This is the number one penny stock to watch on Wall Street right now. This penny stock could go up 100% or more over the coming days and weeks. It’s already had an explosive move in after-hours trading today.
The penny stock you have to watch is Northern Dynasty Minerals (NAK).
The catalyst for the big move up today is that the US Environmental Protection Agency (EPA) has taken action to withdraw a Proposed Determination initiated by the Obama Administration in 2014 under Section 404(c) of the Clean Water Act in an attempt to veto southwest Alaska’s Pebble Project before it received an objective, scientific regulatory review under the National Environmental Policy Act.
“Today’s announcement means the Environmental Impact Statement (EIS) and permitting process for the Pebble Project currently being led by the US Army Corps of Engineers may advance to a final Record of Decision in 2020 without the cloud of uncertainty created by EPA’s unprecedented, pre-emptive regulatory action,” said Northern Dynasty President & CEO Ron Thiessen. “The Corps expects to finalize the Pebble EIS in early 2020 and issue a final Record of Decision by the middle of next year.”
“Finally, this Administration has reversed the outrageous federal government overreach inflicted on the State of Alaska by the Obama Administration,” said Pebble Partnership CEO Tom Collier.
“This was an action and an Administration that sought to vastly expand the EPA’s authority to regulate land use on state, private and Native-owned lands throughout the United States, and in doing so kill one of America’s most important mineral projects before a development plan was proposed or a comprehensive EIS permitting review was undertaken. The Proposed Determination lifted today was a preemptive veto that had never before been attempted in the 45-year history of the Clean Water Act – a fact acknowledged by the former Administrator’s senior staff.”
EPA’s Proposed Determination was not based on a development plan proposed by the Pebble Partnership, but on ‘hypothetical mining scenarios’ prepared by the EPA itself, and assessed in an ‘alleged’ scientific study known as the Bristol Bay Watershed Assessment. Following extensive hearings in the House Committee on Science, Space and Technology, the BBWA was determined to be both a result of an abuse of due process and an unfortunate attempt on the EPA’s part to justify its pre-determined intent to kill the Pebble Project before a development plan was proposed or a fair, science-based regulatory review was undertaken.
It looks like that the Obama EPA was scared that, if Pebble’s development plan is afforded the opportunity to be comprehensively reviewed by independent experts, it will be found to be permittable under federal and state law, and pose no risk to the salmon fisheries of Bristol Bay.
Northern Dynasty and the Pebble Partnership expressly thanked Alaska Governor Mike Dunleavy for his leadership in encouraging EPA to withdraw its Proposed Determination.
Collier stated: “As Governor Dunleavy clearly recognizes, major companies will not invest in resource development in Alaska if projects can be vetoed before they receive a fair review. Alaska has needed this kind of leadership for years. Governor Dunleavy appears to be fulfilling his pledge to make sure the world knows Alaska is open for business, and supports responsible resource development.”
As proposed, the Pebble Project is expected to generate tens of millions of dollars in State government revenues each year at a time when the State of Alaska is facing a fiscal crisis. It is also expected to support some 2,000 Alaska jobs, with average compensation for mine workers in excess of $100,000/year.
This penny stock is extremely risky and does not meet the minimum requirements for the long-term buy and hold GST portfolio.
Disclosure: I do not hold any position in NAK stock.