After nearly two decades of development, Barrick Gold Corp. has sold its 50% joint venture ownership of the Donlin Gold project in Southwest Alaska to hedge fund billionaire John Paulson and Novagold Resources Inc. for $1 billion in cash. This sale allows Barrick to exit the project at an attractive valuation, with Novagold and Paulson planning to pursue the development of the world-class gold deposit, which has expanded to 45 million ounces of gold.
With the final push towards a production decision yet to be made, Paulson and Novagold aim to take the project to the construction phase. The reshaped joint venture will see Paulson owning 40% and Novagold holding the remaining 60% interest in Donlin Gold. The transition from Barrick to Paulson has been hailed as a watershed moment for unlocking the project’s value.
With Barrick’s exit, Novagold and its billionaire backers intend to refocus on completing an updated feasibility study for the mine and exploring the potential for resource expansion. The commitment to responsible development and partnerships with Alaska Native corporations remains a top priority for the project’s new owners.
The buyout is expected to be finalized around midyear, marking a new chapter in the development of one of the most promising gold projects in the world. The strategic investment by Paulson and Novagold reaffirms their confidence in the long-term value and potential of the Donlin Gold project in Alaska.
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