PolyMet Mining Corp. received a non-binding proposal from Glencore AG to acquire the 18% of the shares of PolyMet that it does not already own for a cash consideration of $2.11/share (or $71 million), subject to certain conditions, including entering a definitive agreement. The proposal values PolyMet Mining at roughly $400 million.

The company said it welcomes the engagement with Glencore and the proposal is being reviewed by a special committee in accordance with its fiduciary duties and in consultation with its independent financial and legal advisors.

PolyMet holds a 50% interest in NewRange Copper Nickel LLC, a joint venture with Teck Resources. NewRange Copper Nickel holds the NorthMet and Mesaba copper, nickel, cobalt and platinum group metal deposits, two globally significant clean energy mineral resources located in the Duluth Complex in northeast Minnesota. Glencore has also proposed a much larger acquisition of Teck.