Duluth News Tribune
Polymet is proposing Minnesota’s first-ever copper mine, an open pit project that is awaiting state and federal environmental approval. Regulators are expected to announce this spring whether the environmental review so far is enough to allow the project to move ahead.
The proposed Minnesota mine is PolyMet’s only project and, without any income, PolyMet has been burning through cash for more than a decade as it develops a mine plan, prospects for the best deposits and conducts an environmental review for the so-called NorthMet project.
“This loan facility covers our anticipated costs through 2015 as we work through completion of the final Environmental Impact Statement and subsequent issuance of permits needed to construct and operate NorthMet,” said Jon Cherry, PolyMet president and CEO, in a statement.