LONDON, Nov. 25, 2013 /PRNewswire/ -- Edison
Investment Research, a leading international investment research
firm, announces the initiation of coverage of PolyMet Mining Corp
(NYSE:PLM), a junior mining company focused on developing the
100%-owned copper-nickel-precious metals property in Minnesota.
Edison's comprehensive report, Low-cost polymetallic
development project, was published on 21 November and examines
the investment merits of PolyMet Mining Corp. Wayne Atwell, an analyst on Edison's mining
team, suggests the investment case rests on its ability to secure
environmental permitting for its NorthMet Project, arrange
financing and complete construction on time and within budget.
PolyMet purchased the Erie Plant and associated infrastructure for
a fraction of the replacement cost, which positions the project at
a low capital and operating cost relative to its peers.
PolyMet's valuation has material upside if it expands its
capacity or uses its infrastructure to consolidate the Duluth
Complex in Minnesota. Our base
case valuation is US$479m or
US$1.32/share on a diluted basis. Our
upside valuation, based on potential plant expansion to 90ktpd, is
US$1,254m or US$3.08 per share (diluted).
For the full report see:
www.edisoninvestmentresearch.com/research/company/polymet-mining
The launch of coverage on PolyMet Mining Corp marks a further
expansion of Edison's worldwide mining coverage. Edison provides
research coverage on more than 80 mining companies across the UK,
mainland Europe, North America and Australasia, All reports
Edison publishes are available to download free of charge from its
website www.edisongroup.com.
About Edison Investment Research
Edison, the investment intelligence firm, is the future of
investor interaction with corporates. Our team of over 100 analysts
and investment professionals works with leading companies, fund
managers and investment banks worldwide to support its capital
markets activity. We provide services to more than 400 retained
corporate and investor clients from our offices in London, New
York, Frankfurt,
Sydney and Wellington. Edison is authorised and regulated
by the Financial Services Authority
(www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584).
Edison is not an adviser or broker-dealer and does not provide
investment advice. Edison's reports are not solicitations to buy or
sell any securities.
For more information please contact:
Wayne Atwell
Edison Investment Research
+1 646 653 7026
mining@edisongroup.com
SOURCE Edison Investment Research