After years of fighting, activists who have been seeking to prevent the informally proposed Pebble Mine in Alaska's Bristol Bay region -- home of the world's two most prolific salmon runs -- may finally have something to cheer about. One of the two foreign companies in the joint venture formed to explore the Pebble deposit, Anglo American, announced today that it will be withdrawing from the partnership at an expected cost of $300 million dollars.
Anglo American CEO Mark Cutifani stated,"despite our belief that Pebble is a deposit of rare magnitude and quality, we have taken the decision to withdraw following a thorough assessment of Anglo American’s extensive pipeline of long-dated project options. Our focus has been to prioritize capital to projects with the highest value and lowest risks within our portfolio, and reduce the capital required to sustain such projects during the pre-approval phases of development as part of a more effective, value-driven capital allocation model. We wish the project well through its forthcoming permitting process and express our thanks to all those who have supported Pebble and who recognize the opportunities and benefits that such an investment may bring to Alaska.”