UPDATE: H.C. Wainwright & Co. Initiates Coverage On PolyMet Mining Corp. (USA) On Large-Scale Minnesota Project

In a report published Monday, H.C. Wainwright & Co. analyst Heiko F. Ihle initiated coverage on PolyMet Mining Corp. (USA) (NYSE: PLM) with a Buy rating and $2.10 price target.

In the report, H.C. Wainwright & Co. noted, “PolyMet Mining is focused on the permitting and development of its wholly-owned large-scale NorthMet project located in the Mesabi Iron Range in northeastern Minnesota. The property represents a portion of the Duluth Complex, and encompasses approximately 16,700 acres. The Duluth Complex has been recognized as one of the largest undeveloped deposits of copper, nickel and precious metals.”

PolyMet Mining Corp. closed on Friday at $1.21.