DNR Consultants Doubt PolyMet Mining Can Protect Taxpayers
MINNEAPOLIS (AP) — State-hired financial consultants say they doubt that PolyMet Mining Corp. can come up with enough money to protect taxpayers against the long-term environmental cleanup costs of its proposed copper-nickel mine in northeastern Minnesota.
The consultants also say there's no certainty that PolyMet will find the deep pockets it needs to provide the financial assurances.
As the project moves through the permitting process, regulators are trying to come up with a financial arrangement to protect taxpayers from risks that could last hundreds of years.
PolyMet says the final number has yet to be negotiated, but the company has proposed setting aside $332 million.
Barb Naramore, an assistant commissioner at the Department of Natural Resources, says the state's consultants haven't furnished a number of their own yet.