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

July 03, 2023 11:12 ET (15:12 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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