Junior gold miner NovaGold Resources Inc. (NYSEMKT: NG) is down about -24% in early afternoon trading following a presentation today during the conference call webcast from Barrick Gold Corp. (NYSE: ABX). Barrick is having its own problems following a lackluster quarter, but NovaGold is getting hit much harder.
In its presentation Barrick said its joint Donlin Gold project with NovaGold does “not currently meet our investment criteria; we woul;d not make a positive decision to construct [this project] at this time.” Barrick does say that the Donlin project is “valuable long-term” opportunity, but that’s little comfort for NovaGold.
We noted in our coverage of Barrick’s earnings release this morning that the company’s new CEO plans to make returns drive production, not the other way round. Earlier this month, the Donlin board approved an updated feasibility study of the Donlin project and authorized the filing of permit applications. Whether those plans will proceed now is not clear.
Barrick shares are down more than -6% at $31.71 after posting a new low this morning of $31.00. The previous range was $32.88-$55.95.
NovaGold shares are down -23.8% at $4.10 after posting a new 52-week low of $3.62 earlier today. The previous range was $4.98-$11.77.
Paul Ausick
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
