Glencore to buy remaining 18% stake in PolyMet Mining
NorthMet copper-nickel project plant site. (Image courtesy of PolyMet Mining).
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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