Toronto-headquartered Barrick Mining CEO Mark Bristow on Wednesday reaffirmed the miner’s long-term commitment to Canada, even as the company launches a sale process for Hemlo – its last operating mine in the country where it was founded.

“We have launched a process to test the market for Hemlo,” Bristow said on a conference call. “Let me be clear to everyone here today, this is no bearing on our commitment to Canada."

As evidence of that continued commitment, he pointed to a “significant” drill programme under way in the southern Abitibi region, where Barrick is actively exploring for new opportunities.

The decision to potentially divest Hemlo aligns with Barrick’s sharpened focus on Tier 1 assets – large-scale, long-life mines with low costs and significant upside. While Hemlo has shown steady operational performance and exploration potential, Bristow said the asset no longer fitted Barrick’s strategic profile.

“It is a low production mine relative to our Tier 1 sort of hurdle,” he said. “But it is a good operation. It's always had prospectivity . . . We think it will continue for a while. It is at a stage where we can defend its viability, and it will be an attractive asset for a mid-sized mining company." 

"But it is not for Barrick," said Bristow.

The Ontario-based mine has seen fresh investment in recent years, including work to expand the openpit and ongoing underground drilling aimed at extending the life-of-mine – currently estimated at about ten years.

Barrick has sold off several noncore assets, including KCGM in Australia, Lagunas Norte in Peru, and the Massawa project in Senegal, in the years following its 2019 merger with Africa-focused Randgold Resources.

“When you clip off the noncore very quickly, you see how you steepen up that growth curve,” Bristow said. “You certainly allow management to focus on the quality assets. It is not a drain on the overall value of the company. In fact, it enhances the value.”

With Tier 1 growth opportunities advancing, Barrick is targeting a 30% increase in gold-equivalent production by the end of the decade.

“We’re excited about the next phase in Barrick, because it really does bring real growth,” he said.

Besides Hemlo, the Tongon mine, in Côte d'Ivoire, is also on the chopping block.