Teachers’ Boosts Exposure to Natural Resources
Partnership with Glencore will focus on base metals streams and royalties.
BY Caroline Cakebread | December 5, 2017
The Ontario Teachers’ Pension Plan has boosted its investment in natural resources through a new partnership with Glencore Canada. BaseCore Metals is a joint venture limited partnership between Teachers’ and Glencore focused on base metals streams and royalties. The value of the initial portfolio is US$300 million and includes a selection of existing royalties on producing and development stage properties in North and South America, including the Antamina and Highland Valley mines as well as the Horne 5 and El Pilar projects.
Andrew Claerhout, senior managing director, infrastructure and natural resources at Ontario Teachers’ was quoted as saying, “This investment in BaseCore Metals and base metal streams and royalties reflects an important component of Ontario Teachers’ Natural Resources mandate to ensure attractive relative returns through exposure to commodities that are well-positioned to benefit as the world transitions to a low-carbon economy. Working with strategic operators who have an active presence in key industries is a central tenet of Ontario Teachers’ investment strategy, and we are pleased to be forming this partnership with Glencore.”
About the Royalty Portfolio:
|Royalty||Asset Owners||Main Commodity||Asset Location|
|Antamina One and Two Thirds NPI||Glencore, BHP, Teck Resources, Mitsubishi||Copper / Zinc / Silver||Peru|
|Highland Valley 0.5% NPI||Teck Resources||Copper||Canada|
|Horne 5 2% NSR||Falco Resources||Gold||Canada|
|El Pilar 1% NSR||Southern Copper||Copper||Mexico|
|Point Leamington 1.5% NSR||Callinex Mines||Zinc||Canada|
|Tulks South 2% NSR||Canadian Zinc||Zinc||Canada|
|South Tally 2% NSR||Canadian Zinc||Zinc||Canada|
|Long Lake 2% NSR||Canadian Zinc||Zinc||Canada|