(ABX) completed the sale of its Hemlo Gold Mine in Canada to Carcetti Capital Corp., which will be renamed Hemlo Mining Corp., according to a company statement.
The transaction totals up to $1.09 billion, comprising $875 million in cash received at closing, $50 million in shares of the acquiring company, and potential additional payments of up to $165 million over five years starting January 2027.
The additional payments are tied to gold prices and production levels at the mine. Barrick will receive 20% of incremental revenue on specified production if gold prices exceed $3,300 per ounce but remain below $3,500 per ounce. The percentage increases to 22.5% for prices between $3,500 and $3,700 per ounce, and 25% for prices above $3,700 per ounce.
The company acknowledged the Biigtigong Nishnaabeg and Netmizaaggamig Nishnaabeg First Nations for their cooperation regarding the mine’s operation.
Barrick operates mining, exploration and development projects across 18 countries. The company trades on the New York Stock Exchange and Toronto Stock Exchange.
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