US mining company Polymet Mining Corp (TSX:POM) saw its stock continue to climb on Tuesday after Swiss commodities giant Glencore PLC (LSE:GLEN) announced its intention to acquire full ownership of the copper miner.
Glencore already holds an 82% stake in PolyMet and offered approximately $71 million to raise its ownership to 100% -- effectively taking it private.
The proposal from Glencore represents a significant premium of around 167% over PolyMet's closing stock price on Friday, leading its Canadian-listed shares to gain around 145% since Monday.
The company is currently reviewing the proposal but is said to welcome the overture from Glencore.
PolyMet Mining has welcomed the engagement with Glencore, stating that its directors are currently reviewing the proposal.
PolyMet is involved in the development of a copper-nickel mine in northeastern Minnesota.
The mining project, previously a joint venture between PolyMet and Teck Resources, was renamed NewRange Copper Nickel in February. However, it is still commonly referred to as PolyMet.
The project aims to become Minnesota's first copper-nickel mine.
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