MARA (Agua Rica)

Glencore plc




2015 / 10 / 27




0.25% NSR

The MARA Project is a porphyry copper, molybdenum, gold and silver deposit located in the province of Catamarca, Argentina. The property is east of the prominent Farallón Negro Volcanic Complex which hosts the producing Alumbrera mine. The project has Proven and Probable Mineral Reserves of 11.8 Blbs of copper and 7.4 Moz of gold contained in 1,105 Mt at copper and gold grades of 0.48% and 0.2 g/t respectively (0.2% Cu cut-off).

Yamana has studied two development scenarios for MARA, one being a large-scale open pit operation that would be integrated with the neighboring Alumbrera mine and the other a smaller scale standalone operation that would minimize upfront capital expenditures while maintaining longer term optionality to increase the scale of the mining operation. The large scale open pit scenario outlined in the 2019 Pre-Feasibility Study projects a mine life of 28 years at average annual production levels over the first 10 years of approximately 556 Mlbs* of copper equivalent, including 107 kozs of gold, as well as silver and molybdenum.

Sandstorm entered into an early deposit gold stream on MARA that allows for an additional advance payment of between $135 million and $225 million to convert the 0.25% NSR royalty into a gold stream. The amount of the payment is based on the following formula: $150,000 multiplied by the price of gold plus $7.5 million.  If this advance payment is made, Sandstorm will have the right to purchase 20% of the gold produced at MARA for the life of the mine, with ongoing payments equal to 30% of the spot price of gold.

*Based on Yamana’s April 5, 2022 Investor Day Presentation.

Recent Activity

    September 2023

    Glencore has assumed 100% ownership of the MARA project, acquiring the remaining 56.25% interest following completion of the transaction with Pan American Silver.

    September 2022

    Glencore has reached an agreement to acquire Newmont’s shareholding in the MARA project. Following completion of the agreement, Yamana remains the MARA JV operator with a 56.25% interest in the project, with Glencore owning the remaining 43.75%.

    July 2022

    During the second quarter 2022, work focused on continuing the progress made during 2021: advancing the Feasibility Study engineering, mine design and planning, metallurgical test-work and geotechnical drilling campaigns, baseline social and environmental studies, as well as permitting and working with local stakeholders. The engineering effort for the Feasibility Study is expected to be substantially completed by the end of 2022 and the finalized report in the first half of 2023.

Use the link below to browse a list of available technical reports for the projects within Sandstorm’s portfolio. For the most up-to-date information on each project, please refer to the project operator or developer.

Investor Presentation

Download the latest Investor Presentation to learn why Sandstorm is a gold investment that stands out from the rest.


Asset Handbook

With 250 royalties acquired since 2009, we offer an exciting investment opportunity in a diverse portfolio of royalty assets. Discover all of Sandstorm’s royalties around the globe.


Annual Report

Our 2023 Annual Report includes our annual Financial Statements and Management Discussion & Analysis and a letter from Sandstorm’s President & CEO.


Sustainability Report

Learn more about Sandstorm’s approach to sustainability including our due diligence process, mining partnerships, and employee engagement.