India, April 22 -- Barrick Gold Corp. (GOLD), a mining company, on Tuesday announced an agreement to sell its 50 percent stake in the Donlin Gold Project in Alaska, held through its U.S. subsidiary, to affiliates of Paulson Advisers LLC and NovaGold Resources Inc. (NG) for $1.1 billion in cash.
The transaction is expected to be completed late in the second quarter or early in the third quarter of 2025.
The company aims to utilise the funds from the sale to improve the financial position, fund future growth, and continue providing returns to shareholders.
According to a statement from Barrick, Paulson will buy 80 percent and NovaGold will buy 20 percent of Barrick's interest in Donlin Gold LLC, which owns the Donlin Gold Project.
Both co...