NAK - Northern Dynasty Minerals' Mine Gets Rejected; Shares Plummet 55%
Shares of speculative gold mining stock Northern Dynasty Minerals (NYSEMKT: NAK) are down 55.3% as of 2:30 p.m. EST today. The stock fell off a cliff after it failed to obtain a key permit from the U.S. Army Corps of Engineers.
All of Northern Dynasty's prospects for the future were tied up in one potential project: the Pebble project in Alaska. The company claimed that the reserves of gold and copper were some of the largest in the world, but it also happened to be located precariously close to one of Alaska's key fisheries in Bristol Bay.
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Northern Dynasty Minerals' Mine Gets Rejected; Shares Plummet 55%