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Investing.com -- Northern Dynasty Minerals Ltd (NYSE:NAK) stock jumped 20% after the company announced it is in active settlement negotiations with the Environmental Protection Agency regarding the potential withdrawal of a regulatory veto affecting its Pebble Project in Alaska.
The Vancouver-based mining company revealed that EPA officials "remain open to reconsideration" of previous agency decisions, according to a July 3 court filing. The discussions involve a potential submission from Northern Dynasty’s subsidiary, Pebble Limited Partnership, that would inform any agency reconsideration of its position.
Northern Dynasty and the EPA expect to reach an agreement within the next two weeks about what that submission would entail, with a status report due on July 17. The EPA has requested additional information to assist in finalizing a potential decision to withdraw the veto.
Ron Thiessen, Northern Dynasty’s President and CEO, characterized the current EPA veto as "egregious and unsubstantiated" and suggested its withdrawal would help secure domestic supplies of metals critical for the U.S. economy and military applications. The company emphasized that moving forward with the Pebble Project could provide significant economic benefits for Alaska and support the current administration’s pledge to streamline permitting processes.
The Pebble Project is a copper-gold-molybdenum-silver-rhenium deposit located in southwest Alaska that has faced regulatory challenges for years.
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