Published: June 30, 2020 |

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Jon Cherry
[Click image to enlarge]

The board of directors of PolyMet Mining elected a new chairman and appointed two new board members.

The board named Jon Cherry as chair to succeed Ian Forrest, who retired from the board after serving as its chairman since 2012. It also appointed retired financial services executive David Fermo and Glencore executive Roberto Huby as new board members, replacing Helen Harper and Michael Sill who have stepped down after four and nine years of service, respectively. The board also appointed Al Hodnik lead independent director.

Jon Cherry joined PolyMet in 2012 as president and CEO, and continues in that capacity. Al Hodnik, former CEO of ALLETE and now its executive chairman, has served on the PolyMet board since 2011.

Jon Cherry said key objectives for the months ahead include:

• Successful defense of outstanding cases challenging PolyMet permits,
  including Minnesota Supreme Court proceedings later this year in which
  PolyMet and state agencies will defend the Permit to Mine, dam safety
  and air permits;
• Continued engineering and optimization of the project;
• Continued compliance of environmental permits.

In the meeting, Cherry acknowledged Ian Forrest’s leadership over almost two decades on the board.

“Ian has earned my deep respect as well as the respect of the entire PolyMet team, the financial community here and abroad, and the mining industry globally. It was through his vision, leadership and persistence that we were able to successfully navigate the lengthy environmental review and permitting process, and to set this project on course to be a responsible operator and valued corporate citizen,” said Jon Cherry.

Cherry also welcomed the new directors, saying their “depth and breadth of experience and talents will be tremendous assets on our board.”

David Fermo, whose career spans auditing, financial analysis, bond fund management and private fund banking, retired in 2017 as a managing director of J.P. Morgan after 22 years at the bank. After starting his career as an auditor in South Africa, he moved to the U.S. to earn his MBA at the Wharton School of the University of Pennsylvania, and subsequently spent eight years at PaineWebber managing investment grade and mortgage portfolios, followed by six years at Goldman Sachs and then J.P. Morgan, where he held three positions encompassing both the asset management division and the private bank. He holds degrees in business and accounting from the University of Witwatersrand in Johannesburg, South Africa, in addition to his Wharton MBA.

Roberto Huby is the general manager corporate affairs for Glencore’s South American copper operations. He joined Glencore in 2007 and held various positions with responsibility in the marketing and assets divisions. Mr. Huby also serves as a member of the board of Compañía Minera Antamina S.A., Compañía Minera Doña Inés de Collahuasi SCM, and Compañía Minera Antapaccay S.A. He holds a Bachelor of Science degree in industrial engineering from the Pontificia Universidad Catolica del Peru and an MBA from the Wharton School of the University of Pennsylvania.

About PolyMet
PolyMet Mining Corp. is a publicly traded mine development company that owns 100 percent of Poly Met Mining, Inc., a Minnesota corporation that controls 100 percent of the NorthMet copper-nickel-precious metals ore body through a long-term lease. The project features significant assets including the deposit itself and infrastructure including existing rail, roads and utilities that connect the ore body to the plant site approximately seven rail miles away. The project is located in the established mining district of the Mesabi Iron Range in northeastern Minnesota. Poly Met Mining, Inc. has completed its definitive feasibility study and received permits that provide authorization to build and operate an open pit mine and associated processing facilities. The permits, however, are the subject of ongoing litigation. NorthMet will take advantage of the region’s established supplier network and skilled workforce, is expected to require approximately two million hours of construction labor, will create approximately 360 long-term jobs directly, and generate a level of activity that will have a significant multiplier effect in the local economy.

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