PolyMet Mining Corp announced that it has simplified the proposed metallurgical process at its NorthMet copper-nickel-precious metals project located in the established Mesabi mining district in northeastern Minnesota.
PolyMet now plans to build the project in two phases:
1. Phase I: produce and market concentrates containing copper, nickel, cobalt and precious metals
2. Phase II: process the nickel concentrate through a single autoclave, resulting in production and sale of high grade copper concentrate, value added nickel-cobalt hydroxide, and precious metals precipitate products.
Previous plans included a second autoclave and a copper solvent extraction/electro-wining circuit to produce copper metal along with value added nickel cobalt hydroxide and precious metals precipitate products.
The changes reflect continued metallurgical process and other project improvements as well as improved environmental controls that are being incorporated into the Supplemental Draft Environmental Impact Statement. The analysis is based on likely metal market conditions. The advantages, compared with the earlier plan include a better return on capital investment reduced financial risk, lower energy consumption and reduced waste disposal and emissions at site.
PolyMet last formal update of project scope and costs was in May 2008 when total project costs for the two-autoclave plus SX-EW circuit were estimated to be USD 602 million. Of that total approximately USD 127 million was attributed to the second autoclave and the copper circuit.
PolyMet plans to provide a detailed project update when the project development plans now being analyzed in the SDEIS are finalized. This detailed project update will include revised mine plans, process and project improvements, and will incorporate the latest environmental controls.
Mr Joe Scipioni PolyMet President and CEO said "The changes to the project improve the overall economics of the project while reducing environmental impacts. The SDEIS will incorporate these changes and is anticipated to be completed this summer. The project will create approximately 360 long terms well paid jobs compared to the project's original estimate of 400 workers."
(Sourced from www.proactiveinvestors.com.au)
