The backer of an Alaska copper and gold mine project said it needs another month to finish an agreement with the mine’s owner.
Should financier First Quantum Minerals Ltd. and Pebble Mine owner Northern Dynasty Minerals Ltd. fail to come together, the project would be in trouble. Northern Dynasty needs First Quantum’s $150 million cash infusion to file its application for permitting and to cover its legal and consulting costs, while the Army Corps of Engineers writes its environmental impact statement.
Meanwhile, Northern Dynasty’s financial filings sketch a picture of a company operating close to the bone. The company only has roughly $50 million in cash on hand, according to a March 29 financial statement.
LINK (via: Bloomberg News)