Glencore to Acquire Newmont’s Stake In MARA Project
Glencore International AG (GIAG) and Newmont Corporation (NYSE: NEM, TSX: NGT) announced they have reached an agreement in which Glencore will acquire Newmont’s 18.75% shareholding in the MARA Project (MARA). Following completion of the transaction, Glencore will own 43.75% of MARA
By AP News
Published - Sep 23, 2022, 07:34 AM ET
Last Updated - Apr 12, 2024, 02:29 PM EDT
DENVER--(BUSINESS WIRE)--Sep 23, 2022--
Today, Glencore International AG (GIAG) and Newmont Corporation (NYSE: NEM, TSX: NGT) announced they have reached an agreement in which Glencore will acquire Newmont’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 upon commercial production subject to an annual interest charge of 6%. Total deferred consideration is capped at $50 million.
The closing of the transaction is subject to customary conditions and regulatory filings.
