The share price of Pebble project developer Northern Dynasty surged as much as 56% on Wednesday, after Alaska voters elected Mike Dunleavy new governor.
Republican Dunleavy defeated Democrat Mark Begich – who is opposed to the development of the Pebble mine – in what was originally a three-way race with independent Bill Walker.
Northern Dynasty noted that Dunleavy was a strong proponent of encouraging investment and responsible development of natural resources.
Alaska voters also rejected Ballot Measure 1, known as the Stand For Salmon initiative, which would have re-written the state's regulatory framework and habitat protections for anadramous fish, and was positioned by its supporters as a vote against the Pebble project.
The Pebble mine, said to be the world’s biggest undeveloped gold and copper project, is currently advancing through the federal permitting process. The US Army Corps of Engineers is preparing an environmental review of the mine, with preliminary results expected in January.
Northern Dynasty traded at a high of C$0.84 on Wednesday and closed at C$0.71 a share, up 34% on the previous day’s closing price of C$0.53 a share.