NEW YORK PolyMet Mining Corp. posted a net loss of nearly $6.63 million for its fiscal year ended Jan. 31, more than double a $3.05-million loss the previous year.
The St. Paul, Minn.-based mine development company invested more than $18.4 million in its copper-nickel-platinum group metals NorthMet project in northeastern Minnesota in the fiscal year, up 14 percent from $16.14 million a year earlier.
As of January, PolyMet had spent $52.7 million on environmental reviews and permitting for the project, $46.2 million of which has been spent since the NorthMet project moved from its exploration stage to its development stage.
Earlier this year, PolyMet received a $20-million loan and announced plans to issue a $60-million common share offering with a standby commitment from Glencore AG, a subsidiary of Baar, Switzerland-based Glencore International Plc, which will provide the company enough cash to meet liquidity tests (amm.com, April 12).
PolyMet owns 100 percent of the NorthMet ore body in the Mesabi Iron Range.