PolyMet Mining Corp. is a publicly-traded mine development company focused on permitting, building and operating the NorthMet copper-nickel precious metals project through its wholly owned subsidiary, Poly Met Mining, Inc., a Minnesota corporation, together known as PolyMet.
Our stock trades on both the Toronto and New York stock exchanges (TSX: POM; NYSE MKT: PLM.) We have approximately 19,000 shareholders, including Glencore, which owns approximately 30 percent of our issued shares, and nearly 11,000 shareholders in Minnesota who collectively own approximately 21 percent of our issued shares.
We control the NorthMet copper-nickel-precious metals ore body through long-term mineral leases; we own and will repurpose the nearby Erie Plant and associated infrastructure on the former LTV Steel Mining Company site; and we are completing a land exchange with the U.S. Forest Service to obtain surface ownership of land above and around the NorthMet deposit. The Erie Plant is located approximately six miles west of the NorthMet deposit and is connected to it by private rail and road. Upon completion of the land exchange, we will own approximately 19,000 acres (nearly 30 square miles) of contiguous surface rights.
The Erie Plant and associated infrastructure is an iconic fixture on the Iron Range. Originally built in the 1950s to process iron ore, we acquired it indirectly out of LTV Steel’s 2001 bankruptcy. Reutilizing this facility not only improves the economics of the NorthMet Project, it substantially reduces the environmental impact compared with building new facilities, enabling us to extend the rich mining heritage of the region.
Our leadership and development team has decades of experience in mining finance, permitting, environmental compliance and management, community and government relations, and facilities management. Many of our families have been part of the local community in Northeastern Minnesota for generations.
We share a common vision to permit, build and operate the project in a responsible and profitable manner, and strive to foster trust across a wide spectrum of state and federal regulators, elected officials, labor and business leaders, conservationists, vendors and suppliers, communities and private citizens, as well as our shareholders and business partners. We know many are counting on us to create good jobs and produce these essential metals.
We appreciate the encouragement we receive from local communities, labor and business organizations, elected officials and citizens who recognize that jobs and sound environmental stewardship can co-exist.
The project continues to take major steps forward. State and federal agencies have completed a comprehensive environmental review, the U.S. Forest Service has authorized the land exchange with its Final Record of Decision, and the permitting process is underway to develop the new open-pit mine and repurpose and restart the existing processing facilities.