Gold and copper producer Barrick Mining agreed to sell its last producing gold mine in Canada, Hemlo, to Carcetti Capital, which will be renamed Hemlo Mining Corp (HMC), for as much as $1.09-billion.

The transaction, announced on Wednesday, extends the miner’s multiyear effort to exit noncore assets and sharpen its focus on large, long-life gold and copper operations.

The transaction includes $875-million in cash at closing, $50-million in HMC shares, and up to $165-million in production and gold price-linked payments beginning in 2027, Barrick said in a statement. Subject to regulatory approvals and customary conditions, the deal is expected to close in the fourth quarter of 2025.

“The sale of Hemlo at an attractive valuation marks the close of Barrick’s long and successful chapter at the mine and underscores our disciplined focus on building value through our Tier 1 gold and copper portfolio,” president and CEO Mark Bristow said.

The deal is the latest step in Barrick’s strategy to optimise its portfolio by divesting smaller, lower-margin or shorter-life assets. In recent years, the Toronto-based miner has exited projects in the US, South America and Africa while doubling down on its Tier 1 mines – those with yearly production of more than 500 000 oz of gold, at least 10 years of mine life, and low costs – and advancing growth in copper to position itself for the energy transition.

Barrick said proceeds from the Hemlo sale would strengthen its balance sheet and support shareholder returns. “We are confident that HMC’s experienced management and the existing Hemlo team will be excellent stewards of the asset, unlock its future potential and continue to deliver benefits for all stakeholders. Together with the sales of Donlin and Alturas, total gross proceeds from the divestment of noncore assets this year are expected to generate over $2-billion,” Bristow added.

HMC, currently listed on the NEX board of the TSX-V, is backed by Wheaton Precious Metals and Orion Mine Finance. Its leadership includes Robert Quartermain, former CEO of SSR Mining and founder of Pretium Resources, who was involved in the original discovery and delineation of Hemlo while at Teck Resources. The company expects to graduate to the TSX-V as part of the transaction.

Canada remains a priority jurisdiction for Barrick, which retains a pipeline of early-stage projects and exploration targets in the country, even as it reshapes its portfolio.