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$306m
Last closeUS$1.11
High / Low (52 weeks)US$1.5 / US$0.9
Stock market listingUS
Forecast net cash (US$m)49.6
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual2.8(6.7)29.1
Relative *(3.3)(9.9)12.3

* % 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)
2013A 0.0 (3.6) (4.5) (2.44) N/A N/A
2014A 0.0 (4.9) (6.4) (2.70) N/A N/A
2015E 0.0 (4.8) (10.0) (3.49) N/A N/A
2016E N/A N/A N/A N/A N/A N/A

Last updated on 03/11/2014

Latest research

Investment summary

PolyMet Mining reported that according to the Minnesota Department of Natural Resources’ (DNR) commissioner, Tom Landwehr, it targets “early spring” 2015 for completion of the Environmental Impact Statement (EIS) on the NorthMet project. The EIS is the key permitting milestone, which forms the legal basis for issuing the environmental permits at federal and state levels. Following the end of the public commentary period on the draft of the EIS in March 2014, we anticipate the co-lead agencies to incorporate substantive comments in the final EIS by the end of 2014. The comment from the DNR suggests that PolyMet is broadly on track to receive the required environmental permits around mid-2015. This should coincide with the company securing project finance and will therefore pave the way for the construction of the project, which is expected to take about 15-18 months.

Last updated on 03/11/2014

Industry outlook

Despite some volatility, the copper price remains strong, trading at US$6,800/t.

Last updated on 03/11/2014

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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