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$322.4m
Last closeUS$1.170
High / Low (52 weeks)US$1.5 / US$0.7
Stock market listingUS
Forecast net cash (US$m)49.6
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(5.6)1.741.0
Relative *(6.5)(2.7)15.4

* % 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)
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 31/07/2014

Latest research

Investment summary

PolyMet achieved a key milestone in its NorthMet environmental permitting process with the announcement in March 2014 that it had received a significantly improved EC-2 rating from the EPA. The required public meetings have been completed and the co-lead agencies will analyse feedback from the public consultation process to incorporate into a final EIS. This will be addressed by management to conclude the environmental review process and put PolyMet on track to be granted its mining licence by mid-2015. Assuming a 15-month construction period, the project should be completed in H216. PolyMet reported Q115 cash at US$23.6m, which should be sufficient to fund it through the final permitting. In other news, Glencore has extended the term of its PolyMet convertible debenture by one year to September 2015.

Last updated on 05/08/2014

Industry outlook

Both copper and nickel prices remain strong, trading at US$7,130/t and US$18,593/t respectively.

Last updated on 05/08/2014

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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