Mining giant pulls out of Pebble Mine Project

Big news out of London. Anglo American mining company has backed out of its agreement with the Pebble Mine project. ┬áThe British company agreed to pay a $300 million “impairment charge” with its partner in the project, North American mining company Northern Dynasty Minerals. The joint operation was supposed to share the costs for the controversial plan that detractors say will threaten America’s largest salmon fishery at Bristol Bay.

Here’s the the statement by Anglo American CEO Mark Cutifani, per the Fox News report:

“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.

“Our focus has been to prioritise capital to projects with the highest value and lowest risks within our portfolio, and reduce the capital required to sustain such projects during the pre-approval phases of development as part of a more effective, value-driven capital allocation model.”