Glencore to Invest in Stillwater Critical Minerals
June 23 2023 - 8:36AM
Dow Jones News
By Robb M. Stewart
Swiss mining and trading giant Glencore will buy an almost 10%
stake in Stillwater Critical Minerals, providing the Canadian
company with funds for exploration and development of its nickel
projects.
Stillwater said Friday a wholly-owned subsidiary of Glencore has
agreed to buy 19.8 million company units for a total of 4.9 million
Canadian dollars ($3.8 million). The units comprise shares and
warrants, which if fully exercised would provide up to about C$5.2
million in additional funding and would boost Glencore's interest
in Stillwater to almost 16%.
Stillwater President and Chief Executive Michael Rowley said the
private-placement financing from Glencore marks a major step for
the company as it works to advance its flagship Stillwater West
project in Montana that promises to become a large-scale source of
battery and precious minerals that are listed as critical in the
U.S. and elsewhere.
The investment comes after Glencore approached Canadian miner
Teck Resources over buying its coal assets, an alternative to its
proposal to buy all of Teck in a roughly $23 billion deal. Teck has
rejected a full-blown merger with Glencore and said it was engaging
the company about its latest proposal, one of several inquiries it
had received about potential transactions for its coal
business.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
June 23, 2023 08:21 ET (12:21 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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