- Polymet Mining (POM) has entered into a 50:50 joint venture with a subsidiary of Teck Resources Ltd (TECK), to place their respective NorthMet and Mesaba resources under single management
- PolyMet and Teck will become equal owners in PolyMet Mining, Inc., which will be renamed NewRange Copper Nickel LLC
- The two projects represent two of the largest undeveloped clean energy mineral resources in the U.S.
- The two projects also account for approximately one-half of the known resources of high-demand copper, nickel, cobalt and PGMs in Minnesota’s Duluth Complex
- Glencore will fund PolyMet’s portion of the initial work program and other expenses up to US$105 million
- Polymet Mining Corp (POM) opened trading at C$3.54
Polymet Mining (POM) has announced a 50:50 joint venture with Teck American Inc., a subsidiary of Teck Resources Ltd (TECK).
Under the JV, their respective NorthMet and Mesaba resources will be under single management.
These resources consist of Measured and Indicated resources of 795 million tons and 1,740 million tons for NorthMet and Mesaba, respectively, and further Inferred resources of 458 million tons and 1,612 million tons.
PolyMet and Teck will become equal owners in PolyMet Mining, Inc., which will be renamed NewRange Copper Nickel LLC.
PolyMet chairman, president, and CEO, Jon Cherry stated that both projects represent around half of the known resources of Minnesota’s Duluth Complex, making the state a global leader and major force in developing strategic minerals.
“The total assets of the NorthMet and Mesaba deposits make this one of the largest clean-energy mineral resources in the U.S. and globally.”
Glencore will fund PolyMet’s portion of the initial work program and other expenses up to US$105 million.
Polymet is a mine development company that owns 100 per cent of the NorthMet Project, the first large-scale project to have received permits within the Duluth Complex in northeastern Minnesota, one of the world’s major, undeveloped mining regions.
NorthMet has significant proven and probable reserves of copper, nickel, and palladium – metals vital to infrastructure improvements and global carbon reduction efforts – in addition to marketable reserves of cobalt, platinum, and gold.
Polymet Mining Corp (POM) opened trading at C$3.54.
