By Christian Moess Laursen

Glencore said Monday that it has bought Pan American Silver's 56.25% stake in the Argentinean copper project Mara for $475 million, becoming sole owner and operator.

The Anglo-Swiss commodity miner said that Mara--located in the Catamarca province--has proven and probable mineral reserves of 5.4 million metric tons of copper and 7.4 million ounces of gold, with a 27-year life of mine, the FTSE 100-listed company said.

The project--in which Glencore increased its stake to 43.75% last year--is expected to produce 200,000 tons of copper a year on average when operational.

The mining giant said Pan American Silver will get a copper net smelter return royalty of 0.75%.

Glencore expects the deal to complete in the third quarter.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

July 31, 2023 07:11 ET (11:11 GMT)

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