Northern Dynasty Plunges as Anglo Exits Pebble: Vancouver MoverChristopher Donville
Northern Dynasty Minerals Ltd., a Canadian metals explorer, fell the most in 15 months after Anglo American Plc withdrew from a partnership to develop the Pebble copper project in Alaska.
Northern Dynasty plunged 34 percent to C$1.54 at the close in Toronto, the biggest drop since May 22, 2012.
Anglo announced its exit today in a statement. The London-based company is reviewing its operations and said it’s prioritizing capital for projects with the highest value and the lowest risk. Anglo will take a $300 million writedown on its interest in the project.
A call to Northern Dynasty’s Vancouver headquarters wasn’t immediately returned.
The U.S. Environmental Protection Agency said last year that large-scale salmon habitats may be harmed by mining near Bristol Bay, Alaska, where Pebble is located. The deposit is estimated to hold 81 billion pounds (37 million metric tons) of copper, 5.6 billion pounds of molybdenum and 107 million ounces of gold, according to Northern Dynasty’s website.