Glencore plans to acquire the remaining stake in PolyMet. Credit: Marlon Trottmann/Shutterstock.

Mining giant Glencore has submitted a non-binding offer to PolyMet Mining to purchase the outstanding common shares it does not already own in the latter for $2.11 per share.

The bid price is at par with PolyMet’s rights offering in April 2023. It marks a nearly 167% premium over the company’s stock close on 30 June 2023.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The offer is subject to the execution of a definitive deal, along with clearance from PolyMet’s shareholders.

Glencore currently owns 159 million shares in PolyMet, representing a stake of nearly 82.19%.

Glencore also holds a purchase warrant, according to which it is entitled to acquire 811,190 shares at $5.87 apiece. If the company exercises this warrant, it will own more than 160 million common shares, increasing its stake to 82.26%.

See Also:

Currently, PolyMet’s independent Special Committee is reviewing Glencore’s proposal.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In a statement, it said: “PolyMet cautions its shareholders and others considering trading in its securities that no decisions have been made with respect to PolyMet’s response to the proposal.

“There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed or that this or any other transaction will be approved or consummated.”

Earlier this year, PolyMet completed the formation of the previously announced NewRange Copper Nickel joint venture (JV) with Teck Resources. PolyMet and Teck each hold a 50% stake in the JV.

According to NewRange Copper Nickel, the NorthMet and Mesaba deposits containing high-demand copper, nickel, cobalt and platinum group metals now come under the management of the JV.

The two mines are said to contain nearly 702 million tonnes and 2,207 million tonnes for NorthMet and Mesaba, respectively.