The Globe and Mail reports in its Wednesday edition that Barrick is selling its stake in the giant undeveloped Donlin gold project in Alaska to U.S. activist Paulson Advisers LLC and Novagold Resources for $1-billion after clashing with its joint venture partner over the direction of the project (all figures U.S.). The Globe's Niall McGee writes that Paulson is paying $800-million and will partly backstop the $200-million that Novagold is contributing. After the transaction closes, Paulson will hold a 40-per-cent share in Donlin and Novagold's share will rise to 60 per cent from 50 per cent. Donlin is one of the largest gold projects in the world, but its extremely remote location, lack of basic infrastructure and the gargantuan capital cost requirements has led to it sitting undeveloped for decades. According to an engineering study commissioned by Novagold in 2021, Donlin contains a gold reserve of 34 million ounces, which could power a mine for 25 years. The project is located 450 kilometres west of Anchorage with no road or rail access. The cost to build it was pegged at $7.4-billion. Barrick has owned a stake in Donlin since 2006. Novagold shares closed Tuesday at $6 each, up $1.69 on the Toronto Stock Exchange.