Northern Dynasty Minerals Ltd (NYSEAMERICAN: NAK) is having an incredibly strong start to the trading session today, following up on the strong gains that were seen yesterday. The games came after a late-day announcement yesterday about work toward the Pebble projet.
Of course, the update was positive, exciting investors who are now pushing the stock on a run up. Today, we’ll talk about:
- The news that was released;
- what we’re seeing from NAK stock as a result; and
- what we’ll be watching for ahead.
NAK Announces Pebble News
As mentioned above, Canopy Growth is having a strong day in the market after a late-day announcement yesterday. In the announcement, the company said that the US Army Corps of Engineers has posted a key document to its website.
The post is the Draft Environmental Impact Statement for southwest Alaska’s Pebble Project. This is key for NAK as it is a step that was required under the National Environmental Policy Act.
In the release, the company said that the US Army Corps of Engineers will facilitate a formal consultation and public comment process surrounding the Pebble Project in spring.
In a statement, Tom Collier, CEO at the Pebble Project, had the following to offer:
Our preliminary review of the DEIS shows no major data gaps or substantive impacts associated with a mine at the Pebble site. We see no significant environmental challenges that would preclude the project from getting a permit and believe this shows Alaska stakeholders that there is a clear path forward for this project. I also commend the Corps for their efficient, comprehensive and transparent management of the process thus far.
The above statement was followed up by Ron Thiessen, CEO at NAK. Here’s what he had to offer:
The DEIS is an important milestone and positive development for the Pebble Project. We want to express our appreciation to the Army Corps of Engineers, the State of Alaska and all of the cooperating agencies and communities.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that it’s important to follow the news. After all, the news leads to moves. In the case of Northern Dynasty Minerals, the news proved to be overwhelmingly positive. After all, the report that has been published is a crucial step in the potential development of the Pebble Project.
With the value of the Pebble Project being so large upon completion, it only makes sense that the achievement of this step is exciting investors, pushing the stock up. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:05), NAK is trading at $1.05 per share after a gain of $0.05 per share or 5.00% 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 company’s continued work to bring the Pebble Project to fruition. If this does take place, investors will hold a chunk of one of the world’s largest precious metals mines in the world. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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