Pan American Silver confirms sale of Mara copper project to Glencore for $475M (NYSE:PAAS)

Pan American Silver (NYSE:PAAS) said Monday it agreed to sell its 56.25% stake in the Mara copper project in Argentina to Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) for $475M in cash, and announced two additional sales of non-core assets.

According to the Mara deal terms, Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) will pay $475M up front and grant Pan American (PAAS) a life-of-mine copper net smelter return royalty of 0.75%.