Glencore moves to take full control of PolyMet, developer of Minnesota copper-nickel mine

By STEVE KARNOWSKI
Associated Press

MINNEAPOLIS (AP) — Swiss commodities giant Glencore has moved to take full ownership of PolyMet Mining. The company is developing a copper-nickel mine in northeastern Minnesota in a joint venture with one of Canada’s largest miners, Teck Resources. Glencore already owns 82% of PolyMet and has long been its main financial backer. It offered Monday to pay around $71 million to raise that stake to 100% and take St. Paul-headquartered company private. Glencore’s proposal represents around a 167% premium over PolyMet’s closing stock price Friday and shares surged Monday on the news. The project renamed NewRange Copper Nickel has long been stalled by court challenges and regulatory setbacks.