The Globe and Mail reports in its Tuesday edition that Swiss commodities giant Glencore PLC moved Monday to take full ownership of PolyMet Mining Corp., a company developing a copper-nickel mine in northeastern Minnesota with Teck Resources. An Associated Press dispatch to The Globe says that Glencore already owns 82 per cent of PolyMet Mining and has long been the project's main financial backer. It offered Monday to pay around $71-million (U.S.) to raise that interest to 100 per cent, which would take PolyMet private. Glencore's proposal represents around a 167-per-cent premium over PolyMet's closing stock price on Friday, and shares surged on the news in Monday's trading. PolyMet Mining said in a statement that it "welcomes the engagement with Glencore" and that its directors are reviewing the proposal but have made no decisions yet. The proposed mining project, a 50:50 joint venture with Teck, was renamed New Range Copper Nickel in February but is still widely known as PolyMet. It seeks to be Minnesota's first copper-nickel mine, but it has long been stalled by court and regulatory setbacks. The latest came last month when the U.S. Army Corps of Engineers revoked a critical water quality permit.