Glencore International and Pan American Silver Corp announced today, 31 July 2023, that they have reached an agreement for Glencore to acquire Pan American’s 56.25% interest in the Mara project. Under the terms of the agreement, Glencore will pay 475 million dollars in cash at closing and grant Pan American a 0.75% net smelter return copper royalty. The project arose from the integration of the Minera Alumbrera plant and mining infrastructure and the Agua Rica project into a joint venture between Yamana Gold, Glencore and Newmont in December 2020. Glencore acquired Newmont’s 18.75% interest in October 2022, increasing its stake to 43.75%. Pan American acquired a 56.25% interest in Yamana Gold as part of its acquisition of Yamana Gold Inc. in March 2023.
Mara, located in Argentina’s Catamarca province, has proven and probable mineral reserves of 5.4 million tonnes of copper and 7.4 million ounces of gold contained in 1.105 billion tonnes of ore. The mine life is 27 years, based on mineral reserves supported by more than 86 km of drilling.
The MARA project is one of the least capital-intensive copper projects in the world today, thanks to Alumbrera’s well-maintained processing plant and associated infrastructure. The MARA project is expected to rank among the world’s top 25 copper producers when operational.
#Mines_Actu_Burkina
