Loading ...Veto Lifted for Alaska Gold Mine Boasting $100 Billion Bounty
The Environmental Protection Agency is scrapping proposed restrictions on mining operations in Alaska’s Bristol Bay, dealing a victory to Northern Dynasty Minerals Ltd., which is hoping to tap a $100 billion gold deposit in the region.
The move does not guarantee the U.S. government will issue a permit for the company’s planned Pebble Mine. But the decision removes a major barrier to the project, which has been thwarted by Obama-era water pollution limitations proposed in 2014 but never finalized.
Northern Dynasty was up 37% at 2:50 p.m. in New York on the news. More than 6 million shares had traded hands, nearly five times the three-month daily average.