Glencore in advanced talks for Argentina copper stake - Bloomberg News (updated)

Pan American Silver

28/07/2023 23:25

(Adds background in paragraph 4-6)
       July 28 (Reuters) - Glencore  GLEN.L  is in advanced
talks to buy out its partner in Argentina's Mara copper project
as it seeks higher exposure to the metal, Bloomberg News
reported on Friday.
    The company is close to finalizing a deal to acquire Pan
American Silver Corp's  PAAS.TO  56% stake that could be
announced as soon as next week, it said, citing people familiar
with the matter.
    Glencore and Pan American Silver did not immediately respond
to Reuters requests for comment.
     The deal talk comes as usage of copper for applications in
electric cars is set to steepen sharply in coming years as the
world moves toward green energy and electrification.
    In June, Glencore, Chrysler parent Stellantis  STLAM.MI  
and Volkswagen's  VOWG.DE  battery unit PowerCo agreed to back a
$1 billion deal by blank-check fund, ACG Acquisition Company,
 ACGa.L  to buy two mines in Brazil.
    Last week, the miner left its 2023 guidance for copper
unchanged, even as production fell by 10% in the first half.

 (Reporting by Shivani Tanna in Bengaluru)
 ((ShivaniJayesh.Tanna@thomsonreuters.com;))