Glencore's risk appetite dwindles, fuelling focus on safer regions [Reuters (UK)]
Polymet Mining Corporation Ordinary Shares (Canada) (PLM)
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Source: Reuters
Glencore's risk appetite dwindles, fuelling focus on safer regions - Reuters 6 Min Read (Reuters) - Glencore Inc’s ( GLEN.L ) penchant for risk has long been mining industry lore, but the company is quickly expanding into a part of the world that would have been improbable just a few years ago: Minnesota. The Swiss-based commodity trader took majority control last June of PolyMet Mining Corp ( POM.TO ), which is developing a mine in the Midwest state near the Canadian border estimated to hold a century’s worth of copper and nickel, critical to the development of electric vehicles. It is the first time that Glencore has controlled a major mining project in the United States, where President Donald Trump has cut mining regulations and red tape in a bid to encourage domestic mining, a marked change from predecessor Barack Obama, who favoured stricter oversight of the sector and slowed or halted several large mining projects. Glencore for years has operated in regions considered high-
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