Northern Dynasty Minerals (NDM.TO) today reported that John Shively, CEO of its 100% owned US based subsidiary Pebble Limited Partnership released the following statement regarding last Friday’s Transportation and Infrastructure Committee report on the Pebble Mine. Here is the reiterated statement:
“To begin, we have not had time to fully review the 163 page report. It was clearly shared with some of the media before it was shared with us. Thus, our comments are initial and we will have more to share with the public.”
“We want to be absolutely clear, however, that to the extent the report contains any suggestion that we tried to mislead regulators in any way, it is categorically wrong and misinformed of the realities of the Pebble permitting process.”
“We have been forthright and clear in all of our public communications and with regulators that Pebble would need to be permitted in phases. We have been equally clear with all stakeholders that: (a) we were planning to construct and operate an initial mine at Pebble for twenty years, (b) that initial plan did not mine the entire resource, and (c) at some future time, we would likely consider an expansion, but had no formal specific plans for additional mining at Pebble (nor could we given the contingencies associated with the initial phase submitted for permitting). This information was also presented in the Environmental Impact Statement (“EIS”) process and related documents for the project. A quick search on the term “expansion scenario” which was what they used for the large mine in the EIS yields more than 300 hits scattered throughout the EIS.”
“We have been up front that the resource and opportunity at Pebble are significant and that any future opportunity would require another comprehensive permitting process.”
“We openly shared all of this with the committee and are extremely disappointed with the politicization of the so-called review of the project that is inconsistent with reality. We look forward to laying out the essential context missing from the report.”
Ron Thiessen, CEO of Northern Dynasty, added:
“Here we go again with politics replacing “reality, science and facts”. We have been consistent in our disclosure for more than a decade that we are permitting a 20 year mine and, although the resource is much, much larger than that, any additional work, extension or expansion would require extensive permitting, planning and approvals before it could be undertaken. For anyone to conclude that anything materially different from what was in our proposed mine plan could be built and operated without an entirely new permit approval process fundamentally fails to understand how the permitting process works in the U.S. The T&I committee is playing a risky, short-sighted political game in D.C., with a misguided goal of inhibiting domestic mining. The current administration’s persistent opposition to mining and mine development in the U.S. is bad for local economic development in Alaska, bad for the energy transition and bad for the vast majority of the U.S. population.”
Northern Dynasty shares are at a very key zone. The stock is testing major support which has held since July of 2022. The stock could be ready to start a new trend from here, although a catalyst would be needed. Some traders see a possible cup and handle pattern forming. To trigger though, we would need a candle close above $0.345. The stock remains in its range and consolidation phase.
