PolyMet Makes Financing Move
August 27, 2009
PolyMet Mining Corp.announced Thursday that it has filed a universal shelf registration statement with the U.S. Securities and Exchange Commission.
After the universal shelf registration statement is declared effective by the Securities and Exchange Commission, the Company will have the option to offer and sell, from time to time in one or more offerings, up to $500 million of its debt securities, common shares, warrants and units. .
The Company expects to use the net proceeds from offerings under the universal shelf registration statement for construction finance for the Company's copper, nickel, precious metals development project located in northeastern Minnesota as well as general corporate purposes.
PolyMet’s open house near Hoyt Lakes packed with interest
August 20, 2009
HOYT LAKES – There could be 400 permanent jobs coming to the Iron Range, or, you could say, the Precious Metals Range.
PolyMet Mining is proposing the first nonferrous mining operation of its kind in Minnesota.
The company held an open house Thursday to explain how they're hoping to make it happen.
Nearly an hour before the open house was set to begin, interested Iron Rangers were lining up to find out more about the proposed precious metals mine north of Hoyt Lakes.
"It's true diversification for the Iron Range," said LaTisha Gietzen, PolyMet's vice president for environmental affairs.
The unique nature of PolyMet's proposed project means big bucks for the area.
400 permanent jobs are possible, with $40 million in annual payroll.
Projections also include 500 spin off jobs and an estimated $242 million worth of economic impact in St. Louis County alone.
The Duluth Complex area, where PolyMet is proposing its mine, has 4.4 billion tons of mineral resource, according to company President and CEO Joe Scipioni.
"It's a very significant deposit but you have to get the first one done and get it done right and get it up and running," said Scipioni.
Just how PolyMet plans to 'do it right' involves a century old facility.
"When LTV tragically shut down in 2001, that plant became available to be reused and that's a huge advantage," Scipioni said.
PolyMet would refurbish and reuse LTV's crushers, concentrators, railroads, power line and tailings basin.
"We have a plant that can be retooled and reused and converted from taconite to copper, nickel, cobalt, platinum, palladium and gold," said Scipioni.
By converting LTV's old infrastructure, PolyMet should save millions and construction could begin as soon as summer of 2010.
But first the company has to get through an extensive environmental review and permitting process.
PolyMet's environmental impact study has taken four years and $20 million to get to today.
The mine has critics concerned about potential pollution, but Gietzen says the company has taken great steps to minimize its impact.
"Every wetland that's impacted is replaced at a greater than one to one ratio," said Gietzen.
PolyMet's proposed use of new technology should also lessen the environmental impact.
Typically, smelting is used to extract precious metals such as copper, says Gietzen, but PolyMet will use a process that will trap air pollution.
"We're a very minor source for air emissions," said Gietzen.
Copper, which is the least valuable metal PolyMet hopes to mine, is worth 100 times more than taconite, and judging by the amount of interest shown at Thursday's open house, PolyMet stands a good chance for success.
A first draft of PolyMet's environmental impact statement is slated to appear in september.
At that point, the public will be able to view the statement and make comments.
For more information, go to http://www.polymetmining.com/