Northern Dynasty Mineral Ltd. stock jumped as much as 32 per cent Wednesday after it received a crucial permit from the Alaska government that could see its Pebble project clear a 10-year-long development hurdle.
The Vancouver-based company, which has also recently been the target of a short-seller campaign, said late Tuesday its U.S. subsidiary Pebble Limited Partnership has received notice of approval for a miscellaneous land use permit from the Alaska Department of Natural Resources.
Its stock was trading up 31.7 per cent at $2.41 apiece in midday trading on the Toronto Stock Exchange. Shares had been on a tear, rising nearly 300 per cent since the November election of U.S. President Donald Trump on speculation that his administration would loosen environmental regulations that have held back its Pebble copper-gold project.
“The Alaska Department of Natural Resources and other state agencies have had an active oversight presence at the Pebble Project site for more than a decade, and have confirmed that Pebble is a well-managed exploration project,” said Tom Collier, CEO of the Pebble Partnership.
The partnership will begin to prepare the project for permitting under the Clean Water Act and National Environmental Policy Act.
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