2023-05-01 14:59:42 ET
Northern Dynasty Minerals ( NYSE: NAK ) +4.1% in Monday's trading after U.S. Army Corps of Engineers said it will reconsider parts of the permit application to build the Pebble gold and copper mining project at the headwaters of Bristol Bay in Alaska.
The report comes after the Environmental Protection Agency effectively blocked the mine in January in a separate process, determining the mine would have "unacceptable adverse effects on salmon fishery areas."
Many opponents of the project believed the January decision killed off the project, "so it is a bit surprising and a bit confusing as to why the Corps entertained the appeal and issued a remand on it," according to Obama-era regional EPA administrator Dennis McLerran told KDLG radio.
"Correcting the remanded issues could have a meaningful impact on the overall permitting decision," according to BMO Capital analyst Andrew Mikitchook.
At issue this time in the long battle to develop the project is whether Northern Dynasty ( NAK ) was allowed to adjust its comprehensive mitigation plan with public feedback, and if the corps ruled wrongly on the project's tailings storage.
More on Northern Dynasty Minerals:
- See financial and valuation comparisons to sector peers
- SA analysis: The EPA's Final Determination Blocks Pebble Mine
- Stock price return: 1% gain YTD, 36% loss in the past 12 months
For further details see:
Glimmer of hope for Northern Dynasty's Pebble project after Army Corps ruling