Northern Dynasty Minerals shares fell more than 25% on Tuesday on rising doubts the company can clear regulatory hurdles for its Pebble mine project in Alaska, and prominent politicians said it would harm the state’s salmon fishing industry.
The US Army Corps of Engineers on Monday gave Northern Dynasty 90 days to explain how it would offset "unavoidable adverse impacts" to more than 1 295 ha of wetlands were the mine to be developed. The potential cost of such a mitigation plan is unknown and thus concerning, Cantor Fitzgerald analyst Mike Kozak said in research note. "It will be exceptionally challenging to reach a compensation plan … that will satisfy all parties," he said.