Salem Radio Network News Wednesday, October 1, 2025

Business

Barrick Gold sells Alaska mine stake to John Paulson, NovaGold for up to $1.1 billion

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(Reuters) -Canada’s Barrick Gold said on Tuesday it will exit the Donlin gold Project in Alaska by selling its 50% stake to billionaire John Paulson and NovaGold Resources for up to $1.1 billion.

The Donlin Gold project is a proposed mine which holds roughly 39 million ounces of gold. It was jointly owned by Barrick Gold and NovaGold, holding a 50% stake each.

U.S.-listed shares of Barrick Gold were up 1.7% before the bell, which were also supported by higher prices of the bullion.

Paulson and NovaGold will acquire 80% and 20%, respectively, of Barrick Gold’s interest in the entity, for $1 billion in cash.

The transaction is expected to close in the second quarter or early in the third quarter of 2025.

NovaGold will also have an option to buy outstanding debt owed to Barrick for $90 million if purchased prior to closing, or $100 million if purchased within 18 months from deal closure.

Barrick said it would use proceeds from the sale to strengthen its balance sheet and drive shareholder returns.

Separately, NovaGold said the agreement with Barrick would increase its stake in the project to 60% while Paulson would hold the remaining 40%.

NovaGold’s U.S.-listed shares rose 6.8% premarket.

The divestiture was first reported by Bloomberg News earlier in the day.

(Reporting by Vallari Srivastava in Bengaluru; Editing by Shinjini Ganguli and Krishna Chandra Eluri)

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