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Rio Tinto Gives Pebble Mine Stake to Nonprofits

By | April 7, 2014

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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