Why Northern Dynasty Limited Stock Soared 30% This Morning
Shares of copper and gold miner Northern Dynasty Limited (NYSEMKT: NAK) rose a dramatic 30% at the open of trading on May 29. Although the stock quickly settled down, by 10 a.m. EDT, it was still up an impressive 18%. An update on the company's efforts to get its Pebble mine project approved was the reason for today's share price fireworks.
Northern Dynasty Limited is a miner with one main asset, the Pebble project, which hasn't been built yet. In fact, it hasn't even gotten all of the approvals it needs to be built. And that's a big problem, since Northern Dynasty has faced material government, business, and resident pushback. After getting things moving in a positive direction in 2019, the company has had a number of successes this year as it seeks to start building a mine that it believes could hold among the largest untapped gold and copper reserves in the world.
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Source Fool.com
