Rio Tinto (NYSE: RIO) has advised management at a Vancouver-based mining company it's divesting all its shares following a strategic asset review.
The mining giant will gift its 19.1% shareholdings in Northern Dynasty Minerals (TSX: NDM) to a pair of Alaskan charities.
Northern Dynasty's principal asset is the Pebble Project in southwest Alaska.
About 18,000 shares will be divided equally between the Bristol Bay Native Corporation Education Foundation and Alaska Community Foundation, which funds educational and vocational training.
"We look forward to meeting with the leadership of the Alaska Community Foundation and Bristol Bay Native Corporation Education Foundation in the days ahead to better understand their long-term goals and aspirations, and how their ownership interest in Northern Dynasty and the Pebble Project can make the greatest possible contribution to the people and communities they serve," Northern Dynasty president and CEO Ron Thiessen said in a April 7 statement.
Rio Tinto announced in December 2013 that it would be undertaking a strategic asset review of Northern Dynasty.
