bingowww.edisoninvestmentresearch.com/research/company/polymet-mining LONDON, Nov. 25, 2013 /PRNewswire/ -- Edison Investment Research, a leading international investment research firm, announces the initiation of coverage of PolyMet Mining Corp (NYSE:PLM), a junior mining company focused on developing the 100%-owned copper-nickel-precious metals property in Minnesota.
Edison's comprehensive report, Low-cost polymetallic development project, was published on 21 November and examines the investment merits of PolyMet Mining Corp. Wayne Atwell, an analyst on Edison's mining team, suggests the investment case rests on its ability to secure environmental permitting for its NorthMet Project, arrange financing and complete construction on time and within budget. PolyMet purchased the Erie Plant and associated infrastructure for a fraction of the replacement cost, which positions the project at a low capital and operating cost relative to its peers.
PolyMet's valuation has material upside if it expands its capacity or uses its infrastructure to consolidate the Duluth Complex in Minnesota. Our base case valuation is US$479m or US$1.32/share on a diluted basis. Our upside valuation, based on potential plant expansion to 90ktpd, is US$1,254m or US$3.08 per share (diluted).