- Write by:
-
Wednesday, May 17, 2023 - 18:21:36
-
245 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/622940
![Copper price set for worst week since 2022 as China Plenum disappoints](/Incsys/Photo.aspx?image=/Uploads/News/20240723142415052.jpeg&width=236&height=180)
Copper prices have retreated from a record in May on concerns about the strength of demand in China, where growth was ...
![Zimbabwe may sell 40% stake in a key gold mine to raise capital](/Incsys/Photo.aspx?image=/Uploads/News/20240723142307013.jpg&width=236&height=180)
Zimbabwe’s state-owned Kuvimba Mining House is broadening its search for equity partners and financiers for its gold and ...
![Copper output from Codelco this year to top 2023, chairman says](/Incsys/Photo.aspx?image=/Uploads/News/20240723141842581.jpg&width=236&height=180)
Codelco chairman Maximo Pacheco said on Thursday that the state-run copper giant expects production this year to outdo ...
![China copper smelters eye more output cuts as raw material supply tightens](/Incsys/Photo.aspx?image=/Uploads/News/20240723141202374.jpeg&width=236&height=180)
A shortage of copper concentrate this year has forced a few smelters in China to cut output, and more curtailments could ...
![Mercedes, Stellantis in talks to back Serbia’s lithium plans](/Incsys/Photo.aspx?image=/Uploads/News/20240723140454191.jpg&width=236&height=180)
Mercedes-Benz Group AG and Stellantis NV are in discussions with Serbia’s government to invest in lithium-processing and ...
![China copper smelters plan to cut output after margins fall](/Incsys/Photo.aspx?image=/Uploads/News/20240723135544917.jpg&width=236&height=180)
Two Chinese copper smelters have laid out plans to reduce production next year as an imbalance between mine supply and ...
![Copper price edges down to two-week low amid demand uncertainty](/Incsys/Photo.aspx?image=/Uploads/News/20240723135256664.jpeg&width=236&height=180)
Copper edged down to a two-week low in choppy trading, amid uncertainty over supply and demand in China and weakness in ...
![Antofagasta expects 2024 copper output at low end of yearly forecast](/Incsys/Photo.aspx?image=/Uploads/News/20240723135052294.jpg&width=236&height=180)
Chilean miner Antofagasta said on Wednesday it expects full-year copper output at the lower end of its 670,000 to ...
![BHP posts second straight year of record iron ore production](/Incsys/Photo.aspx?image=/Uploads/News/20240723134042848.jpg&width=236&height=180)
BHP Group on Wednesday reported record annual iron ore production for a second consecutive year, helped by improved ...
No comments have been posted yet ...