Glencore to buy Pan American's stake in Argentina copper project for $475 mln (updated)

Pan American Silver

31/07/2023 12:00

(Adds details on other assets in paragraphs 5-6, background and
shares in paragraphs 2 to 4)
       July 31 (Reuters) - Miner Pan American Silver Corp
 PAAS.TO  said on Monday it plans to sell its 56% stake in the
Minera Agua Rica Alumbrera copper project in Argentina to Swiss
commodities giant Glencore  GLEN.L  for $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% at 471.50 pounds.
    The Canadian miner also said it is divesting its certain
other assets to entities, including a unit of Rio Tinto  RIO.L ,
for 118 million.
    The asset sales include its 92.3% interest in its unit that
owns Morococha mine in Peru for $25 million, a 57.75% interest
in a Chilean company that owns Jeronimo project in northern
Chile for $45.55 million, and a number of non-controlling equity
investments for a $47.1 million.    

 (Reporting by Arshreet Singh; Editing by Shounak Dasgupta and
Shailesh Kuber)
 ((Arshreet.Singh@thomsonreuters.com; Twitter: https://twitter.com/Arshreets))