NAK - Shares of Northern Dynasty Minerals Crash...Again
Shares of prospective mining company Northern Dynasty Minerals (NYSEMKT: NAK) are down 13.9% as of 3:15 p.m. EDT today. Today's slide comes after the company's shares declined 12% on Friday as well. The big drop in share price came on the heels of the company receiving an environmental impact statement for its prospective Pebble mine.
According to Northern Dynasty, the Pebble project is a mine with gold, copper, silver, and molybdenum deposits large enough to make it one of the largest deposits in the world. The project has been a bit of a political hot potato as various groups have raised concerns about the environmental impact of the mine on some of Alaska's fisheries. In a sharp reversal from the previous admininstration's decision, the Trump administration, through the Army Corps of Engineers, released an environmental impact statement for the facility. Environmental impact statements are one of the large hurdles for a major development project such as this one.
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