SerpApi.Org
NovaGold Resources (NG) said pre-market Wednesday it agrees to acquire Paulson Advisers' 40% stake in Donlin Gold, raising its ownership interest to 100%, in an all-share transaction, creating a U.S.-domiciled gold developer with a ~US$4.2B equity value.
Including its existing equity ownership in NovaGold (NG), Paulson would own ~40% of the economic interest, while its voting interest in the new company would be capped at 19.99%."
Donlin's projected annual 1.3M oz gold production in its first decade and 1.1M oz gold production over the 27-year mine life is expected to render it the largest gold development project in the U.S., the company said.
"Consolidating our interest in Donlin into NovaGold enhances Donlin's organizational structure and will facilitate, streamline, and expedite the development of the Donlin mine," John Paulson said.
