trending Market Intelligence /marketintelligence/en/news-insights/trending/nr58uz69lbp8iurzlz2n9q2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Glencore extends deadline on US$152M in PolyMet loans

Mining Exploration Insights - April 2020

Mining Exploration Insights December

Mining Exploration Insights: Dip in gold drilling weighs on results

State of the Market: Mining Q2-2019


Glencore extends deadline on US$152M in PolyMet loans

Glencore PLC extended a looming deadline on US$152 million in loans that was bearing down PolyMet Mining Corp. and agreed to lend the junior US$80 million to fund ongoing permitting-related work at the NorthMet copper project in Minnesota.

In a March 26 press release, PolyMet said the US$152 million in secured convertible and non-convertible debentures would now come due a year later on March 31, 2019, and that Glencore also agreed to cut the interest rate to the London Interbank Offered Rate plus 10% instead of 15%.

Meanwhile, PolyMet secured US$80 million in debentures from Glencore on the same terms as the existing nonconvertible debt, which it can draw down in five tranches. Polymet also issued Glencore new warrants to replace old ones that expired at the end of 2017.

PolyMet noted that it is waiting for final decisions on key permits it needs to secure to build the NorthMet project.

NorthMet hosts total reserves of 254.7 million tons grading 0.294% copper and 0.084% nickel.