Barrick Gold to Sell Stake in Donlin Gold Project

Barrick will use proceeds from the sale to further strengthen its balance sheet.

SEATTLE (Scrap Monster): For $1 billion in cash, Barrick Gold Corporation said it has agreed to sell its subsidiary's 50% stake in the Donlin Gold Project in Alaska to affiliates of Paulson Advisers LLC and NOVAGOLD Resources Inc.

The deal is anticipated to be finalized in late Q2 2025 or early Q3 2025, contingent to the required regulatory approvals and customary closing conditions.

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As per the deal, NOVAGOLD has been given the opportunity to buy the remaining debt that Barrick owes for the Donlin Gold Project. If the acquisition is made before closing, the price is set at $90 million; if it is made within 18 months of closing, the price is set at $100 million. Within 18 months, the option will expire. The loan will not be paid off if the option is not exercised.

According to a press release from the firm, Paulson and NOVAGOLD have reached an agreement to purchase 80% and 20% of Barrick's subsidiary's stake in Donlin Gold LLC, respectively. Pro rata contributions will be made by each buyer toward the purchase price.

The sale revenues will be used by Barrick to bolster its financial sheet even more.

'The stake sale is part of our efforts to optimize our portfolio of assets by focusing on long-life, sustainable Tier One gold and copper operations,' said Mark Bristow, president and chief executive of Barrick.

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