03:09 PM EDT, 11/01/2018 (MT Newswires) -- Polymet Mining (POM.TO) was up 28% after the company on Thursday said Minnesota has issued a mining permit for its NorthMet copper, nickel and cobalt mine, with construction set to begin in earnest next year and take as much as 30 months to complete.

The company said the permit will allow it to build the open-pit operation. It expects the mine to yield 1.2 billion pounds of copper, 170 million pounds of nickel, 6.2 million pounds of cobalt and 1.6 million ounces of precious metals.

"We look forward to building and operating a modern mine and developing the minerals that sustain and enhance our modern world," Jon Cherry, the company's chief executive, said in a statement. "Responsibly developing these strategic minerals in compliance with these permits while protecting Minnesota's natural resources is our top priority as we move forward."

The company's shares were last seen up $0.34 to $1.54 on the Toronto Stock Exchange after earlier touching $1.60.

Price: 1.56, Change: +0.36, Percent Change: +30.00