Northern Dynasty: Pebble Partnership rolls out revenue sharing for full-time residents of Bristol Bay
‘Pebble Performance Dividend’ to distribute 3% Net Profits Royalty Interest in future Pebble mine
June 16, 2020 Vancouver – Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE American: NAK) ("Northern Dynasty" or the "Company"
reports that its 100%-owned US-based subsidiary Pebble Limited Partnership (the ”Pebble Partnership”) has announced a local revenue sharing program to ensure full-time residents of communities in southwest Alaska benefit directly from the future operation of the proposed Pebble mine.
The Pebble Partnership has established the Pebble Performance Dividend LLP to distribute a 3% Net Profits Royalty Interest in the Pebble Project to adult residents of Bristol Bay villages that have subscribed as participants. The Pebble Performance Dividend will distribute a guaranteed minimum annual payment of US $3 million each year the Pebble mine operates beginning at the outset of project construction, with future payments following capital payback expected to be significantly greater.
The Pebble Partnership announced the Pebble Performance Dividend today, and kicked off an enrollment period whereby full-time, adult residents of Bristol Bay villages can register to participate in the revenue sharing program.
Pebble Partnership CEO Tom Collier said the Pebble Performance Dividend helps fulfill a key promise made to local people: “When we rolled out our new, smaller mine plan in 2017, I made a commitment to find a way to share the opportunity Pebble represents with the residents of Bristol Bay. While not everyone will want to work at the mine, this ensures a direct way for everyone to participate.”
“Developing a mine at Pebble will provide jobs, economic activity, local tax revenue and infrastructure. Today we are adding one more way residents of the region can directly benefit from Pebble.”
Pebble’s ‘dividend’ program is intended to mirror Alaska’s Permanent Fund, which distributes an annual dividend to full-time residents of Alaska each year based on revenue derived from natural resource activity in the state, including mining. Like the Permanent Fund, the Pebble Performance Dividend will help residents and families in rural villages in southwest Alaska remain in their home communities and pursue traditional, subsistence-based lifestyles.
“We’re proud to offer this benefit to the people of Bristol Bay, and hope and believe it will help make these villages and the Alaska Native culture they support sustainable for future generations,” said Northern Dynasty President & CEO Ron Thiessen.
The Pebble Project is expected to receive its Final Environmental Impact Statement (“EIS”) from the US Army Corps of Engineers within a matter of weeks, and a federal Record of Decision this summer. The project must then secure state permits prior to the onset of construction – a process expected to take 2-3 years to complete.
“It’s an exciting time for Northern Dynasty and the Pebble Partnership, as all the work we’ve done over many years to advance an environmentally sound, socially responsible and financially robust project is nearing its most critical permitting milestone,” Thiessen said. “In our view, the time is right to formalize our commitment to the communities of Bristol Bay to ensure that the development of Pebble directly benefits the people and families that call the region home.”
https://www.sec.gov/Archives/edgar/data/11647..._ex991.htm
‘Pebble Performance Dividend’ to distribute 3% Net Profits Royalty Interest in future Pebble mine
June 16, 2020 Vancouver – Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE American: NAK) ("Northern Dynasty" or the "Company"
reports that its 100%-owned US-based subsidiary Pebble Limited Partnership (the ”Pebble Partnership”) has announced a local revenue sharing program to ensure full-time residents of communities in southwest Alaska benefit directly from the future operation of the proposed Pebble mine. The Pebble Partnership has established the Pebble Performance Dividend LLP to distribute a 3% Net Profits Royalty Interest in the Pebble Project to adult residents of Bristol Bay villages that have subscribed as participants. The Pebble Performance Dividend will distribute a guaranteed minimum annual payment of US $3 million each year the Pebble mine operates beginning at the outset of project construction, with future payments following capital payback expected to be significantly greater.
The Pebble Partnership announced the Pebble Performance Dividend today, and kicked off an enrollment period whereby full-time, adult residents of Bristol Bay villages can register to participate in the revenue sharing program.
Pebble Partnership CEO Tom Collier said the Pebble Performance Dividend helps fulfill a key promise made to local people: “When we rolled out our new, smaller mine plan in 2017, I made a commitment to find a way to share the opportunity Pebble represents with the residents of Bristol Bay. While not everyone will want to work at the mine, this ensures a direct way for everyone to participate.”
“Developing a mine at Pebble will provide jobs, economic activity, local tax revenue and infrastructure. Today we are adding one more way residents of the region can directly benefit from Pebble.”
Pebble’s ‘dividend’ program is intended to mirror Alaska’s Permanent Fund, which distributes an annual dividend to full-time residents of Alaska each year based on revenue derived from natural resource activity in the state, including mining. Like the Permanent Fund, the Pebble Performance Dividend will help residents and families in rural villages in southwest Alaska remain in their home communities and pursue traditional, subsistence-based lifestyles.
“We’re proud to offer this benefit to the people of Bristol Bay, and hope and believe it will help make these villages and the Alaska Native culture they support sustainable for future generations,” said Northern Dynasty President & CEO Ron Thiessen.
The Pebble Project is expected to receive its Final Environmental Impact Statement (“EIS”) from the US Army Corps of Engineers within a matter of weeks, and a federal Record of Decision this summer. The project must then secure state permits prior to the onset of construction – a process expected to take 2-3 years to complete.
“It’s an exciting time for Northern Dynasty and the Pebble Partnership, as all the work we’ve done over many years to advance an environmentally sound, socially responsible and financially robust project is nearing its most critical permitting milestone,” Thiessen said. “In our view, the time is right to formalize our commitment to the communities of Bristol Bay to ensure that the development of Pebble directly benefits the people and families that call the region home.”
https://www.sec.gov/Archives/edgar/data/11647..._ex991.htm
