Pan American Silver Corp. says it has reached several deals to sell some of its South American assets for a combined US$593 million.
The Vancouver-based mining business says it has signed an agreement with Glencore International AG to sell its 56.25 per cent interest in its Mara project located in Catamarca, Argentina.
Glencore will pay US$475 million in cash for the stake and will grant Pan American a life-of-mine copper net smelter return royalty of 0.75 per cent. The company has also struck a US$25 million agreement with Peruvian mining company Alpayana S.A. to sell its 92.3 per cent stake in its Compañia Minera Argentum S.A., Pan American's Peruvian subsidiary which owns a Morococha mine.
Pan American's final deal was reached with Rio Tinto Mining & Exploration Ltd. Agencia en Chile SPA, which will acquire a 57.75 per cent interest in a company with operations in northern Chile. Rio Tinto will pay US$46 million and will grant Pan American a net smelter royalty of 1.25 per cent on all precious metals and a royalty of 0.2 per cent on all base metals, on a pro rata basis.This report by The Canadian Press was first published July 31, 2023.
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Pan American Silver to sell South American assets in trio of deals worth $593 millionPan American Silver Corp. has reached several deals to sell some of its South American assets for a combined $593 million. Find out more.
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Pan American Silver to sell South American assets in trio of deals worth $593 millionPan American Silver Corp. has reached several deals to sell some of its South American assets for a combined $593 million. Find out more.
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