The Justice and Corporate Accountability Project (JCAP), on behalf of Earthworks, will this week file a request for a compliance investigation into TSX- and NYSE-listed Northern Dynasty Minerals.
The complainants will raise serious issues concerning alleged “misleading claims” with the British Columbia Securities Commission and the US Securities and Exchange Commission.
According to a statement issued by Earthworks, the complainants will show that Northern Dynasty was allegedly misleading investors in four major ways concerning the proposed Pebble gold/copper/molybdenum mine, in Bristol Bay, Alaska.
The environmental organisation explained that the 20-year-old Pebble mine plan was controversial because it is located at the headwaters of Alaska’s Bristol Bay watershed, which produces roughly half of the world’s supply of wild sockeye salmon.
The draft environmental-impact statement for the mine allegedly estimated that more than 70 miles of rivers and streams would be permanently lost and the resulting openpit would contain more contaminated water (estimated at 61-billion gallons) than the Berkeley Pit (estimated at 50-billion gallons) – which is one of the largest superfund sites in the US.
Superfund sites are polluted locations requiring a long-term response to clean up hazardous material contaminations.