Canadian Mining Journal


COPPER-GOLD: Northern Dynasty raises $35M to defend Pebble project

ALASKA – Vancouver’s Northern Dynasty Minerals, owner of the Pebble copper-gold-molybdenum project, is raising up to US$37.44 million to proceed with environmental studies and community outreach at the project. The company first offered 17.60 million common shares at US$1.85 per share by way of a bought deal offering, and the overallotment is 2.64 million shares at the same price.

The tremendous potential of the Pebble deposit is hidden in the Alaskan wilderness.

The company will use the money several ways. It is fighting the US Environmental Protection Agency that took pre-emptive action against the project citing terms of the Clean Water Act. Environmental work will be done in preparation for state and federal permit applications. Additional environmental monitoring, engineering, studies and field investigations are planned. The company’s outreach and engagement program is to be enhanced among all stakeholder groups. The balance of the funds will be used for Alaska corporate, tenure and site maintenance, general corporate purposes, and working capital requirements.

The Pebble project is about 380 km southwest of Anchorage in the Bristol Bay region. Northern Dynasty calls the deposit “one of the greatest stores of mineral wealth ever discovered.” The current resource estimate includes 6.44 billion tonnes in the measured and indicated categories containing 57 billion lb of copper, 70 million oz of gold, 3.4 billion lb of molybdenum and 344 million oz of silver. There are 4.46 billion tonnes in the inferred category, containing 24.5 billion lb of copper, 37 million oz of gold, 2.2 billion lb of molybdenum and 170 million oz of silver. Quantities of palladium and rhenium also occur in the deposit.

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