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Barrick, NovaGold name Cole to manage Donlin gold project

Published 11/15/2016, 06:15 PM
Updated 11/15/2016, 06:15 PM
Barrick, NovaGold name Cole to manage Donlin gold project
  • Barrick Gold (NYSE:ABX) and NovaGold (NYSEMKT:NG) announced yesterday that they had appointed Andy Cole to manage their Donlin gold project in Alaska, and J.P. Morgan analyst John Bridges thinks it is good news for ABX.
  • The Donlin project was finalized at the highlight of the gold boom in 2011, when capital was abundant, making scale a virtue, and now Cole will manage the re-engineering of the project to make a smaller but higher return project fit within the permitted footprint, Bridges writes.
  • Bridges believes ABX will be motivated to find a way to bring Donlin - "a unique project due to its size and location within the U.S." - to account quickly and thus benefit the partners.
  • Cole has more than 20 years of experience in permitting, building and operating major gold mines in North America, and served in a variety of senior operating roles at ABX, including as manager of the Goldstrike mine, one of ABX's largest operations, and the Ruby Hill mine.

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