Northern Dynasty Minerals (TSX: NDM; NYSE American: NAK) has expressed its “excessive disappointment” at a U.S. Transportation and Infrastructure Home Committee report that recommends asking the lawyer basic to research alleged false statements by the corporate to Congress.
The Canadian proponent of the controversial Pebble copper-gold undertaking in southeast Alaska mentioned in a press release Monday that any suggestion that it tried to mislead regulators in any method is “categorically incorrect and misinformed of the realities of the Pebble allowing course of.”
“Right here we go once more with politics changing ‘actuality, science and details,’” mentioned Northern Dynasty CEO Ron Thiessen in a press release.
In releasing their report on Friday, Democratic Reps. Peter DeFazio of Oregon and Grace Napolitano of California, introduced they despatched proof of false statements to the U.S. lawyer basic’s workplace based mostly on the report’s findings. The report was leaked to the Related Press forward of publication.
The report makes use of inside firm paperwork and communications to reveal “clear-cut deception” from Pebble L.P. of their push to construct an open pit mine on the earth’s largest salmon habitat at Bristol Bay.
The chairs will even ask EPA and the Military Corps of Engineers to revise their laws and tips to crack down on sham allowing and undertaking segmentation.
In response to the committee, its investigation uncovered alleged proof of Pebble L.P. intending to construct a mine with a lifespan of longer than 20 years; former Pebble LP CEO Tom Collier mendacity to Congress that Pebble L.P. had no intention of increasing the mine past 20 years; and that Pebble L.P. intentionally sought to mislead regulators concerning the mine’s deliberate scope to avoid the Clear Water Act.
“This report exposes in damning element how Pebble L.P. tried to make use of a ‘bait and change’ sham allowing scheme to sneak an environmentally disastrous pit mine undertaking previous Congress, regulators, and the Native Alaskans whose ancestral land and lifestyle could be devastated by their greed,” Chair DeFazio mentioned in a press release.
“The report confirms that Pebble LP CEO Tom Collier was mendacity in his assertion to our subcommittee regarding the scope and scale of the undertaking, as evidenced by contradictory leaked audiotapes. The reality is, the Pebble L.P. executives intentionally sought to mislead regulators so as to keep away from extra sturdy environmental public overview processes. This conduct is shameful and sure felony,” added Chair Napolitano.
In the meantime, Thiessen defended the group and its Pebble L.P. subsidiary, saying that they had been constant of their disclosure for over a decade. The corporate had, from the outset, guided the preliminary allow would cowl the primary 20-year mine plan.
Map courtesy of Northern Dynasty Minerals Ltd.
Given the world-class dimension of the Pebble useful resource, the corporate confused it had been saying all alongside that any further work, extension or growth would require the identical degree of intensive allowing, planning and approvals because the preliminary section earlier than it could possibly be undertaken.
“For anybody to conclude that something materially completely different from what was in our proposed mine plan could possibly be constructed and operated with out a wholly new allow approval course of basically fails to grasp how the allowing course of works within the U.S.,” he mentioned.
“The T&I committee is enjoying a dangerous, short-sighted political sport in D.C., with a misguided aim of inhibiting home mining. In response to Thiessen, the present administration’s persistent opposition to mining and mine improvement within the U.S. is unhealthy for native financial improvement in Alaska, unhealthy for the vitality transition and for the overwhelming majority of the U.S. inhabitants,” in accordance with Thiessen.
Mired in controversy
Opponents and supporters of Northern Dynasty’s long-stalled undertaking are placing strain on the U.S. Environmental Safety Company (EPA) to resolve on the proposed mine.
Alaska Natives, conservationists and industrial fishermen appear assured the EPA will announce a ultimate ban on disposing mining waste close to Bristol Bay, the place the undertaking is situated, successfully killing the copper and gold mine estimated to be price US$350 billion.
Northern Dynasty not too long ago mentioned two letters supporting the undertaking had been submitted to the EPA in September. One by the State of Alaska and the opposite one signed by a complete of 14 states, together with Alaska, Kentucky, Louisiana, South Carolina, Texas, Utah, West Virginia and Wyoming.
“[EPA’s attempt to block Pebble] diminishes the significance of useful resource improvement to Alaska and its individuals. It additionally disregards the State’s capacity to – and historical past of – guaranteeing safety of its personal fishery assets by the State’s allowing system,” the Alaska authorities assertion reads.
The doc calls the EPA’s transfer an “unprecedented abuse of its perceived authority” and warns about its implications for the long run.
“If finalized…it might impose a blanket prohibition on all future, related mining tasks over a 309-square-mile space, which is 23 instances the dimensions of the proposed undertaking footprint and includes lands owned by the State of Alaska. This veto units a harmful precedent,” the letter reads.
The Pebble undertaking has been pursued for greater than a decade and confronted environmental opposition from the onset. Its improvement has been surrounded by controversy and delays, together with the EPA’s determination in 2014 to suggest proscribing the discharge of mining waste and different materials within the Bristol Bay space, residence to one of many world’s largest salmon fisheries.
Constructing the Pebble gold mine in southwest Alaska would come with the development of a 270-megawatt energy plant and 165-mile natural-gas pipeline, in addition to an 82-mile-long highway and enormous ponds for the tailings. It might additionally require dredging a port at Iliamna Bay.
When the mine strikes into manufacturing, it is going to be the most important in North America. The present useful resource estimate contains 6.5 billion tonnes within the measured and indicated classes containing 57 billion lb. copper, 71 million oz. gold, 3.4 billion lb. molybdenum, 345 million oz. silver and a couple of.6 million kg. rhenium.
The deposit holds 4.5 billion tonnes within the inferred class, containing 25 billion lb. copper, 36 million oz. gold, 2.2 billion lb. molybdenum, 170 million oz. silver and 1.6 million kg. rhenium. Palladium additionally happens within the deposit.
Northern Dynasty’s Toronto-quoted fairness is down 39% over the 12 months at 33¢, giving it a market cap of $172 million.
