Glencore proposes to buy remaining stake of PolyMet


July 5, 2023

Glencore Plc said on Monday it had proposed to buy the remaining stake in copper miner PolyMet Mining it does not already own for about $71 million.

The Swiss commodity trader already owns 82.26 percent of PolyMet.

Glencore is in the midst of a bigger acquisition bid for Canada's Teck Resources as the miner looks to increase exposure to energy transition metals such as copper and nickel.

Glencore's non-binding cash offer of $2.11 per share values PolyMet at about $410 million, according to Reuters calculation.

Shares of PolyMet more than doubled in premarket trading to $1.87.


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