Reports that assays contained "interesting enrichment in certain rare earth elements" and that gold mineralization was not tested in the area, were not enough to deter investors from dumping the stock – which traded at 17 times the normal volume.
NovaGold lost over 25% on Thursday, after Barrick said that the Donlin JV with Novagold doesn't meet its investment criteria. Novagold tried to make the best of the news, but shareholder John Paulson suffered another blow to his $21 billion fund.
Despite a drop in net income, from $68.9 million last Q2 to this year's $43.4, the miner saw an increase in revenue, gold production and, as a result, a pleasant 8.5% rise in stock price.
The company reported a 20% drop in its adjusted Q2 earnings due in part, says Goldcorps CEO, to the operating problems at its Penasquito and Red Lake projects.
The University of Utah created a new Center for Mining Safety and Health Excellence to help those who depend on the mining industry, university President David Pershing announced.
While the Australian government has started allowing miners to hire foreign workers to ease a labour shortage in the country, some companies such as BHP Billiton and Rio Tinto have chosen to launch their own recruitment initiatives.
