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
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
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.