Pebble Mine will not be built: Friedland

Robert Friedland. Image from Ceo.ca

The proposed open-pit copper and gold Pebble Mine will not be built, according to billionaire mining financier Robert Friedland.

"The United States Environmental Protection Agency has just killed the Pebble Mine in Alaska. It will not be built," Friedland said Wednesday during a presentation at the Sprott Natural Resource Symposium Vancouver.

Last Friday, the EPA suggested it might invoke a little used provision that may block the mine's construction.

The Pebble deposit, near Bristol Bay, Alaska, holds an estimated 55 billion pounds of copper and 67 million ounces of gold. If developed, it would be one of the world's largest open-pit copper and gold mines.

Better than Voisey's Bay

Friedland, founder and executive chairman of Canada-based Ivanhoe Mines (TSX:IVN), made the assertion while touting his company's development of the high-grade Kamoa copper deposit, located in the Democratic Republic of Congo.

"Kamoa is the world's largest, highest-grade copper mine," Friedland said, describing the reserve as "better than Voisey's Bay."

Ivanhoe Mines also owns the Kipushi copper/zinc/germanium/lead and precious-metals mine in the DRC and the Platreef polymetals project in South Africa.