PolyMet and Teck form JV to develop Minnesota mining projects – by Ernest Scheyder (Reuters – July 20, 2022)


PolyMet Mining Corp (POM.TO) and Teck Resources Ltd (TECKb.TO) said on Wednesday they will form a joint venture to develop their Minnesota copper and nickel mining projects.

The new company, known as NewRange Copper Nickel LLC, will share costs to develop the two proposed mines, which aim to produce metals used to make electric vehicles and other green technologies.

“This partnership just seemed like a natural fit,” PolyMet Chief Executive Jon Cherry said in an interview. “It’s a great opportunity for northern Minnesota to really become the central point of production for electric vehicle battery metals.”

Cherry said the JV will benefit from Teck’s technical experience in building mines and PolyMet’s experience in obtaining U.S. mine permits. Shares of St. Paul, Minnesota-based PolyMet jumped 10.1% on Wednesday, while shares of Vancouver, British Columbia-based Teck were down 2.2%.

For the rest of this article: https://www.reuters.com/markets/commodities/polymet-teck-form-jv-develop-minnesota-mining-projects-2022-07-20/