PolyMet Mining Corp. controls 100% of the NorthMet copper-nickel-precious metals ore body through a long-term lease and owns 100% of the Erie Plant, a large processing facility set only six miles from the ore body, in the established mining district of the Mesabi Range. With the Definitive Feasibility Study complete, the company is currently seeking environmental and operating permits to move forward with production initiatives.
The Duluth Complex hosts the NorthMet mineralization. The Complex is a well-known geological formation with large quantities of copper, nickel, cobalt, platinum, palladium and gold, and lies in northeastern Minnesota. The Minnesota Department of Natural Resources has estimated that the Duluth Complex contains approximately 4.4 billion tons of mineral resources grading at 0.66% copper and 0.20% nickel.
Using open pit mining techniques traditional on the Mesabi Iron Range, PolyMet intends to mine ore containing copper, nickel, cobalt, platinum, palladium and gold. Using modern processing techniques to recover these metals, which are used in everyday products such as electrical wiring, automobile emission controls and medical applications, the company anticipates mining approximately 32,000 tons of ore per day.
PolyMet Mining recently announced its financial results for the twelve months ended January 31, 2011. Although the company reported a loss for the year, it was significantly lower compared to the same period a year earlier. With cash and cash equivalents of $10.361 million as of last report, the company is well funded with an additional $20 million to be raised through the sale of 10 million shares to Glencore AG.
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