The investment by Swiss commodities giant Glencore AG includes $20 million in bridge loans and $60 million in equity.
A Swiss firm has pledged to invest $80 million in PolyMet Mining's plans for a copper-nickel mine in northeastern Minnesota.
The investment by Swiss commodities giant Glencore AG includes $20 million in bridge loans and $60 million in equity. The Star Tribune (http://bit.ly/154u7L0 ) reports the investment is expected to be finalized in June, pending regulatory approvals in the U.S. and Canada.
The investment would allow PolyMet to complete the lengthy environmental review and permitting process that has already been six years in the making at a cost of $50 million to date. Environmental permits and state regulatory approvals are required before mill work and mine construction can begin.
Polymet chief financial officer Douglas Newby says over the past five years, Glencore has loaned or invested about $100 million in Polymet.