Glencore Plc (GLEN.L) said on Monday this week according to a Reuters report it had proposed to buy the remaining stake in copper miner PolyMet Mining (PLM.A) it does not already own for about $71 million. The Swiss commodity trader already owns 82.26% of PolyMet.
Glencore is in the midst of a bigger acquisition bid for Canada’s Teck Resources (TECKb.TO) 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.
