Polymet Mining Gets State Approval for NorthMet Environmental Review

On Thursday afternoon, PolyMet Mining (TSX:POM) announced that the final environmental impact statement (EIS) for its NorthMet project has been validated by the Minnesota Department of Natural Resources.
With this approval in hand, PolyMet can move ahead with applications for the other permits it needs to construct and operate the project.
At present, the US Forest Service is reviewing a proposed land exchange regarding the project, while the US Army Corps of Engineers is preparing a record of decision for its 404 Wetland Permit. The Associated Press states that neither of these steps are expected to be a major hurdle. NorthMet would be the first copper-nickel mine in Minnesota.

“The state’s decision validates both the Final EIS and the exhaustive process supporting the final document,” said PolyMet CEO Jon Cherry in a statement. “This is an historic event for Minnesota, the Iron Range, and for PolyMet, clearing the path for permit applications required for construction.”
PolyMet has seen its share price rise more than 30 percent in the past five days in anticipation of the announcement. At close of day Thursday, shares of the company were up 0.66 percent, at $1.52. Trading volume was sitting at 230,000, about 12 times the company’s daily average.
The decision is one that has been a long time coming for PolyMet. As another article from the Associated Press explains, Polymet began its initial environmental work in 2004, but the original EIS, released in 2009, didn’t get the approval required from the Environmental Protection Agency (EPA). Since then, PolyMet has been working hard to redesign the project to address water quality and other concerns.
The company received a significantly improved EC-2 rating for the project from the EPA in March 2014.
“We have sought to earn the trust of regulators and the community by listening and being responsive to questions and concerns throughout the environmental review process,” Cherry added in Thursday’s release. “The EIS demonstrates and confirms that the NorthMet Project can be built and operated in accordance with state and federal regulations. We intend to continue to build trust through open dialogue and community involvement as we advance through permitting into construction and operations.”

 
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.