Barrick divests Hemlo gold mine to focus on core assets in $1.1bn sale

Image credit: Reuters

The deal includes $875m in cash at closing, $50m in shares of Carcetti, and up to $165m in contingent payments linked to production and gold prices from 2027 over five years, the statement added.

Carcetti said it will fund the acquisition through a mix of financing, including a $400m gold stream with Wheaton Precious Metals, a $225m loan underwritten by Scotiabank and about $415m from a private placement.

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The deal is expected to close in the fourth quarter and will result in Carcetti Capital being renamed to Hemlo Mining Group.

Earlier in August, Barrick topped quarterly profit estimates and raised its dividend despite taking a $1.04bn charge tied to the loss of its mine in Mali, part of a wider effort to shed non-core assets and focus on its largest gold and copper operations.