Rio Tinto gifts Northern Dynasty stake to charity, exits Pebble project

|About: Rio Tinto plc (RIO)|By:, SA News Editor

Rio Tinto (RIO +0.2%) says it will gift its 19.1% stake in Northern Dynasty Mining (NAK -3.5%), which owns the Pebble mine in Alaska, to two Alaskan charities.

RIO says it started a strategic review of its stake in NAK last year and has determined the Pebble project, a proposed open-pit copper and gold mine, doesn’t fit with its strategy.

NAK’s ~$5B project has faced numerous hurdles, most recently in February when the EPA said the project poses a serious risk to the salmon fisheries and native tribes in the area.