PolyMet Mining (PLM)

Business description

PolyMet is a junior mining company focused on developing the 100% owned copper-nickel-precious metals property in Minnesota. It should secure its environmental permit by mid-CY15 and complete construction by the third or fourth quarters of 2016.

Share price chart

Share chart

Stock data

Market cap.US$341.7m
Last closeUS$1.240
High / Low (52 weeks)US$1.5 / US$0.7
Stock market listingNYSE
Forecast net debt (US$m)2.1
Forecast gearing ratio (%)1
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual14.80.857.2
Relative *13.8(4.8)34.4

* % Relative to local index

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Y/E Jan Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2012A 0.0 (2.7) (3.1) (1.55) N/A N/A
2013A 0.0 (3.6) (4.5) (2.44) N/A N/A
2014E 0.0 (5.0) (6.4) (2.71) N/A N/A
2015E 0.0 (4.8) (10.0) (3.44) N/A N/A

Last updated on 27/06/2014

Latest research

Investment summary

PolyMet Mining achieved a key milestone in its NorthMet environmental permitting process with the March 2014 announcement that it had received a significantly improved EC-2 rating from the EPA. The 2,200-page report included no meaningful changes to the operating plan, but did include extensive, albeit non-material, changes to environmental control measures. The three required public meetings have now been completed and the co-lead agencies will analyse feedback from the public consultation process to incorporate into a final EIS. This will then be addressed by management to bring the environmental review process to a close and put PolyMet on track to be granted its full mining licence by late calendar Q115. We are updating out model for FY14 results.

Last updated on 30/06/2014

Industry outlook

PolyMet's 31 January 2014 year-end cash total was $32.8m. Glencore has extended the term of its PolyMet convertible debenture by one year to 30 September 2015. Our base case valuation is US$477m or US$1.45/share on a diluted basis. Our upside valuation, based on potential plant expansion to 90ktpd, is US$1,267m or US$3.48/share (diluted).

Last updated on 30/06/2014

Key management

Jon Cherry , CEO
Douglas Newby , CFO & IR
Jenny Knudson , IR

Company address

100 King Street
Suite 5700
Toronto
Ontario
M5X 1C7
Canada
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