terrain. Though cost projections were revised upwards, the development of the mine appeared to be feasible going into 2007, as NOVAGOLD was acquiring permits to mine, formed the 50/50 joint venture Galore Creek Mining Corporation with Teck Resources, and made the investment decision to proceed with construction of the mine. However, by the end of 2007, after Teck's review the cost estimate was revised to $5 billion, mainly on an unexpectedly complex water diversion and tailings pond requirements and updated material costs, and the project was halted. Despite efforts to re-design or move the tailings pond the project remained uneconomic, and NOVAGOLD sold its stake in 2018 to Newmont Mining for US$275 million. References External links http://www.novagold.com/ Official company website Companies listed on NYSE American Companies listed on the Toronto Stock Exchange Gold mining companies of Canada Gold mining companies of the United States