* Raises price target to C$44 from C$26
* Shares jump 10.2 pct to C$19.22 in early trade (In U.S. dollars unless noted)
TORONTO, Feb 24 (Reuters) - Brokerage firm TD Newcrest boosted its price target on shares of Northern Dynasty NDM.TO on Thursday, after the Canadian exploration company offered promising data on its Pebble copper-gold-molybdenum project in Alaska.
The project, which is 50-50 partnership of Northern Dynasty and diversified miner Anglo American AAL.L, contains roughly 55 billion pounds of copper, 67 million ounces of gold and 3.3 billion pounds of molybdenum, in the measured and indicated categories.
Pebble, which is expected to cost roughly $4.7 billion to build, has the potential to produce more than 500 million pounds of copper and more than 600,000 ounces of gold annually, according the Northern Dynasty’s preliminary economic study.
The company, which counts Rio Tinto RIO.AXRIO.L and Mitsubishi Corp 8058.T among its largest shareholders, said the latest study confirms both Pebble’s viability and its long-term potential.
In a note to clients, TD analyst Craig Miller said the preliminary assessment outlines robust economics for the Pebble project. He raised his price target on shares of Northern Dynasty to C$44 from C$26.
Shares of Northern Dynasty, which have risen more that 75 percent over the last 12 months, were up 10.2 percent at C$19.22 on Thursday morning on the Toronto Stock Exchange.
$1=$0.98 Canadian Reporting by Euan Rocha; editing by Peter Galloway