Trilogy Metals (NYSEMKT:TMQ) stock is down on Wednesday after the company posted an update to its Ambler Access Project.
The big news here are reports that the Department of Interior is planning to block the company’s access to Ambler Mining District. These reports claim that it would do so through a “no action” decision.
This has been met with pushback from the Alaska Industrial Development and Export Authority. It issued a press release yesterday calling on the Biden administration to “comply with federal law and the promises made at statehood to allow access to state lands and minerals for the Ambler Access Road Project.”
The Ambler Access Project is a plan to create a 211-mile, industrial-use-only road that spans from Upper Kobuk Mineral Projects to the Dalton Highway. Its creation would allow for the advancement and development of the Ambler Mining District.
What This Means for TMQ Stock
Ambler Metals LLC, a joint venture between Trilogy Metals and South32 Limited, said the following about the news:
“We are stunned to hear reports that BLM may deny the Ambler Access Project, which received full federal approval four years ago. If true, this decision ignores the support of local communities for this project, while denying jobs for Alaskans and critical revenues for a region where youth are being forced to leave because of a lack of opportunity.”
TMW stock is down 28.5% as of Wednesday morning.
Investors will find more of the most recent stock market stories ready to go below!
We are offering all of the hottest stock market coverage for Wednesday! A few examples include what’s going on with shares of Vanda Pharmaceuticals (NASDAQ:VNDA), INVO Bioscience (NASDAQ:INVO) as well as the biggest pre-market stock movers today. All of that info is readily available at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
