NOVAGOLD Buys Paulson's 40% Donlin Stake in All-Share Deal for 65% Combined Ownership
Updated
Updated · Kitco NEWS · Jul 23
NOVAGOLD Buys Paulson's 40% Donlin Stake in All-Share Deal for 65% Combined Ownership
3 articles · Updated · Kitco NEWS · Jul 23
Summary
NOVAGOLD signed definitive agreements to acquire Paulson & Co.'s 40% interest in the Donlin Gold project, consolidating control of one of the world's largest undeveloped gold deposits.
The all-share transaction will leave existing NOVAGOLD shareholders with about 65% of the combined company, while Paulson will retain roughly a 40% economic interest and voting power capped at 19.99%.
Greg Lang said the deal should streamline operations as NOVAGOLD updates Donlin's feasibility study, a key step for a project holding about 40 million ounces of measured and indicated resources.
John Paulson tied the move to his broader bullish view on gold, arguing miners offer greater upside than bullion as central-bank buying and waning faith in fiat currencies support a long-term rally.