Ontario Teachers' to partner in $700 mln mining royalty venture

Ontario Teachers' Pension Plan is finalizing a US$700 million deal with Swiss mining giant Glencore Plc to create a new base-metals royalty vehicle, Bloomberg reported, citing sources. Glencore will bring royalty agreements from about 10 mines, while Ontario Teachers' will contribute about US$350 million to allow the company to buy further royalty streams from other projects, the report said. The partners will each have a 50 percent stake in the new vehicle. The Bloomberg report adds to a report by Reuters in July.

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