By Christian Moess Laursen


Polymet Mining said Monday that it has received a non-binding offer from Glencore to acquire all shares it doesn't already own for a cash consideration of $2.11 a share.

The offer, which amounts to around $73.0 million, represents a premium of more than double the $0.79 share price at the close of business Friday, the Minnesota-based copper miner said.

Glencore already owns a 82% stake in Polymet.

Last month, the Anglo-Swiss commodity miner placed an acquisition bid for Teck Resources' steelmaking coal unit. Polymet holds a 50% interest in Newrange Copper Nickel, a joint venture with Teck Resources.


Write to Christian Moess Laursen at christian.moess@wsj.com


(END) Dow Jones Newswires

07-03-23 1112ET