- Write by:
-
Monday, May 15, 2023 - 23:26:42
-
198 Visit
-
Print
Mining News Pro - Northern Dynasty Minerals Ltd on Monday raised doubts about its ability to continue as a going concern if the company is unable to raise the necessary capital for the Pebble copper and gold mining project in Alaska.
Northern added that it is in process of exploring and evaluating the Pebble project and has not yet determined whether the project contains mineral reserves that are economically recoverable.
The project has been through a roller coaster of regulations for the past 15 years. Former US President Barack Obama opposed the project, and his successor Donald Trump ultimately did, too, after deciding it was too risky.
President Joe Biden has also long opposed the project and took steps upon taking office in 2021 to permanently protect Alaska’s Bristol Bay.
To continue operations, Northern is entirely dependent upon the existence of these economically recoverable mineral reserves and its ability to obtain financing to complete the exploration and development of the project.
As of March 31, Northern and its units had C$9.4 million ($7 million) in cash and cash equivalents for its operating requirements and working capital of C$8.1 million.
The company would require additional financing in order to progress any material expenditures at the Pebble project and for working capital requirements.
In January the US Environmental Protection Agency said it plans to take steps to block the proposed project by preventing Northern Dynasty from storing mine waste in the state’s vast watershed.
Short Link:
https://www.miningnews.ir/En/News/622926
Barrick Gold Corp.’s chief executive officer says the gold miner will continue to host virtual-only annual general ...
China’s copper producers are planning to export up to 100,000 metric tons of metal, the largest volume in 12 years, ...
A takeover of Anglo American Plc would need to be pitched at more than £30 ($37.6) per share, a higher price than BHP ...
Barrick Gold is not interested in bidding for Anglo American, which last week received a $39 billion takeover offer from ...
Canadian miner Barrick Gold on Wednesday beat first-quarter profit estimates on higher bullion prices and said it has ...
Barrick Gold faced criticism outside its annual general meeting on Tuesday in Toronto for supporting Malian rulers with ...
BHP Group can’t cherry pick Anglo American assets without paying a hefty premium, Anglo investors told Reuters, ...
Anglo American faced calls from shareholders on Monday to detail plans for improving its value in order to fend off ...
Copper slipped after initially extending gains above $10,200 a ton as traders turned their attention to demand ...
No comments have been posted yet ...