Type Public Industry Gold exploration Products Precious metals Headquarters Vancouver, Canada Founded 1984 | Traded as TSX: NG
NYSE MKT: NG Key people Greg A. Lang Website www.novagold.com CEO Gregory A. Lang | |
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Stock price NG (TSE) CA$ 6.76 -0.57 (-7.78%)17 Mar, 4:00 PM GMT-4 - Disclaimer Subsidiaries Galore Creek Mining Corporation Profiles | ||
Novagold resources company profile ng
NOVAGOLD is a precious metals company engaged in the development of mineral properties in North America.
Contents
Donlin Gold
The Company's flagship asset is Donlin Gold Project in Alaska. NOVAGOLD and Barrick Gold each own 50% of the project. Project permitting began in 2012. Permitting is a clearly defined process which, if successful, can take 3-4 years or more. Donlin Gold is a substantial resource. In terms of size, grade, exploration potential, production profile and jurisdictional safety, it is regarded as one of the most significant undeveloped gold projects in the world. As per the Feasibility Study, Donlin Gold has the potential to produce more than 1M ounces of gold annually over a 27-year mine life. In July 2012, joint venture partner Barrick Gold announced that the Donlin project "no long meets its investment criteria." The substantial costs of bringing power to the remote site, and other development expenses, gave Barrick reason to rethink its investment in the project. The share price of NOVAGOLD dropped 23% on the news.
Galore Creek
NOVAGOLD and Teck Resources each own 50% of the Galore Creek copper-gold-silver project located in northern British Columbia. According to the pre-feasibility study, Galore Creek mine has the potential to be the largest copper mine in Canada and in the top 5% of known gold deposits. Construction began on the project in 2007, but was halted in November of that year when a $3 billion cost overrun forced the partners to put the project on "care and maintenance". The increase more than doubled the estimated development cost of the project. The new estimate was attributed to cost increases for the tailings dam and water diversion structures. NOVAGOLD indicated in 2010 that it was evaluating opportunities to sell all or a portion of its interest in Galore Creek and apply the proceeds toward the development of Donlin Gold. However, after the 2012 announcement concerning Donlin, NOVAGOLD has reevaluated its decision to sell Galore Creek.
Environmental responsibility and community relations
The company has stated that it is "Committed to responsible development and operating to the highest environmental standards...[and] acts with a long-term view, creating mutually beneficial relationships with our communities, employees, investors, partners and other people critical to our success and the economic development of Alaska."