Duluth News Tribune reported that PolyMet Mining Corp will miss a deadline for filing interim financial statements and related documents. The company plans to file the documents before December 23.

Until then, the Canadian-based company is asking Canadian securities regulatory authorities for a management cease trade order which would prohibit specific company managers and insiders from trading in the company’s securities. Authorities could issue a general cease trade order for PolyMet’s failure to file the documents on time. Such an order would prohibit residents in the province where the order was issued from trading in PolyMet securities.

The documents PolyMet will file late include interim financial statements, its management’s discussion and analysis of the statements, and CEO and CFO certifications for the period ended October 31.

In a news release, PolyMet said it needs extra time to prepare the documents because of difficulties with moving to a new accounting and financial reporting system.

The release said that “Internal review has highlighted some errors that are not material but needed to be corrected before preparing draft financial statements to be reviewed by the Company’s auditors, PricewaterhouseCoopers LLP, and its Audit Committee prior to approval of those statements by the Board of Directors.”

PolyMet is working to create a copper-nickel mine on the Iron Range near Babbitt.

(Sourced from www.duluthnewstribune.com)