring moves by other mining giants such as Newmont, which has offloaded several smaller mines during the bullion price spike.
Discovery Silver, on the other hand, is looking to expand its asset base and acquired Newmont’s Porcupine gold mine in Ontario for up to $425m in January.
Discovery is an Americas-focused precious metals company, with a varied portfolio that encompasses top-tier gold production assets in and around Timmins, Ontario, Canada.
The company also holds complete ownership of the Cordero project in Mexico, which stands as one of the largest silver projects in the development stage globally.
