Alaska Approves Key Permit For Northern Dynasty Minerals; Shares Surge 32%

Shares in Canadian miner Northern Dynasty Minerals (NAK)…[soared 32% on Wednesday as a result of] Alaska’s Department of Natural Resources (DNR) approval of a long-awaited land-use permit that clears the way for the company’s vast, but stalled Pebble copper-gold-silver project.

Written by Cecilia Jamasmie (mining.com)

The permit, issued late Tuesday, allows Northern Dynasty’s subsidiary, Pebble Limited Partnership, to conduct reclamation and monitoring activities at hundreds of boreholes for the next 12 months. The company, which applied for such [a] permit in October [of] last year, was hoping to get it until 2018.

The land use permit comes after months of reviewing the application and over 1,000 public comments, the authority said [stating]:

Alaska’s Department of Natural Resources conditions include an unprecedented $2 million guarantee as back stop for exploration clean-up.

The Vancouver-based miner’s project has faced heated opposition since the mid-2000s.

A 2006 poll by the Cromer Group revealed that 53% of Alaskans opposed it;

a second poll run by Hellenthal Associates that same year found that 71% were against it,

and a third poll presented in 2011 stated that 85% of commercial fishermen also rejected the project.

In 2014, the US Environment Protection Agency (EPA) issued a preliminary determination that blocked the mine from being built…

Since then there has been a long string of actions implemented by:

environmentalists,
Native American groups,
and even the EPA itself

to prevent Pebble from going forward. They all have expressed concerns about the “irreversible negative impacts” of the mine in the one of the planet’s greatest wild salmon fisheries, and the risk it represents to 14,000 jobs and the $252 million-a-year the local fishing industry generates.

Unprecedented $2 million guarantee