Barrick selling stake in giant Alaska gold project Donlin for US$1-billion to Paulson & Novagold [Globe and Mail, The (Toronto, Canada)]
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Source: Globe and Mail, The
Cole Burston/The Globe and Mail Barrick Gold Corp. ABX-T -0.64% decrease is selling its stake in the giant undeveloped Donlin gold project in Alaska to U.S-based activist investment firm Paulson Advisers LLC and its joint venture partner Novagold Resources Inc. NG-T +18.33% increase for US$1-billion. Paulson is kicking in US$800-million and will partly backstop the US$200-million that Novagold is contributing. The ownership breakdown of the stake sale will be 80-20 in favour of Paulson. Barrick has owned Donlin since its US$10.4-billion 2006 acquisition of fellow Canadian mining company Placer Dome Inc. in 2006. While Barrick has looked at developing Donlin over the years, by funding exploration and engineering work, it has never pulled the trigger on building the project, electing instead to pursue projects it believes offer superior return potential. “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 pr
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