Date Closed

September 20, 2023

Lead Office

Vancouver

Value

475.00 Million USD

On September 20, 2023, Glencore International AG (“Glencore”) acquired 0805346 BC Ltd.(“080”) from Pan American Silver Corp. (“Pan American”) for US$475,000,000 in cash consideration and 0.75% Net Smelter Return (NSR) royalty granted to Pan American.

080 held a 56.25% stake in the MARA Project and, upon close of the transaction, Glencore, through its various subsidiaries, has become sole owner and operator of the MARA Project.

The MARA Project, 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. The MARA Project 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).

McCarthy Tétrault assisted Glencore with a team led by Shawn Doyle that included Roger Taplin, Adam Taylor, Peter Quon and Alexandra Comber (Business).