No good news for Northern Dynasty´s share price

The shares of Canadian mining company Northern Dynasty Minerals plunged 47% on Monday after media reports said the administration of US President Donald Trump plans to block the proposed Pebble Mine in Alaska, despite the company refusing to do so over the weekend. The project, known to be found to be of copper, gold and other metals, is located in an area draining into Bristol Bay, which is home to the world's most productive wild salmon fishery. Bloomberg quoted a well-known person on Sunday as saying the Trump administration plans to block the controversial project. The Washington Post on Saturday quoted sources as saying the administration was suspending the approval process on the grounds that the company had to do more to show how it would reduce the environmental damage caused by the project. The Environmental Protection Agency resumed examination of the proposed water pollution restrictions in 2019, which had virtually stalled the project since they were outlined in 2014. In July, the Pebble Mine secured a final environmental impact assessment by the U.S. Army Corps of Engineers, which was seen as an important step towards approval and production. The Corps is to send a letter to the mine stating that the project could pose significant environmental degradation. While that doesn't mean the absolute end of the road for the project, it does send a signal that much more work may be needed before a permit can be granted - a step that will allow a final decision on the project until after the elections November could move. The Pebble Limited Partnership, which is owned by a Canadian subsidiary of Northern Dynasty Minerals Ltd. has downplayed development by saying "it appears that the normal process for the project is continuing". "We categorically deny any reports that the Trump administration will revert to an Obama-like approach that allowed politics to disrupt the normal, traditional approval process," said Tom Collier, chief executive officer of Pebble Mine, in a statement . "This president clearly believes in keeping politics away from permits - something that Conservatives and the business community fully support. Politico first reported the reversal of fate for the Pebble mine on Saturday. A representative from the Interior Ministry referred requests to the Army Corps, which did not respond to requests for comment. Donald Trump Jr., the president's son and avid athlete, went on Twitter earlier this month to speak out against the mining project, alongside Nick Ayers, a former chief of staff to Vice President Mike Pence. "The headwaters of Bristol Bay and the surrounding fishing grounds are too unique and fragile to take a risk," wrote Trump Jr. The decision to stop the mine, or at least go slowly, was not confirmed but has already received applause from environmentalists. "Stopping the Pebble Mine was the right decision for the Obama administration in 2014, and we thank the Trump administration for making the right decision today," said Collin O'Mara, President and CEO of the National Wildlife Federation . "This decision is an important step in saving Alaska's Bristol Bay." The National Mining Association said in a statement on Saturday that it was unaware of any action by the Trump administration, but that the blockade of the mine would be "an unfortunate return of science taking a backseat to politics."