Glencore currently holds 82.26% of PolyMet Mining which is developing the NorthMet mine in the USA.

Glencore has proposed a non-binding cash offer of US$2.11 per share to purchase the remaining stake in US copper miner PolyMet Mining, totalling approximately US$71M. PolyMet is a mine development company holding a 50% interest in NewRange Copper Nickel, a recently formed 50:50 JV with Teck Resources. NewRange Copper Nickel holds the NorthMet and Mesaba copper, nickel, cobalt, and platinum Group Metals (PGM) deposits based in the Duluth Complex in northeast Minnesota, USA.

PolyMet has had a protracted history in its attempts to bring the NorthMet mine, processing plant and tailings basin online relating to continued legal challenges from environmental groups opposed to the project. In June, an appeals court in Minnesota announced that it would again consider a challenge to an air permit for the NorthMet mine.

In 2022, the USA accounted for a mere 0.5% of global nickel mine supply and does not host any primary refined production. As such, it is highly reliant on imports. Given nickel’s importance in stainless steel and the growing use of lithium-ion batteries used in EVs and ESS applications, it is included on the country’s most recent critical minerals list. Importantly for automakers, nickel produced domestically in the US will also qualify EVs for US inflation reduction act (IRA) tax credits.

In a separate development, last month, Glencore was reported to have made a new offer for PolyMet's NewRange Copper Nickel partner, Teck Resources’ steelmaking coal business. This would enable it to spin out a new company, combining its own coal assets with those of Teck’s.