Barrick Mining in Advanced Talks to Sell Hemlo Gold Mine in Canada to Discovery Silver

Barrick Mining is in advanced talks to sell its Hemlo gold mine in Canada to Discovery Silver. The sale process, initiated in April 2025, is nearing its conclusion. The Hemlo mine has produced over 21 million ounces of gold and has been active for more than three decades. The mining sector has witnessed a surge in precious metal prices, with gold prices soaring 25% due to geopolitical uncertainties.

Barrick Mining (NYSE:B), one of the world's largest gold mining companies, is in advanced talks to sell its Hemlo gold mine in Ontario to Discovery Silver (OTCQX:DSVSF). The sale process, initiated in April 2025, is nearing its conclusion. The Hemlo mine, located 35km east of Marathon, Ontario, near Lake Superior along the Trans-Canada Highway, has a production history of over 21 million ounces of gold and has been active for more than three decades [2].

The mining sector has witnessed a surge in precious metal prices, with gold prices soaring 25% in 2025 due to geopolitical uncertainties. This rally has prompted investors to seek refuge in safe-haven assets, leading to a spate of mining deals. Barrick's decision to sell Hemlo aligns with its strategy to capitalize on the high gold prices, mirroring moves by other mining giants such as Newmont, which has offloaded several smaller mines during the bullion price spike [2].

Discovery Silver, on the other hand, is looking to expand its asset base. In January, the company acquired Newmont's Porcupine gold mine in Ontario for up to $425 million in cash and stock. Buying Hemlo would deepen its footprint in Canada at a time when investor interest in North American assets is rising [1].

The Hemlo gold mine is one of Barrick's last remaining Canadian operations. If the sale is completed, it would mark Barrick’s full exit from gold mining in its home country. This move is part of Barrick's broader strategy of offloading smaller, less profitable assets as gold re-enters the spotlight. Barrick has been facing operational turmoil abroad, including legal and political headwinds in Mali, where its Loulo-Gounkoto complex has been embroiled in a bitter standoff with the ruling military junta [3].

References:
[1] https://seekingalpha.com/news/4467570-barrick-weighing-sale-of-ontario-gold-mine-to-discovery-silver-bloomberg
[2] https://finance.yahoo.com/news/barrick-mining-advances-talks-sell-132037228.html
[3] https://investingnews.com/barrick-mulls-canadian-exit/