Barrick Mining Company sells Hemlo gold mines for $1 billion

Barrick Mining Corporation (NYSE: B) has agreed to sell its Hemlo gold mine to Carcetti Capital Corp. (CVE: CART.H) for CAD 1.09 billion (USD 720 million). Transactions include CAD 875 million in cash, CAD 50 million in Carcetti stock and future production-related payments up to CAD 165 million. Barrick plans to use the proceeds to strengthen the balance sheet and return capital to shareholders. Carcetti will rename Hemlo Mining Corp. and is committed to becoming a medium-sized gold producer in Canada. Barrick's shares have fallen 38% this year to $29.48 per share.