UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of September, 2011
Commission File Number: 001-32929
POLYMET MINING CORP.
(Translation of registrant's name into English)
390 - 3600 Lysander Lane
Richmond, B.C. Canada V7B 1C3
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
[ X ] Form 20-F [ ] Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [ ] No [ X ]
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _________
EXPLANATORY NOTE
This report on Form 6-K and attached exhibit are incorporated by reference into Registration Statement No. 333-161564 and this report on Form 6-K shall be deemed a part of such registration statement from the date on which this report on Form 6-K is filed, to the extent not superseded by documents or reports subsequently filed or furnished by PolyMet Mining Corp. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
SUBMITTED HEREWITH
Exhibits
99.1 | News Release dated September 7, 2011 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
PolyMet Mining Corp. | ||
(Registrant) | ||
Date: September 7, 2011 | By: | /s/ Joe Scipioni |
Joe Scipioni | ||
Title: | President |
390 3600 Lysander Lane, Richmond, British Columbia, Canada, V7B 1C3 | |
Tel: +1 (604) 248-0939 / Fax: +1 (604) 248-0940 | |
www.polymetmining.com | |
6500 County Road 666, Hoyt Lakes, MN 55750-0475 | |
Tel: 218-225-4417 / Fax: 218-225-4429 |
ADVANCING TO PRODUCTION
TSX: POM, NYSE Amex: PLM
NEWS RELEASE | 2011-16 |
POLYMET REPORTS SECOND QUARTER FISCAL 2012 RESULTS
Hoyt Lakes, Minnesota, September 7, 2011 - PolyMet Mining Corp. (TSX: POM; NYSE-A: PLM) (PolyMet or the Company) today reported its financial results for the three months ended July 31, 2011, which have been filed at www.polymetmining.com and on SEDAR and EDGAR. The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"). All amounts are in U.S. funds.
PolyMet controls 100% of the development-stage NorthMet copper-nickel-precious metals ore-body and the nearby Erie Plant, located near Hoyt Lakes in the established mining district of the Mesabi Iron Range in northeastern Minnesota.
Financial Highlights
At July 31, 2011 PolyMet had cash and cash equivalents of $11.492 million compared with $10.361 million at January 31, 2011. On July 15, 2011 Glencore AG ("Glencore") purchased 5 million shares of PolyMet common stock at $2.00 per share for gross proceeds of $10 million in the second tranche of the private placement agreed in November 2010. The third and final tranche of 5 million shares is scheduled to close on or before October 15, 2012.
During the three months ended July 31, 2011, PolyMet made scheduled repayments of $0.5 million notes payable to Cliffs Natural Resources, Inc. related to the acquisition of the Erie Plant.
Loss for the three months ended July 31, 2011 was $1.187 million compared with $2.549 million in the prior year period. General and administrative expenses were $0.962 million compared with $2.468 million for the prior year period. Excluding non-cash stock-based compensation in both periods and non-cash financing costs written off in the prior year period, general and administrative expense was $0.930 million compared with $0.614 million for the prior period. The majority of the increase was professional fees relating to adoption of IFRS and legal fees associated with corporate activity.
Loss for the six months ended July 31, 2011 was $2.506 million compared with $3.467 million in the prior year period. General and administrative expenses were $2.145 million compared with $3.319 million for the prior year period. Excluding non-cash stock-based compensation in both periods and non-cash financing costs written off in the prior year period, general and administrative expense was $1.577 million compared with $1.455 million for the prior period. The increase in professional fees relating to year-end audit, adoption of IFRS and changes to the Company's internal controls relating to financial reporting together with legal fees associated with corporate activity totaled $0.323 million, which was partially offset by reduced corporate office expenses and discontinuation of exploration activities.
Key Statistics - unaudited
(in '000 US dollars, except per share amounts) | ||||||
Balance Sheet | July 31, 2011 | January 31, 2011 | ||||
Cash and equivalents | 11,492 | 10,361 | ||||
Working capital | 6,221 | 4,199 | ||||
Total assets | 171,210 | 156,614 | ||||
Long term liabilities | 48,561 | 43,717 | ||||
Shareholders' equity | 112,767 | 102,295 |
Three months ended | Six months ended | |||||||||||
July 31, | July 31, | |||||||||||
Income Statement | 2011 | 2010 | 2011 | 2010 | ||||||||
General and administrative (expense) | ( 962 | ) | ( 2,468 | ) | ( 2,145 | ) | ( 3,319 | ) | ||||
Other income (loss) | ( 225 | ) | ( 81 | ) | ( 361 | ) | ( 148 | ) | ||||
Income (loss) | ( 1,187 | ) | ( 2,549 | ) | ( 2,506 | ) | (3,467 | ) | ||||
Income (loss) per share | ( 0.01 | ) | ( 0.02 | ) | (0.02 | ) | ( 0.02 | ) | ||||
Investing Activities | ||||||||||||
NorthMet Property | 7,843 | 4,166 | 10,761 | 8,941 | ||||||||
Weighted average shares outstanding | 156,040,791 | 149,046,890 | 155,480,584 | 149,018,305 |
* * * * *
About PolyMet
PolyMet Mining Corp.
(www.polymetmining.com) is a publicly-traded mine development company that
controls 100% of the NorthMet copper-nickel-precious metals ore body through a
long-term lease and owns 100% of the Erie Plant, a large processing facility
located approximately six miles from the ore body in the established mining
district of the Mesabi Range in northeastern Minnesota. PolyMet Mining Corp. has
completed its Definitive Feasibility Study and is seeking environmental and
operating permits to enable it to commence production. The NorthMet project is
expected to require approximately one-and-a-quarter million hours of
construction labor and create approximately 360 long-term jobs, a level of
activity that will have a significant multiplier effect in the local economy.
POLYMET MINING CORP. | ||
Per: | Joe Scipioni | |
Joe Scipioni, CEO |
For further information, please contact:
Corporate | Media |
Douglas Newby | LaTisha Gietzen |
Chief Financial Officer | VP Public, Gov't & Environmental Affairs |
Tel: +1 (212) 867-1834 | Tel: +1 (218) 225-4417 |
dnewby@polymetmining.com | lgietzen@polymetmining.com |
Investors | |
Crystal Agresti | Alex Macdougall |
Tel: +1 (845) 742-8153 | Tel: +1 (226) 663-3000 |
cagresti@polymetmining.com | amacdougall@polymetmining.com |
This news release contains certain forward-looking statements concerning anticipated developments in PolyMets operations in the future. Forward-looking statements are frequently, but not always, identified by words such as expects, anticipates, believes, intends, estimates, potential, possible, projects, plans, and similar expressions, or statements that events, conditions or results will, may, could, or should occur or be achieved or their negatives or other comparable words. These forward-looking statements may include statements regarding our beliefs related to the expected proceeds and closing of the registered direct offering, exploration results and budgets, reserve estimates, mineral resource estimates, work programs, capital expenditures, actions by government authorities, including changes in government regulation, the market price of natural resources, costs, or other statements that are not a statement of fact. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those in the forward-looking statements due to risks facing PolyMet or due to actual facts differing from the assumptions underlying its predictions. PolyMets forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and PolyMet does not assume any obligation to update forward-looking statements if circumstances or managements beliefs, expectations and opinions should change.
Specific reference is made to PolyMets most recent Annual Report on Form 20-F for the fiscal year ended January 31, 2011 and in our other filings with Canadian securities authorities and the Securities and Exchange Commission, including our Report on Form 6-K providing information with respect to our operations for the year ended January 31, 2011 for a discussion of some of the risk factors and other considerations underlying forward-looking statements. PolyMet's Quarterly Report for the three months ended April 30, 2011 included a detailed description of the transition to IFRS.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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