The Canadian mining company Pan American Silver reported this Monday that it has completed the sale to the Swiss company Glencore of its 56.25% stake in the mining project of copper and gold MARA, in the northern Argentine province of Catamarca.
Pan American Silver said in a statement that Glencore paid it $475 million in cash for that stake and granted it a royalty during the useful life of the mine. 0.75%.
“Glencore took on the 100% of ownership of the MARA project upon completion of the transaction on September 20, 2023″indicated Pan American Silver, which last July had announced this sales agreement with Glencore.
The MARA project is the result of the integration in December 2020 of Minera Alumbrera and Agua Rica into a joint venture between the Canadian Yamana Gold, Glencore and the American Newmont in December 2020.
Glencore acquired the stake in 18.75% of Newmont in October 2022, raising its stake in MARA to 43.75%.
For its part, Pan American had added a stake in 56.25% when purchasing Yamana Gold last March. The MARA project has proven and probable reserves of 5.4 million tons of copper and 7.4 million ounces of gold and a mine life of 27 years.
According to Glencore data, MARA is expected to be among the top 25 global copper producers when it is operational.
Source: Gestion
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