Posted in | Gold | Copper

Northern Dynasty Looks to Sell Alaskan Copper/Gold Deposit

The Northern Dynasty Minerals Ltd company has put its 50% stake in a copper and gold deposit in Alaska up for sale.

The Vancouver based junior mining company is looking for buyers for the Pebble Mine project which is located near the world’s best remaining wild sockeye salmon streams. The remaining stake in the company is owned by Anglo American plc.

The mine is situated on state owned land which is designated for mining in south west Alaska. It is about 14 miles away from Lake Iliamna and near the large number of rivers that are salmon incubators for Bristol Bay. The potential mining operations at the area have been criticized by environmentalists who feel that the project will have a detrimental effect on the local habitats.

The Chief Executive Officer of Northern Dynasty Minerals, Ron Thiessen said that they were interested in what was best for the project. They had acquired the Pebble Mine project in 2001 and invested about $ 180 million in it, but it needed more. The huge project required a mega mining company to step in and help develop it.

Mr Thiessen said that the company was hoping to avoid a hostile bid on the asset as it was one which major mining companies would covet. He said that the worst thing that could happen to them was a surprise bid where they were left with a 21-day period to take the company over. He added that they were trying to get ahead of the curve.

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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