- Write by:
-
Wednesday, May 17, 2023 - 18:21:36
-
192 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
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
Canadian miner First Quantum Minerals (TSX: FM) believes it will be able to take the already mined 121,000 tonnes of ...
Canadian miner First Quantum Minerals said on Tuesday that it has cut its debt by $1.14 billion in the first quarter.
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
Chile is expected to produce a record 5.8 million metric tons of copper in 2025, the state-run Chilean Copper Commission ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
No comments have been posted yet ...