OTTAWA (dpa-AFX) - Barrick Mining Corp. (B, ABX.TO, ABR0.DE) announced an agreement to sell the Hemlo Gold Mine in Canada to Carcetti Capital Corp., which will be renamed Hemlo Mining Corp. or HMC upon closing. The transaction is valued at up to US$1.09 billion and includes three components: a cash payment of US$875 million due at closing; HMC shares worth approximately US$50 million, based on the same subscription receipt price under HMC's concurrent equity offering; and a tiered, gold price-linked cash payment structure of up to US$165 million, commencing in January 2027 and continuing over a five-year term.
Barricks said it will use proceeds from the sale to further strengthen its balance sheet and support its commitment to return capital to shareholders, consistent with its capital allocation framework.
The transaction is expected to be completed within the fourth quarter of 2025.
In a Separate press release, Wheaton Precious Metals Corp. (WPM, SII.DE, WPM.TO) announced its commitment to provide financing to Carcetti Capital Corporation in support of Carcetti's proposed acquisition of the Hemlo Mine from Barrick Mining Corporation.
The financing package for the acquisition is expected to comprise a gold stream of up to $400 million from Wheaton, concurrent equity financing with estimated proceeds of about $415 million, and $200 million in bank debt.
Wheaton has committed to provide the Gold Stream and to participate in the Equity Financing-up to the lesser of $50 million or 20% of the offering-subject to the execution of definitive agreements and the satisfaction of customary closing conditions.
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