RE:RE:FSD Pharma Inc. 1.4 BILLION SHARES OUTSTANDING-17.5 cents ROF: Take Note re ROF KWG etal. PolyMet is on the verge of building Minnesota’s first copper-nickel mine, and now it has a new owner.
At a shareholders’ meeting Wednesday in Toronto, Glencore — one of the world’s largest companies and a juggernaut in the mining industry — took nearly 72 percent of equity in PolyMet Mining Corp. Some had seen the move as inevitable since PolyMet was already $240 million in debt to Glencore and was working to finance its $1 billion mine before starting construction.
Glencore, which has a hefty bankroll, a wealth of experience in the field and a history of labor issues and pollution problems, already owned roughly one-third of issued stock in the company. Yet the change is still significant. Here’s what we know about Glencore and what the move means for the PolyMet project:
What is Glencore and how is it involved in PolyMet?
Glencore was founded in 1974 and has since become an enormous operation. The company’s website says they employ 158,000 people around the world in mining, oil production and more. Glencore’s 2018 revenue was about $220 billion, roughly the same as UnitedHealth Group. By comparison, U.S. Steel in 2017 had $12.25 billion in revenue.