Dam safety, water appropriations and other
final permits also issued by DNR
Poly Met Mining, Inc., a wholly-owned subsidiary of PolyMet
Mining Corp. (together “PolyMet” or the “company”) TSX: POM; NYSE
American: PLM, reports it has received its Permit to Mine from the
State of Minnesota, a crucial permit for construction and operation
of the NorthMet Project in northeastern Minnesota.
PolyMet’s Permit to Mine is the first non-ferrous mining permit
to be issued in the State of Minnesota. The Department of Natural
Resources also issued all other permits for which the company has
applied including dam safety, water appropriations, takings, and
public waters work permits, along with Wetlands Conservation Act
approval. These permits were issued after the company demonstrated
that its designs meet strict state environmental standards and at
the conclusion of an extensive public input process.
“We look forward to building and operating a modern mine and
developing the minerals that sustain and enhance our modern world,”
said Jon Cherry, president and CEO. “Responsibly developing these
strategic minerals in compliance with these permits while
protecting Minnesota’s natural resources is our top priority as we
move forward.”
PolyMet aims to be the first to commercially produce copper and
nickel, in addition to platinum, palladium, gold and cobalt, from
the world-class Duluth Complex in the Iron Range’s historic mining
district.
The Permit to Mine authorizes the company to build and operate
open pit mining operations that are expected to yield approximately
1.2 billion pounds of copper, 170 million pounds of nickel, 6.2
million pounds of cobalt and 1.6 million troy ounces of precious
metals over a 20-year mine life. The 225 million tons of ore
permitted for extraction represents roughly one third of the
NorthMet 649-million-ton Measured and Indicated Resource as
described in the company’s 2018 National Instrument 43-101
Technical Report, which is filed under the company’s SEDAR and
EDGAR profiles.
Cherry said the Permit to Mine provides a level of certainty for
which the community and investors have been waiting. “It is a
victory for Iron Range families who have steadfastly supported us
and who depend on and will benefit from the hundreds of jobs that
construction and operations will create and support for years to
come. This certainty will also allow the company to move forward
with financing and final engineering designs.”
Meanwhile, the Minnesota Pollution Control agency says it will
make final air and water permit decisions before the end of the
year; the federal Record of Decision and wetlands permit from the
U.S. Army Corps of Engineers are expected to follow thereafter.
In relation to the permits issued today, site preparation and
rehabilitation of the former LTV Steel Mining Company processing
facilities, which the company acquired in 2005-06, will occur
through the winter and early spring as the company prepares to
modernize those facilities to process ore for the NorthMet project.
The bulk of work will start with the 2019 construction season and
is expected to be approximately 24-30 months and require about two
million construction hours.
“We owe tremendous gratitude to our shareholders, Iron Range
supporters, labor groups and those throughout the state who have
stood by this project and this process. We are grateful for the
trust they and our investors have put in us and the state to do
this right,” Cherry said. “We also appreciate and respect the
careful and thorough role the state has played throughout the
public permitting process.”
An economic impact study by the University of Minnesota-Duluth
Labovitz School of Business and Economics estimated the project
will yield more than $500 million annually in economic benefits for
St. Louis County and generate 660 indirect jobs in addition to the
360 full-time workers the company is expected to employ.
Permit details and status can be found on the state’s website at
www.polymet.mn.gov.
This release has been reviewed and approved by Herb
Welhener, an Independent Qualified Person within the meaning of
National Instrument 43-101.
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 Iron Range in
northeastern Minnesota. Poly Met Mining, Inc. has completed its
Definitive Feasibility Study. The NorthMet Final Environmental
Impact Statement 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 Disclosures
This 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 risk factors and other
considerations underlying forward-looking statements discussed in
PolyMet’s most recent Annual Report on Form 40-F for the
fiscal year ended December 31, 2017, and in our other filings with
Canadian securities authorities and the U.S. Securities and
Exchange Commission.
The Annual Report on Form 40-F also 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.
Click here to subscribe to Mobile Alerts for PolyMet Mining
Corp.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181101005892/en/
PolyMet:MediaBruce Richardson, +1
651-389-4111Corporate
Communicationsbrichardson@polymetmining.comorInvestor
RelationsTony Gikas, +1 651-389-4110Investor
Relationsinvestorrelations@polymetmining.com
Polymet Mining (AMEX:PLM)
Historical Stock Chart
From Aug 2024 to Sep 2024
Polymet Mining (AMEX:PLM)
Historical Stock Chart
From Sep 2023 to Sep 2024