First Quantum Minerals and Northern Dynasty announced today another delay in finalizing their option agreement.
Northern Dynasty Minerals is the sole owner of the Pebble Limited Partnership. In December, the parties announced that First Quantum had agreed to buy into Pebble at $150 million over four years. At the end of those four years, First Quantum would have the option to become a 50 percent owner of PLP. The original framework agreement gave the companies until April 6 to finalize the agreement.
After the December announcement, Pebble Limited Partnership CEO Tom Collier said that the initial $150 million would help fund the permitting phase of the proposed gold, copper and molybdenum mine in Bristol Bay
Last month, the companies extended the deadline to finalize the agreement to April 30. They’ve now extended it a second time. The new deadline is May 31.