PolyMet Mining Corp. and Glencore (OTC:GLNCY) AG have finalized transactions in line with the Business Corporations Act (British Columbia), leading to a 17.82% increase in Glencore's shareholding of PolyMet at a cost of $2.11 per share. The deal was sanctioned by the Supreme Court of British Columbia and is set to bring about a significant shift in PolyMet's business conduct.
The approval for the sale of PolyMet's residual stock to Glencore was given at a special meeting held on November 1, 2023, and the transaction was expected to finalize by today. As part of this change, PolyMet plans to delist its shares from major exchanges including the Toronto Stock Exchange and NYSE American. This move will end its role as a reporting issuer under Canadian legislation, exempting the company from ongoing disclosure requirements.
PolyMet, in partnership with Teck Resources (NYSE:TECK), holds a 50% stake in NewRange Copper Nickel LLC, which owns the NorthMet and Mesaba mineral deposits located in Minnesota's Duluth Complex. Despite legal disputes surrounding NorthMet permits, more information can be accessed through Bruce Richardson from Corporate Communications or on PolyMet Mining's official website.
InvestingPro Insights
In light of the recent transactions between PolyMet Mining Corp. and Glencore AG, it's worth considering some key insights from InvestingPro. For PolyMet, there are noteworthy points to consider. Despite operating with a significant debt burden, the company has seen accelerating revenue growth and has raised its dividend for 4 consecutive years. This indicates a potentially strong financial future despite the challenges.
Meanwhile, Glencore AG has been aggressively buying back shares, a move that often signals management's confidence in the company's future. Furthermore, the company yields a high return on invested capital and has raised its dividend for 3 consecutive years, making it a promising option for potential investors.
InvestingPro's real-time data shows Glencore AG with a market cap of $64,837.23M and a P/E ratio of 6.92. Over the last twelve months as of Q2 2023, the company has seen a revenue of $228.96B. However, it's worth noting that the company's revenue growth during the same period was -6.31%.
For those interested in further insights and tips, InvestingPro offers an extensive list of 19 additional tips for PolyMet and 14 for Glencore AG. These tips can provide valuable insights for investors and are available through the InvestingPro platform.
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