Thursday, August 31, 2006

PolyMet Mining...

What a day for PolyMet Mining! After looking at PLM for a couple of days, I entered a buy order to start a position. Early on, I could see that the stock was getting bid up quickly so I raised the limit on the order and got filled at 2.99. Decided to add, market was moving fast, so used a market order and got filled at 3.12. PLM traded up to 3.50 and closed at 3.44.

  • One of the largest undeveloped non-ferrous metal deposits in the world, near Babbitt, Minnesota (1 billion tons of 1% Cu-equivalent - nickel-copper-gold-cobalt-PGM)
  • Enormous 1950's-era processing plant that includes 30 parallel grinding circuits
  • NorthMet is a fully-permitted project, slated for production in 2008
  • A Definitive Feasibility Study is anticipated at the end of September 2006
  • Plenty of cash, AMEX-listed

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