GLNCY Glencore Plc (PK)

   By Josh Beckerman 
 

The Minnesota Department of Natural Resources has issued permits for a Polymet Mining Corp. (PLM, POM.T) copper-nickel mine, the company said.

Polymet shares recently traded up 25% to $1.14. The stock was halted earlier in advance of the announcement.

Polymet received a Permit to Mine, which it called a "crucial" permit for the construction and operation of the NorthMet Project in northeastern Minnesota. The DNR also issued other permits including dam safety and water appropriations.

In June, the U.S. Senate approved a land exchange between the U.S. Forest Service and Polymet.

Polymet's shareholders include Glencore PLC (GLNCY, GLEN.LN). In March, Polymet reached a 12-month extension and interest-rate reduction on about $152 million of debt owed to Glencore, and a commitment for an additional $80 million in debentures.

The Minnesota Pollution Control agency said it will make final air and water permit decisions before the end of the year, Polymet said.

The Permit to Mine authorizes open pit mining operations that are expected to yield about 1.2 billion pounds of copper, 170 million pounds of nickel, 6.2 million pounds of cobalt and 1.6 million troy ounces of precious metals over a 20-year mine life, the company said.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

November 01, 2018 14:11 ET (18:11 GMT)

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