Northern Dynasty sinks another 30% as Pebble Mine doubts grow
Aug. 25, 2020 2:44 PM ET|About: Northern Dynasty Minerals Ltd. (NAK)|By: Carl Surran, SA News Editor
Northern Dynasty (NAK -32.8%) shares have shed nearly 60% since the weekend news that the Trump administration was set to block development of the Pebble Mine in Alaska, reports that were confirmed yesterday when the U.S. Army Corps of Engineers gave the company 90 days to explain how it would offset "unavoidable adverse impacts." to the area.
Late yesterday, Alaska's U.S. Senators Murkowski - chair of the Senate Energy and Natural Resources Committee - and Sullivan both came out against the mine, saying it could cause significant damage to the state's Bristol Bay region popular for fishing and hunting.
"It will be exceptionally challenging to reach a compensation plan... that will satisfy all parties," says Cantor Fitzgerald analyst Mike Kozak, placing his stock rating and price target for the company under review, effectively saying it is no longer clear how much the company is worth.
The Army Corps' 90-day deadline likely means any final permit decision would come after the Nov. 3 U.S. presidential election, and TD Securities analyst Craig Hutchinson says a victory by Democrat Joe Biden would scuttle the entire project
Stick a fork in this one!
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