Monday, May 28, 2018

Huge Alaska mine project loses essential investor

New York Times map
Yet another investor has pulled out of the proposed Pebble Mine, "a controversial gold and copper mine near rich salmon fishing grounds at Alaska’s Bristol Bay," report The Washington Post's Juliet Eilperin and Steven Mufson. First Quantum Minerals Ltd. had "pledged $150 million over the next three years to fund the permitting process, in exchange for a 50 percent share in the project" with Northern Dynasty Minerals Ltd.

Joel Reynolds, Western director of the Natural Resources Defense Council, "noted that it is the fourth major firm to abandon the project since 2011," the Post reports, quoting him: “There is a consistent pattern of major investors walking away from this project once they understand the overwhelming opposition and unavoidable environmental and economic risk.”

"Northern Dynasty, which has no investments aside from the Pebble Mine project, received a boost with President Trump’s election and the confirmation of Environmental Protection Agency Administrator Scott Pruitt," the Post notes, adding that the company didn't respond to a request for further comment after its announcement.

Carter Roberts, chief U.S. executive of the World Wildlife Fund, told the Post, “More work remains to put an end to this project, but after 14 years of efforts to develop the Pebble Mine, we hope this will mark the beginning of the end.”

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