The Globe and Mail reports in its Friday edition that Barrick Mining is selling Hemlo, its only Canadian mine, to Carcetti Capital Corp. for up to $1.09-billion (all figures U.S.). The Globe's Niall McGee writes that Barrick put Hemlo, in Northern Ontario, up for sale earlier in the year, deeming it a "non-core" asset. Hemlo is among the company's smaller mines, and its costs are on the higher end of Barrick's operations. Vancouver-based Carcetti will pay Barrick both $875-million and $50-million in its shares upfront. Additionally, Barrick stands to receive up to $165-million contingent on production from the mine and the price of gold over a five-year period. The gold miner has generated a lot of new cash from asset sales this year. In April, Barrick announced the sale of its 50-per-cent stake in the Donlin gold project in Alaska for $1-billion. Jefferies analyst Fahad Tariq said in a note that Barrick is selling at an attractive valuation and that stock buybacks from the Hemlo proceeds are likely. "Given Barrick shares trade at a steep discount to peers, buybacks make sense," Mr. Tariq said. There is speculation that Barrick could launch a rival proposal for Teck Resources, which hopes to merge with Anglo American.