Discovery Silver in Advanced Talks to Acquire Barrick’s Last Canadian Gold Mine

Barrick Gold Corp. (TSX: ABX) may soon close the book on its Canadian gold mining history, with Discovery Silver Corp. (TSX: DSV) poised to acquire the company’s Hemlo mine in Ontario.

Barrick began seeking buyers for the mine in April, and Discovery has emerged as the leading candidate, sources close to the negotiations said, according to Bloomberg. The outcome remains uncertain as discussions continue.

If completed, the acquisition would give Discovery control of Barrick’s final Canadian gold asset, furthering the Toronto-based company’s aggressive expansion strategy and establishing it as a major consolidator in the sector. Discovery has already transformed itself from a Mexican silver developer into a diversified North American precious metals producer.

The negotiations come as gold prices have surged to unprecedented levels, gaining more than 25% in 2025 and creating favorable conditions for mining transactions. Political tensions, including trade disputes and international conflict,s have increased demand for precious metals as safe-haven investments.

For Barrick, the potential sale represents a strategic shift as the company focuses on tier-one international assets while dealing with operational challenges in Mali, where its Loulo-Gounkoto complex has faced government interference and gold seizures totaling over a metric ton in 2025.

The Hemlo mine, located in northwestern Ontario, would add to Discovery’s growing Canadian footprint. The company recently completed its $425 million acquisition of Newmont Corporation‘s (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) Porcupine Complex near Timmins in April 2025.

Large mining companies like Barrick and Newmont are divesting non-core operations to concentrate on their most profitable assets, while smaller firms like Discovery pursue growth through acquisitions. 

Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.