- Smooth Ownership Transition: Hemlo Mining successfully took over operations at the Hemlo gold mine, maintaining stable production immediately after acquisition.
- Strong Early Milestones: The company completed its first gold pour on the takeover day and later achieved the largest single pour of the year amid record gold prices.
- Growth-Focused Outlook: With 14 years of reserves, Hemlo plans steady production of around 150,000 ounces annually and an aggressive exploration program.
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The Toronto-based miner, formerly known as Carcetti Capital, completed its USD 1.1 billion purchase on November 26 and recorded its first gold pour the same day, producing 6,704 ounces under the new ownership. Just before Christmas, Hemlo Mining announced the largest single gold pour of the year at the underground mine, located about 35 kilometres east of Marathon. The company began trading on the TSX Venture Exchange on December 2.
In a December 18 statement, Kosec said the initial pour marked a major milestone achieved amid record gold prices, while maintaining strict health, safety, and environmental standards. The Hemlo mine is the company’s sole operating asset and hosts an estimated 14 years of reserves across its 45,000-hectare property.
Hemlo Mining expects annual gold output of around 150,000 ounces and plans to launch an aggressive exploration program to expand resources, with a detailed corporate update scheduled for January.
