Barrick Sells Its Last Gold Mine in Canada for $1.1 Billion (1)

Barrick Mining Corp. agreed to sell its last gold mine in Canada for as much as $1.1 billion, as the global mining giant capitalizes on surging bullion prices and accelerates a shift toward copper.

The purchase of the Hemlo Gold Mine by Carcetti Capital Corp. will give Barrick $875 million in cash plus Carcetti shares valued at $50 million on completion, according to a statement late Wednesday. A further $165 million of later cash payments are contingent on gold price thresholds.

Barrick Chief Executive Officer Mark Bristow is pushing for the Toronto-listed miner to concentrate less on gold and more ...