Group says taxpayers could get hit with mine costs
Published 8:46 am Wednesday, March 2, 2011
MINNEAPOLIS — A group fighting the proposed PolyMet copper-nickel mine in northern Minnesota is questioning whether the developer has enough money to protect taxpayers from bearing the environmental clean-up costs after the proposed mine has run its course.
Paula Maccabee, an attorney for Water Legacy, issued a report Tuesday saying PolyMet’s financial statements show it may not have adequate insurance to protect against risks that are typical in the mining industry.
The Star Tribune of Minneapolis reports that Maccabee says PolyMet’s financial partner in the $600 million project, the Swiss-based global commodities company Glencore International AG, has a troubling environmental track record that makes adequate financial assurances critical.
PolyMet told the newspaper in an e-mail that it will provide all the financial assurances required by state law.