Raymond James Raises Barrick Mining (B) PT to $30 Following $1.09B Hemlo Gold Mine Sale

Barrick Mining Corporation (NYSE:B) is one of the best Canadian stocks to buy now. On September 12, Raymond James raised the firm’s price target on Barrick Mining to $30 from $28.50, while keeping an Outperform rating on the shares. This announcement came after Barrick announced that it reached an agreement to sell the Hemlo Gold Mine in Canada to Carcetti Capital Corp. The firm says that the creation of the Nevada JV with Newmont consolidated management at the world’s largest gold complex and provided the opportunity to create meaningful synergies.

Barrick announced a definitive agreement to divest its Hemlo Gold Mine located in Ontario, Canada, earlier on September 10. The transaction is valued at ~$1.09 billion. The acquiring company is Carcetti Capital Corp., which plans to rename itself Hemlo Mining Corp. upon the sale’s closing. The total consideration for the sale includes an upfront cash payment of $875 million, equity in the acquiring firm valued at $50 million, and additional contingent payments tied to the price of gold, which could reach up to $165 million and are scheduled to commence in 2027.

The proceeds from the sale will be used to support Barrick’s balance sheet. This divestiture is part of Barrick’s broader plan to streamline its portfolio. The total proceeds from recent asset divestments are expected to surpass $2 billion this year. The deal is anticipated to close in Q4 2025.

Barrick Mining Corporation (NYSE:B) explores, develops, produces, and sells mineral properties. The company explores for gold, copper, silver, and energy materials.

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Disclosure: None. This article is originally published at Insider Monkey.