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First Quantum, Northern Dynasty nix US$1.5B option over Pebble copper project

First Quantum Minerals Ltd. and Northern Dynasty Minerals Ltd. have terminated a framework agreement for the former company to earn a 50% interest in the Pebble copper project in Alaska, according to a May 25 Northern Dynasty news release.

Both parties were unable to reach an agreement on the US$1.5 billion option and partnership transaction, which would have seen a First Quantum unit pay US$150 million in equal tranches of US$37.5 million over an initial four-year option period.

This would have entitled First Quantum to earn a 50% interest in Pebble Limited Partnership, which owns the project, after investing an additional US$1.35 billion.