Home Trending Stocks Why Northern Dynasty Minerals Ltd (NAK) stock sink on Tuesday, April 20,...

Why Northern Dynasty Minerals Ltd (NAK) stock sink on Tuesday, April 20, 2021?

Northern Dynasty Minerals Ltd (NAK) stock faced negativity on Tuesday, April 20, 2021. NAK stock lost 9.20% in the normal trading session and further, it shed 3.51% in the after-market sessions on Tuesday.

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NAK shares have fallen by 1.96% over the last 12 months, and they have moved down by -9.32% in the past week. Over the past three months, the stock has gained 6.04%, while over the past six months, it has shed -48.18%.


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Following are the latest developments about the Northern Dynasty Minerals.

Pebble Limited seeking EPA support

On April 6, 2021, Pebble Limited Partnership which is a 100%-owned US-based subsidiary of Northern Dynasty Minerals Ltd, provided an update on Alaska’s Pebble Project and send it to the administrator of US Environmental Protection AgencyMichael Regan, requesting his support for full and fair process of the project.

Annual filing

On April 1, 2021, Northern Dynasty Minerals Ltd. filed its audited Financial Statements, Management Discussion and Analysis, Annual Information Form, and Annual Report on Form 40F for the year ending December 31, 2020. the Company also submitted an updated technical report for the pebble project.

RFA about Pebble project accepted by USACE

On March 15, 2021, Northern Dynasty Minerals Ltd submitted a Requested for Appeal (RFA) of a federal permitting decision concerning Alaska’s Pebble Project.

Earlier in November 2020, the US Army Corps of Engineers (USACE), rejected a key water permit. The permit was rejected by the army engineer corps because the Pebble Limited Partnership was unable to comply with Clean Water Act guidelines to handle the waste in the ecologically sensitive area and conflicting with the public interest.

The RFA submitted by Pebble Limited Partnership says that the USACE’s Public Interest Review (PIR) for the Pebble Project, published coincident with its Record of Decision (“ROD”) in November 2020, is contrary to the law and inconsistent with the record.

The RFA has been accepted by the USACE and a review officer is processing the administrative appeal process.

Participation in the investor conference

Northern Dynasty Minerals recently participated virtually in Q1 Virtual Investor Summit which held on March 23-25, 2021. The company was presented by President and CEO Ron Thiessen.

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Conclusion

Alaska’s Pebble Project rejection is still creating a negative impact for the Northern Dynasty Minerals. Though the company has submitted the appeal it is facing legal actions and financial loss due to permit rejection. The recent Tuesday plummeting is also connected to Pebble Project rejection.

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