May 25, 2018 / 2:40 PM / 3 months ago

BUZZ-Northern Dynasty: Nixed First Quantum deal sends shares to 2-year low

(Updates)

** Canadian mine developer’s Toronto-listed and U.S. shares slump 30 pct after company ends talks to partner with First Quantum Minerals on an Alaska mine

** Canadian stock set for worst one-day pct loss in over 4 years in heavy trading

** Copper producer First Quantum in mid-Dec agreed to an option to buy a 50 pct stake in the project for $1.50 bln

** FM’s shares down ~3 pct at C$20.21

** Companies twice extended a deadline to seal a deal, and terminated framework agreement on Friday

** NDM also faced opposition from U.S. EPA, environmentalists

** About 434,000 NDM’s U.S. shares traded by 9:37 a.m. ET, roughly 30x their 25-day moving average

** Since mid-Dec, Northern Dynasty’s shares have sunk nearly 68 pct, while First Quantum’s stock has gained 21.5 pct (Reporting by Savio D’Souza and Akshara P)

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