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The wife and I took a $75k hit on this POS...slowly making up the hit in CD's...just say'n.
Not too keen on the 'old timer' label, but good to hear from you. How is life in Germany? I make no excuses, but did keep a chunk of this stock, probably as a result of inertia, rather than proper scrutiny. Also, I could not, and still cannot, believe that a US state could allow a potentially global asset to be sacrificed on the woke alter of eco-terrorism. Frivolous lawsuits like confetti. Legal procedures measured in years. A non-communicative company, still paying its CEO over $500k per year, and for what? Meanwhile, a huge multinational with a poor reputation gobbles up the business, presumably keeping it for a rainy day? A real investment lesson!
Sadly, I'm stuck in here due to being so far under water. If I sold now and took the $3,000 capital loss per year, I'd have to live until I was well over 100 years old to see the end of it LOL.
I'm just crossing my fingers the enviro-mentalheads lose and Polymet wins so I can at least recoup my unrealized losses... I'm betting on the prior outcome though, sadly.
I see that many of the old timers are still following this terrible stock, probably out of a bad habit rather than a real investment interest! Lol
Boy, did we once had big expectations and now look at the chart! I just hope everybody got out at a more reasonable price years ago!!!!
ALL the best to everybody!
The recent Rights Issue was a cheap win for Glencore, who now own over 80% of the company. Still waiting for news on the contested case which was due to start two weeks ago, not least that the Permit to Mine depends upon a successful outcome. The Polymet website still posts an Investor Relations function and I have written to the e-mail address given, but not had the courtesy of a reply.
Glencore pushing hard to takeover Teck Resources...
I'm dying for some news so thank you for this update. If you hear more insights like this, pls kindly post. I'm not near the project and I value such news by locals more than the sparse news that actually comes out of the company.
I am hearing 250+ construction workers are coming into the polymet site sometime in May.
Don't have any idea why, but seems like a good sign things are starting to move. I live in the area so that's what I'm hearing from the locals.
Anyone know how the hearings went?
Yes, it (finally) starts today. When it ends? It's anyone's guess afterall, since we are Minnefornia, otherwise known as Bizzaro World. LOL
Due to the status quo, I doubt we'll hear anything from the company if it's not related to the scholarships program -- seems that is the only thing they'll do a PR about.
Polymet bumping along the bottom! If I recall correctly, the Contested Case hearing starts on Monday. Who knows how long it will be for a judgement. Has anyone heard from the Company on the subject?
Anyone know what caused the nice uptick today?
Having unwisely bought into this project only two years after you, Zenner, I entirely agree. Could never have foreseen that such a huge national resource would be wasted on the alter of 'environmentalism'. Having said that, the sclerotic and prejudiced legal system has a lot to answer for! You allude to the Contested Case, supposedly to be heard this month, having been pending for a year or so for no apparent reason. Such cases are mostly for domestic disagreements and mainly settled out of court. One has to question the ability or expertise of an Administrative Judge to rule on such highly technical issues. It is time to call a halt to the decade plus of frivolous lawsuits, and get on with the business of extracting the much sought after minerals which will free the US from reliance on countries such as China and the DRC.
OUCH!! That's what I was afraid of. All we can really hope for in the short term is a giant spike on permitting news, or a really good rumor like Tesla buying into it -- selling even if the spike is at a smaller loss.
I never thought that I'd still be sitting underwater, since 2009. Though I know a lot of it was out of PLM's hands and due to the enviroNUTS... I'm just hoping to get my investment back.
zenner
Your math is correct. They won't be getting anything from me. Wait a year and ya can prolly get them for .40 a share.
They will raise the money. Glencore is backstopping it and will pick anything leftover and at 3% less.
We will need much more than luck...
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So, the Rights Offering looks like a weak ass deal...
https://finance.yahoo.com/news/polymet-announces-filing-rights-offering-124000913.html
Please correct me if I'm wrong on this:
As per R/S numbers: just for example, if I presently hold 10,000 shares (today's close at $2.31/share), I can buy approximately 9,100 shares at $2.11?
It's been so long since the last Rights Offering that I can't remember the what the pricing was, but I believe it was way higher than where we are today... adjusting for the R/S too. And they expect to raise $195,400,000?!?! LMAO!!
Hell, if I want to average down, I'll just wait until the share price naturally tanks below the "bargain pricing" of $2.11. LOL
GL all, we really need!
zenner
This has been said about PolyMet and copper mining for decades. The envirowackos are limited by their fantasy.
https://us.yahoo.com/news/going-black-not-green-curbing-095916408.htm
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I just answered my own question... a day later.
https://finance.yahoo.com/news/polymet-closes-newrange-copper-nickel-140000802.html
It sure tempting to average down here at $2.50, but if there is a looming Rights Offering, I can't imagine the share price NOT cratering.
GL all,
zenner
Thank you! I'll have to read thru it later on.
You may find your answers here?
https://d-scholarship.pitt.edu/11507/3/ContentServer.pdf
So just received this in the mail. One question I have is, what does the joint venture mean for my Polymet shares? Are they good, trash, or do I now need to buy NewRange shares to hopefully dig myself out of this hole?
"We are nearly finished establishing our previously announced joint venture with Teck Resources: NewRange Copper Nickel LLC. We want to make sure you have the opportunity to receive information directly from NewRange after its launch.
About NewRange
NewRange Copper Nickel will hold both PolyMet’s NorthMet and Teck’s Mesaba deposits, two globally significant mineral resources for clean energy. It will be a stand-alone company, formed in the 50:50 joint venture between PolyMet and Teck. NewRange Copper Nickel will control and manage the development of these two deposits of copper, nickel, cobalt and platinum group metals."
Not high enough...
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What would the share price be like (taking into account current copper prices, etc) if the company gets the green light on the permit to mine? This board has been quiet for good reason but would be glad to hear thoughts from the oldtimers as well as newcomers. The wait has been long but there might be a (faint) chance that we could get the green light this year.
Good article, TY for posting. Sadly, the Communist Republic of Minnefornia still won't have released the permits for Polymet by 2030 ;)
For what is worth, hope what this article is saying is true:
"There isn’t enough copper in the world — and the shortage could last till 2030"
https://www.cnbc.com/2023/02/07/there-isnt-enough-copper-in-the-world-shortage-could-last-until-2030.html
Thanks for posting. Does say the cost of metals has risen and that helps offset the debt they carry. I wonder if that prevents the RS your insider mentioned may come around.
Great... Now if only Polymet had a permit to dig it up.
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PolyMet Mining releases updated NI 43-101 Technical Report on NorthMet copper-nickel-PGM deposit
Report reaffirms economic and technical viability of NorthMet Project
St. Paul, Minnesota--(Newsfile Corp. - December 30, 2022) - PolyMet Mining Corp. (TSX: POM) (NYSE American: PLM) ("PolyMet" or the "company") - today announced the filing of an updated technical report (the "Study" or this "report") prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") on the NorthMet Project. This report reaffirms the economic and technical viability of the NorthMet copper-nickel-precious metals project located near Hoyt Lakes, Minnesota.
This report, entitled "NorthMet Copper-Nickel Project Feasibility Update", contains original plans but updated cost estimates for construction and operation of the NorthMet Project. Dated December 30, 2022, this report supersedes the previously filed NorthMet Project Technical Report published March 26, 2018.
This report provides technical and economic details for development of the mining operation in two distinct phases. Phase I involves development of 225 million tons - less than one-third of NorthMet's known resource - into an operating mine processing 32,000 tons per day over a 20-year mine life. It also includes rehabilitating the former LTV Steel Mining Company processing plant and using state-of-the-art wastewater treatment to clean up water issues from legacy iron-ore operations at the site.
The revised capital costs for Phase I are estimated at US$1.2 billion and include refurbishment of the existing primary crushing circuit and replacing the existing rod and ball mill circuits with a new, modern semi-autogenous grinding (SAG) mill, ball mill and flotation circuit. It also includes rail and electrical system upgrades and mining equipment.
Phase II involves construction and operation of a hydrometallurgical plant to treat nickel sulfide concentrates into upgraded nickel-cobalt hydroxide and recover additional copper and platinum-group metals. While development of Phase II will be at the company's discretion, both phases have been fully permitted, pending litigation. Phase II would increase project capital costs by approximately US$325 million.
"This report once again reaffirms the technical and financial viability of the 32,000 tpd case for which the project was permitted. An improved market forecast created by soaring demand for clean energy metals such as copper, nickel and cobalt more than offsets inflationary pressures and improves the project's valuations and returns," said Jon Cherry, chairman, president and CEO.
"Our focus remains on closing the proposed joint venture with Teck, clearing up outstanding litigation, meeting our environmental obligations under the terms of our permits, and financing and building the project," Cherry said. The company in July entered into an agreement with Teck Resources Limited ("Teck") to form the NewRange Copper Nickel LLC joint venture, placing their respective NorthMet and Mesaba deposits of clean energy metals under single management. The joint venture is expected to close by the end of Q1 2023, and is subject to receipt of customary closing conditions and receipt of certain regulatory approvals.
Technical Report Key Points
– Total Proven and Probable Mineral Reserves for the NorthMet project are estimated to be 289 million tons, with copper equivalent grade of 0.597 percent (after dilution).
– Measured and Indicated Mineral Resources total 702 million tons, with a copper equivalent grade of 0.513 percent.
– Inferred Mineral Resources are estimated at 441 million tons, with an estimated copper equivalent grade of 0.509 percent.
– After tax, net present value of future cash flow discounted at 7 percent is $304 million for Phase I, and $487 million inclusive of Phase II.
– After tax, internal rate of return is 10.5 percent for Phase I and 11.5 percent inclusive of Phase II.
– Improvements in metal price assumptions have helped offset increases in capital and operating expenses.
– Under Phase I, payable metals in copper and nickel concentrates are estimated at 1.1 billion pounds of copper, 133 million pounds of nickel, a combined 1.1 million ounces of platinum, palladium and gold, 1.1 million ounces of silver and 5.6 million pounds of cobalt.
– Under Phase II, payable metals in enriched copper concentrates and products from the hydrometallurgical plant are expected to increase to 1.2 billion pounds of copper, 179 million pounds of nickel, 1.7 million combined ounces of platinum, palladium and gold, 1.1 million ounces of silver and 6.4 million pounds of cobalt. Palladium is the predominant precious metals group (PGM) product, totaling 1.3 million ounces.
A summary of PolyMet's Mineral Reserves and Mineral Resources is provided in the tables below. Please refer to the Study for important disclaimers on the viability or otherwise of reported Mineral Resources.
Mineral Reserve Statement - October 2022
Class Tonnage
(x 1,000) Grades (Diluted)
Copper Nickel Platinum Palladium Gold Cobalt Silver NSR CuEq
(%) (%) (ppb) (ppb) (ppb) (ppm) (ppm) $/ton (%)
Proven 173,031 0.292 0.085 80 275 40 74 1.06 21.51 0.602
Probable 116,123 0.286 0.082 78 263 38 74 1.09 21.10 0.590
Total 289,154 0.290 0.084 79 270 39 74 1.07 21.35 0.597
Notes:
(1) Mineral Reserve tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
(2) All reserves are stated above a $9.39/t NSR cut-off and bound within the final pit design.
(3) Tonnage and grade estimates are in imperial units and reported on a diluted basis.
(4) Total tonnage within the pit is 681,463 kt; average waste: ore ratio = 1.36 (rounded).
(5) Copper equivalent (CuEq) values are based on the metal prices in Table 15-2 and total mill recoveries in Table 15-3 of the 2022 Technical Report and diluted mill feed.
(6) CuEq = ((Cu head grade x recovery x Cu Price) + (Ni head grade x recovery x Ni Price) + (Pt head grade x recovery x Pt Price) + (Pd head grade x recovery x Pd Price) + (Au head grade x recovery x Au Price) + (Co head grade x recovery x Co Price) + (Ag head grade x recovery x Ag Price)) / (Cu head grade x recovery x Cu Price). Recoveries are mill recoveries for all metals except cobalt (recovery based on the sum of recovery to the copper concentrate and nickel concentrate).
(7) NSR values include concentrate delivery, smelting and refining costs and payable metal calculations.
Summary Mineral Resource Statement for the NorthMet Project Inclusive of Mineral Reserves
Volume (M ft3) Density (st/ft3) Tonnage (M st) Cu (%) Ni (%) Pt (ppb) Pd (ppb) Au (ppb) Co (ppm) Ag (ppm) NSR (US$/t) CuEq (%)
Measured 3,417.7 0.092 314.5 0.257 0.077 68 240 35 72 0.94 21.78 0.526
Indicated 4,206.9 0.092 387.1 0.248 0.073 66 229 33 68 0.93 20.74 0.502
M+I 7,624.6 0.092 701.6 0.252 0.074 67 234 34 70 0.94 21.20 0.513
Inferred 4,791.4 0.092 441.1 0.254 0.070 67 243 34 55 0.92 21.23 0.509
Source: Hard Rock Consulting, LLC, September 20, 2022
Notes:
(1) The effective date of the 2022 Mineral Resource estimate is September 20, 2022. The Qualified Person (QP) for the estimate is Richard Schwering P.G., RM-SME, of Hard Rock Consulting, LLC.
(2) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
(3) Mineral Resources are reported inclusive of Mineral Reserves at a $8.17 NSR cut-off. Mineral Resources are considered amenable to open pit mining and are reported within an optimized pit shell. The pit optimization is based on total ore costs of $8.17/t processed, mining costs of $1.20/t at surface and increasing $0.025/t for every 50ft of depth and pit slope angles of 48 degrees.
(4) Copper equivalent grade (CuEq) is based on the mill recovery to concentrates and metal prices of $3.66/lb for Cu, $6.78/lb for Ni, $28.75/lb for Co, $1,323/oz for Pd, $1,265/oz for Pt, $1,668/oz for Au and $23/oz for Ag. Mill recoveries were based on average recoveries of 91.0% for Cu, 60.6% for Ni, 30.0% for Co, 77.3% for Pd, 71.1% for Pt, 57.0% for Au and 53.8% for Ag.
(5) CuEq = ((Cu head grade x recovery x Cu Price)) + (Ni head grade x recovery x Ni Price) + (Pt head grade x recovery x Pt Price) + (Pd head grade x recovery x Pd Price) + (Au head grade x recovery x Au Price) + (Co head grade x recovery x Co Price) + (Ag head grade x recovery x Ag Price)) / (Cu recovery x Cu Price).
(6) Tonnage is estimated in US Customary Units and grade estimates are in metric units and percent.
(7) Mineral Resource tonnages have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
The report is based on feasibility-study-level engineering as well as the Final Environmental Impact Statement (from November 2015) and state and federal environmental permits obtained for NorthMet. PolyMet retained M3 Engineering & Technology Corporation, Independent Mining Consultants, SENET (Pty) Ltd., Hard Rock Consulting, LLC, and Barr Engineering Company to contribute to the Study. This report is available for review under the company's profile on SEDAR (www.sedar.com) and on the company's website (www.polymetmining.com).
Well, it's nice to see the 'repeating bot trades' return. Usually means 'something' is happening.
Sadly, it's just 'wash.. rinse.. repeat..' and crickets from the company as per usual.
Kangaroo court tomorrow...
Caveat Emptor
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Here is the mining new job title! Green jobs!!!
He said the U.S. government has a four-part strategy for this.
Part 1 is to stimulate domestic demand for these goods by designing new sustainability initiatives around these materials.
Internal DND study calls green technology minerals 21st-century 'oil weapon'
Part 2 is stimulating supply by funding new production and recycling, while Part 3 is building stockpiles. The final component involves working with allies.
Zolnowski noted that back in 1984, Robert Gates, at the time a U.S. intelligence official who went on to become secretary of defence to two presidents, articulated his fear in a speech that foreign government-funded companies would come to dominate the industry.
President Defense act for critical minerals, for Canada?
https://www.cbc.ca/news/world/u-s-military-mining-projects-canada-1.6649522
At the speed of a snail we are hopefully coming to the end of the sky is falling from individuals who still live back in the 1970’s
https://www.usgs.gov/news/national-news-release/biden-harris-administration-map-critical-mineral-potential-southwest
https://www.energy.gov/articles/biden-harris-administration-announces-156-million-americas-first-kind-critical-minerals
https://www.whitehouse.gov/briefing-room/statements-releases/2022/02/22/fact-sheet-securing-a-made-in-america-supply-chain-for-critical-minerals/
Good lord... there HAS to be an end in sight for this perpetual, slothlike litigation process. It just seems wholey unlawful.
Thanks for the information. I could not fail to note the projected timescale for the contested case. The hearing in late March 23 will be over one year since the case was admitted into Court. Even then, it should have been thrown out as baseless. That aside, how long until a ruling which will release the Permit to Mine? Another year, perhaps? This is ludicrous!
(Newsfile Corp. - November 10, 2022) - PolyMet Mining Corp. (TSX: POM) (NYSE American: PLM) ("PolyMet" or the "company") today filed its financial results for the three and nine months ended September 30, 2022.
In the recent quarter, the company continued to progress toward closing on the NewRange Copper Nickel joint venture (the "Joint Venture") agreement with Teck and advance the NorthMet Project through completion of litigation and regulatory processes.
PolyMet and Teck American Inc., a subsidiary of Teck Resources Limited ("Teck") announced on July 20, 2022, the parties had entered into an agreement to form a 50:50 Joint Venture. The venture will place their respective NorthMet and Mesaba deposits of high demand metals critical to supporting the transition to clean energy technologies under single management. PolyMet and Teck will become equal owners in NewRange Copper Nickel LLC. PolyMet and Teck will each own 50% of the two deposits upon closing of the Joint Venture, which is anticipated by the end of Q1 2023, and is subject to receipt of customary closing conditions and receipt of certain regulatory approvals.
Litigation progress
During the period just ended, the U.S. District Court in Minneapolis heard arguments in two separate cases related to the land exchange, which was completed in 2018. PolyMet moved to dismiss both cases in May and hearings on the motions for dismissal were held in September. A ruling is not anticipated before Q2 2023. There are no restrictions on PolyMet's use of the respective lands.
In other progress, the Administrative Law Judge assigned to oversee the contested case hearing associated with the Permit to Mine, specifically on the single issue regarding the use of bentonite clay at the tailings basin, has scheduled the week of March 27, 2023, for the contested case proceedings in St. Paul.
To date, PolyMet has received favorable decisions in all six cases that have reached final conclusion - four federal and two state. More information on recent court developments can be found on the company's website at https://polymetmining.com/investors/news/ and on its SEDAR and EDGAR profiles.
In addition to efforts to close the Joint Venture and litigation and regulatory progress, the company continued its focus on optimization and engineering efforts related to the NorthMet Project and maintained full compliance with all operating permits during the period.
I have not heard anything.
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Thank you for the insight. I’m hoping they do not, but it will be a great credit to your source of they do. Thanks again.
Would make sense. Can't see the point of raising more capital without the Permit to Mine. On that, have you heard anything? Do they still have an Investor Relations person? I gather that 40 people are currently employed, although what they all do I have no idea!
Hopefully anr rights issue will be timed with permit in hand to raise capital to start construction of mining and procesding facilities.
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No bother. Exchanging information is what this Hub is all about and I wish there was more interaction. I guess that years of 'same old same old' has induced a form of torpor! How many years behind the original proposal to commence mining are we? As to your question, you may recall that there was a suggestion of another Rights Issue about the time the Teck merger was proposed, some three months ago. My source merely confirmed that it will, in fact, happen. Sadly, I was not informed as to when. My current focus is on the seemingly never-ending legal battles and why the Company refuse to inform us of progress (or not!).
Sorry to trouble you but the mention of dilution is too important to overlook. Does your ‘source’ say when they feel this may occur? When did you first learn of this potential? Thanks.
I fully agree, their communication with investors is quite lacking. It is absolutely frustrating that we have to get ANY info from hearsay alone.
I fear that my information is probably correct and that yet another Rights Issue is in prospect. What I find most frustrating is the lack of communication from the Company. In his Feb 22 roundup, Cherry flagged up the importance of the Contested Case and Wetlands Permits, opining that they would probably be concluded sooner, rather than later. But, here we are with Christmas in sight, and NOTHING! The Company must know what is going on, so why not have the courtesy to share important information with shareholders?
Pretty sad state of affairs... the only winners here are the attourney's on both sides. Really hoping it doesn't come down to another Rights offering.
GL all,
zenner
I share your frustration. Still no information on the Contested Case. As I recall, there was a hearing on 24 August to decide how it will proceed. Nothing from the Company! Until that is decided, the Permit to Mine is in abeyance, yet my information has it that the Company is planning yet another Rights Issue, this time to raise $105m. More dilution on what is already a tiny pps! The seemingly endless rounds of vexatious litigation remind one of the Court of Circumlocution in Dickens.
STILL no dang permit.... What's up Polymet???
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Wow, 60,000 shares sold in 30 mins and someone (something) buying them all with out dropping below $3.27. That’s amazing. Something has put a floor in by buying in the open market. I can’t believe it hasn’t dropped a penny. I’ve got my popcorn out cause this is crazy to watch…
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