Pebble Budget Increased to US $70 Million for 2009
In March 2009, Northern Dynasty and PLP announced a US $59 million budget and work program to advance the Pebble Project through engineering studies, ongoing geological investigations, environmental baseline studies and data compilation, as well as socio-community initiatives - such as workforce and business development, stakeholder engagement and community investment. The combined $70 million to be expended this year will further characterize the Pebble deposit and position the Pebble Partnership to finalize a Prefeasibility Study and prepare for project permitting under NEPA (the National Environmental Policy Act) in 2010.
"With Pebble, we have one of the world's most significant copper-gold-molybdenum deposits located in a region with favourable terrain and a stable and predictable regulatory environment," said Northern Dynasty President & CEO Ron Thiessen. "The focus of PLP's efforts this year is to very deliberately advance engineering and related studies in such a way that we can bring forward the optimal mine development plan for the consideration of state and federal regulators and the citizens of Alaska."
Thiessen said the $70 million invested at Pebble in 2009 reflects the Pebble Partnership's commitment to the Pebble Project, as well as its commitment to advance the project in a way that ensures permitting success in future.
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. To retain its 50% interest, Anglo American is required to continue its staged investment of US $1.425 to $1.5 billion to advance the Pebble Project toward permitting and operations - including funding all 2009 authorized expenditures. Northern Dynasty and Anglo American have equal representation on the PLP Board of Directors.
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