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Glencore to acquire Pan American’s 56.25% stake in MARA Project, becoming its sole owner

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:

Martin Fewingst: +41 41 709 28 80m: +41 79 737 56
Charles Watenphult: +41 41 709 24 62m: +41 79 904 33

Glencore LEI: 2138002658CPO9NBH955

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

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