Canadian investor backs away from Alaska mine project

Canadian investor backs away from Alaska mine project

Updated four:53 pm, Friday, May 25, 2018


JUNEAU, Alaska (AP) — A Canadian firm that was courted as a possible companion in a proposed copper-and-gold mine close to one of many world’s largest salmon fisheries in Alaska has backed away from the project.

Northern Dynasty Minerals Ltd., which is searching for to develop the Pebble Mine project in southwest Alaska, stated Friday that it was unable to finalize an settlement with First Quantum Minerals Ltd., the potential investor.




It was not instantly clear what occurred or what this implies for the project, which has a allow utility pending with the U.S. Army Corps of Engineers.

Tom Collier is CEO of the Pebble Limited Partnership, which is owned by Northern Dynasty. In an announcement, he stated Friday was “business as usual” for him, and that builders are “continuing to press forward.”


He stated he believes Pebble will safe the funding essential to proceed the allowing course of.

A spokesman for First Quantum Minerals didn’t reply to a request for remark. The firm posted on its web site a launch from Northern Dynasty that lacks specifics.

When the 2 firms introduced talks in December, Philip Pascall, chairman and CEO of First Quantum Minerals, stated in a launch that the Pebble project is extensively seen as “one of the outstanding unmined copper projects in the world.”

He stated his firm was “very aware of the environmental and social sensitivity of this project.”

Critics of the project, which is positioned in Alaska’s Bristol Bay area, hailed information of the fizzled deal. Bristol Bay produces about half of the world’s sockeye salmon.

Joel Reynolds, Western director of the Natural Resources Defense Council, stated in an announcement that First Quantum Minerals did the appropriate factor.

“We hope First Quantum’s decision closes the door, once and for all, on this ill-conceived and uniquely reckless scheme,” Reynolds stated.

Northern Dynasty had been in search of a brand new companion since Anglo American PLC introduced it was pulling out in 2013.

The Pebble Limited Partnership final yr settled a long-running lawsuit with the U.S. Environmental Protection Agency that cleared the way in which for the corporate to hunt permits for the mine project.

But the EPA has left open the chance for future restrictions on growth.

Collier earlier this yr stated the corporate will display that it may well “successfully operate a mine without compromising the fish and water resources around the project.”

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