Investing.com -- Barrick Gold (NYSE: GOLD ), based in Canada, is planning to sell its final mine in the country. This move is part of a broader strategy to take advantage of high gold prices and a resurgence in interest for North American mining operations, as reported by Bloomberg News on Tuesday. The sources of this information are individuals who have knowledge of the situation.

The gold mining company announced earlier on Tuesday that it intends to withdraw from the Donlin Gold Project in Alaska. Barrick Gold plans to sell its 50% stake in the project to billionaire John Paulson and NovaGold Resources. The deal could be worth as much as $1.1 billion.

The process to sell the Hemlo gold mine in Ontario, Canada, began in April. Canadian Imperial Bank of Commerce (NYSE: CM ) was retained by Barrick Gold to find potential buyers and solicit bids. As of now, there have been no responses to requests for comment from either Barrick Gold or Canadian Imperial Bank of Commerce.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.