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Ontario Teachers' and Glencore team up in base metals joint venture

TORONTO — Ontario Teachers' Pension Plan has formed a 50-50 joint-venture with Glencore Canada Corp. that will focus on investing in base metals streams and royalties.

Under the terms of the deal, Glencore has contributed a portfolio of selected royalties and Ontario Teachers' acquired its interest in BaseCore Metals for cash.

The value of the initial royalty portfolio is approximately US$300 million.

It includes a selection of existing royalties on producing and development stage properties in North and South America, including the Antamina and Highland Valley mines.

The joint venture will be independently operated and governed by its own board of directors.

The companies said BaseCore Metals will actively pursue investment opportunities.

The Canadian Press

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