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PolyMet Mining Corp.
Summary
| Project: | NorthMet | |
|---|---|---|
| Deposit: | NorthMet | |
| Location: | United States | |
| Commodities: | Copper-Nickel-Platinum-Palladium-Gold-Silver | |
| Date: | 3/27/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Feasibility Study | |
| Project Stage: | Mine Development | |
| Report details: | 27-3-2018: PolyMet Mining Corp. announces a Feasibility Study report for its NorthMet deposit at the NorthMet project. Updated feasibility study results incl. post-tax NPV(7%) of $173M, IRR of 9.6%, LOM of 20yrs. Poly Met Mining, Inc. (PolyMet US), a Minn | |
| Resources: | (Reserve, P+P):254Mt @ 0.295% Cu, 0.084% Ni, 80ppb Pt, 268ppb Pd, 39ppb Au, 74.42ppm Co, 1.06ppm Ag | |
| CP/QP: | [Resources]: Zachary Black (Hardrock Mining Consulting LLC) | |
| ABSTRACT: | Poly Met Mining, Inc. (PolyMet US), a Minnesota company and a wholly owned subsidiary of PolyMet Mining Corp. (PolyMet), contracted M3 Engineering & Technology Corporation (M3) to complete an updated Technical Report (the “Study”), at a Feasibility Study level, for the NorthMet Copper and Nickel Project (the “Project” or “NorthMet”) located near Hoyt Lakes, Minnesota, US. PolyMet US also retained Independent Mining Consultants (IMC), Senet, (Pty) Ltd. (Senet), Hard Rock Consulting, LLC (HRC) and Barr Engineering Company (Barr) to contribute to this Study. The update is based on feasibility-study-level engineering as well as the Final Environmental Impact Statement (FEIS, Nov 2015) and recently released draft environmental permits (Jan 2018) for the development of a 32,000-short ton per day (STPD) 225 million short ton production schedule. PolyMet US also requested that M3 investigate potential project economic valuations using scoping or preliminary economic assessment (PEA) level mine designs at higher throughputs (59,000 and 118,000 STPD). The estimates for these two scenarios are preliminary in nature and both scenarios include Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the results for these two cases will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability and there is no certainty that Mineral Resources will become Mineral Reserves. The purpose of the additional investigations is to quantify the potential viability of identified resources at higher throughputs that are not currently permitted for development. | |
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