First Quantum Minerals has withdrawn its association to build the planned Pebble Mine. The project near Bristol Bay, Alaska, is in the middle of a permitting process with the U.S. Army Corps of Engineers.
Antagonists of the mine are now insisting the state’s governor to stop the project. The copper and gold mine would be positioned on state lands near some of the world’s richest salmon fisheries.
Robin Samuelson, a commercial fisherman and a Chief for the Curyung Tribe in Dillingham, proclaimed that the withdrawal of the company from the mining project is a victory for indigenous communities & commercial fishing groups. These groups have been fighting for Pebble Mine from past few years.
Samuelson explained that the governor has the right to cancel leases. He further proclaimed that he believes the project cannot meet the high environmental standards required by state and federal agencies without the financial support of First Quantum Minerals.
First Quantum is the most recent of companies which have deserted partnerships to construct a large mine upriver from Bristol Bay. First Quantum’s withdrawal resulted in dropping the shares of a Canadian Company called Northern Dynasty Minerals.
Tom Collier, Pebble Limited Partnership, CEO, asserted in a statement that the project is well defined and the company will continue this project. This statement was released after the news of the termination of the structured agreement between First Quantum Minerals and Northern Dynasty Minerals.
Collier further asserted that Pebble Limited Partnership is one of the nation’s most significant undeveloped mineral resources. It is an important economic asset for Alaska.
Recently, the World Bank has asserted that it will support the execution of the government’s Multi-sectorial Integrated Mining Project (MSIMP). This support will include US$ 50 Million investment. The bank will be assisting the project by providing US$ 30 Million on loan basis and the remaining US$ 20 Million will be given as a grant for the same.