Glencore PLC (GLEN.LN) said Tuesday that it has created BaseCore Metals LP in a joint venture with Ontario Teachers' Pension Plan to focus on base metals streams and royalties.
Glencore said it had contributed a portfolio of selected royalties, while Ontario Teachers' Pension Plan subscribed for its interest in cash paid to Glencore.
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The mining company said that the initial royalty portfolio contributed to BaseCore Metals is worth about $300 million and includes a selection of existing royalties such as Antamina and Highland Valley mines, among others.
BaseCore Metals will pursue investment opportunities, Glencore added, and will focus primarily on base metals streams and royalties.
Glencore said that BaseCore Metals will provide future transaction partners with deep sector expertise, operating and technical skills alongside access to capital.
Shares at 1352 GMT are down 2.3%, or 7.85 pence, at 333.90 pence.
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(END) Dow Jones Newswires
December 05, 2017 09:18 ET (14:18 GMT)