Does Wall Street Know Something Alaska Doesn't?
Northern Dynasty's shares drop over 50 percent in the past month, company loses over $295 million in value
Shares of Northern Dynasty Minerals (NYSE: NAK) dropped almost 40 percent on Tuesday, May 22, days after the release of a scientific report stating development of the Pebble Mine could wipe out local salmon populations.
Over the past month, shares of Northern Dynasty Minerals have steadily fallen from a high of $5.68 to a low of $2.31 resulting in an over $295 million loss for the company. In the past 15 months, the stock has fallen nearly 90 percent from a high of $21.76. Equities researchers at Canaccord Genuity have now downgraded the stock's 'buy' rating.
Reassessment of Northern Dynasty's value by Wall Street has come amidst a lawsuit charging misuse of public money by local government officials from the Bristol Bay region who are ardent supporters of the Pebble Mine, increased local opposition to the Pebble project, passage of the Save Our Salmon initiative and numerous scientific reports that point to the economic and cultural devastation that the Pebble Mine poses to the Bristol Bay region.
Northern Dynasty is an equal partner with Anglo American PLC in the proposed Pebble Mine--a development planned to be the largest gold and fifth largest copper mine in the world. The mine would sit at the headwaters of Alaska's Bristol Bay, home to the largest wild salmon fishery on earth. On May 18, the EPA released a report stating that the risks from the development and operation of the mine range from the near-certain loss of wetlands and streams and chronic water pollution to a remote possibility of a catastrophic breach in a tailings dam planned to be taller than the Washington Monument.
Click here to read more on Northern Dynasty's stock losses.
Click here to read more about the EPA's report on the Pebble Mine.
Click here to view additional scientific research on the proposed Pebble Mine.
Click here to view a report on Bristol Bay's Wild Salmon Ecosystems and the Pebble Mine.
Click here to read more about why the Pebble Mine is a bad investment.
Alaskans for Bristol Bay
Alaskans for Bristol Bay is a 501(c)(6) organization dedicated to preventing the destruction of the largest wild salmon fishery on earth. The Bristol Bay headwaters support abundant wildlife, local subsistence with a 10,000 year history, and world class commercial and sport fishing opportunities.
Posted: May 24, 2012