Barrick and NovaGold receive environmental approval for Alaskan mine

Barrick Gold and NovaGold Resources have received approval from the US Army Corps of Engineers for the proposed gold mine in Alaska.

The Dolin project is anticipated to cost $6.7bn, to be invested equally by the 50:50 partners.

The mine is one of the world’s largest and highest grade gold deposits known, located in the south west of the country.

The Dolin site is thought to be home to 39mn ounces of gold in the measured and indicated (M&I) resource categories.

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“The publication of the final EIS is an important milestone for Donlin Gold and reflects a high degree of professionalism and teamwork by the entire project team,” stated Kelvin Dushnisky, President of Barrick Gold.

“[It] is a major step forward in unlocking the enormous value of our uniquely attractive gold asset,” noted Greg Lang, President and CEO of NovaGold.

The location is owned by The Kuskokwim Corp., which represents 10 villages, making the rights to minerals mined held by Calista Corp. - the Alaska Native corporation for the Yukon-Kuskokwim region, which will share 70% of its royalties with other Alaska Native regional and village corporations.