Glencore to sell Australian copper mine to SPAC for $1.1 bln (updated)

MAC Copper

23/11/2022 07:33

(Adds detail from MAC statement, background)
       Nov 23 (Reuters) - Glencore  GLEN.L  said on Wednesday
that blank-check firm Metal Acquisition Corp (MAC)  MTAL.N 
agreed to an amended agreement to buy the global miner's Cobar
copper mine in Australia in a deal valued at $1.1 billion.
    Glencore said the terms include Glencore receiving $1.1
billion, as originally agreed in a March deal, but with amended
payment terms of $775 million in cash and up to $100 million
common equity, besides other payments.
    Glencore also has the right to appoint one director to MAC's
board for each 10% interest it holds in the U.S.-listed special
purpose acquisition company (SPAC) from time to time, MAC said
in a statement overnight.
    SPACs are shell companies that raise money in an initial
public offering and put it in a trust for the purpose of merging
with a private company and taking it public.
    MAC said it would need to raise at least $125 million to
fund the cash component of the deal, which is expected to close
in the first quarter of 2023.
 (Reporting by Yadarisa Shabong; Editing by Savio D'Souza)
 ((Yadarisa.Shabong@thomsonreuters.com; +91 9742735150;))