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Ontario Teachers forms royalties joint venture with mining giant Glencore

Mining News - Published on Thu, 07 Dec 2017

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Business Financial Post reported that mining giant Glencore Plc and Ontario Teachers’ Pension Plan formed a joint venture for Glencore’s portfolio of royalty assets. Glencore Canada Corp and Ontario Teachers’ Canada’s third largest pension fund will have a 50-50 ownership in the venture, BaseCore Metals LP. BaseCore Metals will be independently operated and have its own board of directors.

Glencore said it contributed a portfolio of royalties to BaseCore valued at about USD 300 million.

Royalty deals give the owner the right to receive a percentage of revenue or profits from a mining operation, often in exchange for financing.

Reuters reported in July that Glencore was in talks to form the joint venture with Ontario Teachers’ Pension Plan.

The pension fund, with more than USD 180 billion in net assets, has investments in natural resources and royalty interests in oil and gas.

Scotiabank was Glencore’s financial adviser, while Morgan Stanley advised Ontario Teachers’ Pension Plan.

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Posted By : Rabi Wangkhem on Thu, 07 Dec 2017
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