Northern Dynasty Minerals Ltd (NYSEAMERICAN: NAK) is seeing some gains in the pre-market hours this morning, and for good reason. News surrounding the Pebble Project permitting process was released late on Friday, and a reminder was released this morning. Today, we’ll talk about the news, what we’re seeing from the stock, and what we’ll be watching for ahead.
NAK Gains On Pebble News
As mentioned above, Northern Dynasty Minerals is finding its way to the green in the pre-market hours this morning after re-releasing news surrounding the Pebble Project. The company first issued the news late on Friday. However, this morning, the company repeated the press release to keep it fresh in the minds of investors as the week starts off.
In the press release, NAK said that its wholly-owned subsidiary known as Pebble Limited Partnership has received notice from the United States Army Corps of Engineers. The notice informed the company that the Clean Water Act 404 permitting documents that were submitted on December 22, 2017 have been accepted. As a result, this confirms that Pebble’s application is complete.
In the press release, NAK said that the Corps has confirmed that an Environmental Impact Statement level of analysis is required to comply with its National Environmental Policy Act review of the Pebble Project. The Corps has proposed a memorandum of Agreement to guide the development process. In a statement, Ron Thiessen, CEO at NAK, had the following to offer:
“Pebble expects to finalize an MOA in the very near-term, and immediately distribute a ‘Request for Proposal’ to begin the process whereby the Corps will select the independent third-party contractor that will be the basis for decisions made by federal permitting agencies… We are pleased by the expediency with which permitting for the Pebble Project has been initiated, and that the Corps will serve as the lead federal agency for the rigorous, objective, transparent and science-based EIS process.”
What We’re Seeing From The Stock
As investors, one of the first things that we learn is that the news moves the market. In this particular case, news surrounding the permitting process of the Pebble Project proved to be positive. As a result, we’re seeing a positive reaction in the market. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:14), NAK is trading at $1.78 per share after a gain of $0.02 per share (1.14%) 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 ongoing work to bring the Pebble Project to life. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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