First Quantum Minerals and Northern Dynasty Minerals now have until May 31 to finalize the terms on which First Quantum could buy into the Pebble Limited Partnership.
First Quantum Minerals and Northern Dynasty Minerals announced today another delay in finalizing their option agreement.
Northern Dynasty is the sole owner of the Pebble Limited Partnership. In December, the parties announced that First Quantum had agreed to buy into Pebble at $150 million over four years. At the end of those four years, First Quantum would have the option to become a 50 percent owner of PLP. The original framework agreement gave the companies until April 6 to finalize the agreement.
Last month, the companies extended the deadline to finalize the agreement to April 30. They have now changed it second time. The new deadline is May 31.
Pebble Limited Partnership CEO Tom Collier said in December that the initial $150 million would help fund the permitting phase of the proposed gold, copper and molybdenum mine in Bristol Bay.
After today’s announcement, PLP spokesperson, Mike Heatwole said that work recently approved by the state at the proposed mine site is still “moving ahead full steam.”
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