Pebble Mine - Current Project Ownership and Management

Current Project Ownership and Management

Mineral rights to the Pebble deposit, which lies on and under State of Alaska-owned land, belong to Pebble Limited Partnership (PLP). A sequence of mining companies and partnerships have owned and kept in good status the Alaska mining claims at and around Pebble since the initial staking of ground around the deposits in 1987.

The Pebble Limited Partnership is 50% owned by a wholly owned U.S.-based subsidiary of London-based Anglo American and 50% owned by The Northern Dynasty Partnership, which is a wholly owned Canadian-based subsidiary of Northern Dynasty Minerals Limited. Announced in July, 2007 the partnership agreement obligates Anglo American to spend $1.425 billion towards study, permitting, and construction of the project in order to retain its 50% interest. The partnership is managed by the Pebble Mines Corporation, a 50% Northern Dynasty:50% Anglo American owned corporation based in Alaska.

Important stockholders in Northern Dynasty Minerals Limited include Kennecott (19.8%) which is a wholly owned affiliate of Rio Tinto, management (13%), and Mitsubishi (9.1%). One non-executive member of the Northern Dynasty board is a Rio Tinto representative. The corporate officers and executive board members of Northern Dynasty Minerals Limited are all, also, executive board members and corporate officers of Hunter Dickinson Corporation. Northern Dynasty is one of ten public mining companies driven by Hunter Dickinson, a Vancouver-based Canadian corporation.