Glencore International AG agreed to acquire remaining stake of 56.25% in MARA Project in Catamarca from Pan American Silver Corp. (TSX:PAAS) for approximately $480 million on July 31, 2023. Under the terms of the agreement, Glencore will pay $475 million in cash upon closing and grant Pan American a copper Net Smelter Return (NSR) royalty of 0.75%. Post completion of the transaction, Glencore will become the sole owner and operator of MARA project. The transaction is subject to customary conditions and regulatory filings and it is expected to complete in Q3 2023. Fred R. Pletcher and including Michael Waters and Salvador Pimentel, Randy Morphy, Denes Rothschild , and Ed Wang of BLG is representing Pan American as legal advisor. Adam Taylor, Roger Taplin and Shawn Doyle of McCarthy Tétrault LLP acted as legal advisor to Glencore.

Glencore International AG completed the acquisition of remaining stake of 56.25% in MARA Project in Catamarca from Pan American Silver Corp. (TSX:PAAS) on September 20, 2023.