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Gold/Mining/Energy : ARIMETCO INT'L (ARX ON TSE)
ARX 16.40-0.2%Dec 30 3:59 PM EST
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To: elcasmirb who wrote (74)2/25/1999 8:43:00 PM
From: kidl  Read Replies (1) of 80
 
Polymet's efforts to acquire Arimetco leases continues
Polymet Mining Corp POM
Shares issued 16,443,395 Feb 25 close $1.55
Thu 25 Feb 99 News Release
Mr. Donald Gentry reports
The United States Bankruptcy Court for the District of Arizona heard Arimetco Inc.'s second motion seeking approval of PolyMet Mining Corp.'s acquisition of Arimetco's entire interest in four State of Minnesota metallic minerals leases. The leases are part of Arimetco's Chapter 11 bankruptcy estate.
PolyMet proposed to acquire Arimetco's interest in the leases for certain cash instalment payments over 10 years and PolyMet's agreement to cure certain arrears under the leases created by Arimetco. The transaction is subject, among other things, to Arimetco's receipt of an order from the Bankruptcy Court approving the sale.
The court did not rule on Arimetco's motion, but requested that the State of Minnesota entertain a proposal by Arimetco and PolyMet to extend the time for performance of certain requirements under the principal lease. For example, there exists a requirement to obtain a qualified partner on or before June 28, 1999. A qualified partner is essentially a mid- to large-sized mining company with sufficient resources to assist in the development and construction of a mine. PolyMet believes the June 1999 deadline is unrealistic given the requirement to perform due diligence on existing data, engineering and economic analyses, and partner identification and subsequent negotiations. Discussions with the State of Minnesota concerning this issue are under way. PolyMet's work toward timely development of its NorthMet project is continuing independently from the Arimetco proceedings.
© Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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