Glencore moves to take full control of PolyMet, developer of Minnesota copper-nickel mine – by Steve Karnowski (Associated Press – July 3, 2023)

MINNEAPOLIS (AP) — Swiss commodities giant Glencore moved Monday to take full ownership of PolyMet Mining, a company that’s developing a copper-nickel mine in northeastern Minnesota with one of Canada’s largest miners, Teck Resources.

Glencore already owns 82% of PolyMet Mining and has long been the project’s main financial backer. It offered Monday to pay around $71 million to raise that stake to 100%, which would take St. Paul-headquartered PolyMet private. Glencore’s proposal represents around a 167% premium over PolyMet’s closing stock price on Friday, and shares surged on the news in Monday’s trading.

PolyMet Mining said in a statement that it “welcomes the engagement with Glencore” and that its directors are reviewing the proposal but have made no decisions yet.

The proposed mining project, a 50-50 joint venture with Teck, was renamed NewRange Copper Nickel in February but is still widely known as PolyMet. It seeks to be Minnesota’s first copper-nickel mine, but it has long been stalled by court and regulatory setbacks.

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