NOVAGOLD Resources Inc. and Paulson Advisers LLC finalized a $1 billion acquisition of Barrick Mining Corporation’s 50% stake in the Donlin Gold project, reshaping the ownership and governance structure of one of the world’s most significant gold development ventures.
Under the terms of the deal, NOVAGOLD has acquired an additional 10% interest in Donlin Gold LLC for $200 million, increasing its total stake to 60%. Paulson Advisers acquired the remaining 40% for $800 million. The two partners now share equal governance rights over the project under a newly signed limited liability company agreement.
The announcement comes in the middle of the Alaska Sustainable Energy Conference, where over 1,000 leaders from around the world have gathered to reinvigorate Alaska’s resource economy. Other major announcements during the conference included advancement of Graphite One project near Nome, the US Gold Mining’s Whistler Gold-Copper project that is 105 miles west of Anchorage, and Tectonic’s Flat Gold Project.
Donlin Gold is located in southwestern Alaska and is considered one of the largest and highest-grade known undeveloped open-pit gold deposits globally. The project holds particular strategic value given its location in a geopolitically stable and mining-friendly jurisdiction.
“This constitutes a truly transformational transaction and an exciting new chapter for Donlin Gold as we advance one of the best and most jurisdictionally attractive gold development projects in the world,” said Greg Lang, president and CEO of NOVAGOLD.
The acquisition was financed through an upsized public offering and concurrent private placement completed May 9. As of March 1, NOVAGOLD held $327 million in cash earmarked for its increased ownership stake and its share of future development activities.
As new co-owners, NOVAGOLD and Paulson will soon begin a strategic review of the Donlin Gold 2025 budget, currently set at $43 million on a 100% basis. Key initiatives under the new partnership include:
- Launching an updated feasibility study with a dedicated technical team
- Continuing the 2025 drill program to convert and expand reserves and resources
- Advancing engineering design and technical work
- Supporting state permitting efforts and maintaining federal and state approvals
- Conducting active stakeholder engagement across Alaska
Paulson Advisers, based in Florida, is a private global investment management advisory firm. The firm’s financial commitment to Donlin Gold represents a turning point in the development phase of the promising asset. With new capital, governance, and strategic focus, the Donlin Gold project is positioned to become a cornerstone of future US gold production.
only a darn fool promotes open pit mining when the drainages are connected to the last healthy red silver salmon runs / trout ect in America .
There is many toxic minerals in that area ! Copper deposit is huge .
There are lots of other options to mine minerals .
These foreign mining conglomerates could care less about the health of Alaska water . No Big mines connected to Bristol Bay !!
*This message bought and paid for the Chinese Communist Party.
american… hey pal, look at a map of Alaska when you get the time, ok? Donlin is not in the Bristol watershed.
You’re welcome!
Older than Alaska,
LOL
Thanks for setting me straight.
Im going to say the principle is similar though.
A lot of people base their lives around the clean water in the y-kk delta.
I think small mines by Alaskans are acceptable but i think big mines on major watersheds by out of state operators is treachery to the care of our lands and water .
Non Alaskans make huge profits at the expense of our environment . Foolish until mining practices improve .
american, I disagree, the YK is the poorest region in Alaska. IT hasn’t any economy aside from the welfare plantation. This evil system catches the folks on the Y-K and traps them into a life of futility. Mining offers high wages, training and an escape from the grizzly life of entitlement.
Humans developing to their full potential IS important. Your doom and gloom prediction is beyond silly and has the whiff of one who seeks to prolong the slavery of welfare.
“Your doom and gloom prediction is beyond silly and has the whiff of one who seeks to prolong the slavery of welfare.” That’s what bought and paid for Chinese Communist Party commentators smell like.
They don’t understand the area they comment on, they don’t understand the subject they comment on, all they do is try and find something to distract and divide and then they pry. It’s just propaganda from competing sources and they want US to buy their low value junk…whether it’s low value mined junk, low value commercial goods, or low value commentary.
“….. mining-friendly jurisdiction”
When was that ….. 1938?