Investors are breathing some life back into Northern Dynasty Minerals (NYSEMKT: NAK) today after it was virtually left for dead late last year. As of 3:30 p.m. EST, shares are up 9% after being as much as 14% higher earlier in the day.
The company’s Alaskan Pebble Mine project was virtually killed late last year when the U.S. Army Corps of Engineers rejected the company’s response in addressing environmental issues related to dredged materials and waste fluids. Shares sank more than 55% on that news.
Yesterday, however, the company announced Alaskan Gov. Mike Dunleavy’s administration will formerly appeal the Army Corps’ denial of a key federal permit for the project.