Trump DOJ Blocks Largest Copper, Gold, And Silver Extraction Site In The US Over Salmon, Sending Stock Tumbling
In a move that has sent shockwaves through the mining industry, the Trump administration has blocked what would have been the largest copper, gold, silver, and molybdenum extraction site in the United States, after the DOJ filed a 143-page brief late Tuesday defending the Biden Environmental Protection Agency's (EPA) 2023 veto of the controversial Pebble Mine project in Alaska's Bristol Bay region.
If built, the Pebble mine would produce 6.4 billion lb. of copper, 7.4 million oz of gold, and 300 lb. of molybdenum - along with 37 million ounces of silver and 200,000 kg of rhenium over 20 years, according to a 2023 economic study cited by mining.com.
The DOJ argues that the EPA correctly found that discharges from the mining operation would cause unacceptable adverse affects on salmon fisheries.
"This precedent will be used by future Democratic administrations to reverse all of the progress this administration has made with its pro-energy, pro-mining, pro-development agenda," said Northern Dynasty president and CEO Ron Thiessen, calling the move "surprising."
As a result, the stock (NAK) is down as much as 45% in Wednesday trade.
History:
2001: Northern Dynasty Minerals Ltd. acquires mining claims for the Pebble deposit, a large low-grade copper-gold-molybdenum ore body in the Bristol Bay watershed. PLP (Pebble Limited Partnership), a subsidiary, begins data collection for large-scale mining.
2010: The Obama EPA announces that it would be conducting a scientific assessment under the Clean Water Act to evaluate large-scale mining impacts on Bristol Bay's water quality and salmon resources.
2014: BLOCKED! The EPA issues a Proposed Determination under Section 404(c) to restrict discharges in Pebble area waters due to risks to salmon habitat.
2017: during the first Trump administration, the EPA reversed course - proposing a withdrawal of the 2014 determination, which was finalized in 2019 (the withdrawal).
2022: The Biden EPA hits back, reversing the reversal - essentially putting the project on ice again.
January 2023: The Biden EPA issues a final veto determination to kill the project.
July 2023: Alaska files a motion with the US Supreme Court to challenge the Biden EPA.
March 2024: Northern Dynasty files a separate complaint challenging the EPA.
June 2024: Iliamna Natives Ltd. et al. (Alaska Native Corporations) file a complaint challenging the EPA.
November 12, 2024: US District Court for Alaska consolidates the three cases
February 17, 2026: Trump DOJ files opposition brief defending the Biden EPA's final determination.
The longer version:
The story starts in 2001, when Vancouver-based Northern Dynasty Minerals Ltd. acquired mining claims for the Pebble deposit, a massive low-grade ore body estimated to hold billions of pounds of critical metals essential for green energy transitions and national security. Early exploration revealed its potential to become North America's largest mine, but its location in the headwaters of Bristol Bay - home to diverse salmon populations and vital aquatic habitats - quickly raised red flags.
By 2010, the EPA launched a scientific assessment under Clean Water Act (CWA) Sections 104(a)-(b) to evaluate the risks of large-scale mining on the region's water quality and fisheries, setting the stage for over a decade of scrutiny.
The environmental concerns crystallized in January 2014 with the release of the Bristol Bay Watershed Assessment (BBA), a comprehensive study highlighting potential negative impacts from mining discharges, including habitat loss for salmon. This led to a July 2014 Proposed Determination under CWA Section 404(c) to restrict waste disposal in the area. However, pushback was swift: In November 2014, a U.S. District Court in Alaska issued a preliminary injunction halting the process amid lawsuits from Pebble Limited Partnership (PLP).
In 2017, Trump's first term ushered in what investors in NAK thought was going to be a slam dunk. By July 2017, the EPA proposed withdrawing its 2014 determination - which was finalized in August 2019, clearing a path forward.
Progress accelerated in 2020. PLP revised its "2020 Mine Plan" in June, outlining a 20-year operation to extract 1.3 billion tons of ore, but acknowledging significant environmental costs: the loss of 8.5 miles of salmon-bearing streams, 91 miles of supporting streams, and over 2,000 acres of wetlands.
The Corps' Final EIS in July detailed these impacts, yet the permit was denied in November 2020 for failing to comply with 404(b)(1) Guidelines and public interest standards. PLP appealed in January 2021.
Ping Pong Intensifies
The tide turned again in October 2021, when a court vacated the Trump EPA's 2019 withdrawal, reviving the veto process. By January 2022, the Biden EPA announced a new 404(c) review, leading to a January 2023 Final Determination: a prohibition on discharges at the mine site in the South Fork Koktuli (SFK) and North Fork Koktuli (NFK) watersheds, and restrictions elsewhere in SFK, NFK, and Upper Talarik Creek (UTC) to protect salmon fishery areas.
Litigation intensified post-veto. Alaska sought Supreme Court intervention in July 2023 (denied January 2024), while Northern Dynasty filed its challenge in March 2024 (Case No. 3:24-cv-00059). The State of Alaska followed in April 2024 (No. 3:24-cv-00084), and Iliamna Natives Ltd. et al. in June 2024 (No. 3:24-cv-00132). The Corps denied PLP's permit without prejudice on April 15, 2024, citing the EPA's action. The EPA lodged its administrative record in August 2024, and the cases were consolidated on November 12, 2024.
Plaintiffs submitted summary judgment briefs on October 3, 2025, leading to the DOJ's recent filing backing the Biden EPA and sticking a fork in the eye of NAK longs.