2023-07-31 07:18:24 ET
Pan American Silver ( NYSE: PAAS ) said Monday it agreed to sell its 56.25% stake in the Mara copper project in Argentina to Glencore ( OTCPK:GLCNF ) ( OTCPK:GLNCY ) for $593M in cash.
Glencore ( OTCPK:GLCNF ) ( OTCPK:GLNCY ), which already holds a 43.75% interest in Mara, will assume 100% ownership of the project.
According to the deal terms, Glencore ( OTCPK:GLCNF ) ( OTCPK:GLNCY ) will pay $475M up front and grant Pan American ( PAAS ) a life-of-mine copper net smelter return royalty of 0.75%.
Pan American ( PAAS ) said it also agreed to sell its 92.3% interest in Peru's Morococha mine to local miner Alpayana for $25M, and its 57.75% interest in the Agua de la Falda mining project in Chile to Rio Tinto ( RIO ) for $45.5M.
More on Pan American Silver:
- Financial and valuation comparison to sector peers
- Analysis: Pan American Silver: An Elite Gold/Silver Producer
- Stock price return: Down 7% YTD, down 20.5% in the past 12 months
For further details see:
Pan American Silver confirms sale of Mara copper project to Glencore for $593M