State approval for Minnesota copper mine

State approval for Minnesota copper mine

Polymet Mining (TSX:POM)(NYSE:PLM) has received environmental state approval for what it calls ‘one of the world’s largest undeveloped deposits of copper, nickel and precious metals’.

The Minnesota Department of Natural Resources decided to give the green light for Polymet’s ‘adequate’ environmental impact statement at the Minnesota Duluth complex.

The Northmet project will be Minnesota’s first copper-nickel mine and once in production Polymet says annual production will hit 72 million pounds of copper, 15.4 million pounds of nickel and about 800,000 ounces of precious metals.

“This is an historic event for Minnesota, the Iron Range, and for PolyMet, clearing the path for permit applications required for construction,” stated Jon Cherry, president and CEO.

“NorthMet will produce metals that are essential building-blocks of renewable energy and the modern economy.”

The approval is a big step after a decade of claims from conservationists that the mine threatens the region’s ecology and water.