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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C.
20549FORM 40-F[ ] REGISTRATION
STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF
1934OR[X] ANNUAL REPORT PURSUANT TO SECTION 13(a) OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

|For the fiscal year ended December 31, 2010 | Commission File Number:
  001-32210
|------------------------------------------- | -----------------------------------

NORTHERN DYNASTY
MINERALS LTD.(Exact name of Registrant as specified in its
charter)

|British Columbia Canada            | 1040                         | Not Applicable     
|---------------------------------- | ---------------------------- | -------------------
|(Province or Other Jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer   
|Incorporation or Organization)     | Classification Code)         | Identification No.)

Suite 1020, 800 West Pender StreetVancouver,
British ColumbiaCanada V6C 2V8(604)
684-6365(Address and telephone number of Registrants principal
executive offices)Corporation Service CompanySuite
400, 2711 Centerville RoadWilmington, Delaware
19808(800) 927-9800(Name, address (including zip
code) and telephone number (includingarea code) of agent for service
in the United States)Securities registered or to be registered
pursuant to section 12(b) of the Act:

|Title Of Each Class         | Name Of Each Exchange On Which Registered
|--------------------------- | -----------------------------------------
|Common Shares, no par value | NYSE Amex Equities                       

Securities registered or to be registered pursuant to Section
12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to
Section 15(d) of the Act: None

For annual reports, indicate by check mark the information filed
with this Form:

|[X] Annual Information Form | [X] Audited Annual Financial Statements
|--------------------------- | ---------------------------------------

Indicate the number of outstanding shares of each of the
Registrants classes of capital or common stock as of the close of the period
covered by the annual report: 94,177,066 Common Shares

Indicate by check mark whether the Registrant by filing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934 (the Exchange Act). If yes is marked, indicate the file number assigned
to the Registrant in connection with such Rule.

Yes   [ ]     No  
[X]

Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Exchange Act during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes   [X]     No   [
]

Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (§232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the Registrant was required to submit and post such files).

Yes   [ ]     No   [
]

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INTRODUCTORY INFORMATION

In this annual report, references to we, our, us, the
Company or Northern Dynasty, mean Northern Dynasty Minerals Ltd. its
subsidiaries and consolidated interests, unless the context suggests
otherwise.

Unless otherwise indicated, all amounts in this annual report
are in Canadian dollars and all references to $ mean Canadian dollars.

PRINCIPAL DOCUMENTS

The following documents that are filed as exhibits to this
annual report are incorporated by reference herein:

- our Annual Information Form for the year ended December 31, 2010;
- our Audited Consolidated Financial Statements as at and for the two years
  ended December 31, 2010 and 2009; and
- our Managements Discussion and Analysis for the year ended December 31,
  2010.

FORWARD-LOOKING STATEMENTS

This annual report includes or incorporates by reference
certain statements that constitute forward-looking statements within the
meaning of the United States Private Securities Litigation Reform Act of
1995. These statements appear in a number of places in this annual report
and documents incorporated by reference herein and include statements regarding
our intent, belief or current expectation and that of our officers and
directors. These forward-looking statements involve known and unknown risks and
uncertainties that may cause our actual results, performance or achievements to
be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. When used in this
annual report or in documents incorporated by reference in this annual report,
words such as believe, anticipate, estimate, project, intend,
expect, may, will, plan, should, would, contemplate, possible,
attempts, seeks and similar expressions are intended to identify these
forward-looking statements. These forward-looking statements are based on
various factors and were derived utilizing numerous assumptions that could cause
our actual results to differ materially from those in the forward-looking
statements. Accordingly, you are cautioned not to put undue reliance on these
forward-looking statements. Forward-looking statements include, among others,
statements regarding:

- our expected financial performance in future periods;
- our plan of operations, including our plans to carry out exploration and
  development activities;
- our ability to raise capital for exploration and development activities;
- our expectations regarding the exploration and development potential of
  our properties; and
- factors relating to our investment decisions.

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Certain of the assumptions we have made include assumptions
regarding, among other things:

- future commodity prices;
- the cost of carrying out exploration and development activities on our
  mineral properties;
- our ability to obtain the necessary expertise in order to carry out our
  exploration and development activities within the planned time periods; and
- our ability to obtain adequate financing on acceptable terms.

Some of the risks and uncertainties that could cause our actual
results to differ materially from those expressed in our forward-looking
statements include:

- the speculative nature of the mineral resource exploration business;
- the exploration stage of our mineral projects;
- the lack of known reserves on our mineral properties;
- our inability to establish that our Pebble Property contains commercially
  viable deposits of ore;
- our ability to recover the financial statement carrying values of our
  mineral property interests if the Company ceases to continue on a going
  concern basis;
- loss of the services of any of our executive officers;
- our history of financial losses;
- our ability to continue on a going concern basis;
- the volatility of gold, copper and molybdenum prices;
- the inherent risk involved in the exploration, development and production
  of minerals;
- changes in, or the introduction of new, government regulations relating to
  mining, including laws and regulations relating to the protection of the
  environment;
- the presence of unknown environmental hazards on our mineral properties;
- potential claims by third parties to the Companys mineral projects;
- our inability to insure our operations against all risks;
- the highly competitive nature of our business;
- the historical volatility in our share price;
- potential conflicts of interest relating to our directors and officers;
- the potential dilution to our shareholders from any future equity
  financings;
- the loss of services of our independent contractors; and
- the potential dilution to our shareholders from the exercise of options to
  purchase our shares.

We refer you to the section entitled Risk Factors in our
Annual Information Form for more detailed discussion of such risks and other
important factors that could cause our actual results to differ materially from
those in such forward-looking statements. Except as required by law, we assume
no obligation to update or to publicly announce the results of any change to any
of the forward-looking statements contained or incorporated by reference herein
to reflect actual results, future events or developments, changes in assumptions
or changes in other factors affecting the forward-looking statements.

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CAUTIONARY NOTE TO UNITED STATES INVESTORS
CONCERNINGESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES

The disclosure in this annual report, including the documents
incorporated by reference herein, uses terms that comply with reporting
standards in Canada and certain estimates are made in accordance with Canadian
National Instrument 43-101 Standards of Disclosure for Mineral Projects(NI 43-101). NI 43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for all public disclosure an issuer
makes of scientific and technical information concerning mineral projects.
Unless otherwise indicated, all resource estimates contained in or incorporated
by reference in this annual report have been prepared in accordance with NI
43-101. These standards differ significantly from the requirements of the SEC,
and resource information contained herein and incorporated by reference herein
may not be comparable to similar information disclosed by U.S. companies.

In addition, this annual report uses the terms measured
mineral resources, indicated mineral resources and inferred mineral
resources to comply with the reporting standards in Canada. We advise United
States investors that while those terms are recognized and required by Canadian
regulations, the SEC does not recognize them. United States investors are
cautioned not to assume that any part or all of the mineral deposits in these
categories will ever be converted into mineral reserves. These terms have a
great amount of uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility.

Further, inferred resources have a great amount of
uncertainty as to their existence and as to whether they can be mined legally or
economically. Therefore, United States investors are also cautioned not to
assume that all or any part of the inferred resources exist. In accordance with
Canadian rules, estimates of inferred mineral resources cannot form the basis
of feasibility or other economic studies.

It cannot be assumed that all or any part of measured mineral
resources, indicated mineral resources, or inferred mineral resources will
ever be upgraded to a higher category. Investors are cautioned not to assume
that any part of the reported measured mineral resources, indicated mineral
resources, or inferred mineral resources in this annual report is
economically or legally mineable.

In addition, disclosure of contained ounces is permitted
disclosure under Canadian regulations; however, the SEC only permits issuers to
report mineralization as in place tonnage and grade without reference to unit
measures.

For the above reasons, information contained in this annual
report and the documents incorporated by reference herein containing
descriptions of our mineral deposits may not be comparable to similar
information made public by U.S. companies subject to the reporting and
disclosure requirements under the United States federal securities laws and the
rules and regulations thereunder.

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NOTE TO UNITED STATES READERS REGARDING
DIFFERENCESBETWEEN UNITED STATES AND CANADIAN REPORTING PRACTICES

The Company is permitted to prepare this annual report in
accordance with Canadian disclosure requirements, which are different from those
of the United States. Under regulations governing Canadian disclosure
requirements, the Company received approval from Canadian securities regulatory
authorities to prepare its consolidated financial statements in accordance with
International Financial Reporting Standards (IFRS) which principles differ in
certain respects from those applicable in the United States (US GAAP) and from
practices prescribed by the SEC. Therefore, the Companys financial statements
incorporated by reference in this annual report may not be comparable to
financial statements prepared in accordance with U.S. GAAP.

DISCLOSURE CONTROLS AND PROCEDURES

Disclosure controls and procedures are defined in Rule
13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (Exchange
Act) to mean controls and other procedures of an issuer that are designed
to ensure that information required to be disclosed by the issuer in the reports
that it files or submits under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the SECs rules
and forms and includes, without limitation, controls and procedures designed to
ensure that such information is accumulated and communicated to the issuers
management, including its principal executive and principal financial officers,
or persons performing similar functions, as appropriate to allow timely
decisions regarding required disclosure.

As of the end of the period covered by this report, our
management carried out an evaluation, with the participation of our Chief
Executive Officer and Chief Financial Officer, of the effectiveness of our
disclosure controls and procedures. Based upon that evaluation, our Chief
Executive Officer and Chief Financial Officer concluded that, as of the end of
the period covered by this report, our disclosure controls and procedures, as
defined in Rule 13a-15(e), were effective at a reasonable assurance level.

It should be noted that while our Chief Executive Officer and
our Chief Financial Officer believe that our disclosure controls and procedures
provide a reasonable level of assurance that they are effective, they do not
expect that our disclosure controls and procedures or internal control over
financial reporting will prevent all errors and fraud. A control system, no
matter how well conceived or operated, can provide only reasonable, not
absolute, assurance that the objectives of the control system will be met.

INTERNAL CONTROL OVER FINANCIAL REPORTING

The Company's management, including the Chief Executive Officer
and the Chief Financial Officer, is responsible for establishing and maintaining
adequate internal control over financial reporting. Internal control over
financial reporting (ICFR), as defined by Rule 13a-15(f) and 15d-15(f) of the
Exchange Act, is a process designed by, or under the supervision of the
Company's principal executive and principal financial officers and effected by
the Company's Board of Directors, management and other personnel, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
IFRS.

---

The Company's internal control over financial reporting
includes those policies and procedures that:

- pertain to the maintenance of records that, in reasonable detail,
  accurately and fairly reflect the transactions and dispositions of the assets
  of the Company;
- provide reasonable assurance that transactions are recorded as necessary
  to permit preparation of financial statements in accordance with IFRS, and
  that receipts and expenditures of the Company are being made only in
  accordance with authorizations of management and directors of the company; and
- provide reasonable assurance regarding prevention or timely detection of
  unauthorized acquisition, use or disposition of the Company's assets that
  could have a material effect on the financial statements.

The Companys management, including its Chief Executive Officer
and Chief Financial Officer, believe that any system of internal control over
financial reporting, no matter how well conceived and operated, can provide only
reasonable, not absolute, assurance that the objectives of the control system
are met. Furthermore, the design of a control system must reflect the fact that
there are resource constraints and the benefits of controls must be considered
relative to their costs. Because of the inherent limitations in all control
systems, they cannot provide absolute assurance that all control issues and
instances of fraud, if any, within the Company have been prevented or detected.
These inherent limitations include the realities that judgments in
decision-making can be faulty and breakdowns can occur because of simple error
or mistake. Additionally, controls can be circumvented by the individual acts of
some persons, by collusion of two or more people, or by unauthorized override of
control. The design of any system of controls is also based in part upon certain
assumptions about the likelihood of future events, and there can be no assurance
that any design will succeed in achieving its stated goals under all potential
future conditions. Accordingly, because of the inherent limitations in a cost
effective control system, misstatements due to error or fraud may occur and not
be detected.

The Companys management assessed the effectiveness of the
Companys internal control over financial reporting as of December 31, 2010. In
making the assessment, it used the criteria set forth in the Internal
Control-Integrated Framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO). Based on their assessment, management has
concluded that, as of December 31, 2010, as defined in Rule 13a-15(f), the
Companys internal control over financial reporting was effective.

The Companys internal control over financial reporting as of
December 31, 2010 has been audited by Deloitte & Touche LLP, Independent
Registered Chartered Accountants who also audited the Companys Consolidated
Financial Statements for the year ended December 31, 2010. Deloitte & Touche
LLP as stated in their report, that immediately precedes the Company's audited
consolidated financial statements for the year ended December 31, 2010 (exhibit
99.5), expressed an unqualified opinion on the effectiveness of the Companys
internal control over financial reporting.

There has been no change in the design of the Companys
internal control over financial reporting that has materially affected, or is
reasonably likely to materially affect, the Companys internal control over
financial reporting during the period covered by this Annual Report on Form
40-F.

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AUDIT COMMITTEE

Our Board of Directors has established a separately-designated
independent Audit Committee of the Board in accordance with Section 3(a)(58)(A)
of the Exchange Act for the purpose of overseeing our accounting and financial
reporting processes and the audits of our annual financial statements. As at the
date of this annual report, the Audit Committee was comprised of David Elliott,
Wayne Kirk and Gordon Fretwell.

AUDIT COMMITTEE FINANCIAL EXPERT

Our Board of Directors has determined that David Elliott, a
member of the Audit Committee of our Board, is an audit committee financial
expert (as that term is defined in Item 407 of Regulation S-K under the Exchange
Act) and is an independent director under applicable securities laws and the
listing requirements of the NYSE Amex Equities LLC.

PRINCIPAL ACCOUNTING FEES AND SERVICES

The following table sets forth information regarding amounts
billed to us by our independent auditors for each of our last two fiscal
years:

|                   |   | Year Ended December
      31, | 
|------------------ | - | ----------------------------- | 
|                   |   | 2009                          | 
|Audit Fees         | $ | 122,000                       | 
|Audit-Related Fees |   |                              | 
|Tax Fees           |   |                              | 
|All Other Fees     |   |                              | 
|Total              | $ | 122,000                       | 

Audit Fees

Audit fees are the aggregate fees billed by our independent
auditor for the audit of our annual consolidated financial statements, reviews
of interim consolidated financial statements and attestation services that are
provided in connection with statutory and regulatory filings or engagements.

Audit-Related Fees

AuditRelated Fees include services that are traditionally
performed by the auditor. These audit-related services include employee benefit
audits, due diligence assistance, accounting consultations on proposed
transactions, internal control reviews and audit or attest services not required
by legislation or regulation.

Tax Fees

Tax fees are fees for tax compliance and tax advice on actual
or contemplated transactions.

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All Other Fees

All other fees relate to services other than the audit fees,
audit-related fees and tax fees described above.

Audit Committee Pre-Approval Policies

From time to time, management of the Company recommends to and
requests approval from the audit committee for audit and non-audit services to
be provided by the Company's auditors. The audit committee routinely considers
such requests at committee meetings, and if acceptable to a majority of the
audit committee members, pre-approves such audit and non-audit services by a
resolution authorizing management to engage the Company's auditors for such
non-audit services, with set maximum dollar amounts for each itemized service.
During such deliberations, the audit committee assesses, among other factors,
whether the non-audit services requested would be considered "prohibited
services" as contemplated by the US Securities and Exchange Commission, and
whether the non-audit services requested and the fees related to such services
could impair the independence of the auditors.

OFF-BALANCE SHEET ARRANGEMENTS

We have not entered into any off-balance sheet arrangements
that have or are reasonably likely to have a current or future effect on our
financial condition, changes in financial condition, revenues, expenses, results
of operations, liquidity, capital expenditures or capital resources that is
material to investors.

CONTRACTUAL OBLIGATIONS

The Company has none as per the table below:

Contractual
      obligation
    NoneLong term debt
      obligations
    NoneOperating lease
      obligations
    NonePurchase
      obligations
    NoneOther
    NoneTotal
    None


The term purchase obligation means an agreement to purchase
goods or services that is enforceable and legally binding on the registrant that
specifies all significant terms, including: fixed or minimum quantities to be
purchased; fixed, minimum or variable price provisions; and the approximate
timing of the transaction.

CODE OF ETHICS

We have adopted a Code of Ethics that applies to our officers,
employees and directors and promotes, among other things, honest and ethical
conduct. The code also promotes compliance by our Chief Executive Officer, Chief
Financial Officer and other senior finance staff with the Sarbanes-Oxley Act of
2002. The Code of Ethics was updated in 2007 and again in 2009 and is publicly
available on the Companys website at www.northerndynastyminerals.com.

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No substantive amendments were made to the Companys Code of
Ethics during the fiscal year ended December 31, 2010, and no waivers of the
Companys Code of Ethics were granted to any principal officer of the Company or
any person performing similar functions during the fiscal year ended December
31, 2010.

NYSE AMEX EQUITIES CORPORATE GOVERNANCE

The Companys common shares are listed for trading on the NYSE
Amex Equities Exchange (NYSE Amex). Section 110 of the NYSE Amex company guide
permits NYSE Amex to consider the laws, customs and practices of their home
country in relaxing certain NYSE Amex listing criteria otherwise applicable to
foreign issuers, and grants exemptions from NYSE Amex listing criteria based on
these considerations. A company seeking relief under these provisions is
required to provide written certification from independent local counsel that
the non-complying practice is not prohibited by home country law. A description
of the significant ways in which the Companys governance practices differ from
those followed by United States domestic companies pursuant to NYSE Amex
standards is contained on the Companys website at www.northerndynastyminerals.com.

Upon listing, the Company received an exemption from its quorum
requirement. Under the NYSE Amex listing standards, the quorum requirement is a
minimum of one third of shareholders entitled to vote for U.S. domestic
companies. The Company does not meet this requirement and has been granted
relief from this listing standard.

Further, the Companys Board of Directors is presently not
comprised of a majority of independent directors, as required by Section 802(a)
of the NYSE Amex Company Guide. The Company has been granted relief from these
requirements by NYSE Amex.

UNDERTAKING

The Registrant undertakes to make available, in person or by
telephone, representatives to respond to inquiries made by the Commission staff,
and to furnish promptly, when requested to do so by the Commission staff,
information relating to: the securities registered pursuant to Form 40-F; the
securities in relation to which the obligation to file an annual report on Form
40-F arises; or transactions in said securities.

CONSENT TO SERVICE OF PROCESS

The Company previously filed an Appointment of Agent for
Service of Process and Undertaking on Form F-X signed by the Company and its
agent for service of process with respect to the class of securities in relation
to which the obligation to file this annual report arises, which Form F-X is
incorporated herein by reference.

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SIGNATURES

Pursuant to the requirements of the Exchange Act, the Company
certifies that it meets all of the requirements for filing on Form 40-F and has
duly caused this annual report to be signed on its behalf by the undersigned,
thereunto duly authorized.

|Date: March 29 2011. | NORTHERN DYNASTY MINERALS
      LTD.
|-------------------- | ------------------------------------
|                     |                                     
|                     | By: /s/ Marchand Snyman             
|                     |                                     
|                     | Marchand Snyman                     
|                     | Chief Financial Officer             

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EXHIBIT INDEX

|Exhibit |                                                                                                                                                                                                                                                 
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  | Exhibit Description                                                                                                                                                                                                                             
|99.1    | Certification of Chief
      Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act, as
      adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                       
|        |                                                                                                                                                                                                                                                 
|99.2    | Certification of Chief
      Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act, as
      adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                       
|        |                                                                                                                                                                                                                                                 
|99.3    | Certification of Chief
      Executive Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18
      U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-
      Oxley Act of 2002                                     
|        |                                                                                                                                                                                                                                                 
|99.4    | Certification of Chief
      Financial Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18
      U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-
      Oxley Act of 2002                                     
|        |                                                                                                                                                                                                                                                 
|99.5    | Audited consolidated financial
      statements of the Company and notes thereto as at and for the two years
      ended December 31, 2010, and 2009, together with the report of the
      Independent Registered Chartered Accountants thereon
|        |                                                                                                                                                                                                                                                 
|99.6    | Managements Discussion and
      Analysis for the year ended December 31, 2010                                                                                                                                                                 
|        |                                                                                                                                                                                                                                                 
|99.7    | Annual Information Form of the
      Company for the year ended December 31, 2010                                                                                                                                                               
|        |                                                                                                                                                                                                                                                 
|99.8    | Consent of Deloitte &
      Touche LLP, Independent Registered Chartered Accountants                                                                                                                                                            
|        |                                                                                                                                                                                                                                                 
|99.9    | Consent of J.David Gaunt,
      P.Eng.                                                                                                                                                                                                          
|        |                                                                                                                                                                                                                                                 
|99.10   | Consent of Hassan Ghaffari,
      P.Eng.                                                                                                                                                                                                        
|        |                                                                                                                                                                                                                                                 
|99.11   | Consent of Robert Morrison,
      P.Geo.                                                                                                                                                                                                        
|        |                                                                                                                                                                                                                                                 
|99.12   | Consent of Andre de Ruijter,
      P.Eng.                                                                                                                                                                                                       
|        |                                                                                                                                                                                                                                                 
|99.13   | Consent of Tysen Hantelmann,
      P.Eng.                                                                                                                                                                                                       
|        |                                                                                                                                                                                                                                                 
|99.14   | Consent of Aleksandar Zivkovic,
      P.Eng.                                                                                                                                                                                                    
|        |                                                                                                                                                                                                                                                 
|99.15   | Consent of Scott Cowie,
      MAusIMM.                                                                                                                                                                                                          
|        |                                                                                                                                                                                                                                                 
|99.16   | Consent of Doug Ramsey, P.R.
      Bio.                                                                                                                                                                                                         

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