Northern Dynasty Minerals Ltd (NYSEMKT:NAK) shares were up 8.15% on Tuesday to $1.46 and an additional 14.38% to $1.67 in after-hours trading. Share prices have been trading in a 52-week range of $0.42 to $3.45. The company has a market cap of $465M at 298.64 million shares outstanding.
Northern Dynasty Minerals Ltd reported that the US Environmental Protection Agency has begun a process to withdraw a Proposed Determination it issued under the Clean Water Act in 2014.
Alaska-based Pebble Limited Partnership, which is a wholly-owned subsidiary of the company, reached a settlement agreement that allows the Pebble Project to proceed into normal course permitting under the CWA and National Environmental Policy Act. This allows PLP to proceed into normal course permitting unencumbered by any extraordinary development restrictions, and complies with EPA’s legal obligations under the settlement agreement.
“The current administration at EPA is closely focused on enforcing environmental standards and permitting requirements for major development projects like Pebble in a way that is both rigorous and robust, but also consistent in order to provide predictability and an even-playing field for all resource developers,” said Pebble Partnership CEO Tom Collier. “It’s an approach all Alaskans and all Americans should support, because it has the benefit of maintaining the high standards for environmental protection for which the state and country are known, while attracting investment in projects that create high-wage jobs and other much-needed economic benefits in our country.”
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 or the Pebble Project.
The Pebble Project is located in southwest Alaska, approximately 20 miles from the villages of Iliamna and Newhalen, and over 200 milessouthwest 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.