Though there is no bill and the Legislature is not in session, the Minnesota House of Representatives Environment, Natural Resources and Agriculture Finance Committee is convening this afternoon to discuss financial assurance and the PolyMet project.

Mining opponents are doing their best to create doubt around the state’s financial assurance laws and PolyMet’s ability to meet them. The questions at center stage are: What are the costs for closing the mine and ensuring the environment is protected after mining ends; and, what kind of bankruptcy-proof financial protection will be provided to ensure taxpayers don’t get stuck with the bill over the long term?

Here’s PolyMet’s position on financial assurance:

  1. Minnesota has some of the nation’s strictest financial assurance laws specifically designed for our type of mining – laws that environmental groups helped develop.
  2. We are confident we will fully meet the terms of the law.
  3. Financial assurance is not a function of the SDEIS (environmental review). By law, financial assurance must be determined during the permitting process, and specifically, during the process to obtain the state’s  Permit to Mine, which is issued by the DNR. That is a process that we expect will take place later this year. We look forward to addressing financial assurance in detail at that time.

Read more about financial assurance.

PolyMet remains steadfast in our confidence in the environmental review and permitting process. We hope today’s hearing will help shed more light on how that process works. A Duluth News Tribune editorial this morning attempted to do the same.

You can help us set the record straight by sharing these facts with your family, friends and co-workers. We appreciate your support in moving Minnesota mining forward.

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