The proposed ballot measure has been opposed by a broad range of Alaska entities, including the State of Alaska, the Pebble Partnership, the Resource Development Council for Alaska, the Alaska State Chamber of Commerce, the Alaska Miners Association, Alaska Council of Producers, the Alaska Oil and Gas Association, Alaska Industry Support Alliance, among others. Alaska Native village corporations representing seven Native communities in the Lake and Peninsula Borough have also publicly opposed the ballot measure, stating that it would restrict economic development opportunities on their lands and throughout the region.
"We are strongly of the view, and this view is shared by many Alaska business and political leaders, that the initiative is unequivocally unconstitutional because it seeks to restrict development of state-owned resources on state lands through a municipal ordinance," Thiessen said. "We know that a large and growing coalition of elected leaders, business people and Native tribes in the borough have mobilized to defeat the initiative, and we're optimistic that voters will ultimately understand that it is a cynical attempt by outside interests - notably a single wealthy lodge owner who has bankrolled the entire campaign - to restrict all forms of development in their region.
"If the measure is passed, we're confident that the rule of law in Alaska will prevail yet again, and the proposed legislation will be struck down by the courts as being unconstitutional."
About the Pebble ProjectThe Pebble Project is an initiative of the Pebble Partnership to responsibly develop a globally significant copper, gold and molybdenum deposit in southwest Alaska into a modern, long-life mine. The project is located 200 miles southwest of Anchorage on state land designated through two public land use planning exercises for mineral exploration and development. It is situated approximately 1,000 feet above sea-level, 65 miles from tidewater on Cook Inlet and presents favourable conditions for successful mine site and infrastructure development. The Pebble Project consists of the Pebble deposit, surrounding mineral claims and a stream of financing provided by Northern Dynasty's project partner Anglo American US (Pebble) LLC. The Pebble Partnership was established in July 2007 as a 50:50 partnership between a wholly-owned affiliate of Northern Dynasty and a wholly-owned subsidiary of Anglo American plc. Both Northern Dynasty and Anglo American have equal and identical rights of management, operatorship and control in the Pebble Partnership. Under the terms of the Pebble Limited Partnership Agreement, Anglo American is required to elect to commit $1.5 billion in staged investments in order to retain its 50% interest in the Pebble Project. Funds provided by Anglo American are currently being invested in comprehensive exploration, engineering, environmental and socioeconomic programs toward the future development of the Pebble Project. About Northern Dynasty Northern Dynasty Minerals Ltd. is a mineral exploration and development company based in Vancouver, Canada, which holds indirect interests in 650 square miles of mineral claims in southwest Alaska, USA. Northern Dynasty's principal asset is a 50% interest in the Pebble Partnership, owner of the Pebble Copper-Gold-Molybdenum Project. The Pebble Project is an advanced-stage initiative to develop one of the most important mineral resources in the world. Ronald W. Thiessen President & CEO Sole Responsibility No regulatory authority accepts responsibility for the adequacy or accuracy of this release. Northern Dynasty is solely and entirely responsible for the contents of this news release. No other party, including any parties which have an interest in the project, are in any way responsible for the contents hereof.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts