17 Jun PolyMet Mining gets $14m to boost copper mine
Canada’s PolyMet Mining Corp (NYSE:PLM) announced it will receive an additional US$14 million in cash from its largest investor, Glencore (LSE:GLEN) to assist the company with the opening of Minnesota’s first copper mine.
In PolyMet’s quarterly financial report, the company received $3 million on 3 June, another $8 million in July and £3 million in August, with PolyMet paying Glencore 15 per cent interest.
Under last year’s agreements, Glencore now owns 28.4 per cent of PolyMet stock.
The company will need another estimated $600 million from investors or creditors to dig the open-pit mine, build railroad and other infrastructure and restart the LTV processing centre to get the mine producing copper, nickel and other metals.
“PolyMet is transforming from the extensive environmental review process into completion of permitting, financing, construction and operation of the project,” said Jon Cherry, CEO of PolyMet. “We plan to submit these permit applications in the coming weeks.”
The proposed copper project is anticipated to employ 300 people for 20 or more years.
PolyMet is still waiting on a land exchange with the US Forest Service to access the mine site.