Barrick Gold (TSX: ABX; NYSE: GOLD) is working to sell its Hemlo gold mine in northern Ontario, its last mine in Canada, according to a Bloomberg report.
The company started a process in April to sell Hemlo and has retained CIBC to find buyers, the news agency reported, citing people familiar with the matter.
If the Hemlo sale closes, Barrick would have no mines left in Canada, where it’s headquartered and was founded in 1983 by Peter Munk. Hemlo, located about 150 km northwest of Wawa near Lake Superior, produced 143,000 oz. of gold in 2024, according to Barrick’s annual report.
The Toronto-based company didn’t immediately reply to emailed requests for comment from The Northern Miner.
Alaska exit
News about the possible sale came the same day as Barrick announced it’s selling its 50% stake in the Donlin Gold project in southwest Alaska for $1 billion (C$1.38 billion) to hedge fund billionaire John Paulson and NovaGold Resources (TSX: NG).
Selling gold mines helps Barrick capitalize on record prices for the yellow metal at more than $3,000 an oz. as it pivots increasingly into copper. CEO Mark Bristow has even mused about de-listing from the TSX to concentrate on New York and dropping gold from the company’s name.
Barrick shares fell 4.2% in Toronto to close at $26.47 apiece on Wednesday, as wider markets gained, for a market capitalization of $45.7 billion. Its shares traded in a 52-week range of $21.73 to $29.50.
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