MINNESOTA - Vancouver's POLYMET MINING has completed the acquisition of parts of the former LTV Steel Mining mineral processing plant in the northeastern part of the state. PolyMet takes ownership of the crushing, grinding and flotation equipment; spare parts; buildings and real estate; tailings facilities; and access to the mining infrastructure near Hoyt Lakes, Minnesota.
"Acquisition of this large complex provides PolyMet with about 80 to 85% of the physical plant assets needed to develop the NorthMet project. Moreover, this acquisition will save nearly US$200 million in capital development costs," said William Murray, PolyMet's president and CEO.
The company estimates total capital costs of US$225 million to US$250 million for the NorthMet development. Open pit mining will begin at a rate of 25,000 tonnes/day. The mineral processing plant will produce a concentrate containing platinum, palladium, gold, copper, nickel and cobalt. Start-up of commercial operations is planned for the first half of 2008. The NorthMet deposit is 13 km east of the plant PolyMet purchased.
Additional details are available at www.PolyMetMining.com.
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