PolyMet Mining Corp. says it will put up $544 million in financial protections for the first three years of construction and mining at its proposed copper-nickel facility in northern Minnesota to insulate taxpayers from any environmental damage that could result.
The so-called “financial assurance” is the last piece required in PolyMet’s application for a permit to construct a $650 million mine and processing plant near Hoyt Lakes, the company said.
The assurance estimate in PolyMet’s financial proposal, which is considerably higher than the company predicted a year ago, now goes under state review.
Along with other permit requests covering air quality, water quality and a tailings dam, it is expected to be open for public comment early next year.
PolyMet’s is the first of what could be several copper-nickel mines in northeast Minnesota, and would be the first to receive state permits. Many northern Minnesota residents have greeted it as hope for returning the Iron Range to its mining heyday.
For the rest of this article: http://www.startribune.com/polymet-proposes-over-600-million-to-cover-minnesota-mine-s-environmental-risks/463968593/