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LatinNews Daily - 26 September 2023
In brief: Pan American Silver divests interest in Argentina mining project
*Canadian mining company Pan American Silver has announced the completion of the divestment of its 56.25% interest in Argentina’s Mara mining project. Swiss mining company Glencore has assumed 100% ownership of the project. Under the terms of the agreement for the Mara sale, Pan American Silver stated that Glencore paid US$475m in cash and granted to Pan American a life-of-mine copper net smelter return royalty of 0.75%, with the right for Pan American to freely transfer the royalty. In a statement, Pan American Silver stated that the sale of this asset, along with that of its 92.3% interest in the Morococha mine in Peru, was in line with its aim of optimising its portfolio following the acquisition of mining company Yamana Gold Inc earlier this year. Pan American Silver said the transactions would allow it to reduce its annual project development, reclamation, and care and maintenance costs, which amounted to US$15.7m in the second quarter of 2023 for the Mara project and Morococha combined.
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- In brief: Pan American Silver divests interest in Argentina mining project