Latest news with #NovaGold
Yahoo
23-04-2025
- Business
- Yahoo
This billionaire gold bug just made another big bet on the yellow metal
Billionaire investor John Paulson bought a stake in an Alaskan gold mine project. HIs hedge fund partnered with NovaGold to invest in Donlin Gold. Gold prices have hit records this year amid economic uncertainty. Billionaire investor and known gold bull John Paulson isn't sitting idle as prices of the precious metal soar to records. He's doubling down. Paulson, best known for shorting the mid-2000s housing bubble collapse, is buying a stake in an Alaskan gold mine venture, with the help of a Canadian firm. His hedge fund Paulson Advisers has banded together with NovaGold to buy a 50% stake in the Donlin Gold project for $1 billion. "Donlin Gold is one of the most attractive development gold projects in the world," Paulson said in a press release. "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." The agreement will take NovaGold's ownership interest in the mine to 60%, while Paulson advisors will acquire 40% interest. The Tuesday announcement comes on the same day that gold prices hit all-time highs, climbing to nearly $3,500 per ounce. The yellow metal is up over 31% year-to-date amid broader market fallout. Gold — considered a key safe haven asset — has drawn in waves of investors made nervous by accelerating trade tensions that have dented economic optimism. The shaky environment has aggressively rocked stocks, bonds and currency markets this year. Paulson has been a gold fan well before current volatility. He has been bullish on gold even during 2024's stock market bull run, and has been an ongoing investor in gold-related projects. Last year, that included names such as AngloGold Ashanti, Agnico Eagle Mines, and Equinox Gold. During the 2024 presidential election, Paulson made a stand-out pledge to reinvest all his stock holdings into gold if former candidate Kamala Harris won. Read the original article on Business Insider Sign in to access your portfolio
Yahoo
23-04-2025
- Business
- Yahoo
This billionaire gold bug just made another big bet on the yellow metal
Billionaire investor John Paulson bought a stake in an Alaskan gold mine project. HIs hedge fund partnered with NovaGold to invest in Donlin Gold. Gold prices have hit records this year amid economic uncertainty. Billionaire investor and known gold bull John Paulson isn't sitting idle as prices of the precious metal soar to records. He's doubling down. Paulson, best known for shorting the mid-2000s housing bubble collapse, is buying a stake in an Alaskan gold mine venture, with the help of a Canadian firm. His hedge fund Paulson Advisers has banded together with NovaGold to buy a 50% stake in the Donlin Gold project for $1 billion. "Donlin Gold is one of the most attractive development gold projects in the world," Paulson said in a press release. "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." The agreement will take NovaGold's ownership interest in the mine to 60%, while Paulson advisors will acquire 40% interest. The Tuesday announcement comes on the same day that gold prices hit all-time highs, climbing to nearly $3,500 per ounce. The yellow metal is up over 31% year-to-date amid broader market fallout. Gold — considered a key safe haven asset — has drawn in waves of investors made nervous by accelerating trade tensions that have dented economic optimism. The shaky environment has aggressively rocked stocks, bonds and currency markets this year. Paulson has been a gold fan well before current volatility. He has been bullish on gold even during 2024's stock market bull run, and has been an ongoing investor in gold-related projects. Last year, that included names such as AngloGold Ashanti, Agnico Eagle Mines, and Equinox Gold. During the 2024 presidential election, Paulson made a stand-out pledge to reinvest all his stock holdings into gold if former candidate Kamala Harris won. Read the original article on Business Insider Sign in to access your portfolio
Yahoo
22-04-2025
- Business
- Yahoo
Barrick Gold signs deal to sell its stake in Donlin gold project in Alaska
TORONTO — Barrick Gold Corp. has signed a deal to sell its 50 per cent interest in the Donlin gold project in Alaska to its partner NovaGold Resources Inc. and Paulson Advisers LLC for US$1 billion in cash. NovaGold already holds the other half of the Donlin project. Once the deal announced Tuesday is complete, NovaGold will own 60 per cent and Paulson will hold a 40 per cent stake in the project. Barrick chief executive Mark Bristow says the deal allows Barrick to exit the Donlin project at an attractive valuation, while allowing NovaGold and Paulson to pursue the development of the project. In addition, Barrick has granted NovaGold an option to buy the outstanding debt owed to Barrick in connection with the project for US$90 million if purchased before closing, or for US$100 million if purchased within 18 months from closing, when the option expires. The deal is subject to customary closing conditions and required regulatory approvals. It is expected to close in the second quarter or early in the third quarter of 2025. This report by The Canadian Press was first published April 22, 2025. Companies in this story: (TSX:ABX, TSX:NG) The Canadian Press Sign in to access your portfolio
Business Insider
22-04-2025
- Business
- Business Insider
This billionaire gold bug just made another big bet on the yellow metal
Billionaire investor and known gold bull John Paulson isn't sitting idle as prices of the precious metal soar to records. He's doubling down. Paulson, best known for shorting the mid-2000s housing bubble collapse, is buying a stake in an Alaskan gold mine venture, with the help of a Canadian firm. His hedge fund Paulson Advisers has banded together with NovaGold to buy a 50% stake in the Donlin Gold project for $1 billion. "Donlin Gold is one of the most attractive development gold projects in the world," Paulson said in a press release. "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." The agreement will take NovaGold's ownership interest in the mine to 60%, while Paulson advisors will acquire 40% interest. The Tuesday announcement comes on the same day that gold prices hit all-time highs, climbing to nearly $3,500 per ounce. The yellow metal is up over 31% year-to-date amid broader market fallout. Gold — considered a key safe haven asset — has drawn in waves of investors made nervous by accelerating trade tensions that have dented economic optimism. The shaky environment has aggressively rocked stocks, bonds and currency markets this year. Paulson has been a gold fan well before current volatility. He has been bullish on gold even during 2024's stock market bull run, and has been an ongoing investor in gold-related projects. Last year, that included names such as AngloGold Ashanti, Agnico Eagle Mines, and Equinox Gold. During the 2024 presidential election, Paulson made a stand-out pledge to reinvest all his stock holdings into gold if former candidate Kamala Harris won.
