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PolyMet receives non-binding proposal from Glencore to go private

Kitco Media
By Vladimir Basov
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(Kitco News) - On Monday, PolyMet Mining (TSX: POM) (NYSE: PLM) announced that it received a non-binding proposal from Glencore to acquire all outstanding shares of PolyMet that it does not already own for cash consideration of US$2.11 per share.

In a statement, the company said that the purchase price per share proposed by Glencore represents an approximately 167% premium over the price of US$0.79 per share at the close of business Friday, June 30, 2023.

“The Special Committee welcomes the engagement with Glencore and the proposal is being reviewed by the Special Committee in accordance with its fiduciary duties and in consultation with its independent financial and legal advisors,” the company added.

PolyMet is a mine development company holding a 50% interest in NewRange Copper Nickel, a joint venture with Teck Resources. NewRange Copper Nickel holds the NorthMet and Mesaba copper, nickel, cobalt and platinum group metal (PGM) deposits, two globally significant clean energy mineral resources located in the Duluth Complex in northeast Minnesota.

The Duluth Complex is one of the world's major, undeveloped copper, nickel and PGM metal mining regions. NorthMet is the first large-scale project to have received permits within the Duluth Complex.

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities.

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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