Glencore in advanced talks for Argentina copper stake
Glencore is in advanced talks to buy out its partner in Argentina’s Mara copper project as the commodity trader and miner seeks increased exposure to the metal, according to people familiar with the matter.
Glencore is close to finalizing a deal to acquire Pan American Silver’s 56% stake that could be announced as soon as next week, said the people, who asked not to be identified discussing private information.
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 dealmaking, with 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.
Representatives for Glencore and Vancouver-based Pan American both declined to comment.
Glencore increased its holdings in Mara last year, agreeing to pay about $160-million for Newmont Corp.’s 19% stake. Located in Argentina’s Catamarca province, Mara holds copper and gold ores that could support a mine for about 30 years.
Argentina, with plenty of untapped copper resources, has several mines in development, including Glencore’s El Pachon and Lundin Mining’s Josemaria. The South American nation is also a hotbed for lithium, which also attracted Glencore to a deal disclosed earlier this week.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation