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Barrick sells its last gold mine in Canada for $1.1 billion
By Sybilla Gross
Bloomberg News
Wednesday, September 10, 2025
Barrick Mining Corp. agreed to sell its last gold mine in Canada for as much as $1.1 billion as the global mining giant capitalizes on surging bullion prices and accelerates a shift toward copper.
The purchase of the Hemlo Gold Mine by Carcetti Capital Corp. will give Barrick $875 million in cash plus Carcetti shares valued at $50 million on completion, according to a statement late Wednesday. A further $165 million of later cash payments are contingent on gold price thresholds.
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Barrick Chief Executive Officer Mark Bristow is pushing for the Toronto-listed miner to concentrate less on gold and more on copper, and this deal leaves the company without any operating mines in the country where it was founded. Gold's rally to record after record this year has stoked speculation about potential mining deals. ...
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