UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of December, 2014
Commission File Number: 001-32929
POLYMET MINING CORP.
(Translation of registrant's name into English)
100 King Street, Suite 5700
Toronto, ON Canada M5X 1C7
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
[ X ] Form 20-F [ ]
Form 40-F
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
EXPLANATORY NOTE
This report on Form 6-K and attached exhibit are incorporated by reference into Registration Statements No. 333-185071 and No. 333-192208 and this report on Form 6-K shall be deemed a part of such registration statements from the date on which this report on Form 6-K is filed, to the extent not superseded by documents or reports subsequently filed or furnished by PolyMet Mining Corp. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
SUBMITTED HEREWITH
Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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PolyMet Mining Corp. |
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(Registrant) |
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Date: December 15, 2014 |
By: |
/s/ Jonathan Cherry |
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Jonathan Cherry |
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Title: |
President and CEO |
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100 King Street West, Suite 5700, Toronto,
Ontario, Canada, M5X 1C7 |
Tel: +1 (416) 915-4149 |
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444 Cedar Street, Suite 2060, St. Paul, MN
55101 |
Tel: +1 (651) 389-4100 |
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www.polymetmining.com |
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TSX: POM, NYSE MKT: PLM
POLYMET REPORTS
THIRD QUARTER FISCAL
2015 RESULTS PROJECT
UPDATE
St. Paul, Minn., December 15, 2014 PolyMet
Mining Corp. (PolyMet or the Company) TSX: POM; NYSE MKT: PLM today
reported that it has filed its financial results for the three and nine months
ended October 31, 2014. PolyMet has executed a confidential, non-binding term
sheet for a loan facility of up to US$30 million that it expects to close in
early calendar 2015. PolyMet controls 100 percent of the development-stage
NorthMet copper-nickel-precious metals ore-body and the nearby Erie Plant,
located near Hoyt Lakes in the established mining district of the Mesabi Iron
Range in northeastern Minnesota.
The financial statements have been filed at
www.polymetmining.com and on SEDAR and EDGAR and have been prepared in
accordance with International Financial Reporting Standards ("IFRS"). All
amounts are in U.S. funds. Copies can be obtained free of charge by contacting
the Corporate Secretary at First Canadian Place, 100 King Street West, Suite
5700, Toronto, Ontario M5X 1C7 or by e-mail at info@polymetmining.com.
FINANCIAL
HIGHLIGHTS
- Loss for the three months ended October 31, 2014 was $1.619 million
compared with $1.753 million for the prior year period. General and
administrative expenses excluding non-cash stock-based compensation in the
three months ended October 31, 2014 were $0.997 million compared with $1.289
million in the prior year period, excluding non- cash stock based
compensation.
- Loss for the nine months ended October 31, 2014 was $5.013 million
compared with $5.175 million for the prior year period. General and
administrative expenses excluding non-cash stock-based compensation in the
nine months ended October 31, 2014 were $3.194 million compared with $3.695
million in the prior year period, excluding non- cash stock based
compensation.
- At October 31, 2014 PolyMet had cash and cash equivalents of $8.866
million compared with $32.790 million at January 31, 2014.
- Convertible debt at October 31, 2014 was $33.073 million. PolyMet can
trigger conversion of the debt to equity at a fixed price of $1.2920 per share
upon receipt of permits and securing of senior construction finance. At the
same time, PolyMet can trigger the early expiration of share purchase warrants
held by Glencore, which, if exercised, would raise an additional $8.6 million
at $1.30 per share.
- PolyMet invested $6.552 million into its NorthMet project during the three
months ended October 31, 2014, compared with $6.315 million in the prior year
period. As of October 31, 2014 PolyMet had spent $81.732 million on environmental
review and permitting, of which $75.241 million has been spent since the
NorthMet project moved from exploration to development stage.
Key Statistics
(in 000 US
dollars, except per share amounts) |
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Balance Sheet |
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October 31, 2014 |
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January 31, 2014 |
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Cash & equivalents |
$ |
8,866 |
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$ |
32,790 |
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Working capital |
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(30,934 |
) |
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(1,872 |
) |
Total assets |
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287,677 |
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287,525 |
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Liabilities |
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94,749 |
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91,193 |
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Shareholders equity |
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192,928 |
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196,332 |
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Three months ended October 31, |
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Nine months ended October 31, |
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Income Statement |
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2013 |
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2014 |
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2013 |
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General & admin expense excluding
non-cash share-based compensation |
$ |
997 |
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1,289 |
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$ |
3,194 |
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3,695 |
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Non-cash share-based compensation |
$ |
134 |
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84 |
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$ |
499 |
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357 |
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Other loss (income) |
$ |
488 |
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380 |
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$ |
1,320 |
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1,123 |
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Loss before tax
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$ |
1,619 |
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1,753 |
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$ |
5,013 |
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5,175 |
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Loss per share
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$ |
0.01 |
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0.01
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$ |
0.02 |
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0.02
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Investing Activities |
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NorthMet Property |
$ |
6,552 |
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6,315
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$ |
20,995 |
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19,411 |
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Weighted average
shares outstanding |
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275,709,199 |
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274,964,697 |
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275,653,395 |
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223,233,090 |
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PROJECT
UPDATE
PolyMet made considerable progress in 2014. At the end of the
public review period this past March, the supplemental draft Environmental
Impact Statement received an EC-2 rating by the U.S. Environmental Protection
Agency the highest rating the agency has given to a mine EIS, said PolyMet
President and CEO Jon Cherry. Our focus today remains on completion of
permitting, construction finance and project implementation.
The co-lead agencies responsible for the final EIS are in their
review and analysis of approximately 58,000 comments received on the
supplemental draft EIS. The commissioner of the Minnesota Department of Natural
Resources has stated that the co-lead agencies expect the final EIS to be
completed in spring 2015. Completion of the final EIS, incorporating appropriate
responses to public comments, and a subsequent adequacy decision by the MDNR and
Record of Decision by the federal agencies are necessary before the land
exchange can occur and various permits required to construct and operate the
NorthMet Project can be issued. The EIS process and permitting are not
controlled by PolyMet, but the Company anticipates permits issued as early as
late calendar 2015.
PolyMet plans to complete a Definitive Cost Estimate and
Project Update in the next several months, which will incorporate numerous
process and project improvements, environmental controls described in the
supplemental draft EIS and subsequent changes that will be reflected in the
final EIS. The Project Update, to be filed under Canadian National Instrument
43-101, will be based on the project implementation plan and include
detailed capital and operating costs reflecting the advance stage of engineering
and design. It will also form the basis for securing construction finance so
that construction can start promptly upon receipt of key permits. It will also
form the basis for securing construction finance so that construction can start
promptly upon receipt of key permits.
MANAGEMENT
CHANGE
Joe Scipioni has transitioned from chief operating officer to a
consulting role for PolyMet under a multi-year agreement in which he will
continue to advise the company. Mr. Scipioni joined PolyMet in July 2006 and has
served in different capacities including as president and CEO from 2008 until
July 2012.
We thank Joe for his many contributions, Cherry said. His
experience and involvement on the Iron Range have been invaluable and we look
forward to his continued advice and assistance as the project advances through
completion of permitting, financing and implementation. Mr. Scipionis
day-to-day responsibilities have been assumed by the management team.
* * * * *
About PolyMet
PolyMet 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 Range
in northeastern Minnesota. Poly Met Mining, Inc. has completed its Definitive
Feasibility Study and is seeking environmental and operating permits to enable
it to commence production. The NorthMet project is expected to require
approximately two million hours of construction labor, creating approximately
360 long-term jobs, a level of activity that will have a significant multiplier
effect in the local economy.
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POLYMET MINING CORP. |
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Per: |
"Jon Cherry" |
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Jon Cherry, CEO |
For further information, please contact:
Media
Bruce Richardson
Corporate
Communications
Tel: +1 (651) 389-4111
brichardson@polymetmining.com
Investor Relations
Jenny Knudson
Investor Relations
Tel: +1 (651)
389-4110
jknudson@polymetmining.com
This news release contains certain forward-looking
statements concerning anticipated developments in PolyMets
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, 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.
PolyMets 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 managements beliefs, expectations and
opinions should change.
Specific reference is made to PolyMets most recent
Annual Report on Form 20-F for the fiscal year ended January 31, 2014 and
in our other filings with Canadian securities authorities and the U.S.
Securities and Exchange Commission, including our Report on Form 6-K providing
information with respect to our operations for the three months ended October
31, 2014 for a discussion of some of the risk factors and other considerations
underlying forward-looking statements.
The TSX has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
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