History
PolyMet was incorporated in British Columbia in 1981 under the name Fleck Resources Ltd.
The company explored various mineral deposits in North America, including Labrador and Minnesota. Fleck conducted exploratory work in the Duluth Complex and acquired the NorthMet deposit from United States Steel Corporation in 1989.
In June 1998, the company decided to focus on mineral development instead of mineral exploration and, to reflect the change in corporate policy, changed its name to PolyMet Mining Corporation. The term "Poly" refers to “many” and "Met" to metals.
In 2005, PolyMet acquired the former LTV Steel Mining Company processing plant (Erie Plant).
The Erie Plant comprises a large crushing, grinding and milling facility that was built by a consortium of steel companies in the mid-1950s and processed low-grade iron ore known as taconite that was transported to the facility by railroad from nearby mines. In the mid-1980’s, the consortium was consolidated into a single owner – LTV Steel. Pickands-Mather and its successor Cliffs operated the plant on behalf of the owners, processing approximately 100,000 tons per day of taconite ore. The plant was shut down in 2001 when LTV Steel filed for bankruptcy protection.
Toward Construction
With completion of the DFS, PolyMet commenced planning for construction subject to receipt of operating permits.
PolyMet has already transitioned into the detailed engineering and procurement planning phase in preparation for the start of construction. This includes detailed planning for the construction phase, commencement of detailed design work, and scheduling long lead-time equipment.
Offtake Contracts
PolyMet has entered into marketing and offtake agreements for a minimum of five years with Glencore AG for all its production.