[   ]

Rule 13d-1(b)

[X]

Rule 13d-1(c)

[   ]

Rule 13d-1(d)

CUSIP NO. 66510M204

Schedule 13G

Page 2 of 5

1

NAME OF REPORTING PERSON

Mitsubishi Corporation

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)     o
(b)     x

3

SEC USE ONLY

4

CITENZSHIP OR PLACE OF ORGANIZATION

Japan

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON

5


6


7


8

SOLE VOTING POWER
8,296,108 Shares

SHARED VOTING POWER
-0-

SOLE DISPOSITIVE POWER
8,296,108 Shares

SHARED DISPOSITIVE POWER
-0-

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

8,296,108 Shares

10

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

         o

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

9.0%

12

TYPE OF REPORTING PERSON*

CO

CUSIP NO. 66510M204

Schedule 13G

Page 3 of 5

Item 1.

(a)

Name of Issuer

Northern Dynasty Minerals, Ltd. (the “Issuer”).

(b)

Address of Issuer’s Principal Executive Offices

Suite 1020-800 West Pender Street
Vancouver, British Columbia V6C2V6, Canada

Item 2.

(a)

Names of Persons Filing

This Statement is being filed on behalf of Mitsubishi Corporation (the “Reporting Person”)

(b)

Address of Principal Business Office

The address of the principal business office of the Reporting Person is 3-1, Marunouchi 2-Chome, Chiyoda-Ku, Tokyo 100-8086, Japan.

(c)

Citizenship

The Reporting Person is a corporation organized under the laws of Japan.

(d)

Title of Class of Securities

Common Stock, no par value (the “Common Stock”)

(e)

CUSIP Number

66510M204

Item 3.

This statement is not being filed pursuant to either Rule 13d-1(b) or 13d-2(b) or (c).

Item 4.

Ownership.

(a)

Amount Beneficially Owned:

The Reporting Person may be deemed to beneficially own an aggregate of 8,296,108 shares of Common Stock.

CUSIP NO. 66510M204

Schedule 13G

Page 4 of 5

(b)

Percentage Owned:

Based on calculations made in accordance with Rule 13d-3(d), and there being 92,025,953 shares of Common Stock outstanding (as reported in the Issuer’s report on Form 6-K filed on November 21, 2007), the Reporting Person may be deemed to beneficially own approximately 9.0% of the outstanding Common Stock as of the date hereof.

(c)

Number of Shares as to Which Such Person Has:

(i)   The Reporting Person has the sole power to vote or direct the vote, and the sole power to dispose or direct the disposition of, all such shares of Common Stock.

Item 5.

Ownership of Five Percent or Less of a Class

Not applicable.

Item 6.

Ownership of More than Five Percent on Behalf of Another Person

No person other than the Reporting Person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any securities owned by the Reporting Person.

Item 7.

Identification and Classification of Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company

Not applicable.

Item 8.

Identification and Classification of Members of the Group

Not applicable.

Item 9.

Notice of Dissolution of Group

Not applicable.

Item 10.

Certification

(b) The following certification shall be included if the statement is filed pursuant to §240.13d-1(c):

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

CUSIP NO. 66510M204

Schedule 13G

Page 5 of 5

MITSUBISHI CORPORATION

By: 

/s/ Shinichi Tana

Name:  Shinichi Tana

Title:   Senior Vice President,
            Division COO, Non-Ferrous
            Metals Division