![]() NorthMet is the first large-scale project to have received permits within the Duluth Complex. The Duluth Complex is one of the world's major, undeveloped copper, nickel and PGM metal mining regions. ![]() NewRange Copper Nickel holds the NorthMet and Mesaba copper, nickel, cobalt and platinum group metal (PGM) deposits, two globally significant clean energy mineral resources located in the Duluth Complex in northeast Minnesota. is a mine development company holding a 50% interest in NewRange Copper Nickel LLC, a joint venture with Teck Resources Limited. ![]() "We remain committed to supporting its development, linking the expertise, experience and financial resources of PolyMet, Teck and Glencore, bringing the best that these companies have to offer to develop Minnesota's rich mineral resources." "NewRange remains a premier opportunity for an environmentally conscious, domestic source of critical mineral production," said Jon Cherry, chairman, president and CEO. You can expect to hear more about this in the coming weeks. The team is weighing its options and will take an appropriate pathway that leads to reissuance of the permit in the most sensible timeframe. Be assured that PolyMet and the NewRange team are committed to working through the process to complete this important project. This is not the first challenge the Project has had to overcome. Furthermore, the State of Minnesota also concluded after a decade of environmental review and permitting that the Project does not affect water quality before reaching the reservation. This is because it will clean up the legacy iron ore processing site being repurposed for the Project. In fact, the science clearly shows that, through a combination of remediation and water treatment, the Project will substantially reduce mercury and sulfate from the watershed. The decision does not align with the decision made by the Corps in March 2019 when it originally issued the permit, which was based on thorough baseline assessment and scientific analysis. Army of Corps of Engineers (the "Corps") revoked the Clean Water Act section 404 permit for the NorthMet Project (the "Project"), concluding that it could not ensure the Project would meet water quality standards within the boundaries of the Fond du Lac Band of the Lake Superior Chippewa reservation located more than 110 miles downstream of the Project. The rights offering was fully backstopped by Glencore, which now holds approximately 82% of Polymet shares. Successful completion of a rights offering of our common shares in early April, raising approximately $195 million in gross proceeds, which funded PolyMet's share of the above mentioned NewRange $170 million work program, repaid all of PolyMet's convertible debt owed to Glencore AG ("Glencore") and costs related to the rights offering. The partners pledged $170 million toward a NewRange work program and Under the joint venture, named NewRange Copper Nickel LLC, the NorthMet and Mesaba deposits containing high-demand copper, nickel, cobalt and platinum group metals (PGM) are under single management with PolyMet and Teck each holding a 50% interest. Successful completion of the joint venture involving PolyMet and Teck Resources Limited ("Teck") on February 14, 2023. Cherry gave a presentation on developments of the past year and goals for the future. The voting results are shown below: Directorĭeloitte & Touche LLP was re-appointed as auditors of the company and the board is authorized to fix the remuneration to be paid to the auditors.įollowing the meeting, Mr. The number of directors of the company was fixed at seven and the following persons were elected as directors of the company to hold office until the next annual general meeting. (TSX: POM) (NYSE American: PLM) ("PolyMet" or the "company") re-elected Jon Cherry its chairman following the Annual General Meeting of Shareholders held in Vancouver, British Columbia, and re-appointed Al Hodnik lead independent director.Īt the Annual General Meeting of Shareholders, which also was held virtually at 90.75% of the eligible shares were represented and all motions put forward by the company were passed. June 14, 2023) - The board of directors of PolyMet Mining Corp.
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