https://www.miningweekly.com
Copper|Energy|Financial|Mining|Platinum|Resources
Copper|Energy|Financial|Mining|Platinum|Resources
copper|energy|financial|mining|platinum|resources

Meeting set for PolyMet’s shareholders vote on Glencore offer

3rd October 2023

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

The board of Toronto-listed PolyMet Mining has recommended minority shareholders vote in favour of the $2.11-a-share proposal from majority shareholder Glencore, stating that the offer is in their “best interest”.

A fairness opinion was sought from financial adviser Paradigm Capital and from independent valuator Maxit, both of which determined that the consideration was fair, from a financial point of view to minority shareholders.

A special meeting of shareholders will be held on November 1 to consider a resolution to approve the arrangement.

The PolyMet board noted that the cash consideration provided minority shareholders with certainty of value and immediate liquidity.

“The arrangement crystalises value for minority shareholders and removes uncertainty and risk around the development of the mineral assets of NewRange Copper Nickel,” the company stated.

NewRange is PolyMet’s 50:50 joint venture with Teck Resources. NewRange holds the NorthMet and Mesaba copper, nickel, cobalt and platinum group metal deposits, two globally significant clean energy mineral resources located in the Duluth Complex in northeast Minnesota.

Edited by Creamer Media Reporter

Comments

Latest News

Another WA potash hopeful folds
Another WA potash hopeful folds
8th December 2023 By: Mariaan Webb

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine cover image
Magazine round up | 08 December 2023
8th December 2023

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:0.187 0.22s - 109pq - 3rq
Subscribe Now