Shares of prospective gold mining company Northern Dynasty Minerals (NYSEMKT: NAK) jumped as high as 25% in early-morning trading and are up 9.7% as of 11:15 a.m. EDT today. The stock popped after the company issued a statement that it is appealing the federal permitting decision regarding its Pebble project mine.
Back in November, the U.S. Army Corps of Engineers refused a federal permit related to the Pebble project. The refusal was based on the company’s inability to address the concerns raised in the initial environmental impact statement of the project. In a press release today, though, the company announced that it is appealing the decision on several grounds. The bulk of the company’s argument is that the ruling was arbitrary and inconsistent with Clean Water Act standards.