Metals Acquisition Limited and Glencore today closed the purchase and sale of Glencore’s 100% interest in Cobar Management Pty Ltd., owner of the CSA copper mine in New South Wales, Australia.
MAC’s shares and warrants began trading today on the NYSE under the ticker symbols MTAL and MTAL.W. In connection with the closing of the business combination, Metals Acquisition Limited completed its merger with Metals Acquisition, the SPAC that initiated the deal.
The purchase consideration to Glencore includes $775 million in cash and $100 million in ordinary shares of MAC. Glencore holds 20.6% of the ordinary shares in MAC post-closing. The purchase consideration also includes:
- $75m deferred payment to be paid within 12 months;
- $150m contingent payment upon future copper prices;
- 1.5% life of mine Net Smelter Return royalty on copper.
MAC will assume ownership and full operational control of the mine immediately; Glencore will retain the offtake for 100% of the copper concentrate produced at the CSA copper mine.
Metals Acquisition shareholders approved the deal last week. At deal announcement in March 2022 the combined enterprise was valued at $1.1 billion. Read more.
