Northern Dynasty Sees Executive Berate EPA For Decision To Veto Pebble Project In Alaska
The CEO of Pebble Limited Partnership, a subsidiary of Northern Dynasty Minerals (TSX: NDM), this morning issued a scathing press release on a recent decision by the Environmental Protection Agency to veto mining at the Pebble Project in Southwest Alaska. The decision, as per the company, is said to be “unprecedented.”
“We still firmly believe that the proposed determination should have been withdrawn as it is based on indefensible legal and non-scientific assumptions. The process and the decision have been political from the start, as evidenced by White House Climate Change Advisor Gina McCarthy’s stating in November of 2021 that the administration would shut down the project once and for all while praising the action with a ‘hallelujah.’” commented John Shively, CEO of Pebble Limited Partnership.
His commentary follows the news of the EPA yesterday seeing the administrator for the Pacific Northwest region, which includes Alaska, recommend that the project be halted for further development under a veto. A final decision on the matter is expected in February.
The point of contention in relation to the project appears to be the theory that the mine if constructed would destroy “about 100 miles of stream that support salmon habitat,” which would be a result of dredged material being released.
“Those who think we can build a green energy economy in this country and stop mining at the same time are living in a fantasy world. I suspect the Chinese are laughing at the U.S. for making it so easy for China to become the ‘OPEC’ of producing minerals critical for the world’s economy. We have witnessed the situation unfolding in Europe which is the direct result of their being dependent on an unfriendly country for essential resources, and yet, for no good reason, the U.S. is heading down a similar path for these critical minerals,” continued Shively.
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Seemingly referencing the claims about the potential damage to salmon habitats, Shively simply stated, “The EPA has made wildly speculative claims about possible adverse impacts from Pebble’s development that are not supported by any defensible data .. The [Final Environmental Impact Statement] clearly states that Pebble can be developed without harm to the Bristol Bay fishery.”
The Pebble project currently has a resource estimate of 57 billion pounds of copper, 71 million ounces of gold, 3.4 million pounds of molybdenum, 345 million ounces of silver, and 2.6 million kilograms of rhenium in the measured and indicated category, with additional resources contained in the inferred category.
“Perhaps the most egregious aspect of this entire process is the EPA’s blatant dismissal of, and complete lack of consideration for, the significant economic benefits this project could have for the region and for the state without explanation or justification. .. EPA is not only taking significant tax and royalties from the citizens of Alaska but is also taking away contributions to the Permanent Fund and the dividends it provides to our people.”
Shively closes his scathing response by indicating that “the action is in direct opposition to Alaska Native Claims Settlement Act of 1971 (“ANCSA”) and effectively sterilizes Native Village Corporations lands in the area,” and that they will continue to “fight against this injustice,” with further commentary expected in the future.
Northern Dynasty Minerals last traded at $0.335 on the TSX.
Information for this briefing was found via Sedar and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.