Glencore in Advanced Talks for Argentina Copper Stake

ACQUISITION - BUENOS AIRES. Glencore is in advanced talks to buy out its partner in Argentina's Mara copper project as it seeks higher exposure to the metal, Bloomberg News reported on Friday.

The company is close to finalizing a deal to acquire Pan American Silver Corp's 56% stake that could be announced as soon as next week, it said, citing people familiar with the matter.

Glencore and Pan American Silver declined to comment.

The deal talk comes as usage of copper for applications in electric cars is set to increase sharply in coming years as the world moves toward green energy and electrification.

In June, Glencore, Chrysler parent Stellantis and Volkswagen's battery unit PowerCo agreed to back a $1 billion deal by blank-check fund ACG Acquisition Company to buy two mines in Brazil.

Last week, the miner left its 2023 guidance for copper unchanged, even as production fell by 10% in the first half.