Polymet Mining Up 5% on Appeals Court Ruling on Water Discharge Permit
January 24 2022 - 3:23PM
Dow Jones News
By Josh Beckerman
Shares of Polymet Mining Corp. rose 5%, to $2.60, on the NYSE
American as the Minnesota Court of Appeals overruled six of seven
challenges to a water discharge permit for the NorthMet
copper-nickel-precious metals mine.
Glencore PLC owns a majority of Polymet. Polymet unit Poly Met
Mining Inc. said the court endorsed the district court's factual
findings regarding the Minnesota Pollution Control Agency's and the
Environmental Protection Agency's interactions during the
permitting process, and agreed with MPCA's application of state law
governing groundwater discharges.
The court remanded the permit to the MPCA, saying the agency
should consider whether "any discharges to groundwater will be the
functional equivalent of a discharge to navigable waters, and thus,
whether the Clean Water Act applies to those discharges."
Opponents to the project include environmental groups and the
Fond du Lac Band of Lake Superior Chippewa, which has said the mine
would violate the band's water quality standards and would be a
source of pollution in the headwaters of the St. Louis River.
In June, the Environmental Protection Agency said the mine "may
affect" waters on the Fond du Lac reservation and in Wisconsin. In
response, Polymet said it "looks forward to presenting scientific
evidence showing no downstream water quality effects."
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
January 24, 2022 15:08 ET (20:08 GMT)
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