Polymet Mining Corp (TSX:POM) has accepted Glencore PLC (LSE:GLEN)'s proposal to purchase the remaining 18% stake in the company for approximately $73 million, according to reports on Monday.
The offer from Glencore, which amounted to $2.11 per share in cash, caused PolyMet's stock to more than double earlier in July.
The acquisition is still subject to shareholder approval, with a meeting scheduled for the end of the third quarter or early in the final quarter of the year, according to PolyMet.
PolyMet is developing a copper-nickel mine in northeastern Minnesota, in partnership with Canada's Teck Resources. Notably, Teck Resources is also in Glencore's acquisition crosshairs.
The project aims to become Minnesota's first copper-nickel mine.
Shares of PolyMet rose around 2.2% in Toronto on Monday morning, while its US-listed shares were up 1.5%.
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