Glencore plc and Metals Acquisition Corp (MAC) have entered into a binding agreement for the sale and purchase of Glencore’s CSA copper mine in New South Wales, Australia.
Glencore will receive US$1.05 billion in cash, US$50 million equity stake in MAC and a 1.5% net smelter return life of mine royalty upon completion of the transaction.
MAC will assume ownership and full operational control of the mine and will enter into an offtake agreement with Glencore for 100% of the copper concentrate produced at CSA Mine.
According to Glencore’s statement, the sale of the CSA Mine is consistent with delivering its strategy of simplifying and aligning its global portfolio of over 150 operating sites to focus on lower-cost, long-life assets.
The company will reportedly continue to be a leading marketer, producer, and exporter of the Australian metals and minerals that will underpin the global transition to a low-carbon future.
Read the article online at: https://www.globalminingreview.com/mining/21032022/metals-acquisition-corp-to-acquire-glencores-csa-copper-mine/
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