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Glencore to acquire Newmont’s shareholding in the MARA Project

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Global Mining Review,

Glencore International AG and Newmont Corporation have announced that they have reached an agreement in which Glencore will acquire Newmont’s 18.75% shareholding in the MARA project (MARA). Following completion of the transaction, Glencore will own 43.75% of MARA.

Under the terms of the agreement, Glencore will pay US$124.9 million upon closing and a US$30 million deferred payment upon commercial production, subject to an annual interest charge of 6%. Total deferred consideration is capped at US$50 million.

The closing of the transaction is subject to customary conditions and regulatory filings.

The MARA project, located in the Catamarca province of Argentina, is a high-quality, long life, low-risk brownfield project. It was formed as a joint venture in December 2020 between Yamana Gold, Glencore and Newmont following the integration of the Minera Alumbrera plant and mining infrastructure and Agua Rica project. Under the new structure, Yamana Gold will remain the operator with 56.25% of MARA, with Glencore owning the remaining shares.

On a 100% basis, MARA has proven and probable mineral reserves of 5.4 million t of copper and 7.4 million oz of gold contained in 1.105 billion t of ore with an initial mine life of 28 years.

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Copper mining news Gold mining news South American mining news