Here's Why PolyMet Mining Is Soaring This Week
Shares of PolyMet Mining (NYSEMKT: PLM) rose as much as 43.6% today after the company announced progress in settling regulatory disputes that have delayed plans to begin operating the NorthMet mine in Minnesota. In March, the state's court of appeals remanded the development-stage asset's air permit. This week, the Minnesota Supreme Court agreed to hear an appeal of the lower court's decision.
It's the second time the Minnesota Supreme Court has agreed to listen to appeals about the NorthMet mine. In January, the court of appeals remanded the asset's permit to mine and two dam-safety permits, although the Supreme Court will review those decisions, too. If the company can successfully argue its case, then it could be one significant step closer to beginning operations at the mine.
As of 12:18 p.m. EDT on Wednesday, the small-cap stock had settled to a 19.1% gain.
Source Fool.com