China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
PolyMet Mining Corp on Monday accepted Glencore Plc’s proposal to buy the remaining 18% stake in the company for about $73 million.
PolyMet’s stock more than doubled on July 3 after Glencore offered $2.11 per share in cash for the remaining stake.
The acquisition is subject to shareholder approval at a meeting set for the end of the third quarter or early in the final quarter of the year, PolyMet added.
PolyMet is developing a copper-nickel mine in northeastern Minnesota with Canada’s Teck Resources, another company which is on Glencore’s radar.
(By Arshreet Singh; Editing by Shweta Agarwal)
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