Northern Dynasty Minerals Ltd (NYSEMKT:NAK) reported that its wholly-owned subsidiary firm, Pebble Limited Partnership and the U.S. Environmental Protection Agency have submitted a joint Notice in federal court mentioning their intent to enter into negotiation in an effort to end ongoing litigation under the “FACA”.
In 2014, the Pebble Partnership started a measure in Alaska’s federal district court, claiming that EPA violated FACA by its interactions with, and the unwarranted influence of, “ENGOs” and anti-mine activists in advancing the Bristol Bay Watershed Assessment, and its unparalleled, pre-emptive regulatory measure under Section ‘404(c)’ of the Clean Water Act.
Later in November 2014, a federal court attorney allowed PLP’s request for an initial injunction in the FACA case, banning EPA from taking any additional measures toward confirming its 404(c) regulatory plan, and indicating that PLP’s event had a probability of succeeding on its virtues.
While sighting and other arrangements for court actions in the FACA lawsuit will continue, the joint Notice submitted in federal court suggests the readiness of both parties to get a negotiated resolution to end the existing impasse.
Ron Thiessen, the CEO and President of Northern Dynasty, said that they share a strong opinion that any mine advanced at Pebble must fulfill the highest environmental standards, and safeguard the fisheries properties of southwest Alaska, or it should be not allowed. They are positive that a resolution can now be established through mediation that will permit Pebble to propose an advancement plan for the assignment, and advance into the state and federal permitting process.
Selection of an intermediary will be commenced jointly by the Pebble Partnership and EPA, with negotiation talks projected to commence in Washington DC this fall. Northern Dynasty’s primary asset is the Pebble Project, an initiative to advance one of the world’s most vital mineral resources.
In the last trading session, the stock price of Northern Dynasty surged more than 30% to close the session at $2.46.