A major shake-up at Novagold as the company is planning to spin off its copper holdings into a new subsidiary: NovaCopper. Rick Van Nieuwenhuyze upto now CEO of NG is put forward to lead this new subsidiary.
Novagold has named Greg Lang, former head of American operations at Barrick, as the new CEO. NovaGold announced billionaire Thomas Kaplan will become its chairman. Kaplan’s investment firm Electrum is the largest shareholder in NovaGold with a nearly 21.7% stake.
Novagold soars 25% on the news. By this move, I guess Barrick seems eager to kick start the development of Donlin Creek (for which it's partnering with NG) to an operational mine. It might as well be the initial step for a take-over of Novagold.