A nearby mine is changing hands.
Barrick Mining Corporation's announced an agreement to sell the Hemlo Gold Mine east of Marathon to Carcetti Capital Corporation, which will be renamed Hemlo Mining Corp. once the transaction closes.
It's a deal worth up to $1.09-billion, with Barrick getting cash consideration of $875-million, an aggregate value of $50-million in stock in the company, and a production and tiered gold price-linked cash payment structure of up to $165-million, for a five-year term starting in January 2027.
Barrick plans to use proceeds from the sale to further support its balance sheet and return capital to shareholders, the same reason it gave for selling a gold and silver project in Chile last month and a 50 percent interest in an Alaskan operation earlier this year.
Hemlo's been operating continuously for more than 30 years, producing over 21-million ounces of gold over that time.