Rio Tinto Gives Pebble Mine Stake to Nonprofits

The mining conglomerate Rio Tinto announced this morning it is divesting its stake in Northern Dynasty, the owner of the proposed Pebble Mine. Rio said in December it might sell, but in a surprise move, the company says it is donating its 19 percent share to two charities, the Alaska Community Foundation and the Bristol Bay Native Corporation Education Foundation.

Rio CEO Jean-Sebastien Jacques said in a statement the donation would ensure Alaskans will have a say in Pebble’s development.

The foundations didn’t immediately announce what they will do with their minority shares in the project. The director of the Bristol Bay  education fund said in a statement the gift will help the foundation fulfill it’s mission. In the same written statement, BBNC chief executive  Jason Metrokin said the corporation’s opposition to the mine hasn’t changed.

The copper and gold mine has drawn widespread opposition, and an EPA study recently found it would pose “Irreversible harm” to the region’s rich salmon runs. Bristol Bay Native Corp has been one of the leading groups opposing the mine.

Rio’s stake was worth nearly $25 million late last year but Northern Dynasty’s share price plunged last month when the EPA announced its assessment of Pebble, which is the company’s only major asset, and the price fell again today.

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Liz Ruskin covers Alaska’s congressional delegation, federal agency decisions that shape life in the 49th state, money in politics and elections. She has deep roots in Alaska and this is her third stint in Washington, a city she has grown to love.

She was born in Anchorage and is a West High graduate. She studied political science at the University of Washington and has an M.A. in journalism from the University of Missouri in Columbia. During graduate school, she moved to Washington to intern as a D.C. correspondent. But for her first real journalism job, she moved back to Alaska to work at the Homer News. She was there for three years before taking a job at the Anchorage Daily News. Over the course of nine years in Anchorage, she covered City Hall, courts, state politics, and Native and rural affairs.

Then, in April 2001, she moved back to Washington to work in McClatchy Newspaper’s D.C. bureau as a correspondent for the Anchorage paper. She stayed in the position for five years.

She took a year off for a journalism fellowship at the University of Colorado in Boulder, then freelanced for several years from the U.K. and Japan, in print and radio.

When a vacancy occurred in APRN’s one-person Washington bureau, she jumped at the opportunity. Liz has been APRN’s Washington, D.C. correspondent since October 2013.

lruskin (at) alaskapublic (dot) org  | About Liz