Northern Dynasty Minerals Ltd (NAK)

[Atinus]

Murkowski said, "I plan to build on my appropriations language from last year to make sure that the Bristol bay region remains protected." https://www.rollcall.com/2020/10/16/murkowski-says-shell-use-appropriations-to-block-alaskan-mine/

She is the Chairman of the Senate appropriations subcommittee on Interior and Environment, so she would be in a position to insert a defunding provision or some other language (assuming Shelby who chairs the main committee and McConnell go along with it): https://www.appropriations.senate.gov/subcommittees/interior-environment-and-related-agencies

Usually the language would say something like "None of the funds shall be used" toward whatever the action is being defunded, in this case, presumably extending a permit. Language could go further, though, and direct that funds be used to revoke a permit. The assumption you're making is that, once approved, Congress cannot preempt the process but Congress is F'ing pretty powerful, and so are the regulations under existing law. A Biden administration could certainly revoke the permit.

That's because these permits are explicitly revocable. Under 33 U.S.C. Section 1344(e)(2): "such general permit may be revoked or modified by the Secretary if, after opportunity for public hearing, the Secretary determines that the activities authorized by such general permit have an adverse impact on the environment or such activities are more appropriately authorized by individual permits." https://www.law.cornell.edu/uscode/text/33/1344

In that vein, Congress could direct that funds be used to revoke the permit and effectively modify the terms of that section. It's not an idle worry.

Don't get me wrong, I'd love to see this project go through, but Murkowski's threat means it's a two-front war. You have to win at the agency level *and* in Congress (by effectively getting Congress to do nothing). This is one of those things where you need friends in Washington, D.C. and both senators are steadfastly opposed. Not saying it can't still go through, but somebody senior to Murkowski would have to block her legislation from being what the House and Senate vote on at the end of the year. It's a legitimate risk to investing.