The two project proponents now have in hand a combined Clean Water Act Section 404 and Rivers and Harbors Act Section 10 permit to proceed with the Donlin project.

With about 39 million ounces of gold grading 2.24 grams per tonne in the measured and indicated resource categories, on a 100% basis, it hosts one of the largest and highest-grade undeveloped openpit gold endowments in the world. According to the second updated feasibility study, once in production, Donlin has the potential to produce, on average, more than one million ounces per year over a 27-year mine life.

The BLM has also issued the ‘offer to lease' for the right-of-way for those portions of the natural gas pipeline that would cross federal lands to the Donlin project site.

"Now, with key permits in hand, we can concentrate on further exploring ways of reducing initial capital and unlocking the value of this asset for all of our partners, in keeping with our deep commitment to community engagement and environmental stewardship," Barrick executive VP for exploration and growth Rob Krcmarov said in a statement.

The companies expect to provide further development details on the path forward to update the 2011 feasibility study in the fourth quarter.