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Investing.com -- Northern Dynasty Minerals Ltd (TSX:NDM)(NYSE American:NAK) stock plummeted 47% after the company announced it has filed a motion in Federal District Court in Alaska seeking a summary judgment in its litigation against the Biden administration’s veto of its Pebble Mine project.
The company, which owns the controversial Pebble copper project through its subsidiary Pebble Limited Partnership, stated that settlement discussions with the Environmental Protection Agency (EPA) have not yielded results, prompting legal action. Northern Dynasty is asking the court to establish a briefing schedule for summary judgment motions to expedite a ruling on what it describes as an "unlawful" veto.
"We now believe that will be the quickest, most direct avenue to get the veto removed," said Ron Thiessen, Northern Dynasty President and CEO, who expressed confidence that the court would find the Biden administration’s veto unlawful.
The Pebble Mine project, located in Alaska, is described by the company as "the largest undeveloped copper project in the world." Northern Dynasty argues that developing domestic copper supplies aligns with the Trump administration’s stated goals of U.S. self-sufficiency in critical metals and global AI leadership.
Despite the company’s legal efforts, investors responded negatively to the news that settlement talks with the EPA have stalled, sending shares sharply lower as uncertainty continues to surround the project’s future.
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