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Glencore PLC on Wednesday said it has agreed terms for the sale of one of its Australian mines with Metals Acquisition Corp.
Glencore is a Baar, Switzerland-based multinational commodity trading and mining company. The CSA Mine at Cobar in regional New South Wales is one of Australia’s highest grade copper mines, producing around 50,000 tonnes of copper each year, which is then railed to Newcastle Port for export to smelters in Asia.
According to the deal, Glencore will receive a consideration of $1.1 billion from the transaction as originally agreed, in addition to a 1.5% net smelter return life of mine royalty once the transaction is complete.
MAC is a special purpose acquisition company, listed on the New York Stock Exchange.
The transaction is expected to complete in the first quarter of 2023, subject to regulatory approvals.
Glencore shares were trading 4.8% higher at 539.40 pence each in London on Wednesday morning. In Johannesburg, the stock was up 4.1% at R 110.17.
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