Northern Dynasty Minerals NAK Stock News

Northern Dynasty Minerals Ltd (NYSEAMERICAN: NAK) is making a run for the top in the market this morning. The stock is up around 10% after announcing that a long-awaited milestone with regard to the Pebble project has been achieved. Here’s what’s going on:

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NAK Stock Climbs On Army Corps Of Engineers Report

In a press release issued early this morning, Northern Dynasty Minerals announced that the United States Army Corps of Engineers has distributed a preliminary version of their Environmental Impact Statement for the Pebble Project. The statement was distributed to federal, state and local agencies.

The document that has been circulated is not a final document. However, this preliminary EIS suggests that the Pebble project has the ability to co-exist with fisheries and water resources within Bristol Bay.

Moreover, the report suggests that the mine will make a substantial positive contribution to the socioeconomic health and well-being of local communities.

In the release, NAK said that the draft is under review by the United States Environmatal Protection Agency, and Alaskan tribes. Moreover, the company said that the report suggests that all data gaps identified during a recent public comment period have been filled.

It is expected that the Final EIS and Record of Decision for the Pebble Project will be completed by the middle of this year. In a statement, Tom Collier, CEO at NAK, had the following to offer:

We are encouraged by the information in this leaked copy of the executive summary and believe the final EIS will support issuing a permit for the construction of a mine at Pebble and that it can be done responsibly. The findings show the project can be developed without harm to the Bristol Bay fishery and would have important economic benefits for communities closest to the mine.

It is our understanding that the USACE has taken to heart the breadth of comments received from the cooperating agencies and from members of Congress such as Senator Murkowski and included them in this latest draft. We further understand that the final EIS will respond to every comment that has been received in a thorough and comprehensive manner.

Clearly there will be a lot more information to digest when the USACE releases the final EIS this summer. We believe it will show the level of diligence taken by the cooperating agencies to review the full technical scope of the project and to ensure all issues have been adequately evaluated in this process. We further believe it will show this project can be developed responsibly and in line with the expectations Alaskans have for economic development and environmental protection.

Why This News Is So Big

Today is a very important day for Northern Dynasty Minerals and its investors. The truth of the matter is that the company has been working for several years to start development on the Pebble project.

Unfortunately, this development has been held up by a mounting debate about the environmental impact in Bristol Bay. As a result, the project is on standstill.

A while ago, NAK settled with the United States EPA surrounding the potential submission of permit applications. However, to qualify for permits, there were several stipulations that had to be met. One of these was the nod from the United States Army Corps of Engineers.

While the report is not final, it does suggest that the Army Corps of Engineers is likely to show that there will be no negative environmental impact while Pebble will create long-term economic growth for the Bristol Bay region.

As such, NAK is taking a major step forward and may be able to start development of the Pebble Project in the next couple of years. Keep in mind, should Pebble come to life, it will be one of the world’s largest mines of precious metals and other materials, with the potential to generate billions of dollars! So, there’s good reason to be excited here.

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