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Stock Market & Financial Investment News

News Breaks
July 26, 2012
10:03 EDTNG, ABXNovaGold plummets after Barrick raises doubts about gold deposit
NovaGold (NG) is retreating after Barrick Gold (ABX) indicated that it may not invest significant amounts of money in a gold deposit in which the two companies each have a 50% ownership stake. Barrick said that the Alaska-based Donlin gold deposit doesn't currently meet its investment criteria, primarily because of the large initial capital investment required to launch it. However, Barrick did add that Donlin represents a "valuable long-term opportunity," partly due to its long life mineral resources. Moreover, Barrick added that it would advance permitting activities at the site at reasonable costs, giving it the option to undertake construction there in the future. In early trading, however, NovaGold tumbled $1.67, or 31.04%, to $3.71. Barrick, meanwhile, sank $2.47, or 7.31%, to $31.32.
News For NG;ABX From The Last 14 Days
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May 26, 2015
10:28 EDTABXBarrick Gold falls on weak gold pricing
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06:15 EDTABXBarrick Gold forms strategic partnership with Zijing Mining Group
Barrick Gold announced that it has formed a strategic partnership with leading Chinese mining company Zijin Mining Group. As a first step, Zijin will acquire 50% of Barrick Limited, or BNL, the company which owns 95% of and manages the Porgera Joint Venture gold mine in Papua New Guinea. In addition, Barrick and Zijin have signed a long-term strategic cooperation agreement which outlines the intent of both companies to collaborate on future projects and joint investments, leveraging the strengths of each company. Zijin and Barrick recognize the significant potential that exists at Porgera. Combining Barrick's experience and track record of operating success in Papua New Guinea with Zijin's strong cost management capabilities will help to unlock the full value of this mine for the benefit of all stakeholders. Zijin will pay $298M in cash for a 50% interest in BNL. The transaction is expected to be completed in the Q3 and is subject to customary closing conditions.
May 25, 2015
12:58 EDTABXBarrick Gold agrees to sell Cowal mine to Evolution Mining for $550M
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