NYSE-listed Spac Metals Acquisition Corp (MAC) has agreed to buy Glencore’s CSA copper mine in New South Wales, Australia, for $1.1bn.
Upon completion of the deal, Glencore will receive $1.05bn in cash, a $50m equity stake in MAC and a 1.5% net smelter return life of mine royalty.
Glencore said 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 the CSA mine.
“The sale of CSA Mine is consistent with delivering our strategy of simplifying and aligning our global portfolio of over 150 operating sites to focus on lower-cost, long-life assets,” Glencore said.
