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Bob Kelleher

Duluth, Minn.

February 3, 2011 5:35 PM

PolyMet cuts plan to produce finished copper at mine

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PolyMet no longer plans to produce finished copper at its proposed Hoyt Lakes mine. The change cuts costs and jobs.

PolyMet is scaling back the second phase of its Hoyt Lakes plan. The company initially plans to produce metal concentrates that would be processed off-site.

In the second phase PolyMet will process nickel concentrate on-site, but it's dropping plans to produce copper sheet at the Hoyt Lakes production facility.

PolyMet says the change will save $127 million. It also cuts 40 of 400 projected full time jobs.

PolyMet President and CEO Joe Scipioni said the changes improve the project's economics, while reducing environmental impacts.

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