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PolyMet Mining Corp. on Wednesday said it will get another $14 million in cash from its largest investor, Switzerland-based Glencore, to help the junior mining company advancing toward opening Minnesota’s first copper mine.
PolyMet announced the new loan in its quarterly financial report that shows the company continuing to spend money as it seeks state and federal permits to start the mine and processing center north of Hoyt Lakes.
PolyMet received $3 million on June 3, will get another $8 million in July and $3 million in August, with PolyMet paying Glencore 15 percent interest. Glencore also is asking for a PolyMet financing plan that will enable the company to repay Glencore in 2017 and have money to complete permitting.
Under agreements struck last year, Glencore now owns 28.4 percent of PolyMet stock. Glencore could eventually hold 37.4 percent of PolyMet under new terms of an $11 million loan Glencore gave to PolyMet in January. There also has been speculation about Glencore becoming the full owner of the PolyMet project if and when it receives regulatory approval to start mining.
Glencore owns mining, oil, agriculture and other commodity businesses worldwide.
PolyMet also reported Wednesday that it has now spent $107.7 million over the past decade on environmental review and permit acquisition for the so-called NorthMet project, the only mining project for Toronto-based PolyMet.
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