Northern Dynasty Minerals Ltd (NYSEMKT:NAK) jumped more than 18% in the last trading session to close at $1.65. The gains came at a strong share volume of 30.09 million compared to average share volume of 12.95 million. Investors rushed to initiate a position in NAK stock after the company reported that it received recommendation from the “U.S. House Committee on Science, Space and Technology.” The recommendation mentioned that the EPA withdraw the agency’s 2014 regulatory measure that banned its Pebble Project.
The details
A communication to EPA Administrator Scott Pruitt from Lamar Smith stated that the Committee suggest that the incoming Administration withdraw the EPA’s projected determination to utilize Section 404(c) in a pre-emptive manner for the Pebble Mine in Alaska. This simple initiative will permit a return to the Clean Water Act allowing process and halt attempts by the EPA to unsuitably expand its authority. Furthermore, it will build regulatory certainty for upcoming development assignments that will produce jobs and add to the growth of American economy.
Since 2014, the company and its subsidiary Pebble Partnership have developed a multi-prong plan – including litigation, independent investigations, Congressional outreach, among other measures – to encourage EPA to draw its unparalleled regulatory act against Pebble. The committee has held numerous Pebble-related hearings in last few years, discovering that EPA actions pertaining the mineral development assignment in southwest Alaska were dependent on a questionable scientific evaluation that dependent on predetermined conclusions and that EPA employees schemed with Pebble Mine adversaries to halt the project.
Ron Thiessen, the CEO and President of Northern Dynasty, stated that the Committee’s letter offers even greater stimulus for EPA Administrator Pruitt to initiate timely measure to reverse what was noted as one of the major instances of EPA over-reach, and return the assignment in discussion to normal course allowing and the rule of law.
