:quality(75)/cloudfront-us-east-1.images.arcpublishing.com/elcomercio/IRPW7MLEOFENRP6G53GXHKH5R4.jpg "Pan American Silver completes the sale of its stake in an Argentinian mine to Glencore | World | Businesses | Pan American Silver | Glencore | copper | gold | mining | ECONOMY")
The Canadian mining company Pan American money announced this Monday that it had finalized the sale to the Swiss company Glencore of its 56.25% stake in the mining project of copper And gold MARA, in the province of Catamarca, northern Argentina.
Pan American Silver said in a statement that Glencore paid it $475 million in cash for the stake and granted it a royalty over the useful life of the mine. 0.75%.
“Glencore has taken charge 100% of ownership of the MARA project upon completion of the transaction on September 20, 2023.said Pan American Silver, which announced this sales agreement with Glencore last July.
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 a stake in 18.75% of Newmont in October 2022, increasing its stake in MARA to 43.75%.
For its part, Pan American had taken a stake in 56.25% when purchasing Yamana Gold last March. The MARA project has proven and probable reserves of 5.4 million tonnes 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 world’s top 25 copper producers when operational.
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