Toronto-listed PolyMet Mining on Monday announced that it had entered into a definitive agreement with Glencore, whereby the commodities major would acquire the minority shares in the mine development company. Glencore will acquire the 17.8% of the issued outstanding common shares of PolyMet for $2.11 a share in cash.
Toronto-listed PolyMet Mining on Monday announced that it had entered into a definitive agreement with Glencore, whereby the commodities major would acquire the minority shares in the mine development company.
Lead independent director and chairperson of the independent special committee established to consider the proposal,, said that the transaction was the “necessary next step” for the advancement of the NewRange copper/nickel project, in Minnesota.The transaction daylights value for minority shareholders, and removes uncertainty and risk around the development of NewRange and the generally uncertain macroeconomic environment.
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