Barrick Mining has completed the sale of the Hemlo Gold Mine in Canada to Carcetti Capital, which will rename the asset Hemlo Mining Corporation (HMC).

The deal is valued at up to $1.09bn, comprising $875m in cash and $50m in HMC shares at closing, and up to $165m in production and gold price-linked payments from January 2027 over five years.

The completion of the deal follows an agreement signed in September.

At the time of the agreement, Barrick president and CEO Mark Bristow said: “The sale of Hemlo at an attractive valuation marks the close of Barrick’s long and successful chapter at the mine and underscores our disciplined focus on building value through our Tier One gold and copper portfolio.

“We are confident that HMC’s experienced management and the existing Hemlo team will be excellent stewards of the asset, unlock its future potential and continue to deliver benefits for all stakeholders. Together with the sales of Donlin and Alturas, total gross proceeds from the divestment of non-core assets this year are expected to generate over $2bn.”

The proceeds from the sale will be used to further strengthen Barrick’s balance sheet and support its ongoing commitment to returning capital to shareholders.

CIBC World Markets served as financial advisor to Barrick. Davies Ward Phillips & Vineberg and Blake, Cassels & Graydon acted as legal counsel to Barrick.

Barrick Mining has stated that Canada continues to be its key jurisdiction, featuring a portfolio of promising early-stage projects and exploration targets.

Recently, Barrick signed an agreement with the Government of the Republic of Mali to resolve all disputes related to the Loulo and Gounkoto mines, marking a significant development in the Barrick-Mali mining dispute resolution.

Under the agreement, all charges against Barrick, its affiliates and its employees are to be dropped, and legal steps for the release of four detained Barrick employees are to be initiated.