OTTAWA (dpa-AFX) - Glencore Plc (GLEN.L), an Anglo-Swiss commodity and mining firm, said Wednesday that it completed sale of a royalty package by BaseCore Metals LP to Sandstorm Gold Ltd. for total consideration of $525 million. Total consideration included $425 million in cash and $100 million in Sandstorm common shares.
BaseCore is owned 50:50 by Glencore and Ontario Teachers' Pension Plan Board or 'OTPP'.
Glencore expects to receive approximately $300 million in cash and Sandstorm shares for its 50% interest in BaseCore, including retained cash on balance sheet.
BaseCore was created in 2017 as a joint venture limited partnership focused on base metals streams and royalties. Glencore contributed a portfolio of selected royalties, which were valued at US$300 million at the inception of the partnership with OTPP.
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