NAK - Why Northern Dynasty Limited Stock Fell 12% at the Open on July 10
Shares of Northern Dynasty Limited (NYSEMKT: NAK) fell sharply at the open of trading on July 10, losing just over 12% of their value. That, however, has to be juxtaposed against the stock's roughly 200% gain over the past three months (which includes today's early losses). The company's efforts to complete the Pebble Project have been a key factor in both the longer-term rise and the swift decline today.
Northern Dynasty Limited's main asset is the Pebble Project, which it hopes to develop into a major gold and copper mine. There has been stiff opposition to the project from day one, but 2020 has seen some good news developments. That includes key regulatory approvals, or at least hints that approvals will be forthcoming, and agreements with nearby communities that suggest local opposition will be less material than once feared. The stock price increase of late has been nothing short of incredible, noting that there remains a huge amount of work to be done before Pebble produces any gold or copper -- it is still in the approval stage of development, after all.
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