PolyMet Mining Corp (NYSEAMERICAN:PLM) Stock Trends Lower: Down 15% in a Month

Although it is true that the PolyMet Mining Corp (NYSEAMERICAN:PLM) stock was in considerable focus yesterday due to a major development, it did not lead to much joy for its investors. The stock ended the day with a decline of as much as 3%.

Market Stats

On Monday, PLM stock fell 3% to $2.59 with more than 160k shares, compared to its average volume of 93k shares. The stock has moved within a range of $2.5550 – 2.6900 after opening trading at $2.65.

Minnesota activates PolyMet Air Permit

In this situation, it could be a good idea for investors to take a look at the key development. The company’s subsidiary unit Poly Met Mining Inc announced that it had been granted the much needed permit by the Minnesota Pollution Control Agency for operating and building the very first precious metals, nickel and copper mine in the North Eastern region of Minnesota.

It goes without saying that it was a major boost for the company considering the fact that the entire process had taken as long as three years. The company had to face a number of legal challenges before it was awarded this particular permit.

However, now that the permit has been awarded, it did not lead to any major action in the stock price and in fact, it suffered from a decline. At this point in time, it may be a good idea to keep the stock in your watch lists.

Key Quote

“As we have steadfastly maintained, the facts and science prove the project will meet air quality standards. That has never been in doubt,” said Jon Cherry, chairman, president and CEO.

Traders Corner

PLM stock is trading below the 20-Day and 50-Day Moving averages of $2.84 and $3.08 respectively. Moreover, the stock is trading below the 200-Day moving average of $3.22.