ALASKA – Anglo American plc of London, UK, is pulling out of the Pebble copper-gold project 300 km from Anchorage. The Pebble Limited Partnership created in 2007 to develop the property now becomes 100% owned by Northern Dynasty Minerals of Vancouver.
Having spent US$541 million, Anglo plans to take a US$300 million post tax impairment charge at the end of this year. Details of the withdrawal are being worked out.
Mark Cutifani, chief executive of Anglo American, said, "Despite our belief that Pebble is a deposit of rare magnitude and quality, we have taken the decision to withdraw following a thorough assessment of Anglo American's extensive pipeline of long dated project options. Our focus has been to prioritise capital to projects with the highest value and lowest risks within our portfolio, and reduce the capital required to sustain such projects during the pre-approval phases of development as part of a more effective, value driven capital allocation model."
Northern Dynasty CEO Ron Thiessen expressed excitement about regaining total ownership of what he calls "one of the world's most important copper and gold resources."
Northern Dynasty lists current Pebble measured and indicated resources as 5.94 billion tonnes averaging 0.42% Cu and 0.35 g/t Au, containing 55 billion lb of copper, 67 million oz of gold and 3.3 billion lb of molybdenum. The 4.84 billion tonnes of inferred resource grades 0.24% Cu and 0.30 g/t Au, containing 26 billion lb of copper, 40 million oz of gold and 2.3 billion lb of molybdenum.
Complete information about the Pebble copper-gold project is available by clicking here.