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First Quantum to buy 50% stake in Northern Dynasty's Pebble Project

  • Northern Dynasty Minerals (NYSE:NAK+18% premarkert after First Quantum Minerals (OTCPK:FQVLF) says it will exercise an option agreement to buy a 50% stake in the Pebble Project in Alaska, the world's biggest undeveloped copper project, for $1.5B.
  • Under the agreement, First Quantum can make an option payment of $150M over four years to buy the right to earn the 50% interest in the Pebble Limited Partnership for $1.35B; First Quantum says it will make a $37.5M option payment to NAK within the next five days.
  • Pebble has stirred controversy because of its location in Alaska’s Bristol Bay, a center for salmon fishing, but has gained a more favorable stance from the Trump Administration.

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