Glencore Plc has agreed to buyout its partner in an Argentinian copper project in a $475 million deal as the commodity giant and mining company seeks increased exposure to the metal.
(Bloomberg) — Glencore Plc has agreed to buyout its partner in an Argentinian copper project in a $475 million deal as the commodity giant and mining company seeks increased exposure to the metal.
Glencore will buy Pan American Silver Corp.’s 56.25% stake in the Mara project, Pan American said in a statement Monday. Glencore already owned the rest of the project.
The biggest miners are universally bullish on copper, expecting surging demand in the coming years as a greener world requires more of the metal in everything from electric vehicles to new power grids. That’s already led to a surge in deal-making, with the Rio Tinto Group and BHP Group securing their biggest deals in years, while Glencore itself tried to buy Teck Resources Ltd. to gain more copper.
Bloomberg reported last week that the two companies were in advanced talks over the sale.
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