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Between 2001 and 2004, Northern Dynasty expanded the known mineral resource at Pebble from 1 to more than 4 billion tonnes. It also initiated planning for a large-scale, open pit mine and began comprehensive engineering, environmental and socioeconomic studies.
In late 2005, an area of significantly higher-grade mineralization was discovered at Pebble. Engineering and other technical studies continued while the company set out to fully delineate the extent of high-grade mineralization before developing a proposed development plan.
Today, the Pebble mineral resource totals 5.94 billion tonnes of measured and indicated resources containing an estimated 55 billion lb copper, 67 million oz gold, 3.3 billion lb molybdenum; and 4.84 billion tonnes of inferred resources containing 26 billion lb copper, 40 million oz gold and 2.3 billion lb molybdenum, as well as quantities of silver, palladium and rhenium that also occur in the deposit. It is expected to support either an open pit mine, a high-volume underground mine or a combination of both.
In July 2007, Northern Dynasty and Anglo American U.S. (Pebble) LLC entered into a 50:50 partnership to develop a modern, long-life mine at Pebble. Under the terms of the agreement, Anglo American is required to fund US$1.5 billion in project costs to retain its interest, after which expenditures will be split 50:50.
The Pebble Partnership is fully staffed in Anchorage, Alaska with a prominent U.S. leadership team, and is on track to develop, permit, build and operate a modern, long-life mine at Pebble.
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