Looked at NG a couple of years ago and passed based on the valuation. NG got a lot cheaper today, but I'd have to do more work to see why Barrick is pulling out of this project.
July 26 (Bloomberg) -- NovaGold plunges as much as 33% on >3x avg. volume to lowest since Sept. 2009.
* ABX earlier said Donlin Gold (50% owned by NG) doesn’t meet investment criteria; won’t make decision to Build project “at this time"; ABX down as much as 8.3% post-earnings
* NG down 48% YTD, worst performer in XAU index YTD
* Among top holders of NG, according to Bloomberg data (as of 3/31, unless otherwise noted):
* Electrum Strategic Resources 19% (as of 3/19)
* Paulson & Co. 13% (as of 4/30)
* Tradewinds Global 4.3% (as of 5/31); holds 2% of ABX
* Baupost Group 3.6%
* Aletheia Research 3.2%
* Octavian Advisors 3.1%
* York Capital Mgmt 1.9%
* Tocqueville Asset Mgmt 1.9%
* Chilton Investment 1.5%; also holds 0.8% of ZNGA, which is down >40% post-earnings
* Blue Ridge Capital 1.3%
* NOTE: Paulson had losses in all funds in June, led by 7.9% drop in Advantage Plus Fund (down 16% this year); Paulson’s Gold Fund is down 23 this year;