Northern Dynasty: Alaska's Pebble Project Approaches Key Permitting Milestone As COVID-19 And Collapsing Oil Prices Threaten State's Economy, Fiscal Health And Employment

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[{"type":"text","content":"Northern Dynasty: Alaska’s Pebble Project Approaches Key Permitting Milestone As COVID-19 And Collapsing Oil Prices Threaten State’s Economy, Fiscal Health And EmploymentVANCOUVER / ACCESSWIRE / May 14, 2020 / Northern Dynasty Minerals Ltd. (TSX:NDM)(NYSE American:NAK) (\"Northern Dynasty\" or the \"Company\") reports that, though fewer than 400 cases of COVID-19 have been diagnosed in Alaska, placing it among the lowest states in the country on an absolute and per capita basis, the economic impact of the global pandemic on the largest US state are both severe and ongoing.As a result of COVID-19 and an unprecedented worldwide collapse of oil prices, almost 20% of Alaska's workforce - some 62,000 people in a state of less than 750,000 - have active or pending unemployment claims. Some economists forecast 50,000 Alaska job losses this year.Meanwhile, with average oil prices languishing in the low $20/barrel range through April and May - less than a third of the price required to balance the state budget - Alaska is entering its sixth consecutive year of deficit spending. The state has virtually depleted the substantial budget reserves it built up over decades of high oil prices, and is now faced with generating new sources of revenue, introduction of personal income or other taxes, and/or vastly reducing future capital and operating expenditures.\"Certainly, many expect North America's oil and gas sector will be challenged to generate significant investment in new production in the years ahead, and Alaska's tourism sector has also been severely impacted by COVID-19,\" said Northern Dynasty President & CEO Ron Thiessen. \"The minerals sector, on the other hand, has a much stronger outlook - with prices for gold and precious metals surging in the near-term, and the medium-term view for copper and base metals suggesting an extended runway for investment and growth.\"Thiessen said Alaska is well positioned to benefit from the anticipated resurgence of mineral commodity prices, and a corresponding increase in investment in mineral exploration and development. He noted Alaska recently rose to the #4 position among 76 jurisdictions ranked in the Fraser Institute's annual Survey of Mining Companies - 2019 (released February 2020) for overall ‘Investment Attractiveness' - in part, due to the rise of resource nation...

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