Northern Dynasty Minerals Ltd (NYSEMKT: NAK) is off to an overwhelmingly strong start in the trading session this morning, and for good reason. The company has released yet another piece of good news surrounding the Pebble Project. Of course, this led to excitement among investors, prompting gains in the value of the stock. As is almost always the case, our partners at Trade Ideas were the first to alert us to the movement. At the moment (9:31), NAK is trading at $1.62 per share after a gain of $0.15 per share (10.20%) thus far today.
Good News For NAK
As mentioned above, Northern Dynasty Minerals is having an overwhelmingly strong start to the day in the market today, and for good reason. There was good news released surrounding the Pebble Project, a project that could become one of the world’s largest mines.
For those of you who haven’t been following the story, NAK has been working on getting the Pebble Project rolling for years. Unfortunately, however, the EPA has been fighting them each step of the way, stating that their mine would essentially be a detriment to the surrounding environment, specifically effecting salmon.
Nonetheless, early this morning, it was announced that the EPA and NAK have filed a joint motion in the federal court to extend the current stay of proceedings. The reason for the extension… both parties involved in the matter are working on a settlement. Of course, if a settlement happens, there will be no need for further proceedings in the court. Here is a key statement from the motion:
“The parties have identified a likely framework for settlement and request a short, one-week extension of the current stay to allow the parties the time necessary to finalize the agreement and obtain the required approvals.”
In a statement, Tom Collier, CEO of the Pebble Partnership that’s leading to all of this movement in NAK, had the following to offer:
“A great deal of common ground has been established between the parties, including on the importance of upholding the rule of law when it comes to administering statutorily mandated process under the Clean Water Act, the National Environmental Policy Act, and other federal statutes. On that basis, we anticipate achieving a resolution to these matters next week.”
What? Did He Say Next Week?
This was the big kicker. You see, as mentioned above, Northern Dynasty Minerals has been fighting the EPA for years now surrounding the Pebble Project. The idea that the two parties in the fight will reach a settlement in a matter of a week, well, that’s great news! Especially considering that NAK would never sign a settlement that forbids it from moving forward with the Pebble Project. So, at least at the moment, it seems like the project will soon be full steam ahead.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on NAK. In particular, we’re interested in following the news of a potential settlement coming down the line, and we are excited to see the Pebble Project really get pushed into action. We’ll continue to follow the story closely and bring the news to you as it breaks.
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