Investor Says It’s Standing By Pebble Copper Mine Project

A company with a major stake in the proposed Pebble Mine in Alaska is standing by the project, despite a recent public call for another backer to pull out.

The decision by VanEck Associates Corp. to stick with the project comes after California state treasurer called on the gold and copper mine’s latest funder, First Quantum Minerals Ltd., to divest.

VanEck is the eighth-biggest shareholder in First Quantum, with holdings of more than $180 million, nearly twice the size of California’s investment.

Last December, First Quantum agreed to invest $150 million over four years in Pebble. The agreement ...