PolyMet and Glencore Sign Strategic Marketing Agreement

HOYT LAKES, MN - PolyMet Mining Corp. reported that it has entered into a strategic partnership with Glencore AG with offices in Stamford, Connecticut. Glencore is one of the world's largest suppliers of a wide range of commodities and raw materials to industrial consumers with commercial counterparts including both producers and industrial consumers.
The strategic relationship provides: ¥ Glencore will purchase PolyMet's production of concentrates, metal, or intermediate products at prevailing market terms for a minimum period of 5 years. ¥ Glencore will invest US$50 million into PolyMet through a convertible loan. The first $25 million is available immediately, for the continued development of PolyMet's NorthMet Project, with an additional US $25 million available upon publication of the final EIS. ¥ Glencore will appoint a technical advisor to PolyMet's Technical Steering Committee, which is responsible for technical oversight of the project.
Closing of the transaction is subject to regulatory approval, acceptance by the Board of Directors of both companies, and execution of detailed transaction documentation.
PolyMet controls 100% of the NorthMet copper-nickel-precious metals ore-body and owns the nearby Erie Plant and associated infrastructure located near Hoyt Lakes in the established mining district of the Mesabi Iron Range in northeastern Minnesota. PolyMet is seeking environmental and operating permits to enable it to commence production of copper, nickel and platinum group metals anticipated in 2010.
Glencore International AG is a privately held company owned by its management and employees. Headquartered in Baar, Switzerland, in its marketing operations Glencore International AG directly or indirectly employs over 2,000 people worldwide in some 50 offices in over 40 countries. In its industrial operations Glencore International AG directly or indirectly employs over 60,000 people in 19 plants in 12 countries.
The company's address is Suite 1003, 1177 West Hastings Street, Vancouver, BC V6E 2K3,  (604) 669-4701, fax: (604) 669-4705 .