PolyMet Files an Updated Technical Report

Reaffirms economic and technical viability of NorthMet Project.

ST. PAUL, Minn. – Yesterday PolyMet filed an updated technical report reaffirming the economic and technical viability of the NorthMet copper-nickel-precious metals project in Hoyt Lakes.

The update contains plans and also cost estimates for the proposed project.

The overall estimated cost for Phase I and Phase II of the project is over $1 billion.

“This report reaffirms the technical and financial viability of the 32,000 tpd case for which the final EIS and draft permits have been issued. Our focus remains on obtaining final permits under the 32,000 tpd permit case, meeting our environmental and financial assurance obligations under the terms of those permits, and obtaining the necessary financing to build the project,” said John Cherry, president and CEO.

“We are making significant progress on all of those fronts.”

Cherry adds that this project will bring hundreds of new jobs to the Iron Range as well as “generate hundreds of millions of dollars in annual economic benefit for the region.”

PolyMet is still waiting on the final decision on the permits to mine.

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