PolyMet Mining in Need of Cash

PolyMet Mining, which hopes to establish an open pit copper-nickel mine near Babbitt, MN is running low on funds according to an independent audit of the firm.

The Duluth News Tribune reports on the story HERE.

The audit raised concerns about PolyMet’s ability to continue “as a going concern” without an infusion of capital, according to the story. PolyMet hopes to open northeastern Minnesota’s first copper-nickel mine in the coming years.

PolyMet officials say early receipt of investment capital from the Swiss-based natural resources firm Glencore, already a PolyMet partner, would solve the company’s immediate problems. A PolyMet spokeswoman was confident an agreement would be reached by the end of June. If Glencore opted against early payment, PolyMet is confident money could be raised elsewhere.

PolyMet’s proposed mining operation is currently undergoing a second environmental review which is due to be released later this summer. The federal Environmental Protection Agency criticized the initial environmental review last year.

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