Pebble project announces new financial backer
The Pebble Partnership announced a new partner Monday.
Northern Dynasty Minerals, Pebble's owner, and First Quantum Minerals have entered an agreement that could eventually give Quantum a 50 percent interest in the Pebble project.
The agreement calls for an initial payment of $37.5 million with options for Quantum to invest $150 million over the next four years. The deal would also allow Quantum to pay more than $1.3 billion for a 50 percent stake in Pebble.
Pebble says Quantum's initial payment will provide the financial resources to advance the mine through the permitting and review process.
Pebble recently announced plans for a scaled-back version of the proposed Cooper Mine in the Bristol Bay region.
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