Northern Dynasty Stock Hammered On Pebble Mine Denial By Army Corps

An undeveloped mine in Alaska faces another setback with Pebble Mine denial and now faces further uphill battle.

What Happened: The U.S. Army Corps of Engineers denied a permit for the Pebble Limited Partnership owned by Northern Dynasty Minerals NAK. The permit denial cited the mine “not in the public interest” and said the project is “non-compliant.”

The 100% owned Pebble Limited Partnership holds one of the largest untapped gold deposits in the United States. The Alaskan location faced heavy opposition due to its close proximity to waterways and salmon regions.

Related Link: What Investors Should Know About Trump’s Rare Earth Mining Executive Order

Why It’s Important: Northern Dynasty has called the permit denial politically motivated. President-elect Joe Biden pledged to block the mine if he was elected.

“It is no place for a mine. The Obama-Biden Administration reached that conclusion when we ran a rigorous, science-based process in 2014, and it is still true today,” Biden said.

Donald Trump Jr. urged current President Donald Trump to block the Pebble Mine. Trump said he would “listen to both sides.”

What’s Next: The Pebble Partnership plans on appealing the permit decision within the next 60 days.

Shares of Northern Dynasty are down 50% to 40 cents on the news. Shares have traded between 35 cents and $2.49 over the last 52 weeks.

Photo credit: NPCA, Flickr