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9:00AM Polymet Mining statement on Environmental review timeline (PLM) 2.60 : Co announced that the state and federal Agencies responsible for review of PLM's project are working diligently to analyze public comments and recommendations in order determine the best way to complete the environmental review process. Prior to review of the comments, PLM had predicted that the likely time to completion of permitting was up to around nine months from publication of the draft EIS. Douglas Newby, PLM's CFO made a presentation on March 12, 2010 in which he described the key strengths of the project as well as the status of the environmental review. At the end of the presentation, responding to a question from an institutional investor about the permitting timeline, he gave an answer that may have lacked clarity; Mr. Newby subsequently made the following statement: "Since the end of the comment period in early Feb, we have received many questions about both the process and the timeline to complete the environmental review. The process is determined by the state and federal Agencies leading the work, so any opinions on the timeline are personal and speculative. However, in response to concerns whether a delay could be measured in years, I expressed my opinion that any delay is likely to be measured in months." In a separate statement, Joe Scipioni, PLM president and CEO said, "At this time, the company does not know what the process of completion of environmental review implies for the project timeline. As soon as these details are made known to the co so that we can determine their impact on project scheduling, the company will make a public statement." He continued, "The fundamentals of this project are unchanged and remain robust. We are confident that technical criticisms will be fully addressed when alternative plans and project changes are incorporated. Our construction budget makes provision for many of these alternatives and changes." He concluded, "The PLM team is steadfast in its resolve to complete this project, creating much-needed jobs, and helping to diversify the economy of northeastern Minnesota. We are also pleased that, after more than 11 hours of testimony in three hearings, the Environment and Natural Resource Committee of the Minnesota Senate has opted not to alter the state's non ferrous mining rules."
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