Barrick Gold (TSX, NYSE:ABX) and NovaGold Resources’ (TSX, NYSE-MKT: NG) proposed gold mine in Alaska has received a long-waited final environmental clearance, granted by the U.S. Army Corps of Engineers, the Canadian miners said Monday.
The Dolin project, one of the world’s largest, highest grade, known gold deposits, is expected to require a $6.7 billion investment from the two owners, which are developing in assets in a 50-50 partnership.
Located in in Southwest Alaska, the proposed mine contains 39 million ounces of gold in the measured and indicated (M&I) resource categories.
While Donlin is located in a safe jurisdiction, which also happens to be the second largest gold producing state in the US, the land belongs to The Kuskokwim Corp., a for-profit corporation representing 10 villages. The mineral rights, in turn, are held by Calista Corp., the Alaska Native corporation for the Yukon-Kuskokwim region.
“The publication of the final EIS is an important milestone for Donlin Gold and reflects a high degree of professionalism and teamwork by the entire project team,” Barrick President Kelvin Dushnisky said in the statement.
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