Fluor Corporation has been selected to lead the Bankable Feasibility Study for the Donlin Gold project in Alaska, a partnership with Novagold Resources and Donlin Gold Holdings. The study will assess the technical, economic, and environmental feasibility of developing the project into the United States’ largest single‑operating gold mine, with estimated reserves of 33.9–40 million ounces and an expected mine life of 27 years.
Fluor’s responsibilities include integrating scope, engineering, cost, and schedule for the project, and coordinating specialist contractors for key infrastructure such as a power plant, natural‑gas pipeline, and pressure‑oxidation circuit. The company’s track record in executing large‑scale mining and infrastructure projects in remote, cold‑weather environments underpins its selection and positions it to deliver the complex engineering required for Donlin’s first‑of‑its‑kind facilities.
For Fluor, the win reinforces its focus on long‑term mining and metals projects and adds a high‑value contract to its backlog. The company’s Q3 2025 earnings beat—driven by strict cost controls and a favorable mix of high‑margin projects—illustrates its ability to generate profitability even as revenue growth remains modest. The BFS contract is expected to generate revenue in 2027 and signals continued demand for Fluor’s expertise in large‑scale, high‑complexity projects.
Novagold’s milestone de‑risks the Donlin project and supports its financing strategy. The company recently closed a private placement that raised substantial capital, strengthening its balance sheet for ongoing development. CEO Greg Lang highlighted the project’s status as a generational asset in a stable jurisdiction, while investor John Paulson emphasized that Donlin represents “the single best way for me to play gold.” The BFS completion in 2027 is a critical step toward securing financing and moving toward commercial production in 2031.
The announcement was well received by investors, reflecting confidence in both companies’ execution capabilities and the strategic importance of the Donlin Gold project. Fluor’s expertise and Novagold’s capital position together create a strong foundation for advancing the project to the next development stage.
The BFS is scheduled for completion in 2027, with commercial production targeted for 2031. The project’s scale, high‑grade resources, and strategic location in Alaska position it as a key driver of future gold supply in the United States.
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