Company developing state's first copper mine low on cash

According to Finance & Commerce, PolyMet Mining Corp. is running low on cash and may not be able to move forward without outside financing.

Polymet's proposed open-pit mine near Babbitt would produce copper, nickel, platinum and other metals. If built, the operation would create 360 or more jobs for about 20 years.

Outside accountants looking at three years of the financial statements reported that the cash shortage casts doubt about PolyMet's ability to continue. At the end of January of this year, the company has $779,000 in working capital and net assets. At the same time in 2010, PolyMet had $16.3 million.