SDEIS completed and released
Polymet Mining Corp. (AMEX:PLM) achieved a key milestone in its NorthMet environmental permitting initiative when the EPA issued an EC-2 rating on its environmental impact statement (SDEIS) on 13 March 2014. PolyMet’s management anticipates securing its environmental permits for NorthMet by late calendar Q115. We have updated our forecasts and valuation.
NorthMet receives favourable EPA rating
The EPA has issued an EC-2 rating for PolyMet’s NorthMet project supplemental draft EIS. The EPA review provides guidance to co-lead agencies for enhancements to finalise the environmental review process. The rating is the second highest of four possible ratings, with the highest reserved for conservationrelated projects. The 90-day public comment period for the supplemental draft EIS ended on 13 March 2014. Management has stated that the three public meetings held on the SDEIS were well attended with strong support for the project, especially from the local community near the project site.
Permitting expected by late calendar Q115
The 90 days of public comment on the EIS has ended. PolyMet’s management anticipates that by the end of CY14 the co-lead agencies will review and incorporate the comments into the final EIS. Based on management’s projections, we believe PolyMet should receive its environmental permits by late calendar Q115.
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