https://www.miningweekly.com

Glencore moves to take full control of Minnesota copper developer

3rd July 2023

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

Font size: - +

Diversified mining major Glencore has made a move to acquire the rest of PolyMetal, a mine developer that owns a 50:50 joint venture (JV) with Teck Resources in Minnesota, US.

The commodities trader and miner has offered to acquire all the outstanding shares of PolyMet that it does not already own for $2.11 a share, which is a 167% premium over its price of $0.79 a share at the close of business on Friday.

PolyMet “welcomed” the engagement with Glencore, which already owns 82% of its shares, and says it is reviewing the proposal.

With global demand for these metals on the rise, Glencore has been seeking secure a more significant stake in the burgeoning market. The Swiss-headquartered group has been trying to clinch a deal with Canadian base metals and coal company Teck.

PolyMet owns 50% in NewRange Copper Nickel, a JV with Teck.  NewRange holds the NorthMet and Mesaga copper, nickel, cobalt and platinum-group metal deposits in north-east Minnesota.

Once developed, the NorthMet project will be a 32 000 t/d mine and mineral processing facility.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Projects

Showroom

Monitor Distributors
Monitor Distributors

We at Hawk High Pressure Pumps specialise in industrial pumps and pumping systems. Our high pressure washing equipment is locally manufactured and...

VISIT SHOWROOM 
Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Northam Platinum CEO Paul Dunne.
Eland mine heading for complete greenness, Northam Platinum highlights
28th August 2026 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.122 0.155s - 170pq - 2rq
Subscribe Now