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Monday, Sep 16
Northern Dynasty shares crushed in the wake of Anglo's Pebble pullout
- Shares of Northern Dynasty Minerals (NAK -37.8%) are crushed after Anglo American (AAUKF.PK, AAUKY.PK) withdrew from a partnership to develop the Pebble copper project in Alaska.
- CEO Ron Thiessen says NAK plans to begin the permitting application process for the project by the end of this year, despite the pullout; he says Anglo's decision was due to its desire to re-prioritize its project pipeline rather than any concern about the project.
- The Pebble deposit is estimated to hold 81B lbs. (37M metric tons) of copper, 5.6B lbs. of molybdenum and 107M oz. of gold.