2 Min Read
LONDON/VANCOUVER, May 3 (Reuters) - Miner-trader Glencore Plc has hired the Bank of Nova Scotia to sell a portfolio of royalties, including a royalty on the Antamina copper-zinc mine in Peru, four people familiar with the process told Reuters.
The Antamina royalty makes up the bulk of the value of the package and could fetch up to $250 million, the people said. The portfolio also includes several much smaller royalties on other mines and exploration assets owned by Glencore around the world, they added.
It is not clear whether Glencore will sell 100 percent of the royalties, which gives its owner the right to receive a percentage of production from a mining operation, or retain a stake in them.
There is no certainty that the sales process will result in a transaction, the people 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. The London-listed miner's operations comprise some 150 assets worldwide, including nickel, zinc, copper and coal mines. Bank of Nova Scotia did not have an immediate comment. (Reporting by Clara Denina in London and Nicole Mordant in Vancouver; additional reporting by John Tilak in Toronto and Barbara Lewis in London; Editing by Denny Thomas and Bill Rigby)