Hemlo Mining Gains Ambition After $1-Billion Purchase from Barrick
ByAinvest
Tuesday, Dec 2, 2025 4:55 pm ET1min read
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Hemlo Mining Corp. acquired the Hemlo gold mine from Barrick Mining Corp. for up to $1.09 billion. The mine has been operating for nearly four decades and was deemed a "non-core" asset by Barrick. Hemlo Mining plans to increase production from 154,000 ounces of gold per year to 200,000 by addressing bottlenecks in the mill and hoisting capacity. The company also aims to start a significant drill program, with over 100 vertical kilometers drilled, to explore new targets.
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