Shares of Northern Dynasty Minerals, the owner of Alaska’s Pebble Mine project, plunged as much as 55% Thursday before paring losses.
Trading was briefly halted after Northern Dynasty’s stock had its biggest drop since late November 2020. Shares trimmed losses after trading in Toronto resumed, with a decline of 30% to $1.63 apiece at close.
The Vancouver, B.C.-based company didn’t respond to requests for comment.
The company is in talks with the U.S. Environmental Protection Agency to advance its undeveloped Pebble project in southwest Alaska, which it touts as the world’s largest undeveloped copper and gold resource. The asset also has significant resources of gold, molybdenum, silver and rhenium, according to the company.
The proposed mine near Bristol Bay has been a source of contention for years. Under former U.S. President Joe Biden, the EPA effectively blocked mining of the Alaskan deposit over concerns it would harm the region’s sockeye salmon industry.
Northern Dynasty’s stock rallied following the election of President Donald Trump on optimism the government might roll back those regulatory hurdles.
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