In its corporate report for the year ended Jan. 31, PolyMet Mining Corp. updated its plans for establishing a non-ferrous minerals mine near Hoyt Lakes.
“PolyMet has made significant progress during the past year including the state’s adequacy decision for the NorthMet Final Environmental Impact Statement, submission of formal permit applications that are being reviewed by the state, and issuance of the United States Forest Service’s Final Record of Decision on the land exchange,” said Jon Cherry, president and CEO. “From our perspective, the permit application review process is proceeding well. We also completed a private placement with institutional investors, and we appreciate that Glencore demonstrated its continued support by exercising its right to maintain its pro rata ownership.”
Completing an approved land exchange with the U.S. Forest Service and transferring a surface rights title to PolyMet is among the company’s goals for 2017. The January USFS decision is facing court challenges by environmentalists.
Other PolyMet goals include obtaining decisions on state permits; completing definitive cost estimates; repaying, restructuring, and/or converting Glencore loans, and completing a construction finance plan.
Year-end financials show PolyMet has cash and equivalents of $18.7 million. Working capital totals $16.3 million. Shareholder equity equals $207.3 million.