In the latest departure from the proposed Pebble Mine project near Bristol Bay, Alaska, First Quantum Minerals announced today it will terminate its agreement to invest in the dangerous mining project. Three of the largest mining companies in the world—Mitsubishi Corporation, Anglo American, and Rio Tinto—previously determined that the Pebble Mine is a bad investment and abandoned the project. The project, which remains under review by the US Army Corps of Engineers, is wholly owned by Northern Dynasty Minerals, a small Canadian exploration company.

Joel Reynolds, Western Director of the Natural Resources Defense Council, made the following statement:

“First Quantum Minerals did the right thing. They listened to the people of Alaska and walked away from the Pebble Mine. It’s the wrong project in the wrong place, and today’s announcement is the latest proof that it’s a bad investment—financially, environmentally, and socially. We hope First Quantum’s decision closes the door, once and for all, on this ill-conceived and uniquely reckless scheme.

“There is no more widely condemned project anywhere in the world today, and now it’s time for Northern Dynasty to walk away. Bristol Bay is a national treasure whose invaluable fisheries resources must be protected and sustained forever.”

BACKGROUND:

Potentially the largest copper and gold mine in North America, the Pebble Mine has generated unparalleled opposition from Alaska residents and people around the world, citing environmental and social risks related to the mine’s proposed location in the headwaters of the Bristol Bay fishery. This fishery is the most productive wild salmon fishery in the world; it generates$1.5 billion annually, supports 14,000 jobs, and supplies half the world’s sockeye salmon.

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