Tacoma News Tribune Logo

Mining giant Rio Tinto may pull out of Pebble Mine in Alaska | Tacoma News Tribune

×
  • E-edition
  • Home
    • Customer Service
    • About Us
    • Buy Photos and Pages
    • Contact Us
    • Plus
    • Mobile & Apps
    • Newsletters
    • Newspaper in Education
    • Subscribe
    • Subscriber Services
    • Archives

    • News
    • Crime
    • Databases
    • Education
    • Government & Politics
    • Local News
    • Nation & World
    • Military
    • Traffic
    • Watchdog
    • Weather
    • Blogs & Columns
    • Matt Driscoll
    • Sports
    • College
    • High School
    • Mariners
    • Preps Stats
    • Seahawks
    • Sounders
    • Tacoma Rainiers
    • UW Huskies
    • Blogs & Columns
    • Dave Boling
    • Huskies Insider Blog
    • John McGrath
    • Mariners Insider Blog
    • Seahawks Insider Blog
    • Sounders Insider Blog
    • Politics
    • Business
    • Consumers
    • People in Business
    • New Businesses
    • Port of Tacoma
    • Real Estate
    • Opinion
    • Cartoons
    • Editorials
    • Letters to the Editor
    • Op-Ed
    • Opinion Columns
    • Submit a Letter
    • Living
    • Fitness
    • Food & Drink
    • Home & Garden
    • Religion
    • Entertainment
    • Arts & Culture
    • Comics
    • Puzzles & Games
    • Events Calendar
    • Horoscopes
    • Movies
    • TNT Diner
    • Outdoors
    • Fishing
  • Obituaries

    • The Olympian
    • The Peninsula Gateway
    • The Puyallup Herald
    • Northwest Guardian
    • NIE
    • KIRO7

  • Classifieds
  • Place An Ad
  • Jobs
  • Moonlighting
  • Cars
  • Homes
  • Mobile & Apps

Business

Mining giant Rio Tinto may pull out of Pebble Mine in Alaska

By Sean Cockerham

    ORDER REPRINT →

December 23, 2013 01:52 PM

Global mining giant Rio Tinto said Monday it is considering dumping its stake in Alaska’s Pebble Mine, a huge open pit mine planned for the best remaining wild salmon stronghold on Earth.

Rio Tinto’s statement comes just four days after the chief financial officers of California and New York City wrote the London-based mining company and urged it to pull out of the Pebble project. New York City Comptroller John Liu and California State Controller John Chiang said they oversee pension funds that are substantial, long-term shareowners in Rio Tinto.

The officials from California and New York told Rio Tinto it was risking its reputation through involvement with Pebble, given the risk to the wild salmon of Alaska’s Bristol Bay region.

“Any association with Pebble Mine could result in substantial adverse public relations and potential customer and investor backlash,” they wrote to Sam Walsh, Rio Tinto’s chief executive.

Sign Up and Save

Get six months of free digital access to The News Tribune

SUBSCRIBE WITH GOOGLE

#ReadLocal

Rio Tinto, through a subsidiary, owns 19 percent of Northern Dynasty Minerals Ltd., the owner of the Pebble project. It’s a world-class copper prospect that could be the largest open pit mine in North America.

Rio Tinto said Monday in the statement, posted on its website, that it was rethinking its involvement in Pebble. The company said it advised Northern Dynasty “that it intends to undertake a strategic review, including a possible divestment” of its shares.

Rio Tinto said its review will consider how the Pebble project fits with the strategy for its copper business, which is focused on four producing mines across the globe and development projects in Peru and Arizona.

The Pebble project suffered a blow in September when British mining company Anglo American pulled out, leaving a financial hole. Northern Dynasty said it will continue to pursue the project and expressed confidence that it could find a new partner within the next year.

The Environmental Protection Agency, meanwhile, is weighing whether to use its powers under the Clean Water Act to shut down the project before it gets moving.

New York City Comptroller Liu and California State Controller Chiang told Rio Tinto that the potential EPA action, along with the possibilities of lawsuits and harm to the salmon, make Pebble too risky an investment.

“Northern Dynasty has lost roughly 80 percent of its market value over the past two years. With Rio Tinto’s stake now valued at less than $25 million, we believe the reputational risks the investment poses to Rio Tinto now outweigh its market valuation,” they wrote.

  Comments  

Videos

Fastest growing jobs in the United States through 2024

Alaska ferry system may cut some of its run to Bellingham

View More Video

Trending Stories

Undercover child sex sting leads to arrest of 22 men, many from the South Sound

February 21, 2019 04:28 PM

Whistleblower who complained about Pierce County medical examiner placed on leave

February 21, 2019 03:57 PM

Is it time for the City of Spanaway? Folks unhappy with county rule start cityhood drive

February 21, 2019 04:09 PM

These dishes from a famous local restaurant are available only at Mardi Gras, so get ‘em

February 21, 2019 11:00 AM

He was a poor student. He builds bad snowmen. Today, Matt Driscoll answers your mail.

February 21, 2019 01:44 PM
Local display advertising by PaperG

Read Next

PGA star Ryan Moore’s former home for sale in Lakewood
Video media Created with Sketch.

Golf

PGA star Ryan Moore’s former home for sale in Lakewood

By Debbie Cockrell

    ORDER REPRINT →

February 22, 2019 05:03 PM

The four-bedroom, five-bath Lakewood home is priced at $2.3 million.

KEEP READING

Sign Up and Save

#ReadLocal

Get six months of free digital access to The News Tribune

SUBSCRIBE WITH GOOGLE

MORE BUSINESS

Patriots owner Robert Kraft accused of soliciting prostitute

National

Patriots owner Robert Kraft accused of soliciting prostitute

February 22, 2019 05:00 PM
Judge dismisses charges over boy’s death on waterslide

Business

Judge dismisses charges over boy’s death on waterslide

February 22, 2019 02:47 PM
Looking for a job? Seattle bosses want a ‘paradigm shift.’ Here’s what else employers want

Business

Looking for a job? Seattle bosses want a ‘paradigm shift.’ Here’s what else employers want

February 22, 2019 10:53 AM
Correction: Empire Cast Member-Attack story

Celebrities

Correction: Empire Cast Member-Attack story

February 22, 2019 11:47 AM
Tacoma is about to make it easier for you to add second living space on your property

Local

Tacoma is about to make it easier for you to add second living space on your property

February 22, 2019 09:56 AM
UN nuclear watchdog: Iran stays within limits of 2015 deal

Business

UN nuclear watchdog: Iran stays within limits of 2015 deal

February 22, 2019 09:20 AM
Take Us With You

Real-time updates and all local stories you want right in the palm of your hand.

Icon for mobile apps

Tacoma News Tribune App

View Newsletters

Subscriptions
  • Start a Subscription
  • Customer Service
  • eEdition
  • Vacation Hold
  • Rewards
  • Pay Your Bill
Learn More
  • About Us
  • Contact Us
  • Newsletters
  • News in Education
  • Photo Store
  • Archives
Advertising
  • Information
  • Place a Classified
  • Local Deals
  • Place an Obituary
  • Today's Circulars
  • Special Sections
Copyright
Privacy Policy
Terms of Service


Back to Story