Northern Dynasty (NYSEAMERICAN:NAK) stock is soaring higher on Friday following news of an accepted appeal in Alaska.
The appeal is for Pebble Limited Partnership, a wholly-owned subsidiary of Northern Dynasty. It will have the US Army Corps of Engineers (USACE) allowing an appeal of a decision made in regards to the Pebble mine project.
The Pebble mine project covers plans to start up a coppergold-molybdenum-silver-rhenium mine in southwest Alaska. That mine got an Environmental Impact Statement giving it the go-ahead in 2019. However, it was then blocked by the USACE with the Clean Water Act.
The good news for NAK stock today is that the USACE has agreed to its Request for Appeal. Northern Dynasty’s arguments against the decision include the Record of Decision (ROD) and claims of no public interest review. It says these are contrary to law and the previous statements concerning its project.
Northern Dynasty says that it expects the appeal process to be concluded within 90 days based on guidelines from the USACE. However, it could be extended under certain circumstances.
News of the deal has NAK stock making some major moves today. As of this writing, more than 41 million shares of the stock have changed hands. That’s just above its daily average trading volume of roughly 40 million shares.
NAK stock was up 7.3% as of Friday morning and is up 134.6% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.