Northern Dynasty Minerals Inc. (NAK) stock plunged by 4.76% as well as the NAK stock price continued to decline by 5.7% in the pre-market session. Northern Dynasty is a Vancouver-based mineral discovery and construction firm. Northern Dynasty’s main asset is a 100 percent stake in a contiguous block of 2,402 mining claims in southwest Alaska, however, it also includes the Pebble deposit, which is 200 miles from Anchorage and 125 miles from Bristol Bay, held by its wholly-owned Alaska-based U.S. affiliate, Pebble Limited Partnership.
What is happening?
Northern Dynasty Minerals Ltd. announces that its wholly-owned US subsidiary Pebble Limited Partnership has communicated to US Environmental Protection Agency Administrator Michael Regan, presenting a brief progress analysis on Alaska’s Pebble Project and advising the new Administrator to support a complete and equal procedure for the project.
The Pebble Partnership’s letter to Administrator Regan summarizes Pebble’s federal licensing process, which started in December 2017 with the submission of a Project Description and application for a key federal permit under the Clean Water Act. It summarizes the extensive federal and state regulatory agency and citizen interest in the Pebble Environmental Impact Statement and permitting process, which included the EPA and several tribal groups, over a 212-year period.
Northern Dynasty claims the Final EIS released by the lead federal organization, the US Army Corps of Engineers, in July 2020 is the most important, impartial, and science-based evaluation of the Pebble Project. The planned copper-gold-molybdenum-silver-rhenium mine, according to the Final EIS, would have little effect on regional water quality, fish stocks, or the commercial, subsistence, and sport fisheries that depend on them, and would provide major socioeconomic benefits to the Bristol Bay area and the state of Alaska.
The Pebble Partnership asks the incoming EPA Administrator to respect its obligations to due process under the constitution, in addition to having a background on Alaska’s Pebble Project and promising to speak with Admin, Regan, or his team.