Permit allows Northern Dynasty to work in the area for the next 12 months, but it includes requirements for state inspections, as well as an unprecedented $2 million guarantee as back stop for exploration clean-up.
Pebble Mine Mining News
Rebuttal comes as shareholders launched an investigation over possible false and misleading statements made by the miner about its Pebble copper-gold project in Alaska.
Shares in the Canadian miner behind the stalled Pebble copper-gold project in Alaska nosedived after a report branded the venture as “worthless.”
EPA staff either set out to block the controversial Pebble mine by colluding with anti-mining activists, or proposed scientifically appropriate restrictions protecting southwestern Alaska from the proposal for North America's largest open-pit mine.
Northern Dynasty Minerals, parent company of the Pebble mine proponent, disappointed at the narrow scope and limited findings of government probe.
A federal judge has ruled in favour of the Pebble mine project, putting a temporary halt on the U.S. Environmental Protection Agency’s efforts to protect Bristol Bay.
U.S. federal court won't make a final decision until at least January 2, 2015.
Potential problems in the horizon for Seabridge Gold's proposed gold, copper, silver and molybdenum mine in northern British Columbia, just 30 km from the Alaska border.
Northern Dynasty Minerals dropped 7.69% to 78 cents on Friday.
They oppose the agency's latest decision, which may block development of the Pebble mine before any permit application has been filed.
The suit says the agency may kill the project before mine plans are finalized or it’s evaluated through the permitting process.
Rio becomes the second large diversified miner, after Anglo American, to back out of the project in less than seven months.
On Friday that US Environmental Protection Agency blocked the issuance of a key permit, for the time being.
Northern Dynasty responds to EPA's announcement.
Northern Dynasty lost 32% on its share price Friday.
Mine proponents have called the EPA's review an attempted 'pre-emptive veto.'
Through a subsidiary, Rio owns 19% of Northern Dynasty, making it the largest single investor.
Northern Dynasty share price gains 12%.
White House EPA nominee grilled over watershed assessment.