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PolyMet Mining Corp. - PLM STOCK NEWS

Welcome to our dedicated page for PolyMet Mining news (Ticker: PLM), a resource for investors and traders seeking the latest updates and insights on PolyMet Mining stock.

PolyMet Mining Corp. (PLM) is a prominent Canadian mine development company dedicated to the NorthMet copper-nickel-precious metals project. Through its wholly owned subsidiary, Poly Met Mining, Inc., a Minnesota corporation, PolyMet focuses on developing and managing its mineral resources effectively and sustainably.

PolyMet’s corporate office is located in Toronto, Canada, with executive offices in St. Paul, Minnesota, and operational headquarters in Hoyt Lakes, Minnesota. The company controls the NorthMet copper-nickel-precious metals ore body through a long-term lease. This extensive deposit is situated in the Mesabi Range, an established mining district in northeastern Minnesota, and spans approximately 2.5 miles.

PolyMet is committed to refurbishing and reusing the Erie Plant, a former taconite processing facility situated about six miles from the NorthMet deposit. The project is currently undergoing a comprehensive environmental review and permitting process, aiming to develop a new mine and restore the existing facility. PolyMet’s proposal emphasizes using modern mining techniques to minimize environmental impacts.

In recent years, PolyMet has achieved significant milestones. Some key achievements include the successful completion of a joint venture with Teck Resources Limited, forming NewRange Copper Nickel LLC. This joint venture brings the NorthMet and Mesaba deposits under single management, with both partners holding a 50% interest and pledging $170 million towards NewRange's work program.

Additionally, PolyMet successfully completed a rights offering in early April 2023, raising approximately $195 million in gross proceeds. This capital was used to fund PolyMet's share of the NewRange work program, repay convertible debt owed to Glencore AG, and cover the costs related to the rights offering. Glencore, a significant stakeholder, now holds approximately 82% of PolyMet shares and has shown continued support for the company's financial and operational strategies.

Despite facing regulatory challenges, including the revocation of the Clean Water Act section 404 permit for the NorthMet Project by the U.S. Army Corps of Engineers, PolyMet remains steadfast in its commitment to developing its projects. The company is actively working on strategies to recover the permit and address regulatory concerns effectively.

PolyMet’s future looks promising as it continues to develop its projects and navigate the regulatory landscape. The company remains dedicated to creating value for its shareholders while ensuring environmental stewardship and sustainability in its operations.

News

Glencore Completes Acquisition of PolyMet

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PolyMet Mining Corp. completes the acquisition of minority shares by Glencore AG, with each minority share acquired for US$2.11 in cash. PolyMet has applied to delist from the Toronto Stock Exchange and NYSE American and cease to be a reporting issuer under Canadian securities laws.
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PolyMet Receives Final Order for Arrangement with Glencore

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PolyMet Mining Corp. announces that the Supreme Court of British Columbia has granted the final order for the statutory plan of arrangement with Glencore AG. Glencore will acquire the remaining 17.82% of PolyMet's common shares for US$2.11 per share. The arrangement was approved by the shareholders and is expected to be completed soon.
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PolyMet Shareholders Approve Plan of Arrangement with Glencore

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PolyMet Mining Corp. announces approval of the plan of arrangement with Glencore AG. Shareholders voted in favor of the acquisition by Glencore of all outstanding common shares of PolyMet. The arrangement will be completed on November 7, 2023, subject to court approval and other closing conditions.
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PolyMet Shareholders to Vote on Arrangement with Glencore

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PolyMet Mining Corp. is urging shareholders to vote in favor of the plan of arrangement with Glencore AG. The arrangement involves Glencore acquiring the minority shares of PolyMet for $2.11 per share. Shareholders are encouraged to vote before the proxy deadline on October 30, 2023.
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PolyMet files Management Information Circular to consider the US$2.11 per share Glencore proposal

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PolyMet Mining Corp. announces unanimous support from the Board of Directors for Glencore AG's acquisition of the remaining 17.8% of issued shares at a 167% premium to the unaffected share price. The Consideration is $2.11 in cash per share. The Board recommends that Minority Shareholders vote in favor of the resolution at the Special Meeting of Shareholders. The Arrangement provides certainty of value and removes risk. The completion of the Arrangement is anticipated to take place shortly after the Special Meeting.
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PolyMet Receives Interim Order for Proposed Arrangement with Glencore and Provides Details of Shareholders' Meeting

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PolyMet Mining Corp. announced that the Supreme Court of British Columbia has granted an interim order in connection with Glencore AG's plan to acquire the minority shares of the company. The purchase price of US$2.11 per share reflects a 167% premium to PolyMet's closing price on June 30, 2023. The Board of Directors unanimously determined that the arrangement is in the best interests of the company. The Special Meeting of shareholders will be held on November 1, 2023. The completion of the arrangement is subject to shareholder approval and final court approval.
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PolyMet Mining reports results for period ended June 30, 2023

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PolyMet Enters into Definitive Agreement for Glencore to Acquire Full Ownership

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PolyMet Mining Corp. has entered into a definitive agreement with Glencore AG for Glencore to acquire the approximately 17.8% of the issued and outstanding common shares of PolyMet that Glencore does not currently own. The transaction offers a significant premium of 167% to the unaffected share price on June 30, 2023. It provides immediate liquidity and certainty of value for shareholders. The transaction is expected to close shortly after the shareholder meeting, which is expected to occur in the late third quarter or early fourth quarter of 2023.
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PolyMet Receives Non-Binding Proposal to Go Private

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PolyMet Mining Corp. receives a non-binding proposal from Glencore AG to acquire all outstanding shares of PolyMet at a premium price of US$2.11 per share.
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PolyMet Releases Voting Results of Annual Shareholder Meeting

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PolyMet Mining Corp. re-elected Jon Cherry as chairman and re-appointed Al Hodnik as lead independent director. At the Annual General Meeting of Shareholders, 90.75% of eligible shares were represented and all motions put forward by the company were passed. Key achievements include a successful completion of a joint venture with Teck Resources and a rights offering of common shares raising $195 million.
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FAQ

What is the market cap of PolyMet Mining (PLM)?

The market cap of PolyMet Mining (PLM) is approximately 408.4M.

What is PolyMet Mining Corp.'s core business?

PolyMet Mining Corp. focuses on developing and managing the NorthMet copper-nickel-precious metals project in Minnesota through its subsidiary Poly Met Mining, Inc.

Where is PolyMet Mining Corp. headquartered?

PolyMet’s corporate office is in Toronto, Canada, with executive offices in St. Paul, Minnesota, and operational headquarters in Hoyt Lakes, Minnesota.

What recent joint venture has PolyMet Mining Corp. entered into?

PolyMet has formed a joint venture with Teck Resources Limited, called NewRange Copper Nickel LLC, which manages the NorthMet and Mesaba deposits.

How did PolyMet Mining Corp. raise capital in early 2023?

PolyMet completed a rights offering, raising approximately $195 million in gross proceeds to fund its share of the NewRange work program, repay convertible debt, and cover related costs.

What environmental challenges has PolyMet faced recently?

PolyMet faced the revocation of the Clean Water Act section 404 permit for the NorthMet Project by the U.S. Army Corps of Engineers and is working on recovering the permit.

What is the NorthMet Project?

The NorthMet Project is PolyMet's primary mining initiative, aiming to develop a large-scale copper-nickel-precious metals mine in northeastern Minnesota using modern and environmentally friendly techniques.

Who is PolyMet’s major stakeholder?

Glencore AG is a significant stakeholder in PolyMet, holding approximately 82% of the company's shares.

What is the Erie Plant?

The Erie Plant is a former taconite processing facility, which PolyMet plans to refurbish and reuse as part of the NorthMet Project.

What are NewRange Copper Nickel LLC's assets?

NewRange Copper Nickel LLC holds the NorthMet and Mesaba deposits, which contain copper, nickel, cobalt, and platinum group metals (PGM).

What is PolyMet's approach to environmental sustainability?

PolyMet emphasizes using modern mining techniques and remediation to minimize environmental impacts and ensure sustainability in its operations.

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PolyMet Mining Corp.

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408.37M
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82.46%
2.72%
0.05%
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