PolyMet Wetlands Plan Receives Local Government Support
Tuesday February 7, 1:47 pm ET
VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 7, 2006--PolyMet Mining Corp. ("PolyMet") (TSX VENTURE:POM - News; OTCBB:POMGF - News) announced today that a local unit of Minnesota government has approved in concept the company's initial plan to mitigate for wetlands that would be disturbed during commercial mining operations at the NorthMet Project in northeastern Minnesota.
The St. Louis County Board of Commissioners today reaffirmed its earlier resolution of support for the company's creative and cost-effective plan to restore to wetlands status approximately 3260-acres of drained, partially drained and existing wetland on primarily tax-forfeited land in the southwestern corner of the County.
The resolution adopted by the Board of Commissioners recognizes that PolyMet's wetlands restoration plan, "will produce a significant benefit to the County and the State of Minnesota."
In addition, PolyMet's restoration plan will create a "wetlands bank" for St. Louis County to use for its own public works projects, such as road construction.
The restoration plan will provide a new source of revenue to the County, payable by PolyMet, on tax-forfeited acreage that historically has produced little public revenue. Each acre of approved wetland credit will accrue an estimated $5300 of new revenue for the County over the 20-year life of the NorthMet mine, and cost PolyMet $57,000 annually, or more than $1.1 million in total.
Much of St. Louis County is defined as a wetland, making it difficult for project development of any kind under existing "no net loss" public policies regarding wetlands protection.
The resolution specifically authorizes St. Louis County to execute an agreement with PolyMet, subject to approval by the County Attorney, as well as pursue special legislation authorizing the County to record a conservation easement on tax-forfeited land and petition the district court for abandonment of the drainage system at the site. Specific details of the restoration plan are subject to state and federal regulatory approval.
As PolyMet progressively reclaims the mine site, new wetlands will also be created within the NorthMet Project area.
PolyMet is advancing development of Minnesota's first major non-ferrous mining project through its recent acquisition of a former taconite processing plant near the NorthMet deposit. The deposit contains copper, nickel, cobalt, platinum, palladium and gold. The project is undergoing environmental review and permitting and planned for commercial operations by mid-2008.
POLYMET MINING CORP.
William Murray, President and CEO |
