Metals Acquisition to buy Glencore Australian copper mine in $1.1B deal (OTCMKTS:GLCNF)

Metals Acquisition to buy Glencore Australian copper mine in $1.1B deal (OTCMKTS:GLCNF)

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Glencore (GLCNF, GLNCY) agrees to sell its CSA copper mine in Australia to Metals Acquisition Corp. (NYSE:MTAL) for $1.1B plus a $50M equity stake in MAC and a 1.5% copper net smelter royalty.

The parties also agreed to enter into an offtake agreement for Glencore to buy 100% of the copper concentrate produced at the CSA mine.

CSA produced 41K metric tons of payable copper and 459K oz of payable silver in 2021, and is expected to produce more than 40K metric tons of copper in 2022 with an estimated current mine life of over 15 years; MAC believes it can improve production and reduce costs at the mine.

Copper prices recently reached all-time highs on supply disruptions and historically low stockpiles.

Originally Posted on: https://seekingalpha.com/news/3814496-metals-acquisition-to-buy-glencore-australian-copper-mine-in-11b-deal?source=feed_tag_commodities
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