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NovaGold says Galore Creek stake sale on track
April 12 |
April 12 (Reuters) - NovaGold Resources Inc said on Thursday it still expects to conclude a sale of its 50 percent stake in the Galore Creek copper project in British Columbia this year as it moves to focus exclusively on the massive Donlin gold project in Alaska.
The Vancouver, British Columbia-based miner, said last November it would move to sell its stake in Galore Creek, which it owns jointly with Canadian miner Teck Resources Ltd .
Its developers say Galore Creek could one day become Canada's biggest copper mine. NovaGold plans to use the proceeds of the sale to fund its share of the costs of Donlin, which is a joint venture with the world's top gold miner, Barrick Gold Corp .
The $6.7 billion Donlin project is expected to produce an average of more than 1 million ounces of gold annually over its 27-year mine life.
Last month, NovaGold shareholders approved the spinout of its Ambler copper project into a new company NovaCopper, which is expected to begin trading in Toronto and New York on, or about, April 30.
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