PolyMet Mining News: PLM Stock Pops 66% on Positive Court Ruling

PolyMet Mining (NYSEAMERICAN:PLM) news for Friday includes a positive court ruling pushing PLM stock higher.

Mine workers pushing carts in mountainous region.

Source: Audun Photoz / Shutterstock.com

The court ruling comes from Ramsey County District Court Judge John H. Guthmann. In his ruling, the judge sides with the Minnesota Pollution Control Agency (MPCA) over several allegations that were made against it by environmental groups.

The allegations against the MPCA include irregularities with the National Pollutant Discharge Elimination System (NPDES) permit issued by it to PolyMet Mining. This permit is for its NorthMet project, which seeks to mine nickel, copper and other precious metals.

This ruling will also be taken into account in a larger case at the court of appeals. This case also has to do with the same NPDES permit. It has environmental groups arguing against the MPCA’s decision to issue the permit and its denial of a contested case hearing.

Jon Cherry, chairman, president and CEO of PolyMet Mining, said the following about the news.

“We are pleased with the district court’s ruling and look forward to defending the challenge to the water permit currently pending in the court of appeals. We remain confident the water quality permit meets all applicable standards and will ultimately be upheld by the courts.”

PolyMet Mining is still waiting on a date for the court of appeals hearing. The court will decide on a schedule for when the briefing and oral arguments will take place.

PLM stock was up 65.8% as of Friday afternoon.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


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