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Robert Friedland. Image from Ceo.ca
The proposed open-pit copper and gold Pebble Mine will not be built, according to billionaire mining financier Robert Friedland.
“The United States Environmental Protection Agency has just killed the Pebble Mine in Alaska. It will not be built,” Friedland said Wednesday during a presentation at the Sprott Natural Resource Symposium Vancouver.
Last Friday, the EPA suggested it might invoke a little used provision that may block the mine’s construction.
The Pebble deposit, near Bristol Bay, Alaska, holds an estimated 55 billion pounds of copper and 67 million ounces of gold. If developed, it would be one of the world’s largest open-pit copper and gold mines.
Better than Voisey’s Bay
Friedland, founder and executive chairman of Canada-based Ivanhoe Mines (TSX:IVN), made the assertion while touting his company’s development of the high-grade Kamoa copper deposit, located in the Democratic Republic of Congo.
“Kamoa is the world’s largest, highest-grade copper mine,” Friedland said, describing the reserve as “better than Voisey’s Bay.”
Ivanhoe Mines also owns the Kipushi copper/zinc/germanium/lead and precious-metals mine in the DRC and the Platreef polymetals project in South Africa.
8 Comments
yellowtab
This report has no substance. On what basis did F…d say ,pebble mine will not be built?’ He can promote Kamoa all he wants but no need to put down Pebble.
Brandon Macdonald
People need to stop taking what Friedland says seriously. He has no idea whether Pebble will be built or not, he’s just being his usual promotional self and trying to create a fear of copper scarcity among potential investors.
LAMB
It is very possible that EPA conditions for PEBBLE , even if costly, may allow it to be built. No one seems to have rationalized alternative methods of Waste Disposal in the Engineering Plan that may well succeed in getting EPA approval. That is the main stumbling point – guarantee a clean Lake and it will proceed, although at a higher cost . If owners do not want to go that route, then YES, Pebble will not be constructed, at least not in the near future – maybe in another 2 decades when Copper stockpiles are low and no new Copper mines are on the horizon. The price of Copper today may not support costly environmental systems.
Anthony Maw
Sounds like someone’s afraid of a little competition?
silver101
I believe Mr. Frieland is only stating the facts in the pebble case. There are far to many ramifications to deal with concerning the proposed Pebble mine. It really is one of the worst places in the world to open a pit mining operation and that is a fact. He didn’t become a billionaire for “knowing nothing”. The hurdles to open Pebble will be staggering high!!
BikeHard
Wow, coming from the guy who is probably solely responsible for the EPA’s negative opinion of miners. Everyone remember what he left behind in Nevada.
The reason Mr. Friedland is so busy is Africa is he can’t step foot in the USA or is at least deemed persona non grata.
litera
Large open pits create atmospheric vortex and contribute to negative changes in climatic cycles. They are are also navigational hazards for aviation. Raw materials should only be mined underground – they prevent wasteful economics and boost the morale of engineers, politicians and local stakeholders.
Michael Alyoshin
Two years later: Kamoa announces PFS results, and ” What is the Pebble Mine? Right now, it’s an idea.” Still an idea, after all these years.