Barrick Announces Sale of Stake in Donlin Gold Project for Up To $1.1 Billion

Core Viewpoint - Barrick Gold Corporation has agreed to sell its 50 percent interest in the Donlin Gold Project for $1 billion in cash, allowing the company to optimize its asset portfolio and focus on long-term sustainable operations [1][4]. Group 1: Transaction Details - The sale involves Paulson Advisers LLC acquiring 80 percent and NOVAGOLD Resources Inc. acquiring 20 percent of Barrick's subsidiary's interest in Donlin Gold LLC [2]. - Barrick has granted NOVAGOLD an option to purchase the outstanding debt related to the Donlin Gold Project for$90 million if purchased before closing, or $100 million within 18 months after closing [1]. Group 2: Financial Implications - Proceeds from the sale will be utilized to strengthen Barrick's balance sheet, invest in future projects, and support shareholder returns [3]. - The transaction is expected to be completed in late Q2 or early Q3 of 2025, subject to customary closing conditions and regulatory approvals [5]. Group 3: Strategic Focus - Barrick's president emphasized the strategic decision to exit the Donlin Gold Project at an attractive valuation, allowing NOVAGOLD and Paulson to develop the project while Barrick focuses on its priority growth projects [4].