Reuters reported that Brokerage firm TD Newcrest boosted its price target on shares of Northern Dynasty after the Canadian exploration company offered promising data on its Pebble copper and gold molybdenum project in Alaska.

The project, which is 50;50 partnership of Northern Dynasty and diversified miner Anglo American contains roughly 55 billion pounds of copper, 67 million ounces of gold and 3.3 billion pounds of molybdenum in the measured and indicated categories.

According the Northern Dynasty's preliminary economic study, Pebble which is expected to cost roughly USD 4.7 billion to build has the potential to produce more than 500 million pounds of copper and more than 600,000 ounces of gold annually.

The company which counts Rio Tinto and Mitsubishi Corporation among its largest shareholders said that the latest study confirms both Pebble's viability and its long term potential.

Mr Craig Miller analyst of TD said that the preliminary assessment outlines robust economics for the Pebble project. He raised his price target on shares of Northern Dynasty to CAD 44 from CAD 26.

(Sourced from Reuters)