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Trilogy Metals Shares Down After Interior Department Blocks Plans for Access Road to Alaska Projects
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Trilogy Metals Shares Down After Interior Department Blocks Plans for Access Road to Alaska Projects
Apr 19, 2024 1:39 PM

04:19 PM EDT, 04/19/2024 (MT Newswires) -- Trilogy Metals' ( TMQ ) plans for copper and zinc mines in Alaska were stymied Friday when the Biden administration blocked construction of a 211-mile access roadway to connect the mines along the Brooks Mountain range to existing roads.

The US Department of the Interior on Friday rejected the proposed Ambler Road, citing its likely impact on Alaska Native communities living near its path. In particular, the federal department said building the road would require crossing as many as 3,000 streams, potentially affecting fishing and caribou populations key to resident subsistence.

Trilogy and Australian miner South32 own equal 50% stakes in Ambler Metals, which has been planning to build the roadway to develop the Upper Kobuk Mineral Projects region in Alaska. Both Trilogy and Ambler Metals earlier this week criticized federal regulators after reports of the likelihood of such decision.

Trilogy Metals ( TMQ ) shares were down nearly 3% in after-hours activity.

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