PolyMet Mining Corp. filed a revised permit-to-mine application for its NorthMet copper project in Minnesota.
The revised application to the Minnesota Department of Natural Resources incorporated the state's requirements for bankruptcy-proof financial assurance, the company said Dec. 13.
The application provides for US$75 million in financial assurance for the first two years of construction as well as US$544 million to cover closure and reclamation costs, including long-term water treatment, to meet current federal and state environmental standards if PolyMet is unable to perform the work.
"With this financial assurance estimate, we believe PolyMet has fulfilled all of the requirements necessary for the state to issue a draft Permit to Mine," President and CEO Jon Cherry said.
The draft permit is expected to be released in the near future, the company said.
Recently, the U.S. House of Representatives approved a bill that brings PolyMet a step closer to getting surface rights to federal land that covers part of the NorthMet polymetallic deposit through a controversial land swap.
