Loading ...Northern Dynasty Minerals (TSX: NDM; NYSE: NAK) said on Thursday its unit, Pebble Partnership, was preparing an appeal after the U.S. Army Corps of Engineers denied a key water permit for the proposed Alaska mine.
The company’s shares cratered nearly 50% last week after its US-based subsidiary received formal notification that its application for permits under the Clean Water Act and other federal statutes was denied.
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The negative Record of Decision (RoD) issued by the lead federal regulator for Alaska’s Pebble project on November 25, denied the copper-gold-molybdenum-silver-rhenium project a ‘dredge and fill’ permit on the grounds that its ‘compensatory mitigation plan’ is non-compliant and the project is not in the ‘public interest.’