PolyMet Mining Corp. (TSX:POM) (NYSE MKT:PLM) today reported that Glencore AG, a wholly owned subsidiary of Glencore plc, has funded on schedule the $6 million Tranche I secured debenture that is part of a previously-announced $30 million loan facility due on March 31, 2016. PolyMet now has approximately $10.3 million cash.
President and CEO Jon Cherry stated, “funding of this tranche of debentures demonstrates Glencore’s continued support for PolyMet and the NorthMet Project.
“PolyMet continues to expect the NorthMet final Environmental Impact Statement to be published in the federal Register and the Minnesota Environmental Quality Board Monitor in November 2015 with the state Adequacy Decision in early 2016, as previously reported on the Minnesota Department of Natural Resources’ website,” Cherry added.
PolyMet has 100% control of the NorthMet copper-nickel-precious metals ore body and nearby Erie Plant located near Hoyt Lakes in the established mining district of the Mesabi Iron Range in northeastern Minnesota.
PolyMet Mining Corp. is a publicly-traded mine development company that owns 100 percent of Poly Met Mining, Inc., a Minnesota corporation that controls 100 percent of the NorthMet copper-nickel-precious metals ore body through a long-term lease and owns 100 percent of the Erie Plant, a large processing facility located approximately six miles from the ore body in the established mining district of the Mesabi Range in northeastern Minnesota. Poly Met Mining, Inc. has completed its Definitive Feasibility Study and is seeking environmental and operating permits to enable it to commence production. The NorthMet project is expected to require approximately two million hours of construction labor, creating approximately 360 long-term jobs, a level of activity that will have a significant multiplier effect in the local economy.
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