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Barrick Mining Corp. is in advanced talks to sell its last Canadian gold mine to Discovery Silver Corp., according to people familiar with the matter, as the firms seek to capitalize on the soaring price of the precious metal.
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Discovery Silver is in the final stages of a process Barrick launched in April to sell the Hemlo gold mine in Ontario, the people said, who asked not to be named. There’s no certainty the deliberations will lead to a transaction, the people said.
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Barrick and Discovery, both based in Toronto, did not immediately respond to requests for comment.
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A flurry of deals have come amid a sharp rally in the precious metals market, with prices hitting a record earlier this year as investors flocked to safe-haven assets in response to geopolitical risks, including U.S. President Donald Trump’s tariff campaign. The precious metal has jumped more than 25 per cent this year.
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Barrick began the process to sell Hemlo in April in a push to capitalize on record gold prices and a renewed interest in North American mining operations. The strategy mimics rivals like Newmont Corp., which sold a trove of smaller gold mines while bullion prices spiked.
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Smaller firms like Discovery Silver, meanwhile, are seeking to grow their portfolios while investors are eager to own gold assets. Discovery Silver bought Newmont’s Porcupine gold mine in Ontario for as much as US$425 million in January.
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