Anglo American withdraws from Pebble Partnership
British mining company Anglo American said today it will withdraw from the Pebble Partnership, a 50-50 joint venture with Canada’s Northern Dynasty Minerals, according to a written release.
That means that Northern Dynasty will be the sole owner in the partnership, which is working toward the development of the proposed Pebble mine.
As of June 30, Anglo American Pebble LLC has spent $541 million on Pebble, according to the release, issued by Northern Dynasty.
“Despite our belief that Pebble is a deposit of rare magnitude and quality, we have taken the decision to withdraw following a thorough assessment of Anglo American’s extensive pipeline of long-dated project options,” said Mark Cutifani, chief executive of Anglo American. “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.”
The details of the separation are being developed and implemented, the release said.
Northern Dynasty CEO Ron Thiessen, in the same release, said, “Northern Dynasty and the Pebble Partnership have both the expertise and the resources necessary to advance the Pebble Project.”
Pebble Limited Partnership, formed in 2007 by Northern Dynasty and Anglo American plc, had not yet issued a statement as of mid-morning Alaska time.
Click here to see the full Northern Dynasty press release.
Read more in this news story from Reuters.