Glencore putting up to $30M more in Minnesota copper-nickel mining project
Startribune - PolyMet Mining will get a cash infusion of up to $30 million from its majority owner Glencore, money needed to continue fighting legal battles over its proposed copper-nickel mine in northeastern Minnesota.
PolyMet announced Wednesday that it will issue unsecured convertible debentures of up to $30 million to a subsidiary of Glencore, a Switzerland-based global mining giant. The debentures are convertible to stock.
Glencore, which has long bankrolled the controversial Minnesota mine, converted much of its existing debt in PolyMet to stock last June. It now owns 72% of PolyMet, a stake that would rise to 75% upon conversion of the new debentures.
PolyMet plans a $1 billion project, which includes a processing plant in Hoyt Lakes and a mine near Babbitt. It would be the state’s first hard-rock metals mine.