Joint Venture to develop NorthMet, further study Mesaba opportunity
- PolyMet and Teck agree to become equal owners in NewRange Copper Nickel LLC
- PolyMet's NorthMet Project and Teck's Mesaba Project represent two of the largest undeveloped clean energy mineral resources in the U.S.
- The two projects account for approximately one-half of the known resources of high-demand copper, nickel, cobalt and PGMs in Minnesota's Duluth Complex
- Glencore commits to funding PolyMet's portion of the initial work program and certain other costs and expenses up to US$105 million
St. Paul, Minnesota--(Newsfile Corp. - July 20, 2022) - PolyMet Mining Corp. (TSX: POM) (NYSE American: PLM), ("PolyMet" or the "company") has entered into an agreement (the "transaction") with Teck American Inc., a subsidiary of Teck Resources Limited ("Teck"), to form a 50:50 joint venture that will place their respective NorthMet and Mesaba resources containing high-demand copper, nickel, cobalt and platinum group metals (PGM) under single management. These resources consist of Measured and Indicated resources of 795 million tons and 1,740 million tons for NorthMet and Mesaba, respectively, and further Inferred resources of 458 million tons and 1,612 million tons, respectively.[1]