PLM - Army Corps revokes permit for proposed Minnesota copper and nickel mine

2023-06-06 20:44:17 ET

The U.S. Army Corps of Engineers said Tuesday it revoked a key federal permit for the proposed NewRange Copper Nickel mine in Minnesota, saying the permit did not comply with water quality standards set by a sovereign downstream tribe.

The Army Corps said it revoked the Clean Water Act permit, which it had previously suspended, "because the permit does not ensure compliance with water quality requirements of the Fond du Lac Band of Lake Superior Chippewa."

The Corps initially awarded the permit in 2019, saying the project complied with all applicable federal laws and regulations, but it suspended the permit in 2021 at the request of the Environmental Protection Agency in response to a court ruling in order to study the effects downstream on both the Band's reservation and the Wisconsin waters of the St. Louis River.

PolyMet Mining ( NYSE: PLM ), which owns a 50% stake in the NorthMet project with Teck Resources ( NYSE: TECK ) holding the other half, said it is reviewing the decision and weighing its options .

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