2023-07-28 19:01:31 ET
Glencore ( OTCPK:GLCNF ) ( OTCPK:GLNCY ) is in advanced talks to buy out partner Pan American Silver's ( NYSE: PAAS ) 56% stake in Argentina's Mara copper project, in a deal that could be announced as soon as next week, Bloomberg reported Friday.
Financial terms are not known, but Glencore ( OTCPK:GLCNF ) ( OTCPK:GLNCY ) increased its holdings in Mara last year, agreeing to pay $160M for Newmont's 19% stake.
Located in Argentina's Catamarca province, Mara holds copper and gold ores that could support a mine for ~30 years.
More on Pan American Silver:
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- Analysis: Pan American Silver: An Elite Gold/Silver Producer
- Stock price return: Down 9% YTD, down 20.5% in the past 12 months
For further details see:
Glencore in talks for Pan American Silver's Argentina copper mine stake - report