Canadian investor moves away from Alaska mining project



Becky Bohrer, Associated Press

Updated at 4:53 p.m., Friday, May 25, 2018

  •   ARCHIVE - In this archive photo of July 13, 2007, workers at the Pebble mine project conduct tests in the Bristol Bay region, near the village of Iliamma. A Canadian company that was courted as a possible partner in a proposed copper and gold mine near one of the world's largest salmon fisheries has withdrawn from the project. Mining developer Northern Dynasty Minerals Ltd. says it could not finalize an agreement with First Quantum Minerals Ltd., the potential investor. The proposed mine is located near Alaska's Bristol Bay, which is where half of the world's sockeye salmon are produced. Photo: Al Grillo, AP / Copyright 2018 The Associated Press. All rights reserved.

ARCHIVE – In this file photo of July 13, 2007, Pebble Mine project workers conduct a test in the Bristol Bay region of Alaska near the town of Iliamma. A Canadian company that was courted as a possible partner in a proposed copper and gold mine near one of the world's largest salmon fisheries has withdrawn from the project. Mining developer Northern Dynasty Minerals Ltd. says it could not finalize an agreement with First Quantum Minerals Ltd., the potential investor. The proposed mine is located near Alaska's Bristol Bay, which is where half of the world's sockeye salmon are produced. less
ARCHIVE – In this archive photo of July 13, 2007, workers at the Pebble mine project conduct a test in the Bristol Bay region, near the village of Iliamma. A Canadian company that was courted as a potential … more

Photo: Al Grillo, AP

Canadian investor moves away from Alaska mining project



JUNEAU, Alaska (AP) – A Canadian company that was courted as a potential partner in a proposed copper and gold mine near one of the largest salmon fisheries in the world. world in Alaska has moved away from the project.

Northern Dynasty Minerals Ltd., which is trying to develop the Pebble Mine project in southwestern Alaska, said on Friday it could not finalize an agreement with First Quantum Minerals Ltd., the potential investor.




It was not immediately clear what happened or what it means for the project, which has a pending permit application with the US Army Corps of Engineers. UU

Tom Collier is the CEO of Pebble Limited Partnership, owned by Northern Dynasty. In a statement, he said Friday was "business as usual" for him, and that developers are "continuing to push forward."


He said he believes that Pebble will obtain the necessary funds to continue with the permitting process.

The First Quantum Minerals spokesperson did not respond to a request for comment. The company posted a Northern Dynasty statement on its website that lacks details.

When the two companies announced talks in December, Philip Pascall, president and CEO of First Quantum Minerals, said in a statement that the Pebble project is widely seen as "One of the outstanding copper demining projects in the world."

He said that his company was "very aware of the environmental and social sensitivity of this project".

Critics of the project, which is located in the Bristol Bay of Alaska region, greeted news of the failed deal. Bristol Bay produces approximately half of the world's sockeye salmon.

Joel Reynolds, Western director of the Natural Resources Defense Council, said in a statement that First Quantum Minerals did the right thing.

"We hope that the decision of First Quantum closes the door, once and for all, in this ill-conceived and exclusively reckless scheme," Reynolds said.

Northern Dynasty had been looking for a new partner since Anglo American PLC announced it would retire in 2013.

The Pebble Last year, the Limited Partnership settled a long-running lawsuit with the US Environmental Protection Agency. UU That cleared the way for the company to request permits for the mine project.

But the EPA left open the possibility of future restrictions on development. [19659010] Collier said earlier this year that the company will demonstrate that it can "successfully operate a mine without compromising the fish and water resources surrounding the project."


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