Northern Dynasty owns Pebble Limited Partnership, developer of the proposed Pebble project in Alaska.
In November 2020, Pebble Limited Partnership received formal notification from the US Army Corps of Engineers (USACE) that its application for permits under the Clean Water Act and other federal statutes has been denied.
The lead federal regulator found Pebble’s ‘compensatory mitigation plan’ as submitted earlier this month to be ‘non-compliant’, and that the project is ‘not in the public interest’.
Sales of the common shares will be made in “at the market distributions”, as defined in National Instrument 44-102, directly on the NYSE or on any other existing trading market in the United States, Northern Dynasty said in a press release. No offers or sales of common shares will be made in Canada. The company will determine, at its sole discretion, the date, price, and number of common shares to be sold under the ATM and Northern Dynasty is not required to sell any common shares at any time during the term of the ATM, it said in Monday’s statement.
Northern Dynasty said it intends to use the net proceeds of the offering, if any and at its discretion of the company, for the appeal of the Record of Decision by the USACE and continued engineering, environmental, permitting and evaluation work on the Pebble project.
Pebble’s permitting process has been surrounded by controversy and delays. Pebble faced environmental opposition from the onset as the mine would be near the world’s largest commercial sockeye salmon-producing region, and doubts surrounding the project rose steadily over recent months.
With resource estimates including 6.5 billion tonnes in the measured and indicated categories containing 57 billion pounds of copper and 71 million ounces of gold, 3.4 billion pounds of molybdenum and 345 million silver ounces, if permitted, Pebble would be North America’s largest mine.
