Metals Acquisition announced that its investment partners Osisko Bermuda Limited and Glencore have received approval from the Australian Foreign Investment Review Board (FIRB) for their investment in Metals Acquisition as part of the SPAC’s proposed acquisition of the CSA Copper Mine in Australia
FIRB approval was a condition precedent to the acquisition of CSA from Glencore as announced by Metals Acquisition in March 2022. The review board had approved the SPAC’s acquisition of the copper mine in September.
CSA is a producing, high-grade, underground copper mine located in the Tier 1 mining jurisdiction of western New South Wales, Australia. It has been in operation since 1967. It has a current estimated mine life of 15 years and produced more than 40 thousand tonnes (“40kt”) of copper in concentrate in 2022.
The SPAC has beefed up the finances for the deal multiple times since it was announced, most recently two PIPEs totaling $60.7 million disclosed last month and a $112 million PIPE in April.
A shareholder vote on the $1.1 billion deal is set for June 5. Read more.
