The United States Army is improving the slim odds for the Northern Dynasty Minerals (TSX: NDM; NYSE: NAK) Pebble project in southwest Alaska which has already been blocked by environmental authorities.
The U.S. Army Corps of Engineers, which has its own approvals process for what would be North America’s largest mine with a 600-metre-deep pit, said Apr. 25 it will take another look at its refusal in 2020 to approve the project after Northern Dynasty successfully appealed the decision. The corps has to report back in 45 days.
“We have been saying that the record of decision process was not fairly conducted since 2020 and are pleased to see that the review officer has raised similar concerns,” Ron Thiessen, president and CEO of Northern Dynasty, said in a news release on Monday. “This remand decision is a strong win for the project because it brings these issues to light and directs the district to address them, potentially setting the stage for a much different outcome.”
BMO Capital Markets agreed on Monday in a note about items Northern Dynasty appealed when the corps ruled against the gold, copper and molybdenum project 380 km southwest of Anchorage.
“These include possible inconsistencies in the evaluation of a compensatory mitigation plan and possible inconsistencies in weighing the benefits vs. detriments of developing Pebble,” mining analyst Andrew Mikitchook wrote. “Correcting the remanded issues could have a meaningful impact on the overall permitting decision.”