Glencore Canada Corp and Ontario Teachers' — Canada's third largest pension fund — will have a 50-50 ownership in the venture, BaseCore Metals LP.

BaseCore Metals will be independently operated and have its own board of directors.

Glencore said it contributed a portfolio of royalties to BaseCore valued at about $300 million (£223 million).

Royalty deals give the owner the right to receive a percentage of revenue or profits from a mining operation, often in exchange for financing.

Reuters reported in July that Glencore was in talks to form the joint venture with Ontario Teachers' Pension Plan.

The pension fund, with more than C$180 billion ($142.1 billion) in net assets, has investments in natural resources and royalty interests in oil and gas.

Scotiabank was Glencore's financial adviser, while Morgan Stanley advised Ontario Teachers' Pension Plan.

(Reporting by Ahmed Farhatha in Bengaluru; editing by Sai Sachin Ravikumar)