The Duluth Complex contains one of the world’s largest undeveloped deposits of non-ferrous metal. These copper-nickel-cobalt-platinum-palladium-gold deposits are in a belt stretching 30 miles just south of the eastern end of the historic Mesabi Iron Range—the major source of iron ore for the domestic steel industry for more than 100 years.
PolyMet’s project is comprised of two significant assets: the NorthMet deposit and the Erie Plant formerly owned by LTV Steel Mining Company, which is an iron ore processing facility six miles west of the deposit, connected by a private railroad.
In the 1940′s, prospectors discovered non-ferrous minerals in the Duluth Complex, and several mining companies subsequently explored the area just south of the Iron Range and in a belt toward Duluth. In the late 1960′s, United States Steel Corporation discovered the NorthMet deposit. PolyMet leased the property in 1989.
When up and running the company will be:
Using open pit mining techniques traditional on the Mesabi Iron Range, PolyMet will mine ore containing copper, nickel, cobalt, platinum, palladium and gold. The company will use modern processing techniques to recover these metals, which are used in everyday products such as electrical wiring, automobile emission controls and medical applications.
Despite the importance of these metals to daily life, the United States currently has no domestic sources of nickel or cobalt. The United States also imports 40% of its copper and between 80% and 95% of its platinum and palladium.
The Wrap Up:
1) One of the largest and only domestic non-ferrous deposits
2) Low cost to develop resources with fully integrated setup from the mine to the processing facility to the railroad
3) Glencore (the world’s largest commodity trading company) owns over 25% of the common shares
4) The biggest risk is getting the permits to mine and satisfying the environmentalists
5) Fairly unknown small cap company with huge potential and very undervalued shares
Check these guys out. I’m personally waiting for a catalyst to bring shares to a dirt cheap level before I begin to buy shares. If and when this projects gets off the ground, this will be America’s largest and one of the world’s largest non-ferrous mineral deposits. It’s fully integrated which means no middle men to process or ship goods. The stock symbol for the company is PLM.
-do your own due diligence-