Rio Tinto Has No Immediate Plans to Develop Pebble Project - CEO

Say what?

"There is a huge amount that needs to be done to prove or disapprove that the project can be built in a way to meet our standards," Sam Walsh told shareholders at the company's annual general meeting in London.

Rio Tinto would only support an underground mine if the project were to go ahead, and was against an open pit mine, he said.

LINK (via:Fox Business)

I'm sure the other partners are thrilled.

Rio Tinto holds about a 10% indirect stake in the Pebble project through a 19.8% stake in Canada-based Northern Dynasty Minerals Ltd. (NAK), which jointly owns the project with U.K.-listed Anglo American PLC.