Glencore Secures Remaining Stake in PolyMet Mining
Acquisition Completion
Glencore has completed the acquisition of the remaining shares of PolyMet Mining, integrating the remaining 17.82% minority stake into its holdings.
Delisting and Reporting Status Update
Following the acquisition, PolyMet has initiated procedures to delist its shares from the Toronto Stock Exchange and the NYSE American. PolyMet is also transitioning out of its reporting issuer status under Canadian securities laws, which will exempt it from ongoing disclosure and reporting obligations.
About PolyMet and Its Assets
PolyMet, a developmental mining firm, holds a 50% interest in NewRange Copper Nickel LLC, a joint venture with Teck Resources. This venture encompasses the NorthMet and Mesaba deposits in the Duluth Complex of Minnesota, key sources of copper, nickel, cobalt, and platinum group metals. While NorthMet stands as the Duluth Complex's premier permitted large-scale project, it faces legal challenges regarding its federal and state permits and decisions.
The acquisition by Glencore marks a strategic move in securing significant mineral resources essential for clean energy technologies.
