Glencore PLC Glencore acquires remaining stake in MARA Project (7539H)
31 Luglio 2023 - 12:36PM
UK Regulatory
TIDMGLEN
RNS Number : 7539H
Glencore PLC
31 July 2023
Glencore plc
Baar, Switzerland
31 July 2023
Glencore to acquire Pan American's 56.25% stake in MARA Project,
becoming its sole owner
Today, Glencore International AG (Glencore) and Pan American
Silver Corp. (NYSE: PAAS, TSX: PAAS) (Pan American) announced they
have reached an agreement for Glencore to acquire the 56.25% stake
in the MARA Project (MARA or the Project) from Pan American.
Under the terms of the agreement, Glencore will pay $475 million
in cash upon closing and grant Pan American a copper Net Smelter
Return (NSR) royalty of 0.75%.
The Project was first formed through the integration of the
Minera Alumbrera plant and mining infrastructure and Agua Rica
project in a joint venture between Yamana Gold, Glencore and
Newmont in December 2020.
Glencore acquired Newmont's 18.75% stake in October 2022,
bringing its shareholding to 43.75%. Pan American acquired Yamana
Gold's 56.25% stake as part of its acquisition of Yamana Gold Inc.
in March 2023.
MARA, located in the Catamarca province of Argentina, 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. It has a 27-year mine life based on mineral reserves supported
by more than 86 kms of drilling.
The brownfield MARA project ranks as one of the lowest
capital-intensive copper projects in the world today, owing to the
existing well maintained Alumbrera processing plant and associated
infrastructure. MARA is expected to be in the top 25 global copper
producers when operational, with an expected average copper
production over the first 10 full years exceeding 200kt per annum
(with further material by-product credits).
Glencore has extensive institutional knowledge of the asset and
the jurisdiction, based on its successful history of running the
Alumbrera operations prior to the integration with Agua Rica in
2020.
The closing of the transaction is subject to customary
conditions and regulatory filings. Glencore expects the transaction
to be completed in Q3 2023.
Upon completion of the transaction, Glencore will become the
sole owner and operator of MARA.
For further information please contact:
Investors
Martin Fewings t: +41 41 709 28 80 m: +41 79 737 56 42 martin.fewings@glencore.com
Media
Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com
www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
Glencore is one of the world's largest global diversified
natural resource companies and a major producer and marketer of
more than 60 commodities that advance everyday life. Through a
network of assets, customers and suppliers that spans the globe, we
produce, process, recycle, source, market and distribute the
commodities that support decarbonisation while meeting the energy
needs of today.
With around 140,000 employees and contractors and a strong
footprint in over 35 countries in both established and emerging
regions for natural resources, our marketing and industrial
activities are supported by a global network of more than 40
offices.
Glencore's customers are industrial consumers, such as those in
the automotive, steel, power generation, battery manufacturing and
oil sectors. We also provide financing, logistics and other
services to producers and consumers of commodities.
Glencore is proud to be a member of the Voluntary Principles on
Security and Human Rights and the International Council on Mining
and Metals. We are an active participant in the Extractive
Industries Transparency Initiative.
We recognise our responsibility to contribute to the global
effort to achieve the goals of the Paris Agreement by decarbonising
our own operational footprint. We believe that we should take a
holistic approach and have considered our commitment through the
lens of our global industrial emissions. Against a 2019 baseline,
we are committed to reducing our Scope 1, 2 and 3 industrial
emissions by 15% by the end of 2026, 50% by the end of 2035 and we
have an ambition to achieve net zero industrial emissions by the
end of 2050. For more detail see our 2022 Climate Report on the
publication page of our website at glencore.com/publications .
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Disclaimer
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