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PolyMet nets all permits for NorthMet project in Minnesota

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PolyMet nets all permits for NorthMet project in Minnesota

PolyMet Mining Corp. unit Poly Met Mining Inc. completed the permitting process for its NorthMet copper-nickel-precious metals mine and processing plant in Minnesota.

The company secured a federal wetlands permit from the U.S. Army Corps of Engineers to cap off the permitting process where it obtained a total of 18 state and federal permits and approvals.

PolyMet said March 22 that it is now refining the technical details of the project, with planning for final engineering and construction now underway. Project financing is also expected to advance shortly.

The company also said that Glencore PLC subsidiary Glencore AG agreed to extend the maturity date of a US$243 million secured convertible and non-convertible debt, which was originally due March 31.

The extension allows PolyMet to complete a rights offering by June 30 to raise funds to repay the debt. PolyMet also said it agreed to issue additional purchase warrants to Glencore and to make certain amendments to the existing exchange warrants held by Glencore.

The mine is expected to yield about 1.2 billion pounds of copper, 170 million pounds of nickel, 6.2 million pounds of cobalt and 1.6 million ounces of precious metals, including 1.2 million ounces of palladium and 290,000 ounces of platinum, over a 20-year mine life.