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Wheaton Precious Metals Corp on Thursday said it has committed funding to support Carcetti Capital Corp’s proposed acquisition from Barrick Mining Corp of the Hemlo Mine in Canada. Vancouver-based miner Wheaton expects Carcetti’s financing package to include a gold stream worth up to $400 million; approximately $415 million in proceeds from equity financing; and bank debt worth $200 million. Of this, Wheaton will provide the gold stream cash consideration upfront, and subsequently participate up to the lesser of $50 million or 20% of the equity financing. This would provide the necessary capital to complete the purchase and to ‘advance further improvements at Hemlo’. Carcetti, a Vancouver-headquartered investment firm, will change its name to Hemlo Mining Corp or HMC upon closing. If the equity financing exceeds $300 million, excluding Wheaton’s contribution, HMC may request that the deposit be reduced by the excess amount to a maximum of $100 million. In this case, Wheaton’s participation would be limited to the lesser of $30 million or 20% of the financing. Wheaton said it will purchase 13.5% of the payable gold until 181,000 ounces has been delivered, at which point it will transition to buying 9.0% until an additional 157,330 ounces of gold has been delivered. After that, it will buy 6.0% of payable gold for the life of the mine. Wheaton said Hemlo is forecast to have a 14-year mine life, with production averaging over 17,000 ounces of gold per year. For the first ten full years of production, it expects an average of around 20,000 ounces per year. ‘Hemlo offers a unique opportunity to add immediate, accretive gold ounces from a politically stable jurisdiction, backed by a long history of production and a capable operating team,’ said Wheaton’s Chief Executive Officer Randy Smallwood. ‘We are proud to support HMC in its acquisition of a mine that has long been considered a cornerstone of Canada’s mining industry, while also contributing to strategic M&A momentum across the sector.’ Wheaton shares were down 1.8% at 7,622.40 pence in London on Thursday. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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