A leaked draft of an environmental impact statement (EIS) on Northern Dynasty’s (TSX: NDM) proposed copper-gold mine in Alaska has brighten up its prospects, suggesting nearby terrestrial freshwater resources and downstream fisheries could co-exist with the project.
While the US Army Corps of Engineers’ document is not final, it could mean the government is closer to issuing a long-sought permit for the $100 billion copper-gold mine in the Bristol Bay, southwest Alaska.
Shares jumped up as much 9.4% to 70 cents on the news on Wednesday, to close at 69 cents, the highest value so far this year. If permitted, Pebble would be North America’s largest mine, according to a study by the Center for Science in Public Participation.
Current resource estimate includes 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.
Northern Dynasty said the draft document is currently under review by various regulatory agencies, including the US Environmental Protection Agency (EPA) and Alaska tribes. It also said that all data gaps have been filled and that the final EIS is slated for release by mid-year.