Glencore to buy Pan American's stake in Argentina copper project for US$475 million

Miner Pan American Silver Corp said on Monday (Jul 31) it plans to sell its 56 per cent stake in the Minera Agua Rica Alumbrera copper project in Argentina to Swiss commodities giant Glencore for US$475 million.

The MARA project in Argentina’s Catamarca province was established in December 2020 following the integration of the Minera Alumbrera plant and mining infrastructure with the Agua Rica deposit, according to Pan American’s website.

The asset has proven and probable mineral reserves of 5.4 million tonnes of copper and 7.4 million ounces of gold, with an initial mine life of 28 years.

Glencore’s shares were up 1.1 per cent at £471.50 (S$805.24).

The Canadian miner also said it is divesting its certain other assets to entities, including a unit of Rio Tinto, for US$118 million.

The asset sales include its 92.3 per cent interest in its unit that owns Morococha mine in Peru for US$25 million, a 57.75 per cent interest in a Chilean company that owns Jeronimo project in northern Chile for US$45.55 million, and a number of non-controlling equity investments for a US$47.1 million. REUTERS