Latest news with #DonlinGold
Yahoo
6 days ago
- Business
- Yahoo
Barrick Mining divests 50% stake in Donlin Gold project for $1bn
NOVAGOLD Resources and Paulson Advisers have completed the $1bn acquisition of Barrick Mining's 50% interest in the Donlin Gold project. This deal establishes new ownership of Donlin Gold to advance the project, which is located in the historic Kuskokwim Gold Belt in south-west Alaska, 10 miles north of the village of Crooked Creek. At the closing, NOVAGOLD increased its stake to 60% by acquiring an additional 10% in Donlin Gold for $200m (C$274.17m), while Paulson secured a 40% interest for $800m. In April 2025, Barrick Gold signed a definitive agreement with the affiliates of Paulson Advisers and NOVAGOLD Resources to sell its 50% interest in the Donlin Gold project – held by Barrick's subsidiary, Barrick Gold US. Both companies have entered into a new agreement with equal governance rights over Donlin Gold. Following the upsized public offering and private placement that concluded on 9 May 2025, NOVAGOLD had $327m available to fund the additional stake and ongoing activities at Donlin. The company has chosen not to prepay the $90m debt owed to Barrick at closing but retains the option to do so for $100m within 18 months. If NOVAGOLD does not exercise this option, the debt, valued at $158.9m as of 3 June 2025, will remain under its current terms. NOVAGOLD president and CEO Greg Lang said: 'Today we completed the successful and strategic Donlin Gold transaction through a strong collaborative effort between NOVAGOLD, Paulson and Barrick since announcing the transaction on 22 April 2025. '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. We look forward to providing updates on the key milestones in the coming months, starting with our revamped and determined efforts regarding the Feasibility Study workstream.' In partnership with Paulson, a strategic review of the 2025 budget for Donlin Gold, amounting to $43m, is under way. The review will cover an array of activities including updating the feasibility study and executing the 2025 drill programme. Both partners are committed to exploring new resources and advancing technical work and engineering designs. They will also support state permitting efforts, maintain permits, engage with government representatives, and collaborate on stakeholder outreach and investment initiatives in Alaska. Donlin Gold has a high grade compared with other open-pit mines and projects, with a measured and indicated resource grade of 2.24 grams per tonne. "Barrick Mining divests 50% stake in Donlin Gold project for $1bn" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Globe and Mail
7 days ago
- Business
- Globe and Mail
NOVAGOLD and Paulson Advisers Complete $1 Billion Acquisition of Barrick Mining's 50% Interest in Donlin Gold
Paulson Advisers acquires a 40% ownership interest in Donlin Gold NOVAGOLD increases ownership interest in Donlin Gold from 50% to 60% Financial public offering and concurrent private placement raised sufficient funding for NOVAGOLD's acquisition and for the Donlin Gold Feasibility Study update All amounts are in U.S. dollars unless otherwise stated VANCOUVER, British Columbia, June 03, 2025 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. ('NOVAGOLD') (NYSE American, TSX: NG) and Paulson Advisers LLC ('Paulson') are pleased to announce the successful closing of their previously disclosed acquisition of Barrick Mining Corporation's ("Barrick's") 50% interest in the Donlin Gold project, establishing new ownership of Donlin Gold LLC to advance the Donlin Gold project in Alaska. At closing, NOVAGOLD acquired an additional 10% in Donlin Gold LLC for $200 million — increasing its stake to 60% — while Paulson secured a 40% interest in Donlin Gold LLC for $800 million. NOVAGOLD and Paulson entered into a new limited liability company agreement governing Donlin Gold with equal governance rights. 'Today we completed the successful and strategic Donlin Gold transaction through a strong collaborative effort between NOVAGOLD, Paulson, and Barrick since announcing the transaction on April 22, 2025,' said Greg Lang, NOVAGOLD's President and CEO. '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. We look forward to providing updates on the key milestones in the coming months, starting with our revamped and determined efforts regarding the Feasibility Study workstream.' As of March 1, 2025, pro forma the upsized public offering and private placement which closed on May 9, 2025, NOVAGOLD had $327M to fund the acquisition of the additional 10% stake in Donlin Gold LLC and the Company's share of ongoing activities at Donlin. NOVAGOLD has opted not to prepay the outstanding debt owed to Barrick in connection with the Donlin Gold project for $90 million upon closing, but it retains the option to prepay the outstanding debt for $100 million within 18 months from closing, when the option expires. If that option is not exercised, the debt, currently valued at $158.9 million as of June 3, 2025, will remain outstanding, substantially in accordance with its existing terms (U.S. prime plus 2% compounded semi-annually). In coordination with Paulson, a strategic review of the Donlin Gold 2025 budget ($43 million on a 100% basis) will be completed while advancing the following activities: Commencing the workstream to update the Feasibility Study 1, including assembling a specially dedicated team to advance these efforts; Executing the 2025 drill program focused on the conversion and expansion of reserves and resources, with both partners committed to exploring for new resources along strike and to depth in future campaigns; Advancing the technical work and engineering designs; Supporting state permitting efforts and maintaining existing federal and state permits in good standing, including government affairs engagement with federal and state representatives; and Collaborating on ongoing stakeholder outreach and investment initiatives in Alaska. About NOVAGOLD NOVAGOLD is a precious metals company focused on the development of the Donlin Gold project. Located in Alaska, one of the safest mining jurisdictions in the world, the Donlin Gold project is regarded as one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world. About Paulson Paulson is a private global investment management advisory firm based in Palm Beach, Florida. NOVAGOLD Contacts: Mélanie Hennessey Vice President, Corporate Communications 604-669-6227 or 1-866-669-6227 Frank Gagnon Manager, Investor Relations 778-990-0299 or 1-866-669-6227 Paulson Contact: Michael McKeon mmckeon@ Cautionary Note Regarding Forward-Looking Statements This media release includes certain 'forward-looking information' and 'forward-looking statements' (collectively 'forward-looking statements') within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include future-oriented financial information or financial outlook within the meaning of securities laws, including information regarding the anticipated benefits of the transaction with Paulson, NOVAGOLD's anticipated expenditures and anticipated plans for the new partnership and Donlin following the completion of the transaction, statements regarding the permitting, potential development, exploration, construction and operation of Donlin Gold and statements relating to NOVAGOLD's future operating and financial performance and production estimates. Such information is intended to assist readers in understanding NOVAGOLD's current expectations and plans relating to the future. Such information may not be appropriate for other purposes. Forward-looking statements are frequently, but not always, identified by words such as 'expects', 'continue', 'ongoing', 'anticipates', 'believes', 'intends', 'estimates', 'potential', 'possible', and similar expressions, or statements that events, conditions, or results 'will', 'may', 'could', 'would' or 'should' occur or be achieved. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that management of NOVAGOLD considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, included herein are forward-looking statements. These forward-looking statements include statements regarding plans for and anticipated timing a new feasibility study on the Donlin Gold project; plans for and anticipated timing of a strategic review of Donlin Gold's 2025 budget our goals and planned activities for 2025; anticipated timing of milestone and project updates; ongoing support provided to key stakeholders including Native Corporation partners; Donlin Gold's continued support for the state and federal permitting process; sufficiency of working capital; the potential development and construction of the Donlin Gold project; the timing and ability for the Donlin Gold project to hit critical milestones; the ability for the Tier One gold development project to hit the anticipated projections; the sufficiency of funds to continue to advance development of Donlin Gold, including to a construction decision; perceived merit of properties; mineral reserve and mineral resource estimates; Donlin Gold's ability to secure the permits needed to construct and operate the Donlin Gold project in a timely manner, if at all; legal challenges to Donlin Gold's existing permits and the timing of decisions in those challenges; plans to continue to advance the Donlin Gold project safely, socially responsibly and to sustainably generate value for our stakeholders; continued cooperation between the owners of Donlin Gold LLC to advance the project; NOVAGOLD's ability to deliver on its strategy with the Donlin Gold project; the success of the strategic mine plan for the Donlin Gold project; the success of the Donlin Gold community relations plan; the anticipated outcome of exploration drilling at the Donlin Gold project and the timing thereof; the completion of test work and modeling and the timing thereof. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements are not historical facts but instead represent the expectations of NOVAGOLD management's estimates and projections regarding future events or circumstances on the date the statements are made. Important factors that could cause actual results to differ materially from expectations include failure to satisfy or waive the closing conditions to the transaction; the need to obtain additional permits and governmental approvals; the timing and likelihood of obtaining and maintaining permits necessary to construct and operate; the need for additional financing to complete an updated feasibility study and to explore and develop properties and availability of financing in the debt and capital markets; disease pandemics; uncertainties involved in the interpretation of drill results and geological tests and the estimation of reserves and resources; changes in mineral production performance, exploitation and exploration successes; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the United States or Canada; the need for continued cooperation between the owners of Donlin Gold LLC to advance the project; the need for cooperation of government agencies and Native groups in the development and operation of properties; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, disease pandemics, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, which could include significant increases in estimated capital and operating costs; fluctuations in metal prices and currency exchange rates; whether or when a positive construction decision will be made regarding the Donlin Gold project; and other risks and uncertainties disclosed in NOVAGOLD's most recent reports on Forms 10-K and 10-Q, particularly the 'Risk Factors' sections of those reports and other documents filed by NOVAGOLD with applicable securities regulatory authorities from time to time. Copies of these filings may be obtained by visiting NOVAGOLD's website at or the SEC's website at or on SEDAR+ at The forward-looking statements contained herein reflect the beliefs, opinions and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to
Yahoo
7 days ago
- Business
- Yahoo
NOVAGOLD and Paulson Advisers Complete $1 Billion Acquisition of Barrick Mining's 50% Interest in Donlin Gold
Paulson Advisers acquires a 40% ownership interest in Donlin Gold NOVAGOLD increases ownership interest in Donlin Gold from 50% to 60% Financial public offering and concurrent private placement raised sufficient funding for NOVAGOLD's acquisition and for the Donlin Gold Feasibility Study update All amounts are in U.S. dollars unless otherwise stated VANCOUVER, British Columbia, June 03, 2025 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. ('NOVAGOLD') (NYSE American, TSX: NG) and Paulson Advisers LLC ('Paulson') are pleased to announce the successful closing of their previously disclosed acquisition of Barrick Mining Corporation's ("Barrick's") 50% interest in the Donlin Gold project, establishing new ownership of Donlin Gold LLC to advance the Donlin Gold project in Alaska. At closing, NOVAGOLD acquired an additional 10% in Donlin Gold LLC for $200 million — increasing its stake to 60% — while Paulson secured a 40% interest in Donlin Gold LLC for $800 million. NOVAGOLD and Paulson entered into a new limited liability company agreement governing Donlin Gold with equal governance rights. 'Today we completed the successful and strategic Donlin Gold transaction through a strong collaborative effort between NOVAGOLD, Paulson, and Barrick since announcing the transaction on April 22, 2025,' said Greg Lang, NOVAGOLD's President and CEO. '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. We look forward to providing updates on the key milestones in the coming months, starting with our revamped and determined efforts regarding the Feasibility Study workstream.' As of March 1, 2025, pro forma the upsized public offering and private placement which closed on May 9, 2025, NOVAGOLD had $327M to fund the acquisition of the additional 10% stake in Donlin Gold LLC and the Company's share of ongoing activities at Donlin. NOVAGOLD has opted not to prepay the outstanding debt owed to Barrick in connection with the Donlin Gold project for $90 million upon closing, but it retains the option to prepay the outstanding debt for $100 million within 18 months from closing, when the option expires. If that option is not exercised, the debt, currently valued at $158.9 million as of June 3, 2025, will remain outstanding, substantially in accordance with its existing terms (U.S. prime plus 2% compounded semi-annually). In coordination with Paulson, a strategic review of the Donlin Gold 2025 budget ($43 million on a 100% basis) will be completed while advancing the following activities: Commencing the workstream to update the Feasibility Study1, including assembling a specially dedicated team to advance these efforts; Executing the 2025 drill program focused on the conversion and expansion of reserves and resources, with both partners committed to exploring for new resources along strike and to depth in future campaigns; Advancing the technical work and engineering designs; Supporting state permitting efforts and maintaining existing federal and state permits in good standing, including government affairs engagement with federal and state representatives; and Collaborating on ongoing stakeholder outreach and investment initiatives in Alaska. About NOVAGOLD NOVAGOLD is a precious metals company focused on the development of the Donlin Gold project. Located in Alaska, one of the safest mining jurisdictions in the world, the Donlin Gold project is regarded as one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world. About Paulson Paulson is a private global investment management advisory firm based in Palm Beach, Florida. NOVAGOLD Contacts: Mélanie HennesseyVice President, Corporate Communications 604-669-6227 or 1-866-669-6227 Frank GagnonManager, Investor Relations778-990-0299 or 1-866-669-6227 Paulson Contact: Michael McKeon mmckeon@ Cautionary Note Regarding Forward-Looking StatementsThis media release includes certain 'forward-looking information' and 'forward-looking statements' (collectively 'forward-looking statements') within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include future-oriented financial information or financial outlook within the meaning of securities laws, including information regarding the anticipated benefits of the transaction with Paulson, NOVAGOLD's anticipated expenditures and anticipated plans for the new partnership and Donlin following the completion of the transaction, statements regarding the permitting, potential development, exploration, construction and operation of Donlin Gold and statements relating to NOVAGOLD's future operating and financial performance and production estimates. Such information is intended to assist readers in understanding NOVAGOLD's current expectations and plans relating to the future. Such information may not be appropriate for other purposes. Forward-looking statements are frequently, but not always, identified by words such as 'expects', 'continue', 'ongoing', 'anticipates', 'believes', 'intends', 'estimates', 'potential', 'possible', and similar expressions, or statements that events, conditions, or results 'will', 'may', 'could', 'would' or 'should' occur or be achieved. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that management of NOVAGOLD considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, included herein are forward-looking statements. These forward-looking statements include statements regarding plans for and anticipated timing a new feasibility study on the Donlin Gold project; plans for and anticipated timing of a strategic review of Donlin Gold's 2025 budget our goals and planned activities for 2025; anticipated timing of milestone and project updates; ongoing support provided to key stakeholders including Native Corporation partners; Donlin Gold's continued support for the state and federal permitting process; sufficiency of working capital; the potential development and construction of the Donlin Gold project; the timing and ability for the Donlin Gold project to hit critical milestones; the ability for the Tier One gold development project to hit the anticipated projections; the sufficiency of funds to continue to advance development of Donlin Gold, including to a construction decision; perceived merit of properties; mineral reserve and mineral resource estimates; Donlin Gold's ability to secure the permits needed to construct and operate the Donlin Gold project in a timely manner, if at all; legal challenges to Donlin Gold's existing permits and the timing of decisions in those challenges; plans to continue to advance the Donlin Gold project safely, socially responsibly and to sustainably generate value for our stakeholders; continued cooperation between the owners of Donlin Gold LLC to advance the project; NOVAGOLD's ability to deliver on its strategy with the Donlin Gold project; the success of the strategic mine plan for the Donlin Gold project; the success of the Donlin Gold community relations plan; the anticipated outcome of exploration drilling at the Donlin Gold project and the timing thereof; the completion of test work and modeling and the timing thereof. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements are not historical facts but instead represent the expectations of NOVAGOLD management's estimates and projections regarding future events or circumstances on the date the statements are made. Important factors that could cause actual results to differ materially from expectations include failure to satisfy or waive the closing conditions to the transaction; the need to obtain additional permits and governmental approvals; the timing and likelihood of obtaining and maintaining permits necessary to construct and operate; the need for additional financing to complete an updated feasibility study and to explore and develop properties and availability of financing in the debt and capital markets; disease pandemics; uncertainties involved in the interpretation of drill results and geological tests and the estimation of reserves and resources; changes in mineral production performance, exploitation and exploration successes; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the United States or Canada; the need for continued cooperation between the owners of Donlin Gold LLC to advance the project; the need for cooperation of government agencies and Native groups in the development and operation of properties; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, disease pandemics, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, which could include significant increases in estimated capital and operating costs; fluctuations in metal prices and currency exchange rates; whether or when a positive construction decision will be made regarding the Donlin Gold project; and other risks and uncertainties disclosed in NOVAGOLD's most recent reports on Forms 10-K and 10-Q, particularly the 'Risk Factors' sections of those reports and other documents filed by NOVAGOLD with applicable securities regulatory authorities from time to time. Copies of these filings may be obtained by visiting NOVAGOLD's website at or the SEC's website at or on SEDAR+ at The forward-looking statements contained herein reflect the beliefs, opinions and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law. ______________1 The updated Feasibility Study/Technical Report will be compliant with NI 43-101 and S-K in to access your portfolio
Yahoo
24-04-2025
- Business
- Yahoo
Why NovaGold Resources Inc. (NG) Went Up On Tuesday
We recently published a list of . In this article, we are going to take a look at where NovaGold Resources Inc. (NYSEAMERICAN:NG) stands against other Tuesday's best-performing stocks. The stock market bounced back on Tuesday, erasing losses in the previous day, as investors snapped up shares on news that the US-China trade tensions could possibly subside. The Dow Jones rallied by 2.66 percent, the S&P 500 rose by 2.51 percent, and the Nasdaq surged by 2.71 percent. On Tuesday, news reports said that US Treasury Secretary Scott Bessent believed there would be a de-escalation between the US and China, describing future negotiations as a slog that has not started yet. The news buoyed trading in several financial markets, including cryptocurrency, with Bitcoin jumping 5 percent to trade above the $91,000 level. The rally spilled over into 10 companies, predominantly Bitcoin miners. In this article, we have listed the 10 top-performing firms on Tuesday and detailed the reasons behind their gains. To come up with the list, we considered only the stocks with more than $1 billion in market capitalization and $5 million in trading volume. An aerial view of a gold mining claim in the Kuskokwim region of southwestern Alaska. NovaGold Resources extended its winning streak for a second straight day on Tuesday, jumping 39.87 percent to close at $4.35 apiece following news that it would acquire a 50-percent stake in Donlin Gold LLC for $1 billion. NG said in a statement that it partnered with Paulson Advisers LLC for the acquisition of Barrick's 50-percent stake in Donlin, which owns and develops the Donlin Gold project in Alaska. Of the total, NG will acquire the 10-percent share, increasing its total ownership in the company to 60 percent from 50 percent previously. Paulson, on the other hand, will take the remaining 40 percent interest at a price of $800 million. Following the closing of the transaction, the two companies target to immediately commence the various workstreams to update the Feasibility Study, including assembling a specially dedicated team to take over efforts as well as shift the program's focus to the conversion and expansion of Donlin Gold's reserves and resources. Overall, NG ranks 1st on our list of Tuesday's best-performing stocks. While we acknowledge the potential of NG as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than NG but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Yahoo
24-04-2025
- Business
- Yahoo
International mining giant dropping out of partnership in Alaska gold mining project
Mine worker Justin Andrew examines and core samples at the Donlin mine camp on Aug. 11, 2022. Outside is the hillside that would be dug for its gold if the huge mine is developed. Barrick Gold, a large Canadian mining company, is selling off its half-share ownership in the Donlin Gold project. (Photo by Yereth Rosen/Alaska Beacon) A major mining company is pulling out of Western Alaska's Donlin Gold project, selling most of its shares to a U.S. billionaire with a history of investing in gold. Barrick Gold Corp., a Canadian company that operates in 18 countries, said Tuesday it is selling its 50% share in Donlin Gold for about $1 billion. Under the deal, Novagold Resources Inc., the smaller Canadian mining company that has been Barrick's Donlin partner, will add another 10% share of the project's ownership to its current 50% share, while an investment company headed by billionaire John Paulson will wind up with a 40% share in the project. Paulson's company was already a major Novagold shareholder. The deal is expected to close at about midyear, Barrick said. In dual statements, the companies said the sale is mutually beneficial. In its statement about the deal, Novagold praised Paulson's expertise and said the ownership change will help move the project forward. 'For myriad reasons, Paulson is quite literally the finest partner we could have hoped for. The embodiment of 'smart money,' John has been recognized as having a unique ability to identify the right vehicle to execute legendary trades. John and his team's expertise and counsel will be invaluable as we work to advance Donlin Gold through feasibility and financing,' Novagold Chairman Thomas Kaplan said in the company's statement. Paulson, also quoted in the statement, called Donlin 'one of the most attractive development gold projects in the world.' 'With 39 million ounces of gold at double the industry average grade, and an optimal location in the prime jurisdiction of Alaska — already the second largest gold-producing state in the United States — we believe that the project could create value for decades to come,' he said in the statement. Paulson has investments in other gold-mining companies, including International Tower Hill Mines Ltd., which is trying to develop a gold mine at Livengood, northwest of Fairbanks. In its statement, Barrick said that by selling off its share in the Donlin project, it will be able to continue a strategic shift that includes more of a focus on copper. '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. This is a good example of an instance where an asset we own might be better suited in the hands of others, while we pursue our priority portfolio of Barrick-managed growth projects,' Mark Bristow, Barrick's president and chief executive, said in the statement. The Donlin project has been controversial in Western Alaska and elsewhere. Supporters say it will bring important economic benefits to a region of the state that has long struggled with poverty. Supporters include the for-profit Native corporations that own the mineral rights and surface lands where the mine project is located: Calista Corp., owned by Yup'ik people of the Yukon-Kuskokwim region, and The Kuskokwim Corp., owned by people from 10 villages along the mid-Kuskokwim region. Those Native corporations are partners in Donlin and point out that revenues from the mine, if it starts operating, will be shared with Native corporations statewide under terms of the 1971 Alaska Native Claims Settlement Act. Opponents, who include Yukon-Kuskokwim tribal members and Native corporation shareholders themselves, consider the mine to be a threat to the ecosystem and to the food resources and cultural practices that depend on it. Tribal opponents have been fighting the mine in state and federal courts. To opponents, Barrick's sell-off is a sign of project trouble. Sophie Swope, executive director of an anti-Donlin tribal coalition called Mother Kuskokwim, said Barrick's sell-off is a sign of project trouble. 'The Donlin Gold Mine is a bad investment—plain and simple. It's riddled with environmental, economic, operational, reputational, regulatory, and legal risks—and completely lacks a social license to operate,' Swope said in a statement. She cited the mine's planned 471-foot tailings dam, which has been a particular source of controversy, the potential for river contamination and the expected increase in disruptive barge traffic as some of the concerns. While Donlin Gold has received key permits, final development decisions have not been made. The Toronto-based Globe and Mail reported Tuesday that there had been disagreements between Barrick and Novagold over how to proceed with Donlin. The transaction leaves the Donlin project without a major partner with experience operating large producing mines. Novagold does have some operating experience, but it is spotty. It developed a mine near Nome, the Rock Creek Mine, but was able to operate it for only two months in 2008. During construction in 2007, two workers died at the site, and the company was later penalized for water pollution violations as well. The site was later acquired by the Bering Straits Native Corp., which completed reclamation in 2016, according to state officials. Last month, other assets from the property were sold off. Another controversial Alaska mining project, the Pebble copper project in Southwest Alaska, also lost its major corporate partner. In 2013, Anglo American, one of the world's largest mining companies, dropped out of the Pebble Limited Partnership, leaving Northern Dynasty Minerals Ltd. as the sole partner. In 2014, another major international mining company, Rio Tinto, also dropped out by donating its 19% Northern Dynasty shares to Bristol Bay regional nonprofits. The Pebble project is limbo. The U.S. Environmental Protection Agency in 2023 invoked a provision in the Clean Water Act to bar federal permitting because of anticipated damages to salmon habitat. Northern Dynasty is trying to overturn that finding and has expressed optimism that the Trump administration will help revive the project. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
