Northern Dynasty Minerals Ltd (NYSEAMERICAN: NAK) is climbing early on in today’s trading session, and for good reason. The company announced political news in Alaska that will help to push it’s flagship Pebble Project down the line. Of course, the news excited investors, sending the stock screaming for the top. Today, we’ll talk about:
- The political update;
- what we’re seeing from NAK as a result; and
- what we’ll be watching for ahead.
NAK Announces A Political Update
As mentioned above, Northern Dynasty Minerals is having an incredibly strong start to the trading session this morning after announcing the results of a vote. In a press release issued this morning, the company said that Alaskan voters have elected Mike Dunleavy as the state’s Governor.
This is great news for NAK. After all, the company’s Pebble Project requires high levels of governmental approval. While the democratic challenger to Dunleavy opposed the development of the Pebble Project, Dunleavy is a strong proponent of encouraging investment and responsible development of the state’s natural resources. Therefore, with him at the healm, the company has a better chance of getting the project rolling.
In the past, Dunleavy has made statements surrounding the idea that permitting decisions about resource development proposals in Alaska should be based on objective science and comprehensive reviews led by expert state and federal regulatory agencies. Considering all of the work that NAK has done to ensure that the Pebble Project is a safe one, it only makes sense that this view goes in favor of the company.
Another key political update out of Alaska had to do with Ballot Measure 1. This measure is known as the Stand For Salmon initiative. Should this have been passed, it would have been bad news for Northern Dynasty Minerals as it would have re-written the state’s regulatory framework and habitat protections for anadramous fish. The measure was ultimately positioned as a vote against the Pebble Project. Nonetheless, NAK and its investors cheered as this initiative was rejected by voters.
What We’re Seeing From The Stock
With the political update in mind, it’s clear that the Pebble Project has a higher chance of coming to fruition, which is leading to excitement among Northern Dynasty Minerals investors. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:34), NAK is trading at $0.63 per share after a gain of $0.097 per share or 18.16% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on NAK. In particular, we’re interested in following the story surrounding the Pebble Project and how these political changes will push the project down the line. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!