2. PolyMet Mining (PLM), a development-stage company, explores and develops natural resource properties. The company's sole mineral property is the NorthMet Project, a polymetallic deposit located in the established Mesabi mining district in northeastern Minnesota. The NorthMet property extends across 25.9 square miles comprising of two areas: the NorthMet mine site, which totals 6.5 square miles of leased mineral rights; and the Erie Plant site.
The company reported cash and cash equivalents of $4.9 million as of Oct. 31, 2010, compared with $2.9 million in the year-ago period. PolyMet recently announced the closure of the first tranche of its earlier announced private placement with Glencore through the issue of five million common shares at $2 per share, accumulating gross proceeds of $10 million. Glencore currently owns $35 million in common shares and $27.6 million in debentures.
The company recently announced that it has simplified the metallurgical process at its NorthMet copper nickel and precious metal project and plans to build the project in two phases: producing and marketing copper and nickel concentrates in the first phase; and processing the nickel in the second phase.Both analysts covering the stock rate it a buy. Analysts polled by Bloomberg expect the stock to gain an average of 152%, to $4.99, in the coming 12 months.