Davies and Blakes advising Barrick; BLG representing Carcetti
Barrick Mining Corporation, the largest gold producer in the United States, has agreed to sell its Hemlo gold mine in Canada to Carcetti Capital Corp., a Vancouver-based investment firm. Upon closing, Carcetti will be renamed Hemlo Mining Corp. (HMC). The transaction is valued at approximately $1.48 billion (US$1.09 billion).
The purchase price includes US$875 million in cash, HMC shares valued at US$50 million, and up to US$165 million in gold price-linked payments over five years, beginning January 2027.
Currently listed on the NEX Board of the TSX Venture Exchange, HMC will graduate to the TSXV following the acquisition. The company will be led by a seasoned team, including mining veteran Robert Quartermain, and is backed by investors such as Wheaton Precious Metals and Orion Mine Finance Management.
“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,” said Mark Bristow, Barrick’s president and CEO, in a press release. “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 $2 billion.”
Barrick also emphasized that Canada remains an important jurisdiction for the company, with a portfolio that includes several promising early-stage projects and exploration targets. The company reiterated its commitment to pursuing opportunities to find and operate world-class gold and copper mines in Canada.
Wheaton Precious Metals has announced its commitment to provide financing to Carcetti in support of the proposed acquisition. “Hemlo offers a unique opportunity to add immediate, accretive gold ounces from a politically stable jurisdiction, backed by a long history of production and a capable operating team,” said Randy Smallwood, CEO of Wheaton Precious Metals. “We are proud to support HMC in its acquisition of a mine that has long been considered a cornerstone of Canada’s mining industry, while also contributing to strategic M&A momentum across the sector.”
Jason Kosec, incoming president and CEO of HMC, expressed gratitude for Wheaton’s support: “Their backing not only validates the quality of the opportunity but also strengthens our ability to unlock the mine’s full potential. With Wheaton’s partnership, we can responsibly maximize value from the operation, create meaningful benefits for our stakeholders, and continue building a strong Canadian intermediate growth-focused gold producer.”
On the legal and advisory front, Davies is acting as legal counsel to Barrick Mining Corporation, with a team that includes Melanie Shishler, Josh Kuretzky, Jonas Farovitch, Jack Franklin, and Bailey Stern (Private M&A/Mining); Chris Anderson, Sharon Ford, and Darren Joblonkay (Tax); Scott Hyman (Financing); Sarah Powell (Environment); Seann McAleese (Employment); and Jim Dinning (Competition). CIBC World Markets Inc. is serving as financial advisor to Barrick.
BLG is representing Carcetti, with a team led by Graeme Martindale and including Kent Kufeldt, Fred Pletcher, Salvador Pimental, James Cantwell, George Collister, Merrit Loh, and Makena Anderson (M&A/Securities); Randy Morphy, Robert Biggar, and Yifei Yang (Tax); Andrew Zinman and James Fu (Labour & Employment); Elly Seddon (Financial Services); and Christopher Roine and Claudia Wheeler (Corporate).
The deal is expected to close in the fourth quarter of 2025, subject to customary closing conditions and regulatory approvals.
