Shares of Northern Dynasty Minerals Ltd (TSX: NDM) surged 3.5%
Shares of Northern Dynasty Minerals Ltd (TSX: NDM) surged 3.5% on Monday on the news that the U.S. Army Corps of Engineers (USACE) will take a relook at its own decision for refusal of approval of Pebble Project, which was made way back in 2020. This comes after Northern Dynasty has successfully appealed the decision, thereby making the U.S. Army Corps to send the Pebble permit application back to Alaska office for further introspection on April 26, 2023.
Northern Dynasty’s CEO, Ron Thiessen is upbeat after the remand decision and said, “We have been saying that the record of decision (ROD) process was not fairly conducted since 2020 and are pleased to see that the review officer has raised similar concerns”. Thiessen opined that two important decision areas – non-compliance of its comprehensive mitigation plan (CMP) and Public Interest Review (PIR) were not carried out properly in the prior review. Following the remand order, the corps have been asked to report back in 45 days for its next plan of action.
The softening of stance from Army Corps comes after the Environmental Protection Agency (EPA) blocked the Pebble mine in January 2023, owing to adverse impact it might have on nearby salmon fishery areas and prohibited the disposal of mining waste over an area of the Bristol Bay watershed. However, the ruling of the EPA could be under scanner if the tailings storage design constructed by the mine authorities, flagged as risks by EPA in its decision, are found out to be sound in structure. The Pebble Project witnessed a history of permits, refusals and appeals since Northern Dynasty took over it in 2001, and in the past, there was an instance where the company even appealed successfully against the EPA.
Headquartered in Vancouver, Canada, Northern Dynasty Minerals is engaged in mineral exploration and development. Its principal asset is Pebble Limited Partnership, a wholly owned Alaska-based U.S. subsidiary, with 100% interest in a contiguous block of 1,840 mineral claims in Southwest Alaska (includes the Pebble deposit).
To read our full disclosure, please click on the button below:
