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$328.1m
Last closeUS$1.19
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

Price performance

Relative *(3.6)5.325.8

* % 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 18/08/2014

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 are analysing feedback from the public consultation process to incorporate them into a final EIS, which should be issued late 2014. This will be addressed by management to conclude the environmental review process and put PolyMet on track to be granted its mining licences by mid-2015. Assuming a 15-18 month construction period, the project should be completed by late 2016. PolyMet reported Q115 cash at US$23.6m, which should be sufficient to fund it through final permitting.

Last updated on 01/09/2014

Industry outlook

Both copper and nickel prices remain strong, trading at US$6,929/t and US$18,570/t respectively.

Last updated on 01/09/2014

Key management

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

Company address

100 King Street
Suite 5700
M5X 1C7
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