PolyMet Updates NorthMet Environmental Review
Wednesday May 16, 8:13 am ET
Development Schedule to Include Possible Sales of Interim Products
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--May 16, 2007 -- PolyMet Mining Corp. (Toronto:POM.TO - News)(AMEX:PLM - News) ("PolyMet" or the "Company") reported today an updated permit and development schedule for its 100%-owned NorthMet project that comprises a copper-nickel-precious metals ore-body and the nearby Erie Plant, located near Hoyt Lakes in the established mining district of the Mesabi Iron Range in northeastern Minnesota.
In parallel with the environmental and permitting process, PolyMet is continuing to optimize its business plan. One of the aspects under consideration is the possible sale of interim products in the current flow sheet. Initial sales of these interim products could commence before the entire project is completed, shortening the timeline to first revenues and reducing the pre-revenue capital expenditure.
In a news release today, the Minnesota Department of Natural Resources ("DNR") has announced that the draft Environmental Impact Statement (EIS) is anticipated to be available by early November 2007.
The draft EIS will be an assessment of potential environmental, social and economic effects of the proposed project. Once the draft EIS is published, non-government organizations, government agencies and the public will have an opportunity to comment. The final EIS will incorporate analysis and appropriate responses to comments, a process that can take several months.
In the DNR's news release, Stuart Arkley, the Project Manager who is coordinating the review process said, "More time is needed for PolyMet to produce additional detailed information and for the agencies and the third party EIS contractor to complete a thorough analysis of the proposed project. We are committed to completing a thorough analysis and making a draft document available for public review in a timely manner. Our goal with regard to the EIS is to provide information about the extent of potential environmental impacts and how they may be avoided or minimized."
The NorthMet project is expected to require approximately one million man hours of construction labor and create at least 400 long-term jobs, a level of activity that will have a significant multiplier effect in the local economy. |
