Northern Dynasty Minerals Ltd (NYSEMKT:NAK) shares were down 2.33% to $1.47 but recovered 29.25% to $1.90 in after-hours trading. Share prices have been trading in a 52-week range of $0.28 to $3.45. The company has a market cap of $407.81 million at 298.64 million shares outstanding.
In a press release, Northern Dynasty Minerals Ltd announced that its wholly-owned US subsidiary, Alaska-based Pebble Limited Partnership, and the US Environmental Protection Agency have filed a Joint Motion in federal court to extend a stay of proceedings in the parties’ longstanding legal dispute over the federal agency’s pre-emptive regulatory action.
This motion states: “The parties have identified a likely framework for settlement and request a short, one-week extension of the current stay to allow the parties the time necessary to finalize the agreement and obtain the required approvals.”
“A great deal of common ground has been established between the parties, including on the importance of upholding the rule of law when it comes to administering statutorily mandated processes under the Clean Water Act, the National Environmental Policy Act and other federal statutes. On that basis, we anticipate achieving a resolution to these matters next week,” said Pebble Partnership CEO Tom Collier.
Prior to this, shares have rebounded after it received a crucial permit from the Alaska government that could see its Pebble project clear a 10-year-long development hurdle. Stocks continue to gain support from expectations that the Trump administration will relax environmental regulation.
Northern Dynasty Minerals Ltd is a mineral exploration company. Through its subsidiaries, the company holds interest in mining claims on State of Alaska land in southwest Alaska, the United States, which are part of the Pebble Copper-Gold-Molybdenum Project.
The Pebble Project is located in southwest Alaska, approximately 20 miles from the villages of Iliamna and Newhalen, and over 200 miles southwest of the city of Anchorage. The property consists of approximately 2,400 mineral claims and is situated over 1,000 feet above sea-level and approximately 60 miles from tidewater on Cook Inlet. The company is in the process of exploring and developing the Pebble Project.