Franco-Nevada (Barbados) has signed a $500m agreement with Glencore's wholly owned subsidiary Narila Investments to acquire gold and silver calculated by reference to copper produced at Antapaccay mine in Peru.
The deal is part of the $10bn debt reduction plans announced by Glencore in September 2015 and builds on agreement signed in November 2015 to deliver silver from the mine for $900m.
Once the transaction concludes, Franco-Nevada will pay $500m in advance to Narila.
Under the agreement, Franco-Nevada will receive 300oz of gold and 4,700oz of silver for each 1,000t of copper in concentrate shipped, until 630,000oz of gold and 10 million ounces of silver have been delivered.
Thereafter, the company will receive 30% of the gold and silver that is shipped.
Franco-Nevada will make payments of 20% of the spot gold and silver per ounce delivered.
The payments are expected to rise to 30% once Glencore delivers 750,000oz of gold and 12.8 million ounces of silver.
Franco-Nevada president and CEO David Harquail said: "Following our recent Antamina and Candelaria investments, this is yet another step in strengthening and diversifying Franco-Nevada's portfolio with some of the best mining projects in the world.
"This investment is expected to be immediately accretive and provide our shareholders with gold price optionality over multiple cycles and potential further exploration and expansion upside."
Closing of the transaction is subject to completion of certain customary conditions and is expected to take place by the end of February 2016.
Glencore has invested more than $1.5bn to build and commission the Antapaccay open pit mine and plant, which started operations in 2012.
The mine produced 202kt of copper in 2015 and is expected to produce about 220kt in 2016.