Form 6-K POLYMET MINING CORP For: Apr 22
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2016
Commission File Number: 001-32929
POLYMET MINING CORP.
(Translation of registrant's name into English)
100 King Street, Suite 5700
Toronto, ON Canada M5X 1C7
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
[ X ] Form 20-F [ ] Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
EXPLANATORY NOTE
This report on Form 6-K and attached exhibit are incorporated by reference into Registration Statement No. 333-192208 and this report on Form 6-K shall be deemed a part of such registration statement from the date on which this report on Form 6-K is filed, to the extent not superseded by documents or reports subsequently filed or furnished by PolyMet Mining Corp. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
SUBMITTED HEREWITH
Exhibits
99.1 | News Release dated April 22, 2016 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
PolyMet Mining Corp. | ||
(Registrant) | ||
Date: April 22, 2016 | By: | /s/ Jonathan Cherry |
Jonathan Cherry | ||
Title: | President and CEO |
100 King Street West, Suite 5700, Toronto, Ontario, Canada, M5X 1C7 | |
Tel: +1 (416) 915-4149 | |
444 Cedar Street, Suite 2060, St. Paul, MN 55101 | |
Tel: +1 (651) 389-4100 | |
www.polymetmining.com |
TSX: POM, NYSE MKT: PLM
NEWS RELEASE | 2016-05 |
POLYMET REPORTS FISCAL 2016 RESULTS
St. Paul, Minn., April 22, 2016 PolyMet Mining Corp. TSX: POM; NYSE MKT: PLM today reported that it has filed its financial results for the year ended January 31, 2016. PolyMet controls 100 percent of the development-stage NorthMet copper-nickel-precious metals ore body and the nearby Erie Plant, located near Hoyt Lakes in the established mining district of the Mesabi Iron Range in northeastern Minnesota.
The financial statements have been filed at www.polymetmining.com and on SEDAR and EDGAR and have been prepared in accordance with International Financial Reporting Standards. All amounts are in U.S. funds. Copies can be obtained free of charge by contacting the Corporate Secretary at First Canadian Place, 100 King Street West, Suite 5700, Toronto, Ontario M5X 1C7 or by e-mail at [email protected].
HIGHLIGHTS OF FISCAL 2016 AND FISCAL 2017 TO-DATE
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On November 6, 2015, the Minnesota Department of Natural Resources reported that the NorthMet Final Environmental Impact Statement had been completed. The Final EIS was subsequently posted in the Federal Register and the Minnesota Environmental Quality Board Monitor. Completion of the Final EIS is the culmination of more than a decade of detailed analysis and thorough review from various state and federal regulatory agencies. The Final EIS indicates that the proposed project meets human health and environmental standards. | |
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On November 16, 2015, the U.S. Forest Service published its Draft Record of Decision recommending the proposed land exchange in which PolyMet would receive surface rights in exchange for transferring land it currently owns to the Superior National Forest. The Draft ROD recognizes that the proposed land exchange would be beneficial to the Forest Service and would be in the public interest. | |
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On March 3, 2016, the state determined that the Final EIS addresses the objectives defined in the EIS scoping review, meets procedural requirements, and responds appropriately to public comments. The 30-day period allowed by law to challenge the states decision has passed without any legal challenge being filed. | |
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On April 19, 2016, the DNR, in partnership with the Pollution Control Agency and the Department of Health, held a Pre-application Public Informational Meeting that included an overview of the NorthMet Project and the permit to mine process together with a summary of other state permits such as tailings dam safety, water quality, air quality, and wetlands, that will be required to construct and operate the project. The DNR laid out the process for the permit to mine, comprising: pre-application consultation; submission of formal applications that will be posted on the project website (http://polymet.mn.gov); formal regulatory review; publication of draft permit with an opportunity for public comment; and issuance of permits. The pre-application consultation is underway and is intended to help PolyMet craft the formal permit applications in order to help the regulatory agencies expedite the review process. The DNR stated that the timeline for completion will be better defined once it has received the formal applications. |
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The Company issued $33.0 million secured debentures to Glencore AG, a wholly owned subsidiary of Glencore plc, to fund environmental review, permitting and general corporate purposes; extended the Glencore convertible and non-convertible loans to March 31, 2017; clarified PolyMets right to repay the loans at any time without penalty; and reset the interest rate to 12-month U.S. dollar LIBOR plus 15.0% from January 1, 2016. | |
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Loss for the twelve months ended January 31, 2016, was $9.346 million compared with $7.276 million for the prior year period. General and administrative expenses for the twelve months ended January 31, 2016 were $5.508 million compared with $5.489 million for the prior year period. As a result of a one-time non-cash loss on the disposal of wetland credit intangibles, other expenses were $3.838 million compared with $1.787 million for the prior year period. | |
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At January 31, 2016, PolyMet had cash of $10.256 million compared with $9.301 million at January 31, 2015. Short-term debt totaled $4.962 million due to the Iron Range Resources and Rehabilitation Board, secured by land that forms part of the proposed land exchange with the U.S. Forest Service. | |
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PolyMet invested $27.378 million cash into its NorthMet Project during the twelve months ended January 31, 2016, compared with $27.153 million in the prior year period. | |
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As of January 31, 2016, PolyMet had spent $102.160 million on environmental review and permitting, of which $95.709 million has been spent since the NorthMet Project moved from exploration to development stage. |
GOALS AND OBJECTIVES FOR REMAINDER OF FISCAL 2017
The environmental review and permitting process is managed by the regulatory agencies and, therefore, timelines are not within PolyMets control. Given these circumstances, PolyMets objectives include:
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U.S. Forest Service Final Record of Decision on the proposed land exchange and transfer of title of the surface rights over and around the NorthMet mineral rights to PolyMet; | |
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Submission of state permit applications; | |
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Section 404 wetlands permit preparation for review; | |
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Completion of Definitive Cost Estimate and Project Update; | |
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Completion of project implementation plan; |
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Repayment/conversion of Glencore and Iron Range Resources and Rehabilitation Board loans; and | |
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Completion of construction finance plan including commitment of debt prior to the issuance of permits but subject to typical conditions precedent such as receipt of key permits. |
Key Statistics
(in 000 US dollars, except per share amounts)
Balance Sheet | January 31, 2016 | January 31, 2015 | ||||
Cash & equivalents | $ | 10,256 | $ | 9,301 | ||
Working capital (deficit) | 2,162 | (31,672 | ) | |||
Total assets | 337,660 | 313,229 | ||||
Total liabilities | 153,003 | 120,853 | ||||
Shareholders equity | 184,657 | 192,376 |
Year ended Jan 31, | ||||||
Income Statement | 2016 | 2015 | ||||
General & administrative expense | $ | 5,508 | $ | 5,489 | ||
Other Expenses | ||||||
Finance & Other | $ | 1,986 | $ | 1,787 | ||
Disposal of Intangibles | $ | 1,852 | $ | - | ||
Loss before tax | $ | 9,346 | $ | 7,276 | ||
Other Comprehensive (Income) | $ | (199 | ) | $ | - | |
Loss per share | $ | 0.03 | $ | 0.03 | ||
Investing Activities | ||||||
NorthMet Property | $ | 27,378 | $ | 27,153 | ||
Weighted average shares outstanding | 276,812,958 | 275,726,953 |
* * * * *
About PolyMet
PolyMet Mining Corp.
(www.polymetmining.com) is a publicly-traded mine development company that owns
100 percent of Poly Met Mining, Inc., a Minnesota corporation that controls 100
percent of the NorthMet copper-nickel-precious metals ore body through a
long-term lease and owns 100 percent of the Erie Plant, a large processing
facility located approximately six miles from the ore body in the established
mining district of the Mesabi Iron Range in northeastern Minnesota. Poly Met
Mining, Inc. has completed its Definitive Feasibility Study. The NorthMet Final
EIS was published in November 2015, preparing the way for operating permits to
construct and operate the mine. NorthMet is expected to require approximately
two million hours of construction labor, creating approximately 360 long-term
jobs, a level of activity that will have a significant multiplier effect in the
local economy.
POLYMET MINING CORP.
Per: | "Jon Cherry" | |
Jon Cherry, CEO |
For further information, please contact:
Media
Bruce Richardson
Corporate Communications
Tel: +1 (651) 389-4111
[email protected]
Investor Relations
Jenny Knudson
Investor
Relations
Tel: +1 (651) 389-4110
[email protected]
PolyMet Disclosures
This news release contains
certain forward-looking statements concerning anticipated developments in
PolyMets operations in the future. Forward-looking statements are frequently,
but not always, identified by words such as expects, anticipates,
believes, intends, estimates, potential, possible, projects,
plans, and similar expressions, or statements that events, conditions or
results will, may, could, or should occur or be achieved or their
negatives or other comparable words. These forward-looking statements may
include statements regarding the ability to receive environmental and operating
permits, job creation, or other statements that are not a statement of fact.
Forward-looking statements address future events and conditions and therefore
involve inherent known and unknown risks and uncertainties. Actual results may
differ materially from those in the forward-looking statements due to risks
facing PolyMet or due to actual facts differing from the assumptions underlying
its predictions.
PolyMets forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and PolyMet does not assume any obligation to update forward-looking statements if circumstances or managements beliefs, expectations and opinions should change.
Specific reference is made to PolyMets most recent Annual Report on Form 20-F for the fiscal year ended January 31, 2016 and in our other filings with Canadian securities authorities and the U.S. Securities and Exchange Commission for a discussion of some of the risk factors and other considerations underlying forward-looking statements.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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