Paulson and NOVAGOLD RESOURCES acquire Barrick Gold’s 50% stake in Donlin Gold for US$1 billion

Goodmans LLP advised Paulson & Co Inc. in connection with a backstop financing commitment entered into as part of its agreement to jointly acquire with NOVAGOLD RESOURCES INC. a 50% interest in Donlin Gold LLC from Barrick Gold Corporation for US$1 billion in cash. 

At closing, Paulson acquired a 40% interest in Donlin Gold for US$800 million and NOVAGOLD acquired an additional 10% interest for US$200 million, increasing its stake to 60%. Both parties entered into a new limited liability company agreement for the equal management of the Donlin Gold project in Alaska.