Shares in Canadian miner Northern Dynasty Minerals (TSX:NDM) were up Wednesday morning following a decision by the Trump administration that could further pave the way for the company’s vast, but stalled Pebble copper-gold-silver project in Alaska.
The US Environmental Protection Agency (EPA) proposed late Tuesday revoking a 2014 ruling that bans large-scale mining in the area over the potential risks to one of the planet’s greatest wild salmon fisheries.
Under former US President Obama, EPA tried to pre-emptively block the project citing its potential impact on salmon and other species in Bristol Bay and its tributaries.
The federal agency noted it would accept public comments on the proposal for the next 90 days before making a final decision.
The move follows a key settlement reached in May between the EPA and Northern Dynasty that ended a long-dragged dispute over the agency’s decision to block construction of the Pebble mine.
It also comes exactly three months after Alaska’s Department of Natural Resources (DNR) granted Northern Dynasty’s subsidiary — Pebble Limited Partnership — a long-awaited land-use permit.
Investors reacted positively to the news, pushing the stock up 2.67% to Cdn$1.92 in Toronto at 10:54 am local time. But opponents to the project were not that thrilled.
“The facts haven’t changed. The science hasn’t changed. The opposition hasn’t changed,” wrote Taryn Kiekow Heimer, senior policy analyst at the Natural Resources Defense Council, which has opposed the project for years. “The fact that it’s the wrong mine in the wrong place hasn’t changed. But the politics have changed.”
“Instead of putting America first, it puts us dead last—behind the interests of a foreign mining company,” she argues.
For Nelli Williams, director of Trout Unlimited’s Alaska program, EPA’s proposed withdrawal just shows that the agency “is extremely out of touch with Alaskans and hunters and anglers across the country,” she said in a statement.
The rule that may be revoked is the Clean Water Act Section 404(c), invoked by Barack Obama’s EPA in 2014. Its application to the project could have prevented the company from applying to the any permits. But the agency’s “preventive” veto on Pebble was blocked in November that year, following lawsuits and objections from groups such as the National Mining Association and a number of congressional Republicans.
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Source: Mining Gold