Metals Acquisition to buy CSA Copper Mine from Glencore for $1.1 bln (updated)

Metalyst Forgings

17/03/2022 10:47

(Adds background)
    March 17 (Reuters) - Blank-check firm Metals Acquisition
Corp  MTAL.N  on Thursday emerged as the winner of a race for
UK-based Glencore's  GLEN.L  CSA copper mine in Australia with a
$1.1 billion deal, after years of interest from several suitors.
    The move comes after Australian miner IGO Ltd  IGO.AX  in
February stopped talks with Glencore to buy the mine in New
South Wales.  urn:newsml:reuters.com:*:nL4N2V3699
    The CSA mine is one of Australia's highest-grade copper
mines and produces about 50,000 tonnes every year, according to
Glencore's website.
    "We believe that copper has favorable fundamentals that will
continue to support an elevated copper price. Copper is expected
to play a key role in the global energy transition 'megatrend',"
Metals Acquisition Chief Executive Mick McMullen said.
    Citi served as financial advisor and Squire Patton Boggs and
Paul Hastings LLP served as legal advisors to MAC.
    
    

 (Reporting by Rithika Krishna in Bengaluru; Editing by Aditya
Soni)
 ((Rithika.Krishna@thomsonreuters.com; Twitter: https://twitter.com/rithika_krishna;))