Posted on 17 Feb 2023
PolyMet Mining Corp and Teck Resources Ltd say they have successfully completed their joint venture agreement to form and operate NewRange Copper Nickel LLC in Minnesota, Kallanish reports.
The JV intends to develop the NorthMet mine when the remaining permit issues are resolved and to advance studies on Mesaba options. The company could become the operator of the second operating nickel mine in the United States. The JV company will be based at Hoyt Lake, Minnesota. It is a 50:50 venture between PolyMet and Teck American, a Teck subsidiary.
The JV company holds the NorthMet and Mesaga copper-nickel-cobalt-platinum deposits in northeast Minnesota. The two deposits together represent about 50% of known resources in the Duluth Complex in Minnesota. The JV had been announced last July. The deal has now closed.
The company named Mesaba project veteran Tannice McCoy as the general manager of the JV operation. She was named Mesaba project manager by Teck in 2018.
The JV includes the NorthMet deposit. It has measured and indicated resources of 795 million tonnes and inferred resources of 458m t. That $1 billion mine project is estimated to produce 29,000 t/day of ore over 20 years, with first production in 2026.
The Mesaba deposit's measured and indicated resources totaling 2.207 billion short tons with 0.428% copper, 0.192% nickel, 76 ppm cobalt, 1 ppm silver, 34 ppb platinum, 97 ppb palladium, and 25 ppb gold. The inferred resources total 1.42 billion st.
Source:Kallanish
