Army Corps rejects Pebble mine project
The share price of Northern Dynasty crashed on Wednesday as the US Army Corps of Engineers (USACE) denied the Canadian project developer’s US subsidiary a permit for the controversial Pebble copper/gold mine, in the Bristol Bay region of Alaska.
The USACE informed the Pebble Partnership that its application for permits under the Clean Water Act and other federal statuses had been denied, stating that the compensatory mitigation plan was non-compliant and that the project was not in the public interest.
Northern Dynasty’s stock fell 51% on the TSX, slashing the project developer’s value to C$259.6-million.