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| Name | Symbol | Market | Type |
|---|---|---|---|
| Glencore Plc (PK) | USOTC:GLNCY | OTCMarkets | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.23 | 2.42% | 9.74 | 9.65 | 9.79 | 9.77 | 9.6701 | 9.69 | 1,249,991 | 21:29:04 |
From Nov 2022 to Nov 2024
By Christian Moess Laursen
Glencore said Monday that it has bought Pan American Silver's 56.25% stake in the Argentinean copper project Mara for $475 million, becoming sole owner and operator.
The Anglo-Swiss commodity miner said that Mara--located in the Catamarca province--has proven and probable mineral reserves of 5.4 million metric tons of copper and 7.4 million ounces of gold, with a 27-year life of mine, the FTSE 100-listed company said.
The project--in which Glencore increased its stake to 43.75% last year--is expected to produce 200,000 tons of copper a year on average when operational.
The mining giant said Pan American Silver will get a copper net smelter return royalty of 0.75%.
Glencore expects the deal to complete in the third quarter.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
July 31, 2023 07:11 ET (11:11 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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