Polymet Mining Up 13 Percent on Completion of Final EIS

Polymet Mining (TSX:POM) reported that its NorthMet Final Environmental Impact Statement has been completed. Once the EIS is published by the Minnesota Department of Natural Resources website, the department will commence a review period to ensure the EIS fulfills the requirements under the Minnesota Environmental Protection Act.
As of 11:30 a.m. EST, shares of Polymet were up 13 percent to C$1.47.
Tom Meyer of CIBC World Markets called the news a “positive, but not unexpected, major milestone for the company.” He noted that the next catalyst will be a record of decision for the EIS, which is expected in 2015, although this would not constitute final approval for the project. CIBC has a price target of C$2.00 for Polymet.
As quoted in the press release:

The EIS process was led by the DNR, the U.S. Forest Service, the U.S. Army Corps. of Engineers, and their independent EIS Contractor. The U.S. Environmental Protection Agency has been actively involved as a cooperating federal agency in all aspects of the environmental review since 2011. Three Minnesota Chippewa bands (Bois Forte, Fond du Lac, and Grand Portage) also participated as cooperating entities. The Minnesota Pollution Control Agency has also been actively involved in the process, lending its technical expertise to matters such as water quality and air quality as the agency transitions into its role in future permitting and environmental compliance. The agencies’ work, which is thoroughly documented in the Final EIS, included extensive environmental monitoring, baseline studies, and modeling.
The Final EIS will be formally published in the Minnesota Environmental Quality Board Monitor and in the Federal Register. Each of the co-lead agencies and the PCA will then follow a different path through permitting as applicable.
With publication in the EQB Monitor, the DNR commences a review period to ensure the EIS fulfills the requirements under the Minnesota Environmental Protection Act, namely that it addresses the objectives defined in the 2005 EIS scoping review as amended when the USFS joined the process in 2010, meets procedural requirements, and responds appropriately to public comments. According to its website, the DNR anticipates this review will be completed and a Record of Decision on the “adequacy” will be issued in February 2016.

Polymet president and CEO, Jon Cherry, said:

Completion of the Final EIS is a huge milestone for PolyMet, for the Iron Range communities, and for the state of Minnesota. It is the culmination of more than a decade of detailed analysis and thorough review from various state and federal regulatory agencies.

Click here for the full press release.