Glencore and Ontario Teachers' Pension Plan in new partnership
Under the terms of the agreements for BaseCore Metals, Glencore contributed a portfolio of selected royalties and Ontario Teachers' subscribed for its interest in BaseCore Metals for cash at closing which amount was then paid to Glencore.
The value of the initial Royalty Portfolio contributed to BaseCore Metals is approximately US$300 million.
The Royalty Portfolio includes a selection of existing royalties on producing and development stage properties in North and South America, including the Antamina and Highland Valley mines as well as the Horne 5 and El Pilar projects.
BaseCore Metals will actively pursue investment opportunities, focusing primarily on base metals streams and royalties.
BaseCore Metals will provide future transaction partners with deep sector expertise, operating and technical skills alongside access to capital. ■