Unnamed Investor Offers Up To $60 million for Alaska’s Pebble Mine Project

An unnamed investor has agreed to inject up to $60 million into the embattled Pebble copper and gold project in Southwest Alaska, an infusion the owner hopes will allow it to reverse major federal permitting actions against the project.

Pebble owner Northern Dynasty Minerals of Vancouver, B.C., is not naming the investor, a private asset management company, in part because it is not required to, said Mike Westerlund, vice president of investor relations for Northern Dynasty. It announced the new investment July 27.

Northern Dynasty is also declining to name the investor out of concern that project opponents will publicly attack the company in an attempt to discourage its investment, he said. The investor can reveal its name if it chooses, Westerlund said.

“We are trying to create economic opportunities and jobs, and these funds will help us do that,” he said.

The Pebble mineral deposit is located about 200 miles southwest of Anchorage, near headwaters that support the valuable Bristol Bay salmon fishery. Pebble opponents have said pollution from the mine will harm what is the world’s largest sockeye salmon fishery, which is enjoying record runs again this summer. Northern Dynasty argues it can safely develop the project.

Continue reading at adn.com.

Keep your finger on the fishing industry pulse

The Definititive News Source of the Fishing & Marine Industry