On November 7, 2023, Glencore, one of the world’s largest global diversified natural resource companies, acquired full ownership of PolyMet Mining Corp. (“PolyMet”), a mine development company holding a 50% interest in NewRange Copper Nickel LLC, a joint venture with Teck Resources.

The acquisition was effected by way of a plan of arrangement under the Business Corporations Act (British Columbia) pursuant to which Glencore acquired the approximately 17.82% of the issued and outstanding common shares of PolyMet that Glencore did not already own for US$2.11 in cash per share.

PolyMet was represented by a Farris transaction team led by Denise Nawata that also included Ryan McCracken (corporate and securities), Tevia Jeffries (litigation) and Mark Chu (tax).