Glencore said on Wednesday that blank-check firm Metals Acquisition 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, Reuters reports.
The SPAC 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. Read more.
