NAK - Why Northern Dynasty Minerals Stock Dropped Today
Late last week, the U.S. Environmental Protection Agency (EPA) said it plans to remand and overturn a previous notice made in 2019 that ended a review process for a planned mine near Alaska's Bristol Bay. Northern Dynasty Minerals (NYSEMKT: NAK) angrily responded to the EPA notice, and shares dropped more than 12% this morning. As of 2 p.m. EDT, the mining stock was still down 9%.
If the court grants the EPA motion, the review process would be reinitiated for Northern Dynasty's Pebble Mine project. The EPA seeks to protect certain waters in the Bristol Bay watershed under the authority of the Clean Water Act (CWA). In the release of an official response to the EPA announcement, Northern Dynasty President and CEO Ron Thiessen provided a statement with a seemingly antagonistic tone.
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Why Northern Dynasty Minerals Stock Dropped Today