Northern Dynasty Minerals Ltd
Northern Dynasty Minerals Ltd (NYSEMKT:NAK) fell 7.98% after announcing it will make a presentation at the Denver Gold Forum in Colorado. The mineral exploration company will use the event to detail how its wholly owned Alaska-based subsidiary, Pebble Limited Partnership, plans to secure a major funding partner for the project.
Northern Dynasty Mineral Sell-Off
Northern Dynasty Minerals Ltd (NYSEMKT:NAK) is currently in advanced discussions with its advisors as it looks to finalize discussions on new funding in the fourth quarter. Investor’s sentiment on the stock is slowly waning, seen by the buildup in selling pressure in recent trading sessions.
The stock has struggled to close above the $1.90 a share mark on two attempts, prompting a sell-off that has since pushed it to a key support level. A close below the $1.70 mark could result in the stock making a push for the $1.50 mark.
Northern Dynasty Minerals Ltd (NYSEMKT:NAK) is still down for the year as it continues to trade in a range after slumping to multi-year lows. The stock is currently trading in a tight $1.68-$1.83 trading range awaiting to see if the recent rise in gold prices will have an impact in its direction of trade.
Investor’s sentiments on Northern Dynasty Minerals Ltd (NYSEMKT:NAK) will depend on how the company goes about developing the Pebble Project in Southwest Alaska. The U.S Environmental Protection Agency has already withdrawn a Proposed Determination under the Clean Water Act that would have hindered its development.
Pebble Project Development
The company has reached an agreement with the agency, paving way for the Pebble Project to proceed into normal course permitting under the CWA and National Environmental Policy Act.
“We believe the project design we are preparing to advance into permitting, as well as the social and stakeholder programs and commitments we are building around our project, will address many of the priorities and concerns we have heard from stakeholders in Alaska,” said Northern Dynasty Minerals Ltd (NYSEMKT:NAK) President & CEO, Ron Thiessen.
Under the terms of the agreement, EPA has agreed not to file a Recommended Determination under CWA section until the U.S Army Corps Engineers completes an Environmental Impact Assessment. Northern Dynasty Minerals Ltd (NYSEMKT:NAK) is currently looking for a major funding partner for the project in anticipation of a favorable ruling that will allow it to commence exploration works.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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