Glencore acquired Newmont’s 18.75% shareholding in the MARA Project
October 31, 2022
154.90 Million USD
We assisted Glencore International ("Glencore") in acquiring Newmont Corporation’s ("Newmont") 18.75% shareholding in the MARA Project (MARA). Glencore now owns 43.75% of MARA. Glencore has paid US$124.9 million and a US$30 million deferred payment upon commercial production subject to an annual interest charge of 6%. Total deferred consideration is capped at US$50 million.
The MARA project, located in the Catamarca province of Argentina, is a high-quality, long life, low-risk brownfield project. It was formed as a joint venture in December 2020 between Yamana Gold, Glencore and Newmont following the integration of the Minera Alumbrera plant and mining infrastructure and Agua Rica project. Under the new structure, Yamana Gold will remain the operator with 56.25% of MARA, with Glencore owning the remaining shares.
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 responsibly-sourced commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, they produce, process, recycle, source, market and distribute the commodities that enable decarbonisation while meeting the energy needs of today.
McCarthy Tétrault has assisted Glencore with a team led by Shawn Doyle that included Adam Taylor, Roger Taplin, Peter Quon, Zach Masoud, Alexandra Comber and Adam Wanke (Business).