January 29, 2018 / 2:41 PM / in 7 months

Shares in Alaska mine developer Northern Dynasty slump on EPA move

VANCOUVER, Jan 29 (Reuters) - Shares in Northern Dynasty Minerals fell by a fifth at the open on Monday after the U.S. Environmental Protection Agency late on Friday reversed itself, maintaining proposed restrictions on the mine developer’s big copper and gold mine project in Alaska that it was working to lift.

While both Canada-based Northern Dynasty and EPA administrator Scott Pruitt said the move would not derail the Pebble mine’s permit application process, it is the first sign that the project’s path may be less smooth under the mining-friendly Trump administration than some analysts and the company had predicted.

U.S.-listed shares of Northern Dynasty were down 20 percent at $1.22. In Toronto, the stock fell 20 percent to C$1.51. (Reporting by Nicole Mordant in Vancouver Editing by Chizu Nomiyama)

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