In a move that has sent shockwaves through the mining industry, the Trump administration hasblocked what would have been the largest copper, gold, silver, and molybdenum extraction site in the United States,after the DOJ filed a143-page brieflate Tuesday defending the Biden Environmental Protection Agency's (EPA) 2023 veto of the controversial Pebble Mine project in Alaska's Bristol Bay region.
If built,the Pebble mine would produce 6.4 billion lb. of copper, 7.4 million oz of gold, and 300 lb. of molybdenum- along with 37 million ounces of silver and 200,000 kg of rhenium over 20 years, according to a 2023 economic study cited bymining.com.
The DOJ argues that the EPA correctly found that discharges from the mining operation wouldcause unacceptable adverse affects on salmon fisheries.
"This precedent will be used by future Democratic administrations to reverse all of the progress this administration has madewith its pro-energy, pro-mining, pro-development agenda," said Northern Dynasty president and CEO Ron Thiessen, calling the move "surprising."
As a result, the stock (NAK) is down as much as 45% in Wednesday trade.
2001:Northern Dynasty Minerals Ltd. acquires mining claims for the Pebble deposit, a large low-grade copper-gold-molybdenum ore body in the Bristol Bay watershed. PLP (Pebble Limited Partnership), a subsidiary, begins data collection for large-scale mining.
2010:The Obama EPA announces that it would be conducting a scientific assessment under the Clean Water Actto evaluate large-scale mining impacts on Bristol Bay's water quality and salmon resources.
2014:BLOCKED!The EPA issues a Proposed Determination under Section 404(c) to restrict discharges in Pebble area waters due to risks to salmon habitat.
2017: during the first Trump administration, the EPA reversed course- proposing a withdrawal of the 2014 determination, which wasfinalized in 2019(the withdrawal).
2022:The Biden EPA hits back, reversing the reversal -essentially putting the project on ice again.
Source: ZeroHedge News
