Barrick draws back on investment, Donlin files for permits
On the Y-K Delta
Barrick Gold is pulling back on the Donlin Creek gold mining project because it doesn’t currently meet their investment criteria, according to Barrick’s 2rd Quarter report on July 26. Barrick, the world’s largest gold mining organization, said the pull back is “...primarily due to their large initial capital investments, and under our disciplined capital allocation framework we would not make a decision to construct them at this time.” However, Barrick plans to continue to “...maintain and enhance the option value of these projects by advancing permitting activities at reasonable costs which, in the case of Donlin Gold, will take a number of years.”
NovaGold, Donlin’s other investor, plans go ahead and develop Donlin, according to Businessweek.
Donlin has filed federal and state permits for the mine, according to an Aug. 3 report by Alaska Journal of Commerce.