Glencore to acquire Newmont’s stake In MARA project

Glencore International AG and Newmont Corporation announced they have reached an agreement in which Glencore will acquire Newmont’s 18.75% shareholding in the MARA Project. 
Following completion of the transaction, Glencore will own 43.75% of MARA, newmont.com reports.
Under the terms of the agreement, Glencore will pay $124.9 million upon closing and a $30 million deferred payment upon commercial production subject to an annual interest charge of 6%. Total deferred consideration is capped at $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 joint venture formed 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 Inc. will remain the operator with 56.25% of MARA, with Glencore owning the remaining shares.
A core asset for Yamana and Glencore, MARA 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 with an initial mine life of 28 years.

Alex Shishlo for Rough&Polished