Canada's Barrick Gold said on Tuesday it will exit the Donlin gold Project in Alaska by selling its 50% stake to billionaire John Paulson and NovaGold Resources for up to $1.1 billion.

Canada’s Barrick Gold (GOLD) is exiting an Alaska mine project by selling its 50% stake to billionaire hedge fund manager John Paulson and

Billionaire John Paulson has been building his miners portfolio for many years and is well-positioned to benefit from the soaring price of gold.