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Company News

Alaska mine developer Northern Dynasty wins EPA reprieve, shares soar

TORONTO, July 30 (Reuters) - The U.S. Environmental Protection Agency said on Tuesday it would scrap a proposed Obama-era restriction that would have blocked a Northern Dynasty Minerals Ltd mining project in Alaska, sending the company’s shares soaring.

Under former U.S. President Barack Obama, the EPA in 2014 proposed limits on large-scale mining in the Alaska’s Bristol Bay area, citing environmental concerns.

Shares of Vancouver-based Northern Dynasty, which touts the project as the world’s largest undeveloped copper-gold-molybdenum-silver resource, closed up 67% at C$1.20, their highest level since March. (Reporting By Nichola Saminather Editing by Bill Berkrot)

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