Northern Dynasty Minerals Ltd (NYSEMKT:NAK) has announced that that Pebble Limited Partnership, its wholly-owned subsidiary based in Alaska together with the US Environmental Protection Agency (“EPA”) have jointly filed a motion in federal court seeking to extend a stay proceeding. The order is in regard to an ongoing legal actions filed under the Federal Advisory Committee Act (“FACA”) to May 4, 2017. The companies have made the move in an effort to swiftly and amicably resolve the matter.
Both companies have made significant progress in their recent negotiations with the EPA and plant to plant to carry on with the discussions over the matter. The companies however plan to engage in direct negotiations as opposed to mediation. Representatives from the government have been actively engaged in the negotiations. Together with Pebble Partnership, the representatives are committed at reaching at a resolution that will be agreed upon by both parties. Meanwhile the Preliminary Injunction issued by the court on November 25, 2014 will remain effective throughout the period of any stay.
Pebble Partnership CEO Tom Collier says both parties have had candid and fruitful discussions and they are fully committed at reaching a swift and fair resolution over the matter. “We remain confident in achieving a prompt and fair resolution that follows the rule of law, supports the interests of the parties involved and allows the Pebble Project to move into a normal course permitting process,” he said.
The companies failed to reach an agreement and resolve the matter as per the March 20th deadline hence prompting both parties to request for an extension up to May 4th. With the November 25, 2014 injunctions still in place, the request of extension has got no impact on the process apart from the negative perception associated with the delay.
Northern Dynasty is based in Vancouver, Canada and engaged in mineral exploration and development. The company owns Pebble Project based in Southwest Alaska I the United States. The motivation behind the formation of Pebble Project is to develop one the most important and crucial mineral resource globally.