PolyMet Strengthens Finance Team; Patrick Keenan Appointed Chief Financial Officer; Douglas Newby to Focus on Project Finance
June 15 2017 - 4:41PM
Business Wire
PolyMet Mining Corp. (TSX: POM) (NYSE MKT: PLM) (“PolyMet” or
the “Company”) today announced the appointment of Patrick Keenan as
Chief Financial Officer of PolyMet effective June 15, 2017. Mr.
Keenan succeeds Douglas Newby, who has served as CFO for nearly
twelve years through a period of great transition and progress for
the Company. Mr. Newby will continue to advise the Company as
President of Proteus Capital focusing on project finance and
strategy.
“I am very pleased to welcome Pat to PolyMet as we enter the
very exciting and important phase of project finance and prepare to
construct the first copper-nickel-precious metals mine in
Minnesota,” stated Jon Cherry, President and CEO of PolyMet. “His
strong financial background and understanding of the mining
industry, including his global experience in a broad range of
senior financial roles are an excellent fit for the next stage of
development at PolyMet.”
Mr. Keenan most recently served as Senior Vice President Finance
and Treasurer at Newmont. Prior to this he spent more than 20 years
with Rio Tinto in a variety of roles, including chief financial
officer for Rio Tinto’s Energy group and chief financial officer
for Kennecott Utah Copper and Rio Tinto Diamonds. Mr. Keenan earned
his degree in Accounting from the University of Utah and is a
CPA.
“PolyMet has done an excellent job moving the NorthMet Project
through the EIS and permitting process over the last few years. It
is an exciting time to join the Company and I look forward to
contributing to the overall success and development of the first
copper-nickel mine in Minnesota,” said Pat Keenan.
Mr. Cherry added, “I would also like to express my sincere
thanks and appreciation for the nearly twelve years of dedicated
service provided by Douglas as CFO of PolyMet.”
During Mr. Newby’s tenure as a core team member, the Company
completed its Definitive Feasibility Study establishing reserves,
acquired the Erie Plant and associated infrastructure, entered into
the strategic alliance with Glencore, completed the final EIS,
submitted all permit applications and received the USFS Land
Exchange Record of Decision. Mr. Newby also oversaw Sarbanes Oxley
compliance, adoption of IFRS, and listing on the NYSE-MKT and TSX
stock exchanges.
As President of Proteus Capital, Mr. Newby will continue to
advise PolyMet on project financing and strategy. Mr. Newby stated,
“I am excited with the advances PolyMet has made and pleased to
maintain my long-term involvement with and commitment to the
project while handing the reins to someone with Pat’s depth of
experience.”
“We are very excited at PolyMet for the significant progress
that has been made to date and look forward to the release of draft
air, water, and mining permits for public review and comment.
Likewise, we are excited for the opportunity to grow our team and
our company as we prepare to finance and construct our project,”
Mr. Cherry concluded.
About PolyMetPolyMet Mining Corp. (www.polymetmining.com)
is a publicly traded mine development company that owns 100 percent
of Poly Met Mining, Inc., a Minnesota corporation that controls 100
percent of the NorthMet copper-nickel-precious metals ore body
through a long-term lease and owns 100 percent of the Erie Plant, a
large processing facility located approximately six miles from the
ore body in the established mining district of the Mesabi Iron
Range in northeastern Minnesota. Poly Met Mining, Inc. has
completed its Definitive Feasibility Study. The NorthMet Final EIS
was published in November 2015, preparing the way for decisions on
permit applications. NorthMet is expected to require approximately
two million hours of construction labor, create approximately 360
long-term jobs directly, and generate a level of activity that will
have a significant multiplier effect in the local economy.
PolyMet DisclosuresThis news release contains certain
forward-looking statements concerning anticipated developments in
PolyMet’s operations in the future. Forward-looking statements are
frequently, but not always, identified by words such as “expects,”
“anticipates,” “believes,” “intends,” “estimates,” “potential,”
“possible,” “projects,” “plans,” and similar expressions, or
statements that events, conditions or results “will,” “may,”
“could,” or “should” occur or be achieved or their negatives or
other comparable words. These forward-looking statements may
include statements regarding the ability to receive environmental
and operating permits, job creation, and the effect on the local
economy, or other statements that are not a statement of fact.
Forward-looking statements address future events and conditions and
therefore involve inherent known and unknown risks and
uncertainties. Actual results may differ materially from those in
the forward-looking statements due to risks facing PolyMet or due
to actual facts differing from the assumptions underlying its
predictions.
PolyMet’s forward-looking statements are based on the beliefs,
expectations and opinions of management on the date the statements
are made, and PolyMet does not assume any obligation to update
forward-looking statements if circumstances or management’s
beliefs, expectations and opinions should change.
Specific reference is made to PolyMet’s most recent Annual
Information Form for the fiscal year ended January 31, 2017 and in
other filings with Canadian securities authorities and the U.S.
Securities and Exchange Commission, including the Company’s Form
6-K providing information with respect to operations for the three
months ended April 30, 2017, for a discussion of some of the risk
factors and other considerations underlying forward-looking
statements. The Annual Information Form contains the Company’s
mineral resource and other data as required under National
Instrument 43-101.
The TSX has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
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PolyMet Mining Corp.MediaBruce Richardson, +1
651-389-4111Corporate
Communicationsbrichardson@polymetmining.comorInvestor
RelationsJenny Knudson, +1 651-389-4110Investor
Relationsjknudson@polymetmining.com
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