NovaGold (AMEX:NG) CEO and President Rick Van Nieuwenhuyse said earlier in the month that the company has reversed its setbacks over the last three years and is now set financially for the next three years, referring to the financing secured by the gold miner.
Much of the financing required by NovaGold was secured through investment from hedge fund Paulson & Co. and Quantum Partners, which brought them $175 million to help with their capital needs.
Another strategic and important source of financing came from Electrum Strategic Resources in the early part of 2009, which allowed NovaGold to retain its interest in important assets of Donlin Creek and Galore Creek. They also had enough to deal with operational issues at its Rock Creek project, which they should be able to comply with regulations and get it back up and running.
Although the company is going through a correction related to the overall gold price correction, it is close to increasing production and getting going on all cylinders, which should make shareholders happy, and the company very profitable.
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