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Futures mixed, Northern Dynasty dumped

Market futures were mixed after disappointing economic data out of the US and the Dow Jones Industrial Average closed just under the record 30,000 mark reached on Tuesday.
Futures mixed, Northern Dynasty dumped Futures mixed, Northern Dynasty dumped Futures mixed, Northern Dynasty dumped Futures mixed, Northern Dynasty dumped Futures mixed, Northern Dynasty dumped

Northern Dynasty Minerals fell on news the US Army Corps of Engineers had denied permit applications for its Pebble project in Alaska

Staff reporter

Shares in Northern Dynasty Minerals were dumped as the company announced what it called a "politically motivated" negative federal record of decision for its proposed Pebble project in Alaska.

Its shares (TSX: NDM) plunged more than 51% to close at a one-year low of C51c.

They had soared above $4 in January 2017 following Republican Donald Trump's election as US president on hopes of permitting approvals.

Democrat president-elect Joe Biden, whose inauguration is expected in January, had recently voiced plans to stop the controversial project.

Headed higher, cash-strapped Nevada Copper (TSX: NCU) rose 22% on promising financing news.

The Pumpkin Hollow mine owner said it had agreed to non-binding terms with its senior lender, KfW IPEX-Bank GMBH and was "engaged in ongoing discussions with other lenders" to provide a combined financing package of at least US$30 million.

Copper for three-month delivery reached US$7,360/t yesterday, a level not seen since January 2014 when it reached $7,460/t, Marex Spectron's Alastair Munro said.

Finally, gold remains above $1,800 an ounce on the spot market and was worth $1,808/oz at the time of writing.