Releases voting results of Annual General
and Special Meeting of Shareholders
The board of directors of PolyMet Mining Corp. (“PolyMet” or the
“company”) TSX: POM; NYSE American: PLM, elected a new chairman and
appointed two new board members following the Annual General and
Special Meeting of Shareholders June 24, 2020, in Vancouver,
British Columbia.
The board named Jon Cherry as chair to succeed Ian Forrest, who
retired from the board after serving as its chairman since 2012. It
also appointed retired financial services executive David Fermo and
Glencore executive Roberto Huby as new board members, replacing
Helen Harper and Michael Sill who have stepped down after four and
nine years of service, respectively. The board also appointed Al
Hodnik lead independent director.
Mr. Cherry joined PolyMet in 2012 as president and CEO, and
continues in that capacity. Mr. Hodnik, former CEO of ALLETE, Inc.,
and now its executive chairman, has served on the PolyMet board
since 2011.
In the annual meeting, which also was held virtually at
www.virtualshareholdermeeting.com/PLM2020, 90.27% of the eligible
shares were represented and all motions put forward by the company
were passed.
The number of directors of the company was fixed at seven and
the following persons were elected as directors of the company to
hold office until the next annual general meeting. The voting
results are shown below:
Director
Votes For
% For
Votes Withheld
% Withheld
Jonathan Cherry
757,214,578
99.20%
6,138,000
0.80%
Dr. David Dreisinger
759,474,451
99.49%
3,878,127
0.51%
David J. Fermo
759,252,995
99.46%
4,099,583
0.54%
Alan R. Hodnik
754,038,292
98.78%
9,314,286
1.22%
Roberto Huby
758,813,894
99.41%
4,538,684
0.59%
Hilmar Rode
758,817,078
99.41%
4,535,500
0.59%
Stephen Rowland
749,732,524
98.22%
13,620,054
1.78%
Deloitte & Touche LLP was re-appointed as auditors of the
company and the board is authorized to fix the remuneration to be
paid to the auditors.
PolyMet shareholders further approved the proposed consolidation
of the issued and outstanding common shares of the company on the
basis of up to ten (10) pre-Consolidation shares for every one (1)
post-Consolidation share and further authorized the company’s board
of directors to determine when and if to effect such
Consolidation.
Following the meeting, Mr. Cherry gave a presentation on
achievements of the past year and goals for the future. Key
achievements include:
- Previously announced results of our 2018 and 2019 drilling
program, which added 36 million tons to our Proven and Probable
Reserves, an increase of 14%, and the addition of 146 million tons,
or 22%, to our Measured and Indicated Resources;
- The completion of a $265.0 million rights offering with the
proceeds used to fully repay outstanding debt and strengthen the
company’s financial position. As a result of the rights offering,
Glencore’s ownership of the company’s issued shared increased to
71.6%;
- Successful defense of six of the 11 cases filed in state and
federal courts challenging the project and its permits. The
remaining five cases are in various stages of litigation, including
two cases in which the Minnesota Supreme Court granted the
company’s appeals of lower courts’ rulings, and:
- Continued environmental compliance with the conditions of
PolyMet permits.
Mr. Cherry said key objectives for the months ahead include:
- Successful defense of outstanding cases challenging PolyMet
permits, including Minnesota Supreme Court proceedings later this
year in which PolyMet and state agencies will defend the Permit to
Mine, dam safety and air permits;
- Continued engineering and optimization of the project;
- Continued compliance of environmental permits.
In the meeting, Mr. Cherry acknowledged Mr. Forrest’s leadership
over almost two decades on the board, saying he “has earned my deep
respect as well as the respect of the entire PolyMet team, the
financial community here and abroad, and the mining industry
globally. It was through his vision, leadership and persistence
that we were able to successfully navigate the lengthy
environmental review and permitting process, and to set this
project on course to be a responsible operator and valued corporate
citizen.”
He also welcomed the new directors, saying their “depth and
breadth of experience and talents will be tremendous assets on our
board.” Mr. Fermo, whose career spans auditing, financial analysis,
bond fund management and private fund banking, retired in 2017 as a
managing director of J.P. Morgan after 22 years at the bank. After
starting his career as an auditor in South Africa, he moved to the
U.S. to earn his MBA at the Wharton School of the University of
Pennsylvania, and subsequently spent eight years at PaineWebber
managing investment grade and mortgage portfolios, followed by six
years at Goldman Sachs and then J.P. Morgan, where he held three
positions encompassing both the asset management division and the
private bank. He holds degrees in business and accounting from the
University of Witwatersrand in Johannesburg, South Africa, in
addition to his Wharton MBA.
Mr. Huby is the general manager corporate affairs for Glencore’s
South American copper operations. He joined Glencore in 2007 and
held various positions with responsibility in the marketing and
assets divisions. Mr. Huby also serves as a member of the board of
Compañía Minera Antamina S.A., Compañía Minera Doña Inés de
Collahuasi SCM, and Compañía Minera Antapaccay S.A. He holds a
Bachelor of Science degree in industrial engineering from the
Pontificia Universidad Catolica del Peru and an MBA from the
Wharton School of the University of Pennsylvania.
About PolyMet
PolyMet Mining Corp. (www.polymetmining.com) is a publicly
traded mine development company that owns 100% of Poly Met Mining,
Inc. (together “PolyMet” or the “company”), a Minnesota corporation
that controls 100% of the NorthMet copper-nickel-precious metals
ore body through a long-term lease. The project features
significant assets including the deposit itself and infrastructure
including existing rail, roads and utilities that connect the ore
body to the plant site approximately seven rail miles away. The
project is located in the established mining district of the Mesabi
Iron Range in northeastern Minnesota. Poly Met Mining, Inc. has
completed its Definitive Feasibility Study and received permits
that provide authorization to build and operate an open pit mine
and associated processing facilities. The permits, however, are the
subject of ongoing litigation. NorthMet will take advantage of the
region’s established supplier network and skilled workforce, is
expected to require approximately two million hours of construction
labor, will create approximately 360 long-term jobs directly, and
generate a level of activity that will have a significant
multiplier effect in the local economy.
PolyMet Disclosures
This news release contains certain forward-looking statements
concerning anticipated developments in PolyMet’s 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 the
ability to receive environmental and operating permits, job
creation, and the effect on the local economy, or other statements
that are not a statement of fact. Forward-looking statements
address future events and conditions and therefore involve inherent
known and unknown 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.
PolyMet’s 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 management’s
beliefs, expectations and opinions should change.
Specific reference is made to risk factors and other
considerations underlying forward-looking statements discussed in
PolyMet’s most recent Annual Report on Form 40-F for the fiscal
year ended December 31, 2019, and in our other filings with
Canadian securities authorities and the U.S. Securities and
Exchange Commission.
The Annual Report on Form 40-F also contains the company’s
mineral resource and other data as required under National
Instrument 43-101.
The TSX has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200625005744/en/
Media Bruce Richardson, Corporate Communications Tel: +1
(651) 389-4111 brichardson@polymetmining.com
Investor Relations Tony Gikas, Investor Relations Tel: +1
(651) 389-4110 investorrelations@polymetmining.com
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