The Swiss company Glencore International AG has entered into an agreement to acquire 56.25% in the MARA project from the Canadian Pan American Silver Corp. This is reported in a Glencore press release.
The transaction value is $475 million plus royalties in the amount of 0.75% of the net profit of the copper smelter (NSR).
The MARA project was developed to integrate the Minera Alumbrera mining plant and the Agua Rica project as part of a joint venture between Yamana Gold Inc., Glencore and Newmont in December 2020.
In October 2022, Glencore acquired an 18.75% stake in Newmont, increasing the stake to 43.75%. At the same time, Pan American bought 56.25% of Yamana Gold shares in March 2023.
The MARA project, located in the Argentine province of Catamarca (Catamarca) It has proven mineral reserves of 5.4 million tons of copper and 7.4 million ounces of gold. The service life of the mine is 27 years, taking into account resources.
MARA is currently considered one of the most capital-intensive copper mining projects in the world, taking into account the operation of the Alumbrera aluminum processing plant and related infrastructure.
After commissioning, MARA will become one of the world's 25 largest copper producers with a capacity of 200 thousand tons per year for the first 10 years,
The transaction is expected to be completed in the third quarter of 2023 after the usual closing conditions are met. As a result of the transaction, Glencore will become the sole owner and operator of MARA.
Glencore is one of the world's largest suppliers of raw materials and rare earth materials. The company is one of the world's leading oil companies. The headquarters is located in Bar (Switzerland).
Pan American Silver is a Canadian mining company and one of the world's largest silver producers. The company owns mines and projects in Mexico, Peru, Bolivia and Argentina. The headquarters is located in Vancouver (Canada).
