Northern Dynasty Minerals (TSX: NDM) shares continued to crater on Tuesday as doubts grow over whether the company can clear regulatory hurdles for its Pebble project in Alaska.
The stock declined nearly 32% by 2:20 p.m. ET after falling by more than 40% during the previous session, leaving the company with a market capitalization of just over C$410 million.
On Monday, the US Army Corps of Engineers gave the company 90 days to explain how it would offset “unavoidable adverse impacts” to more than 3,200 acres (1,295 hectares) of wetlands were the mine to be developed.
Later that day, Republicans Senators Dan Sullivan and Lisa Murkowski both came out against the mine, stating it could cause “significant damage” to the state’s Bristol Bay region.
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