Anglo American investors, already hit by turbulent news during the past year because the company has had to bail out its platinum subsidiary, decided against an annual dividend, saw its board chair replaced, been engaged in battle to ward off a merger bid by Xstrata, and has begun divesting what it calls “non-core” businesses, now have something else to worry about — a new Investor Advisory released today warning of serious risks posed by Anglo’s involvement in the Pebble Mine project in Alaska.
Now in the pre-permitting phase, the project — which would be the larger open-pit gold, copper and molybdenum mine anywhere in North America — faces a coordinated opposition from Alaska Natives, fishing, hunting and tourism interests, and thousands of dedicated Alaskans from the general public concerned for the pristine Bristol Bay Watershed in which the mine would be built.
The mega-project also faces extensive technical, geographical and energy impediments that will cost millions to overcome and which could be the subjects of legal actions if the project proceeds into the permitting phase. All this, detailed in the report, will likely mean long delays, and perhaps thwart the project altogether.
To read the report in it’s entirety, go here.
Tags: anglo american, bristol bay, fishing, pebble mine, salmon, sockeye
Anglo's CEO promised not to build the Pebble mine against community opposition. Surveys show: communities are overwhelmingly opposed. Click here to tell Cynthia to honor her promise!
