PolyMet Reports Results for Period Ended June 30, 2019
PolyMet Mining Corp. (“PolyMet” or the “company”) TSX: POM; NYSE American: PLM – today reported it has filed its financial results for the three and six months ended June 30, 2019. PolyMet is permitted to construct and operate the NorthMet copper-nickel-precious metals mine and processing plant located near Hoyt Lakes, Minnesota.
“We continued our forward momentum in the second quarter with the completion of the rights offering, cleaning up our balance sheet and allowing us to progress financing alternatives for the project,” said Jon Cherry, president and CEO.
The financial statements have been filed at www.polymetmining.com and on SEDAR and EDGAR and have been prepared in accordance with International Financial Reporting Standards. All amounts are in U.S. funds. Copies can be obtained free of charge by contacting the Corporate Secretary at First Canadian Place, 100 King Street West, Suite 5700, Toronto, Ontario M5X 1C7 or by e-mail at email@example.com.
Highlights and recent events for 2018 and 2019 to-date
PolyMet made significant progress during 2018 and 2019 to date. Notably the company received key permits and approvals required to construct and operate NorthMet and secured title to the surface rights over and around the NorthMet mineral rights. PolyMet also released an updated technical report which included an assessment of higher potential production scenarios, and secured additional financing to complete permitting, including required wetland credits and financial assurance, advanced final engineering and other activities to facilitate the transition to construction.
- In June 2019, the company completed a $265 million rights offering, fully backstopped by Glencore AG (“Glencore”), with the proceeds used to fully repay outstanding debt and strengthen the company’s financial position. As a result of the rights offering, Glencore’s ownership of the company’s issued shares increased to 71.6%.
- In preparation for construction, the company in the first two quarters completed geotechnical investigations, installed monitoring wells, advanced project execution planning and implemented its environmental management system.
- In March 2019, the company received the federal Record of Decision and wetlands permit from the U.S. Army Corps of Engineers, which was the last key permit or approval needed to construct and operate the NorthMet Project.
- In December 2018, the company received all Minnesota Pollution Control Agency permits for NorthMet for which the company had applied, including air and water permits.
- In November 2018, the company received all Minnesota Department of Natural Resources permits for NorthMet for which the company had applied, including the Permit to Mine, dam safety and water appropriations permits.
- In June 2018, the company and U.S. Forest Service completed the federal land exchange giving PolyMet title and control over both surface and mineral rights in and around the NorthMet ore body.
Goals and objectives for the next twelve months