PolyMet Investors Turn Cautious

Investors in PolyMet Mining Corporation are showing caution over possible delays in the development of the NorthMet copper-nickel and precious metals mining operation near Babbitt, MN after criticisms of the project’s Draft Environmental Impact Statement by the EPA.

Marshall Helmberger of the Timberjay reports the story HERE.

Helmberger notes that the share price of PolyMet has fallen from a high of $3.76 in mid-January to a low of $2.09 earlier this month, after Environmental Protection Agency comments on the project’s DEIS found more than two dozen “inadequacies.”

PolyMet’s share price at the close of trading last week was $2.22.

PolyMet is still confident the project will go forward in a timely fashion.

“The fundamentals of this project are unchanged and remain robust,” PolyMet president and chief executive officer Joe Scipioni said in a media release last week.  “We are confident that technical criticisms will be fully addressed when alternative plans and project changes are incorporated. Our construction budget makes provisions for many of these alternatives and changes.”

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