Miner Anglo pulls out of Alaskan copper project Pebble

Mon Sep 16, 2013 5:15am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

LONDON, Sept 16 (Reuters) - Mining group Anglo American has pulled out of the Pebble copper project in Alaska, one of the largest undeveloped copper deposits in the world but also an environmentally challenging operation that has been studied for almost three decades.

Anglo - whose new boss has vowed to halve a $17 billion project pipeline and bring down the cost of keeping options like Pebble open - said in a statement on Monday that the Pebble Limited Partnership would proceed under the sole ownership of its erstwhile partner, Northern Dynasty.

The partnership was set up in 2007.

Anglo said it would record a $300 million impairment on a post-tax basis.