Metals Acquisition Limited (MAC) and Glencore have today closed the purchase and sale of Glencore’s 100 per cent interest in Cobar Management Pty Ltd (CMPL), the owner of the CSA copper mine in New South Wales, Australia.
MAC’s ordinary shares and warrants will commence trading today, June 16, 2023, under the ticker symbols “MTAL” and “MTAL.W”, respectively, on the New York Stock Exchange.
In connection with the closing of the business combination, Metals Acquisition Limited completed its previously-announced merger with Metals Acquisition Corp.
The purchase consideration to Glencore includes US$775 million in cash and US$100 million in ordinary shares of MAC. Glencore holds 20.6 per cent of the ordinary shares in MAC post closing. The purchase consideration also includes:
- US$75m deferred payment to be paid within 12 months;
- US$150m contingent payment upon future copper prices;
- 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 per cent of the copper concentrate produced at the CSA copper mine.
MAC CEO Mick McMullen said they are delighted to have closed on the transaction.
“I want to thank the large group of investors that supported our recent PIPE totalling US$230 million, our other funding partners, our advisors who have worked resolutely, as well as Glencore for working steadfastly with us throughout the entirety of our transaction. Today is truly an exciting moment for all of us at Metals Acquisition Limited, the new owner and operator of this historic asset.
“We look forward to working with the CSA Mine team to make this into a great foundational asset for MAC.”