LONDON and VANCOUVER – Mining-trading group Glencore Plc has hired the Bank of Nova Scotia to sell a portfolio of royalty assets, including one for the Antamina copper-zinc mine in Peru, four people familiar with the process have told Reuters.
The Antamina mine royalty makes up the bulk of the value of the package and could fetch up to $250-million, the sources said. The portfolio includes several much smaller royalties from other mines and exploration assets owned by Glencore around the world, they added.
It is not clear whether Glencore will sell 100 per cent of the royalties, which gives the owner the right to receive a percentage of production from a mining operation, or retain a stake in them.
There is no certainty the process will result in a deal, the sources said. The people, whom Reuters spoke to over a period of several days, declined to be named as the talks were confidential. Glencore declined to comment. Bank of Nova Scotia did not have an immediate comment.
The London-listed miner owns and operates nickel, zinc, copper and coal mines around the world and also owns royalties on several operations.
For the rest of this article, click here: http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/glencore-in-talks-to-sell-peru-other-mining-royalties-sources/article34884957/