(Ottawa) A report released today by MiningWatch Canada examines the track record of Vancouver-based international mining corporation Hunter Dickinson Inc. (HDI) and exposes its affiliate Northern Dynasty Minerals, Ltd., the company promoting the controversial proposed Pebble mine in Alaska’s sensitive Bristol Bay, as a highly risky speculative investment, calling its risk levels “unprecedented even among other junior mining companies.”
The report, “Behind the Pebble Mine: Hunter Dickinson Inc., the Canadian Mining Company You’ve Never Heard Of,” analyzes the risks for potential long-term investors in the Pebble Partnership, based on a review of nineteen past and current projects promoted by the Hunter Dickinson family of companies. The report concludes that the long-term outcomes of HDI projects have not been good news for investors, for communities, for governments or for the environment. It shows the proposed Pebble mine to be one of many troubled and troubling projects controlled and promoted by Hunter Dickinson over the past twenty-five years.
The report examines the Hunter Dickinson family of companies, their track records and current situations, and the implications for the prospects of Northern Dynasty and the Pebble Partnership. “The report was prepared for the benefit of all investors and stakeholders,” said MiningWatch Canada spokesperson Jamie Kneen. He added, “MiningWatch Canada is deeply concerned about the mining sector’s institutional practices and financial accountability, especially the risk of unfunded liabilities. In this case, we have found much that is of concern, and we want to make sure investors are aware of it.”
Kneen said, “The report exposes a pattern of institutional weaknesses, especially when it comes to following projects past promotion and development, as well as a poor record of stakeholder and community relations, especially with Indigenous peoples.” He added, “Obviously, this is a question of primary importance in the case of the proposed Pebble Mine.”
The report’s author, Joan Kuyek, commented, “Despite its promotional claims, Northern Dynasty seems to be effectively broke, with a deficit exceeding its market capitalization. Even a potential limited investment from First Quantum Minerals Ltd. to help Northern Dynasty apply for permits will not change that dynamic. Northern Dynasty has failed to find any partners willing to help build the proposed Pebble Mine, which is fiercely opposed by most Alaskans.”
In addition to extensive analysis of Northern Dynasty Minerals, the proposed Pebble mine, and Hunter Dickinson itself, the report looks at historic HDI-related companies and projects as well as the current projects of Taseko Mines Ltd. in British Columbia and Arizona; Amarc Resources Ltd. in British Columbia; HDI Northcliff Resources Ltd. in New Brunswick; HDI Rathdowney Resources in Poland; and Heatherdale Resources in Alaska.
The report is available here.