Wrap Text
Glencore to acquire Pan American’s 56.25% stake
in MARA Project, becoming its sole owner
GLENCORE PLC
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
ISIN: JE00B4T3BW64
LEI: 2138002658CPO9NBH955
Baar, Switzerland
31 July 2023
Glencore to acquire Pan American’s 56.25% stake in MARA Project, becoming its sole owner
Today, Glencore International AG (Glencore) and Pan American Silver Corp. (NYSE: PAAS, TSX:
PAAS) (Pan American) announced they have reached an agreement for Glencore to acquire the
56.25% stake in the MARA Project (MARA or the Project) from Pan American.
Under the terms of the agreement, Glencore will pay $475 million in cash upon closing and grant
Pan American a copper Net Smelter Return (NSR) royalty of 0.75%.
The Project was first formed through the integration of the Minera Alumbrera plant and mining
infrastructure and Agua Rica project in a joint venture between Yamana Gold, Glencore and
Newmont in December 2020.
Glencore acquired Newmont’s 18.75% stake in October 2022, bringing its shareholding to 43.75%.
Pan American acquired Yamana Gold’s 56.25% stake as part of its acquisition of Yamana Gold Inc.
in March 2023.
MARA, located in the Catamarca province of Argentina, has proven and probable mineral reserves
of 5.4 million tonnes of copper and 7.4 million ounces of gold contained in 1.105 billion tonnes of
ore. It has a 27-year mine life based on mineral reserves supported by more than 86 kms of drilling.
The brownfield MARA project ranks as one of the lowest capital-intensive copper projects in the
world today, owing to the existing well maintained Alumbrera processing plant and associated
infrastructure. MARA is expected to be in the top 25 global copper producers when operational,
with an expected average copper production over the first 10 full years exceeding 200kt per annum
(with further material by-product credits).
Glencore has extensive institutional knowledge of the asset and the jurisdiction, based on its
successful history of running the Alumbrera operations prior to the integration with Agua Rica in
2020.
The closing of the transaction is subject to customary conditions and regulatory filings. Glencore
expects the transaction to be completed in Q3 2023.
Upon completion of the transaction, Glencore will become the sole owner and operator of MARA.
For further information please contact:
Investors
Martin Fewings t: +41 41 709 28 80 m: +41 79 737 56 42 martin.fewings@glencore.com
Media
Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com
www.glencore.com
Notes for Editors
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and
marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers
and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the
commodities that support decarbonisation while meeting the energy needs of today.
With around 140,000 employees and contractors and a strong footprint in over 35 countries in both
established and emerging regions for natural resources, our marketing and industrial activities are supported
by a global network of more than 40 offices.
Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation,
battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers
and consumers of commodities.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the
International Council on Mining and Metals. We are an active participant in the Extractive Industries
Transparency Initiative.
We recognise our responsibility to contribute to the global effort to achieve the goals of the Paris Agreement
by decarbonising our own operational footprint. We believe that we should take a holistic approach and have
considered our commitment through the lens of our global industrial emissions. Against a 2019 baseline, we
are committed to reducing our Scope 1, 2 and 3 industrial emissions by 15% by the end of 2026, 50% by the
end of 2035 and we have an ambition to achieve net zero industrial emissions by the end of 2050. For more
detail see our 2022 Climate Report on the publication page of our website at glencore.com/publications.
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Disclaimer
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this
document, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore
plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any
other relationship between the companies. Likewise, the words “we”, “us” and “our” are also used to refer collectively to
members of the Group or to those who work for them. These expressions are also used where no useful purpose is served
by identifying the particular company or companies.
Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited
Date: 31-07-2023 12:56:00
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