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Article: Company Still Hopes to Establish an Open-Pit Mine near Babbitt, Minn.(Knight Ridder/Tribune Business News)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- September 25, 2000
- Author:
CopyrightCOPYRIGHT 2000 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Sep. 25--Polymet Mining Corp. had hoped in roughly three years to begin developing a $550 million open pit precious metals mine near Babbitt that would employ roughly 400.
Despite losing its major partner on Thursday, PolyMet officials say the NorthMet project will still happen eventually.
"It's a quality project," said Don Gentry, PolyMet president and chief executive officer on Friday. "We're going to continue to move the project along. It will be a mine someday. The question is when." PolyMet's board of directors on Thursday exercised an escape clause that dissolved a joint partnership with North Mining Inc., a major minerals firm from Australia. ...