A 15-year fight to mine for gold along Alaska’s pristine Bristol Bay might have just ended — with a whimper.
Canadian mining firm Northern Dynasty Minerals has been a hot topic in investment advice since Election Day. The company’s stock jumped 326 percent after Donald Trump’s victory, as newsletters feverishly pitched the company’s prospects under the new regime. One even went so far as to label the stock “Trump’s Gold.”
But Northern Dynasty’s long-planned gold and copper mine, located inside a key salmon spawning habitat, is less a secret fortune-maker and more an elaborate pump-and-dump stock scheme, investment analysts from Kerrisdale Capital said Tuesday.
“All this enthusiasm is misplaced. We believe Northern Dynasty is worthless,” the analysts said in the note. Despite the stock jump, the company is actually “worth nothing because its key asset is not commercially viable.”
Well that's a little underwhelming. And yet gratifying.
However it should be noted that this project has changed hands at least three times in the last fifteen years, and faced court orders and numerous protests, and yet it still refuses to completely die despite almost universal opposition from the Alaskan people.
So is this it? Could this be the final nail in this project's coffin?
Well damn I hope so.