BAAR, Switzerland, July 5, 2013 /CNW/ – Glencore Xstrata plc announces
that its indirect, wholly-owned subsidiary, Glencore AG (“Glencore”)
has acquired 31,756,979 common shares of PolyMet Mining Corp. (“PolyMet”) at US$0.66 per common
share pursuant to its basic subscription privilege and additional
subscription privilege under PolyMet’s previously announced rights
offering (“Rights Offering”), representing approximately 11.6% of
PolyMet’s issued and outstanding common shares following the Rights
Offering.

Following completion of the Rights Offering, Glencore holds 78,724,821
common shares representing approximately 28.6% of PolyMet’s issued and
outstanding common shares. The Rights Offering triggered the customary
anti-dilution provisions of PolyMet’s convertible debenture exchange
warrant and purchase warrants held by Glencore. The numbers of common
shares issuable to Glencore under the convertible debenture exchange
warrant and purchase warrants have been adjusted to 24,083,366 and
6,458,001, respectively, which, if exercised, would result in Glencore
holding 109,266,188 common shares representing approximately 35.8% of the outstanding common
shares of PolyMet on a partially diluted basis.

In connection with the closing of the Rights Offering, PolyMet repaid
the principal amount and all outstanding accrued and unpaid interest
thereon of the previously announced US$20 million loan (“Bridge Loan”)
advanced by Glencore to PolyMet on April 11, 2013.

Glencore’s decision to participate in the Rights Offering was made for
investment purposes. Glencore will continue to review its investment
alternatives from time to time and may determine to increase or
decrease its equity ownership in PolyMet through the acquisition or
sale of additional outstanding common shares or other securities of
PolyMet through open market or privately negotiated transactions in
accordance with applicable securities laws. Persons who wish to obtain
a copy of the early warning report to be filed by Glencore in
connection with this transaction may obtain a copy of such report from www.sedar.com or by contacting Glencore’s representative listed below.

About Glencore Xstrata

Glencore Xstrata is one of the world’s largest global diversified
natural resource companies. As a leading integrated producer and
marketer of commodities with a well-balanced portfolio of diverse
industrial assets, we are strongly positioned to capture value at every
stage of the supply chain, from sourcing materials deep underground to
delivering products to an international customer base.

The Group’s industrial and marketing activities are supported by a
global network of more than 90 offices located in over 50 countries.
Our diversified operations comprise over 150 mining and metallurgical
sites, offshore oil production assets, farms and agricultural
facilities. We employ approximately 190,000 people, including
contractors.

SOURCE Glencore Xstrata plc