Barrick Mining has agreed to sell its Hemlo gold mine in Canada to Carcetti Capital for up to $1.09 billion, the companies said on Wednesday.

The deal includes $875 million in cash at closing, $50 million in shares of Carcetti, and up to $165 million in contingent payments linked to production and gold prices from 2027 over five years, the statement added.

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Carcetti said it will fund the acquisition through a mix of financing, including a $400 million gold stream with Wheaton Precious Metals (WPM.TO), opens new tab, a $225 million loan underwritten by Scotiabank and about $415 million from a private placement.

The deal is expected to close in the fourth quarter and will result in Carcetti Capital being renamed to Hemlo Mining Group.

Earlier in August, Barrick topped quarterly profit estimates and raised its dividend despite taking a $1.04 billion charge tied to the loss of its mine in Mali, part of a wider effort to shed non-core assets and focus on its largest gold and copper operations.