Barrick Gold Corp. is looking to sell its last mine in Canada in a push to capitalize on record gold prices and a renewed interest in North American mining operations.
Barrick began a process in April to sell its Hemlo gold mine in Ontario and retained Canadian Imperial Bank of Commerce to find buyers and solicit bids, according to people familiar with the matter, who asked not to be named.
Barrick and CIBC did not immediately respond to requests for comments.
The sale of the mine, if completed, would leave Barrick without any mines in the country where it was founded. One of the largest Toronto-headquartered mining companies, Barrick has cut back on its Canadian presence since it merged with Africa-focused Randgold Resources Ltd. It moved some head office jobs out of Toronto in an effort to decentralize operations, while few executives or board members are still based in Canada.
The company has also sought to shed mines and dispense with smaller investments as bullion prices hit repeat record highs. Barrick sold its stake in an Alaskan gold project for US$1 billion on Tuesday, and has sought buyers for its Tongon gold mine in the Ivory Coast, though it has not yet sold the asset. The strategy mimics that of Newmont Corp., the world’s largest gold producer, which has generated $4.3 billion from selling some assets the company considered to be “non-core” to its portfolio.
Hemlo produced 143,000 ounces last year — about 3.5 per cent of Barrick’s overall gold output for the year.
The Canadian company has a sprawling portfolio of assets with 13 gold and three operating copper mines across 18 countries, according to its most recent annual report. Shares of the firm have lagged its peers this year while the company wrestles with higher costs at older mines and a standoff with the Mali government that has kept one of its largest, most lucrative gold mines shuttered.
Jacob Lorinc, Bloomberg News
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