Mining
Friday, September 23rd, 2022 5:21 am EDT
The MARA copper gold project. (Image courtesy of Yamana Gold.)
Mining and commodities giant Glencore (LON: GLEN) is buying Newmont’s (NYSE: NEM), (TSX: NGT) minority stake in the Argentinean MARA cooper-gold project, a joint venture created in 2020 between the two companies and Yamana Gold (TSX: YRI) (NYSE: AUY).
Glencore will pay Newmont an initial price of $124.9 million for the gold miner’s 18.75% interest in MARA. There will also be a $30 million deferred payment once commercial production begins, the companies said. This will be subject to an annual interest charge of 6%, with a total deferred consideration capped at $50 million.
This post has been syndicated from a third-party source. View the original article here.
