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Rio Tinto CEO: No Interest In Pebble Project As An Open Pit Mine

LONDON -(Dow Jones)- Rio Tinto PLC (RIO) has no interest in seeing the Alaskan copper and gold Pebble project developed as an open pit mine given the concerns about its environmental impact, although it thinks it would be worth exploring the project as an underground mine. "I'm interested in looking at it from an underground perspective; I have no interest in looking at it from an overground perspective," Rio Tinto's CEO Tom Albanese told his shareholders at the company's annual general meeting here. "An open pit mine is not the way to go...in my opinion," he added. The Pebble project, located in southwestern Alaska, is one of the world's largest undeveloped gold and copper deposits and has faced protests from activists who allege it could harm an important spawning habitat for wild sockeye salmon, as well as damage communities around Bristol Bay that depend on fishing. Rio Tinto owns an indirect stake in the project through a 19.16% stake in Canada-based Northern Dynasty Minerals Ltd., which owns the project jointly and in equal measure with U.K.-listed Anglo American PLC (AAL.LN). The project could produce annually as much as 350,000 metric tons of copper, 12,000 tons of molybdenum, and 600,000 ounces of gold. A pre-feasibility study for the project is expected to be completed in 2012. -By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328; alex.macdonald@dowjones.com

Stock News for Northern Dynasty Mnl (NAK)
DateTimeHeadline
04/19/201208:51:55Rio Tinto CEO: No Interest In Pebble Project As An Open Pit Mine
03/02/201204:03:07METALS MOVER: Pebble Partnership Appoints Rejean Carrier As COO
02/15/201212:42:05Northern Dynasty: Pebble Project Environmental Study Completed
10/05/201106:18:19Alaska Court Rules In Favor Of Pebble Project Exploration Rights
04/19/201119:30:37Anglo American CEO To Meet With Alaska Group Over Pebble Project
11/02/201020:30:2450 Jewelers Say No To Buying Gold From Alaska Pebble Mine

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