Anglo American pulls out of Pebble Mine project

Anglo American pulls out of Pebble Mine projectAnglo American has announced its decision of pull out of proposed the Pebble Mine project in the Americna state of Alaska.

The London-based company that owns a 50 per cent share in the Pebble Mine project that was to be developed in Alaska’s Bristol Bay watershed, has said that it is pulling out of the venture. Northern Dynasty Minerals, the original owner of the mine, has indicated that the project will still go ahead as planned but the pullback would affect the plans for the development of the controversial proposed copper and gold mine.

Mark Cutifani, Anglo American’s chief executive, said in a statement that, “Despite our belief that Pebble is a deposit of rare magnitude and quality, we have taken the decision to withdraw following a thorough assessment of Anglo American’s extensive pipeline of long-dated project options.”

The mining operation, from where about extract 80 billion pounds of copper, 107 million ounces of gold and 5.6 billion pounds of molybdenum could be extracted, has caused environmental concerns in the region. Northern Dynasty has not filed for permits for the mining operations yet. Supporters say that the project will generate new jobs and millions of dollars in state and federal revenue while opponents say that it might violate the Clean Water Act on the grounds that it could contaminate Bristol Bay and destroy the thriving wild salmon finishing industry.