Glencore to buy Argentine copper mine for US$475mil

The deal marks Glencore’s second copper deal this year and underscores chief executive officer Gary Nagle’s bullish bet on copper. — Reuters

VANCOUVER: Glencore agrees to buy Canadian miner Pan American Silver Corp’s majority stake in an Argentine copper project for US$475mil (RM2.14bil), as the Swiss commodities giant bulks up red metal that is expected to play a crucial role in the transition to a greener economy.

Pan American said it will sell a 56% stake in Minera Agua Rica Alumbrera (Mara), which Glencore had already partially owned, giving the company complete ownership of the project. Glencore had already acquired another 18.75% stake in the project from Newmont Corp last year.