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(Bloomberg) -- The Trump administration is throwing a lifeline to the massive Pebble Mine planned near Alaska’s Bristol Bay, as regulators move toward undoing Obama-era environmental restrictions that have thwarted the project.The Environmental Protection Agency will resume considering on Wednesday whether to withdraw the proposed water pollution restrictions that have effectively stalled the project since they were outlined in 2014, said a senior EPA official who asked for anonymity to discuss the matter before it is public. Reconsidering the issue -- after a year-and-a-half hiatus -- is a necessary prelude to the EPA officially lifting the restrictions later.The EPA’s action is a significant boost for Northern Dynasty Minerals Ltd. and Pebble LP supporters, who have called on the EPA to lift the Clean Water Act restrictions and let the proposed gold, copper and molybdenum mine move forward.Northern Dynasty rose the most since November on the news, jumping as much as 28% in New York trading.Developers have touted the mine’s potential, saying it aims to tap “the most significant undeveloped copper and gold resource in the world,” with 6.5 billion tons of known minerals and another 4.5 billion tons of assumed minerals. The bounty of gold alone is estimated to be worth more than $100 billion.But that mineral lode has been out of reach largely because of the project’s location in southwestern Alaska, inside an area that drains into Bristol Bay, home to the world’s most productive wild salmon fishery. Conservationists, local activists and fishing operations have fought the project for more than a dozen years, warning it could jeopardize the region’s salmon -- and a flourishing fishery with a catch that topped $281 million last year.The Trump administration action targets the EPA’s 2014 proposal limiting the discharge of mining waste in the Bristol Bay watershed. The proposed restrictions, issued under former President Barack Obama even before project developers submitted a mine plan or formally sought government authorizations, could preclude the company from obtaining essential permits from the U.S. Army Corps of Engineers.The restrictions can’t legally be finalized until 2021 because of a court settlement the EPA reached with Pebble Mine in May 2017. Until then, the EPA has agreed not to impose more permanent restrictions under a section of the Clean Water Act governing the dumping of dredged or fill material.Developers have since sought a permit, and the Army Corps is evaluating the project’s environmental impacts. However, confusion about the status of the five-year-old proposed limits casts a cloud over the process, EPA General Counsel Matthew Leopold said in a draft memo reviewed by Bloomberg. It is important to make a final decision on the 2014 proposal to provide clarity and transparency to the public, Leopold argued in the memo.EPA’s move follows calls to scrap the proposed restrictions from conservative and business groups, including Americans for Tax Reform, Americans for Prosperity and the Competitive Enterprise Institute. The groups argued Obama’s EPA effectively issued a preemptive veto of the project, short-circuiting substantive review of the mine based on assumptions about what it would look like. Pebble also argued its new mine plan is significantly different from what the Obama administration anticipated.While restarting the review doesn’t guarantee the proposed limits will be scrapped, the drafted memo echoes the conservative criticism of the agency’s approach under Obama. The EPA is now also preparing to invoke provisions in the Clean Water Act allowing it to coordinate with the Army Corps as it vets the mine, according to the drafted document.The Trump administration has taken an inconsistent approach to the project.First, under former EPA Administrator Scott Pruitt, the agency proposed lifting the Obama-era water limits before Pruitt made a surprise decision to leave them in place eight months later. Now, the EPA is effectively reinstating the process that was underway before Pruitt’s pivot. Current EPA Administrator Andrew Wheeler has recused himself from any involvement in the issue, because his former law firm Faegre Baker Daniels LLP provided services to Pebble.Northern Dynasty has been raising funds amid the government review. On June 24, the company closed the sale of 12.2 million shares, raising $5 million, saying it needed the money to fund the ongoing environmental impact study of the project and continued “outreach and engagement with political and regulatory offices.” It also sold large blocks of shares in March, raising more than $10 million.The project still faces headwinds -- including stiff political opposition in Congress, where a provision that would temporarily block the project was tucked into a House spending bill earlier this month.(Updates with shares in fourth paragraph.)\--With assistance from Stephen Lee and Susan Decker.To contact the reporter on this story: Jennifer A. Dlouhy in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Jon Morgan at email@example.com, Elizabeth Wasserman, Wendy BenjaminsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
NYSE American: NAK) ("Northern Dynasty" or the "Company") announces that it has closed its previously announced bought deal offering. A total of 12,200,000 common shares of the Company were sold at a price of US$0.41 per share (the "Offering Price") for gross proceeds of approximately US$5.0 million. The Offering was completed pursuant to an underwriting agreement dated June 19, 2019 among the Company and Cantor Fitzgerald Canada Corporation, as lead underwriter and sole book runner, and a syndicate of underwriters including BMO Capital Markets, H.C. Wainwright & Co., LLC. and TD Securities Inc. (collectively, the "Underwriters"). The Underwriters were paid a 6% cash commission and received 244,000 non-transferable common share purchase warrants (the "Underwriter Warrants"). Each Underwriter Warrant entitles the holder to acquire one common share of the Company at the Offering Price for a period of 12 months.
NYSE American: NAK) ("Northern Dynasty" or the "Company") announces that the Company has entered into an agreement dated June 19, 2019 with Cantor Fitzgerald Canada Corporation, as lead underwriter and sole bookrunner on behalf of itself and a syndicate of underwriters (collectively, the "Underwriters"), to purchase, on a bought deal basis, 12,200,000 common shares of the Company (the "Offered Shares") at the price of US$0.41 per Offered Share (the "Issue Price") for aggregate gross proceeds of approximately US$5 .0 million (the "Offering").
VANCOUVER , June 12, 2019 /PRNewswire/ - Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE MKT: NAK) ("Northern Dynasty" or the "Company") announces the voting results from its 2019 Annual ...
Many silver stocks looked beaten up in 2017, either near a bottom or struggling to overcome a resistance price. Silver companies are dependent to some extent on the yield on bank CDs or Treasury bonds.
NYSE American: NAK) ("Northern Dynasty" or the "Company") reports the Pebble Limited Partnership ("Pebble Partnership" or "PLP") has finalized a Right-of-Way Agreement with Iliamna Natives Limited ("INL"), securing the right to use defined portions of INL lands for the construction and operation of transportation infrastructure associated with the Pebble Project.
NYSE American: NAK) ("Northern Dynasty" or the "Company") announces that its Annual General Meeting ("AGM") of Shareholders will be held at 2:00 pm PDT on Tuesday June 11, 2019. The Company also advises that consistent with previous years its audited consolidated financial statements for the fiscal year ended December 31, 2018 , included in the Company's Annual Report on Form 40F, contained an audit report from its independent registered public accounting firm with a going concern emphasis of matter. Release of this information is required by Section 610(b) of the NYSE American Company Guide.
The Vancouver, British Columbia-based company said it had a loss of 3 cents per share. For the year, the company reported that its loss narrowed to $12.3 million, or 4 cents per share. In the final minutes ...
NYSE American: NAK) ("Northern Dynasty" or the "Company") announces that it has completed a non-brokered private placement of 3,769,476 common shares of the Company at a price of $0.86 (US$0.64) per share for gross proceeds of approximately $3.2 million ( US$2.4 million ). The proceeds of the private placement are anticipated to be used for (i) operational expenditures, including engineering, environmental, permitting and evaluation expenses associated with the Pebble Project and the advancement of completion of the United States Army Corps of Engineers Environmental Impact Study, (ii) enhanced outreach and engagement with political and regulatory offices in the Alaska state and U.S. federal government, Alaska Native partners and broader regional and state-wide stakeholder groups, and (iii) for general corporate purposes.
A specialty petroleum products supplier, a propane distributor, and development-stage gold and copper miner have struggled mightily recently.
NYSE American: NAK) ("Northern Dynasty" or the "Company") is pleased to report that it has closed its previously announced bought deal offering, including the exercise in full of the over-allotment option (the "Offering"). A total of 17,968,750 common shares of the Company were sold at a price of US$0.64 per share for gross proceeds of US$11.5 million . The Offering was completed pursuant to an underwriting agreement dated March 13, 2019 among the Company and Cantor Fitzgerald Canada Corporation, as lead underwriter and sole bookrunner, and a syndicate of underwriters including BMO Capital Markets, H.C. Wainwright & Co., LLC. and TD Securities Inc. (collectively, the "Underwriters"). The Company paid a 6% commission to the Underwriters. The proceeds of the Offering are anticipated to be used for (i) operational expenditures, including engineering, environmental, permitting and evaluation expenses associated with the Pebble Project and the advancement of completion of the United States Army Corps of Engineers Environmental Impact Study, (ii) enhanced outreach and engagement with political and regulatory offices in the Alaska state and U.S. federal government, Alaska Native partners and broader regional and state-wide stakeholder groups, and (iii) general corporate purposes. It remains one of the Company's goals to partner the Pebble Project.
VANCOUVER , March 12, 2019 /PRNewswire/ - Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE American: NAK) (" Northern Dynasty " or the " Company ") announces that it has entered into ...
After plummeting in 2018, Northern Dynasty stock is off to an incredible start in 2019...but don't think that the volatility here has ended.