Barrick Mining announces sale of Hemlo for up to $1.09B

Barrick Mining (B) “announced that it has reached an agreement to sell the Hemlo Gold Mine Canada to Carcetti Capital Corp., which is to be renamed to Hemlo Mining Corp. upon closing of the transaction. The sale agreement provides for gross proceeds of up to $1.09B, consisting of: Cash consideration of $875M, due on closing HMC shares with an aggregate value of $50 million (based on the same price per HMC subscription receipt under the concurrent equity offering announced by HMC, to be issued by HMC to Barrick on closing); a production and tiered gold price-linked cash payment structure of up to $165 million starting in January 2027 for a five-year term.”