By Josh Beckerman

 

Shares of Polymet Mining Corp. rose 5%, to $2.60, on the NYSE American as the Minnesota Court of Appeals overruled six of seven challenges to a water discharge permit for the NorthMet copper-nickel-precious metals mine.

Glencore PLC owns a majority of Polymet. Polymet unit Poly Met Mining Inc. said the court endorsed the district court's factual findings regarding the Minnesota Pollution Control Agency's and the Environmental Protection Agency's interactions during the permitting process, and agreed with MPCA's application of state law governing groundwater discharges.

The court remanded the permit to the MPCA, saying the agency should consider whether "any discharges to groundwater will be the functional equivalent of a discharge to navigable waters, and thus, whether the Clean Water Act applies to those discharges."

Opponents to the project include environmental groups and the Fond du Lac Band of Lake Superior Chippewa, which has said the mine would violate the band's water quality standards and would be a source of pollution in the headwaters of the St. Louis River.

In June, the Environmental Protection Agency said the mine "may affect" waters on the Fond du Lac reservation and in Wisconsin. In response, Polymet said it "looks forward to presenting scientific evidence showing no downstream water quality effects."

 

Write to Josh Beckerman at josh.beckerman@wsj.com

 

(END) Dow Jones Newswires

January 24, 2022 15:08 ET (20:08 GMT)

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