Barrick Gold to Sell Hemlo Mine, Marking End of Canadian Mining Operations

A Strategic Shift Away from Canada

THUNDER BAY – MINING – Barrick Gold Corporation, once a hallmark of Canadian mining, is planning to sell its Hemlo gold mine in Northwestern Ontario. This strategic divestment would mark Barrick’s full exit from mining operations in Canada, the country where it was founded. The company’s shrinking Canadian presence has been years in the making, particularly since its 2018 merger with Africa-focused Randgold Resources.

CIBC Retained to Find a Buyer

The company has engaged the Canadian Imperial Bank of Commerce (CIBC) to identify potential buyers and manage the sale process, according to sources familiar with the matter. Barrick and CIBC have yet to issue public comments regarding the move. The Hemlo operation, near the town of Marathon, produced approximately 143,000 ounces of gold in 2024 — representing around 3.5% of Barrick’s global gold output.

Aligning with Global Gold Industry Trends

This decision is part of a broader trend among major gold producers to offload what are considered “non-core” assets amid record-high bullion prices. Just this week, Barrick sold its stake in an Alaskan gold project for $1 billion. The company is also actively seeking a buyer for its Tongon mine in Côte d’Ivoire. These moves echo the asset-slimming strategy of Newmont, the world’s largest gold producer, which has generated over $4.3 billion from similar divestments.

Local Impact for Northwestern Ontario

For Thunder Bay and the broader Northwestern Ontario region, the potential sale of Hemlo introduces economic uncertainty. The mine has historically been a key employer and contributor to local supply chains. A change in ownership could bring shifts in employment, operations, and regional investment, making the sale a significant event for communities dependent on the mining sector.

What’s Next for Hemlo and the Region?

Much will depend on the identity and strategy of the eventual buyer. While some potential buyers may look to streamline operations, others could inject new capital and extend the life of the mine. For now, workers, suppliers, and local leaders will be watching closely as the bidding process unfolds. The outcome could help reshape the future of gold mining in Northwestern Ontario, a region rich in natural resources but increasingly subject to global corporate decisions.

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