https://www.miningnewsnorth.com/
To sell its 50% stake in the 39-million-oz gold project to Paulson and Novagold for $1 billion.
After nearly two decades of exploration, engineering, and permitting, Barrick Gold Corp. has sold its 50% joint venture ownership of the world-class Donlin Gold project in Southwest Alaska to hedge fund billionaire John Paulson and Novagold Resources Inc. for $1 billion in cash.
“The Donlin agreement allows Barrick to exit the Donlin Gold Project at an attractive valuation, while allowing NOVAGOLD and Paulson to pursue the development of the project,” Barrick Gold President and CEO Mark Bristow said in an April 22 statement announcing the sale.
Since partnering on Donlin Gold in 2007, Barrick and Novagold have expanded the deposit to 45 million ounces of gold across all categories. This includes 541 million metric tons of proven and probable reserves averaging 2.24 grams per metric ton (39 million oz) gold, plus 92 million tons of inferred resource averaging 2.02 g/t (6 million oz) gold.
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