NEW YORK Anglo
American (US) Pebble LLC is withdrawing from the Pebble Mine
project in southwest Alaska, partner Northern Dynasty Minerals
Ltd. said during a conference call Sept. 16.
"We are in control of
the destiny of this project," Northern Dynasty chief executive
officer Ron Thiessen said during the call. Northern Dynasty,
now 100-percent owner of the copper, gold and molybdenum
project, doesnt have any parties interested in joining
the venture, he added.
American Plc, parent of Anglo American (US) Pebble, invested
$541 million in the 50-50 joint venture, which Northern Dynasty
will keep to continue the project, Thiessen said. Anglo
American said it expected to record a $300-million impairment
charge Dec. 31 on a post-tax basis as a result of its
The Pebble project
description is 99-percent complete, and before Anglo
Americans withdrawal, Northern Dynasty had planned to
file the description to trigger permitting in the final quarter
of 2013. That could now be delayed.
Anglo American made
its decision after "a thorough assessment of (the
companys) extensive pipeline of long-dated project
options," chief executive officer Mark Cutifani said in a
Anglo American has
dozens of projects in multiple stages of development, a
spokesman told AMM. "Were prioritizing them on
the value they bring and the risk profile. This is not a
judgement on the (Pebble) project."
The Pebble project has
met resistance from local environmental groups, as well as a
negative Environmental Protection Agency report questioning
what a mine would do to the fish population nearby Bristol Bay
amm.com, June 4, 2012).