Anglo American Bails on Pebble Project
An Expensive Divorce
Anglo American has just announced they are divorcing Northern Dynasty in their partnership to develop the Pebble mine.
After five years of debate giant miner Anglo American (LON: AAL) said Monday it is pulling out of its polemic Pebble Mine project in the Bristol Bay region of Alaska, adding it will pay a $300-million "impairment charge" to its partner Northern Dynasty Minerals (TSX: NDM).
"Our focus has been to prioritize capital to projects with the highest value and lowest risks within our portfolio, and reduce the capital required to sustain such projects during the pre-approval phases of development as part of a more effective, value-driven capital allocation model," he (CEO Mark Cutifani) said in the press release.