A small toy figure and gold imitation are seen in front of the Barrick logo in this illustration taken November 19, 2021.
The agreement provides for $875 million in cash at closing, $50 million in Carcetti shares, and as much as $165 million in contingent payments. These additional payments will depend on gold prices and production levels from 2027 and will extend over five years.
Carcetti outlined its funding plan for the acquisition, noting a diversified mix of financing sources. The package includes a $400 million gold streaming agreement with Wheaton Precious Metals (WPM.TO), a $225 million loan underwritten by Scotiabank, and approximately $415 million raised through a private placement. This financing structure is intended to support both the purchase and the company’s long-term development strategy.
The transaction is expected to close in the fourth quarter of this year, subject to customary regulatory approvals and closing conditions. Following completion, Carcetti Capital will be renamed Hemlo Mining Group, signaling a strategic rebranding linked to the acquisition.
The sale forms part of Barrick’s broader effort to reshape its portfolio. In early August, Barrick reported second-quarter results that exceeded profit forecasts and declared an increase in its dividend. At the same time, the company recorded a $1.04 billion charge associated with the loss of its mine in Mali. Executives described these steps as aligned with Barrick’s focus on divesting non-core assets and concentrating investment on its largest gold and copper operations.
Mark Bristow, Barrick’s president and chief executive, has previously emphasized the company’s strategy of building a more efficient asset base while maintaining financial discipline. The Hemlo transaction reflects this direction, allowing Barrick to streamline its operations and redeploy capital into core projects.
For Carcetti, the acquisition represents a significant expansion into the Canadian gold sector. By integrating Hemlo, the company gains access to established production and growth opportunities. The financing approach, combining streaming agreements, bank support, and private investment, highlights the attractiveness of the project to a wide range of investors.
Industry analysts noted that the deal underscores continuing interest in high-quality gold assets at a time when market uncertainty and fluctuating prices drive demand for stable production sources. With the rebranding to Hemlo Mining Group, Carcetti aims to position itself as a dedicated operator in the gold industry, while Barrick sharpens its portfolio around large-scale, long-life mines.
This transaction, combining strategic divestment by Barrick and growth ambitions by Carcetti, is expected to reshape the ownership of one of Canada’s well-known gold operations while reinforcing both companies’ focus on their respective priorities.
