[miningmx.com] – GLENCORE made further progress on its debt reduction strategy after selling a share in its future silver output from its Antamina mine in Peru, said Bloomberg News citing a company announcement.
In terms of the metal sale, which is to Silver Wheaton Corporation, Glencore will receive a $900m upfront payment in return for 34% of silver production from Antamina until a delivery of 140 million ounces is made. Silver Wheaton will pay 20% of the spot price.
The agreement by Glencore follows a similar deal by Teck Resources to sell its share of silver at Antamina to Franco-Nevada Corp, said Bloomberg News.
Click here to read the full article
