Sunday, May 28, 2023

Metals acquires $1.1 billion deal for Glencore’s CSA copper mine

Blank-Czech firm Metals Acquisition Corp emerged on Thursday as the winner of a year-long haul of acquisitions of Glencore csa Copper mine in Australia with $1.1 billion deal.

Metals becomes top contender for acquisition property – one of Australia’s highest-rated copper mines – after Perth-based I have to go Ltd. pulled out of special deal talks in February.

The purchase gives the firm access to a mine that is expected to produce between 41,000 and 49,000 tonnes of copper annually, a metal whose role in electric vehicle production has made it a coveted commodity.

Strong demand and lack of supply pushed copper prices up more than 25% last year and investors said the trend is likely to continue as more companies join the fight against climate change.

“Copper is expected to play a key role in the global energy transition ‘megatrend’,” said Mick McMullen, chief executive of Metals Acquisition.


For UK-based Glencore, the sale helps streamline its business. The owner of more than 150 operating sites around the world has put up 27 properties for review, of which 14 will be sold.

Analysts at JPMorgan said the commodity trader and miner had found an attractive price for the mine, citing $150 million expected to contribute to core earnings in 2022.

Metals will pay most of the deal’s value in cash and hand over $50 million worth of its shares to Glencore. The miner will also receive a royalty in excess of the purchase price.

The blank-check firm plans to fund the deal with debt and has raised $250 million in its initial public offering.

Blank-check firms are shell companies that raise funds through a IPO Either a private company or to buy property.

World Nation News Desk
World Nation News Desk
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