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Thread: Polymet Mining

  1. #1
    Administrator JohnQPublic's Avatar
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    Polymet Mining

    I am careful to recommend stocks or anything, but I think Polymet Mining (PLM) is really worth looking at right now. Disclosure- I am putting a lot into it in my retirement account. This is going to be a huge Copper/Nickel mine in northern Minnesota with cobalt, PGMs, and gold (smaller amounts of those mainly copper/nickel). It is financially supported by Glencore. It has support of the Mn governor and is on the verge of getting its permits to mine. The Rep. for the area created a bill to speed-up the federal land exchange required and it passed the House last week, sitting in the Senate. It is sitting at around $0.70/share now, and I see conservative price targets of $2-3/share. This is on the verge of popping (if it is going to pop). Just thought I would pass it along.

    http://polymetmining.com/wp-content/...esentation.pdf
    "What Difference, at this time, does it make?"

    "What is 'is'?"

    "Because you'd be in jail"

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    Great Value Carrots
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    Re: Polymet Mining

    Thanks.

    I picked up a very small 2000 shares.
    After all it's in my backyard. Only 350 miles from here.

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    Administrator JohnQPublic's Avatar
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    Re: Polymet Mining

    Quote Originally Posted by Bigjon View Post
    Thanks.

    I picked up a very small 2000 shares.
    After all it's in my backyard. Only 350 miles from here.
    Get over there and tell us what is happening! Get some pics.
    "What Difference, at this time, does it make?"

    "What is 'is'?"

    "Because you'd be in jail"

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    Administrator JohnQPublic's Avatar
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    "What Difference, at this time, does it make?"

    "What is 'is'?"

    "Because you'd be in jail"

  6. #5
    Great Value Carrots
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    Re: Polymet Mining

    Quote Originally Posted by JohnQPublic View Post
    Get over there and tell us what is happening! Get some pics.
    It's even colder there than here.

    Maybe next summer.

  7. #6
    Iridium monty's Avatar
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    Re: Polymet Mining

    Positive Sign for PolyMet . . .

    DNR releases PolyMet permit to mine



    Posted Today at 8:11 a.m.






    The Minnesota Department of Natural Resources this morning released the long-awaited draft permit-to-mine for the proposed PolyMet copper-nickel project between Hoyt Lakes and Babbitt.

    The draft permit is now open for public review, comments and objections for 60 days, with public hearings set for February in Aurora and Duluth, before the DNR could make the permit final.

    Legal ads heralding the draft permit are set to run in the News Tribune and other newspapers starting Saturday.

    The permit-to-mine is considered the most important of the 23 state and federal permits the company needs to start work on Minnesota's first-ever copper-nickel mine. The permit lays out details of how the company will construct, operate and close the project estimated at $650 million with 300 employees and then treat wastewater leaving the site to avoid release of potentially toxic mine wastewater, both during operations and for possibly decades after.

    Release of the draft permit signals the DNR is mostly satisfied with the company's mining plan.

    The permit also will include details of how much money the company will need to keep on hand and available to the state to spend to close and rehabilitate the site even if PolyMet goes bankrupt. That amount will start at $75 million during the first year of construction, ramp up to $544 million during the first year of mining and peak at more than $1.1 billion in the 11th year, considered the peak year for exposure to any problems.

    The financial assurance package will also include requirements for PolyMet to guarantee payment of liability insurance premiums to cover catastrophes not expected during normal mining operations or after the mine closes.

    Critics of the PolyMet project say it stands too great a chance of releasing tainted mine wastewater into the St. Louis River ecosystem. They are expected to call for a contested case hearing before a state administrative law judge. DNR Commissioner Tom Landwehr will make the decision on whether those hearings are necessary after the public input process concludes. Opponents of the project can appeal his decision to the Minnesota Court of Appeals.

    Once permits are granted it will take PolyMet nearly two years to build the mine and refurbish the long-idled LTV Steel taconite plant to process the copper-bearing ore. The company hopes to be mining copper by late 2020.







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    Re: Polymet Mining

    Up to $1/share today so far. Closed at $0.70 when I opened this thread.

    News to follow: Any public comments; Senate vote on land exchange (House passed); Possible Glencore funding or buyout...

    Polymet Mining (PLM) Stock: Gaining Big On Permit News
    "What Difference, at this time, does it make?"

    "What is 'is'?"

    "Because you'd be in jail"

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    Administrator JohnQPublic's Avatar
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    "What Difference, at this time, does it make?"

    "What is 'is'?"

    "Because you'd be in jail"

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