Canada’s Barrick to sell Donlin Gold stake to Paulson, Novagold for $1B

Barrick Gold of Canada is exiting the Donlin Gold project in Alaska by selling its 50% stake for $1 billion to billionaire John Paulson and Novagold Resources. Paulson Advisory LLC will acquire 80% of Barrick Gold’s interest Dolin Gold, with Novagold purchasing the remaining 20%.

Both parties will contribute to the purchase price proportionally, according to separate statements from the mining companies. Novagold will also have the option to buy debt owed to Barrick for $90 million if completed before closing, or $100 million within 18 months after the deal closes.

The transaction is expected to close in the second or early third quarter of 2025. At that point, Novagold will hold a 60% stake in Donlin Gold, with Paulson owning the remaining 40%.