This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

State Of Alaska Files Suit To Strike Down Anti-Pebble Ordinance

VANCOUVER, Nov. 3, 2011 /PRNewswire/ - The State of Alaska has filed a constitutional challenge in Alaska Superior Court to strike down a municipal ordinance recently enacted by ballot measure in Southwest Alaska's Lake & Peninsula Borough. By a margin of just 34 votes, local voters supported a ballot measure put forward by anti-Pebble activists that would restrict future development that affects more than one square mile of land within the 31,000 square mile borough.

In a statement, the Alaska Department of Law argues that the Lake & Peninsula Borough ordinance is invalid as it seeks to "nullify state permitting processes and prevent the development of certain large-scale resource development activity….While boroughs have limited power to regulate some of the activities associated with resource development, a small majority of voters in a local community cannot usurp the more comprehensive state authority and eliminate the entire state permitting process."

The Pebble Limited Partnership (the "Pebble Partnership" or "PLP") previously initiated a legal challenge against the ballot measure and resulting ordinance. Proceedings are set to begin in Alaska Superior Court on November 7, 2011. In addition to PLP and the State of Alaska, the municipal ordinance is opposed by a broad spectrum of Alaska interests, including a group of four Alaska Native village corporations representing seven Lake & Peninsula Borough communities whose private land holdings would be affected. It is also opposed by the Resource Development Council for Alaska, the Alaska State Chamber of Commerce, the Alaska Miners Association, the Council of Alaska Producers, the Alaska Oil and Gas Association, Alaska Industry Support Alliance, among others.

"We agree that development of state-owned resources on state lands in Alaska should not be restricted by municipal ordinance, particularly when the basis for such legislation is a misleading ballot measure that would have disastrous consequences for Southwest Alaska,"  said Ron Thiessen, President & CEO of Northern Dynasty Minerals Ltd. ("Northern Dynasty") (TSX: NDM) (NYSE Amex: NAK). "This is a region that badly needs investment in new economic opportunities, particularly those that respect regional needs, address key environmental concerns and demonstrate they can be safely developed in collaboration with a robust fishery.

"Ultimately, we believe the State of Alaska's constitutional obligation to manage natural resources on state land for the benefit of all Alaskans will prevail over the unconstitutional efforts of narrow self-interests to restrict development in a region the size of South Carolina."

Thiessen said the Pebble Partnership will continue to invest in the State of Alaska with the goal of finalizing a Prefeasibility Study for the Pebble Project and initiating federal and state permitting under the National Environmental Policy Act (NEPA) in late 2012. He said court proceedings related to the ordinance will advance in parallel with efforts to design an environmentally sound and socially responsible project that co-exists with clean water, healthy fisheries and traditional ways of life in Southwest Alaska.

The Lake & Peninsula Borough ballot measure was sponsored by paid opponents of the Pebble Project, whose goal is to halt the project before it completes a Prefeasibility Study and initiates federal and state permitting.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs