Greetings Contrarian,

This is The Next Big Rush, your daily drop of mining and energy investing news. Where we come together and have pizza, even on a Monday. 🍕

Here are the highlights:

🤩 Glencore Offers 167% Premium

🤓 Sale Of Non-Core Asset Boosts Nanocap’s Value

👏 Barrick Loves Mali

🤩 Glencore Offers 167% Premium

PolyMet Mining Corp. (TSX: POM) (NYSE American: PLM) has received a non-binding proposal from Glencore AG (London: GLEN) to acquire all outstanding shares of PolyMet for US$2.11 per share, representing a 167% premium over the most recent trading day. 

If the deal goes through, Glencore will gain complete ownership of NorthMet, Minnesota's first copper-nickel mine, and become a 50-50 partner with Teck Resources in the NewRange Copper Nickel joint venture.

NorthMet and Mesaba projects contain M&I resources of 637 million tonnes and 2 billion tonnes respectively.

PolyMet “warns that no decisions have been made yet”, but Glencore currently holds 82% of the target company, so this is purely lawyer-talk.

The mining gods know that would be one heck of an arbitrage play, if only we already owned the stock since it’s pretty much 140% up in pre-trading on the NYSE already.

🤓 Sale Of Non-Core Asset Boosts Nanocap’s Value

Athabasca Minerals Inc. (TSXV: AMI), surprisingly not a uranium company but rather a frac sand co, has completed the sale of certain non-core assets within its aggregates division for a cash consideration of C$3.2m. 

The assets sold include mineral leases, inventory stockpiles, and equipment associated with select pits.

The sale is part of the company's realignment to focus on its core business of producing and selling premium silica sand.

The transaction is expected to have a positive impact on the company's working capital by reducing environmental reclamation obligations and releasing over $700,000 in cash deposits.

Net positive of C$3.9m - current market cap: C$5.89m

Athabasca Minerals has also entered into an amended credit agreement for a secured bridge loan from JMAC Energy Services LLC for C$2m with an insider of the company.

The rates of 14%-20% per annum are quite something, but we ain’t hating, we’re just jealous.

👏 Barrick Loves Mali

Barrick Gold Corporation(NYSE:GOLD)(TSX:ABX) CEO Mark Bristow announced that the 26-year partnership between the company and Mali has made the country a world leader in gold mining. 

The Loulo-Gounkoto complex, one of the top 10 gold producers globally, has contributed $9.3 billion to Mali's economy and accounted for 5-10% of its GDP over the past decade.

The complex employs around 7,000 people, with 97% of them being Malian nationals.

Bristow highlighted the ongoing investments in exploration and development, including the new underground mine at Gounkoto.

Doing business in Mali and doing it well is a rare sight. Hat tip.

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Happy Speculating!

The Editor

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.