[Ferro-Alloys.com] 

Glencore offers to buy rest of PolyMet for $71m

Mining and commodities giant Glencore (LON: GLEN) has offered PolyMet Mining (NYSE: PLM) (TSX: POM) to buy the company’s shares it does not already own for $2.11 in cash each, or about $71 million.

The move will give the Swiss giant a direct ownership of NorthMet, poised to be Minnesota’s first copper-nickel mine. It will also make it Teck Resources’ (TSX: TECK.A, TECK.B)(NYSE: TECK) 50-50 partner in the NewRange Copper Nickel joint venture, which own NorthMet and the Mesaba copper, nickel, cobalt, and platinum group metal deposits. 

NorthMet is expected to produce 29,000 tonnes of ore per day over a 20-year permitted mine life, with first production targeted for 2026. Over its first full five years of operations, it is expected to deliver annual payable production of 30,000 tonnes of copper, 3,600 tonnes of nickel, 58,000 oz. of palladium, and 12,000 oz. of platinum. Estimates for Metsaba are currently unclear.

• [Editor:邢亚敏]