Mining giant Rio Tinto has given away its stake in the Pebble Mine project.
“By giving our shares to two respected Alaskan charities, we are ensuring that Alaskans will have a say in Pebble’s future development and that any economic benefit supports Alaska’s ability to attract investment that creates jobs,” said Rio Tinto chief executive, Jean-Sebastien Jacques.
Alaska Community Foundation and the Bristol Bay Native Corp. Education Foundation now hold 19.1 per cent of Northern Dynasty Minerals Ltd., worth about $16 million.
The Pebble Mine project, which is a gold-and-copper prospect in Alaska’s Bristol Bay region, has been at the centre of controversy over its environmental impact. Alaska’s Bristol Bay watershed is home to the world’s largest wild sockeye salmon fishery.
Environmental non-profit Earthworks applauded Rio Tinto’s decision to withdraw from the Pebble Mine proposal.
“Ninety-eight per cent of comments from Bristol Bay residents oppose the Pebble Mine proposal,” the group said in a press release.
“That’s largely because, as the U.S. Environmental Protection Agency’s (EPA’s) peer-reviewed scientific assessment of large scale mining’s impacts on the watershed showed, the Pebble Mine would destroy 94 miles of salmon streams, threaten the $480 million per year salmon fishery [industry], and the 14,000-plus jobs that depend upon it. With Rio Tinto’s departure following close upon Anglo American’s withdrawal last year, there is currently no major funder backing the Pebble mine proposal. Perhaps more importantly, there is now no mining company behind Pebble that has actually mined anything.”
