Glencore International AG will acquire Newmont Corp.’s 18.75% shareholding in the MARA Project (MARA). Following completion of the transaction, Glencore will own 43.75% of MARA. Under the terms of the agreement, Glencore will pay $124.9 million upon closing and a $30 million deferred payment.

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 a 56.25% stake.

MARA has proven and probable mineral reserves of 5.4 million metric tons (mt) of copper and 7.4 million oz of gold contained in 1.1 billion mt of ore.