The company purchases additional land (6,000 acres), a railroad connection and associated equipment and infrastructure, other facilities and associated rights from Cliffs for two million common shares valued at… More ›
The company purchases additional land (6,000 acres), a railroad connection and associated equipment and infrastructure, other facilities and associated rights from Cliffs for two million common shares valued at $6.16 million and $15 million in cash payable in two notes, each for $7 million.
From the 2005 and 2006 Cliff acquisitions, the companys new holdings include crushing and milling equipment (the Erie Plant), plant site buildings, tailings basin and workshops, extensive spare parts, railroad connection to the site of the NorthMet ore body, 120-railcar fleet, and locomotive fueling and maintenance facilities. Also included are water rights and pipelines, large administrative offices on site and approximately 6,000 acres to the east and west of and contiguous to our existing tailings facilities and other real estate. Certain liabilities associated with the property also are assumed.
PolyMet stock is listed on the American Stock Exchange (now the NYSE MKT) June 26, under the symbol PLM.
The company transitions to a development stage entity following the completion of the Definitive Feasibility Study. Conducted by consultants Bateman Engineering Pty Ltd, the study establishes reserves for the first time and confirms the economic and technical viability of the PolyMet Mining NorthMet Project. The study shows Proven and Probable Reserves of 181.7 million tons grading .31 percent copper, .09 percent nickel, .008 cobalt and .01 ounces per ton of precious metals.