Despite setbacks, Pebble Mine receives new investment of $12 million – by Katherine Moncure ( – August 14, 2022)

In late July, Northern Dynasty Minerals received $12 million from a new, unnamed investor. This would seem to be an unusual time for a big investment, since the proposed Pebble Mine has faced significant setbacks recently.

In May, the EPA issued a proposed determination to prohibit the discharge of mining materials in the waters around the Pebble deposit – a decision that would effectively kill the project if it stands – and the Army Corps of Engineers’ denied Pebble’s permit in 2020. Pebble and Gov. Dunleavy are fighting to have that permit denial reversed.

And then, in July, a fire swept through the Pebble Mine supply camp. Odds seem slim that the mine breaks ground in the foreseeable future. In spite of this, the new investor has signed an agreement for even more potential investments over a two-year period, up to $60 million in total, according to Mike Westerlund, vice president of investor relations for Northern Dynasty Minerals.

Westerlund said the investor is a private asset management company and that Northern Dynasty won’t provide the investor’s name because of the treatment previous partners have faced.

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