PolyMet Mining Corp. exceeded its funding goal for its planned
NorthMet Mine through a common share offer that closed July
The Hoyt Lakes,
Minn.-based company said it received 3,194 subscriptions for a
total of $95.49 million for 144.67 million common shares of
AG, a subsidiary of Baar, Switzerland-based Glencore Xstrata
Plc, acquired 34.7 percent of the shares. It previously lent
the company $20 million in financing for the project, which has
hoped to raise $60 million through the share offering for the
NorthMet copper-nickel-platinum mine in Minnesota (
amm.com, April 12).
"This is a tremendous
outcome for PolyMet, demonstrating the depth of support from
Glencore and other shareholders as we complete the
environmental review and permitting process and prepare for
project construction," president and chief executive officer
Jon Cherry said in a statement.
PolyMet expects the
Environmental Protection Agency to approve its supplemental
draft environmental impact statement (EIS) this summer, and for
the mine to begin production 15 months after the EIS process is
amm.com, June 6).