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Anglo American withdraws from Alaska mine project

Becky Bohrer, Associated Press

JUNEAU, Alaska (AP) -- One of the partners in a massive proposed gold and copper mine in southwest Alaska is pulling out.

London-based Anglo American PLC announced that a subsidiary is withdrawing from the Pebble Mine project. Anglo American CEO Mark Cutifani says in a statement the company's focus has been on prioritizing money for projects with the highest value and lowest risks within its portfolio. Its focus also has been on reducing the amount of money needed in the preapproval phase.

Anglo American's decision leaves Northern Dynasty Minerals Ltd., based in Canada, as the sole owner.

Mike Heatwole is spokesman for the Pebble Limited Partnership, which was created to design, permit and run the mine.

He says the project remains important for Alaska, and officials will share additional information about the way forward for the project in the coming days and weeks.