AMM.com Copying and distributing are prohibited without permission of the publisher
Email a friend
  • To include more than one recipient, please separate each email address with a semi-colon ';', to a maximum of 5


PolyMet Mining posts $6.6M fiscal-year loss

Keywords: Tags  PolyMet Mining, copper, nickel, platinum group metals, NorthMet, Mesabi Iron Range, earnings report, Suzy Waite


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.


Have your say
  • All comments are subject to editorial review.
    All fields are compulsory.



Latest Pricing Trends

AMM Events