Glencore, Ontario Teachers’ form royalties joint venture: Reuters

Swiss mining giant Glencore Plc and Ontario Teachers' Pension Plan formed a joint venture for Glencore's portfolio of royalty assets, Reuters reported. Glencore Canada Corp and Ontario Teachers' will have a 50-50 ownership in the venture, BaseCore Metals LP. It will be independently operated and have its own board of directors. Glencore said it contributed a portfolio of royalties to BaseCore valued at about US$300 million. Ontario Teachers' Senior Managing Director Andrew Claerhout said the pension fund's investment in the venture will "ensure attractive relative returns through exposure to commodities that are well-positioned to benefit as the world transitions to a low-carbon economy."

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