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Barrick Gold (TSX, NYSE:ABX) and NovaGold Resources鈥� (TSX, NYSE-MKT: NG) proposed gold mine for Alaska, the second largest bullion producing state in the U.S., moved a step forward Monday with the .
Considered by the companies as a 鈥減ermitting milestone鈥� for their Donlin gold project 鈥� one of the largest economic development project in Southwest Alaska if approved 鈥�, the document is now available to the public for review and comment, the firms .
The聽project is聽operated by Donlin Gold, which is owned equally by the two Canadian companies. The land, however, belongs to The Kuskokwim Corp., a for-profit corporation representing 10 villages, and Calista Corp., the Alaska Native corporation for the Yukon-Kuskokwim region, which owns the mineral rights.
鈥淒onlin Gold鈥檚 significant resource remains a great asset to Barrick,鈥� said Barrick鈥檚 President Kelvin Dushnisky. 鈥淲e are confident that the Donlin Gold LLC team in partnership with Calista and the TKC are advancing the permitting process expeditiously and with due consideration for all stakeholders鈥�
NovaGold鈥檚 President and Chief Executive, Greg Lang, noted that the project would bring opportunities for economic stimulus, job creation, as well as social and community development.
鈥淢ore importantly, the project could create unique incentive for people to return to their region by generating economic growth that is consistent with traditional ways of life,鈥� Lang said.
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The draft of Donlin鈥檚 Environmental Impact Statement (DEIS) was prepared by the U.S. Army Corps of Engineers and other agencies, in collaboration with聽tribes, to document anticipated impacts of such a big project, as required under the National Environmental Policy Act.
The public will get an opportunity to comment on the review at public meetings next year and by sending in written comments through April 30. The final EIS, which will guide agencies and the developers, won鈥檛 be complete until 2017.
It is estimated that the Donlin deposit holds more than 33 million ounces of gold, which would be extracted over the expected 27-year operating life of the open pit mine.
Construction of the mine, north of the small village of Crooked Creek and about 10 miles (16 km) from the Kuskokwim River, will take three to four years once permits have been received.