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Glencore PLC on Friday said sold its wholly owned stake in Cobar Management Pty Ltd, the owner of the Cobar copper mine in New South Wales, Australia. The Barr, Switzerland-based miner and commodity trader said it has sold the copper mine to Metals Acquisition Corp. Glencore said it has received $775 million in cash and $100 million in shares on closing. As of Friday, Glencore holds a 20.6% interest in Metals Acquisition. The transaction also includes a $75 million deferred payment to be paid within 12 months and a $150 million contingent payment contingent upon future copper prices, as well as a 1.5% life of mine net smelter return royalty. Metals Acquisition will assume ownership and full operational control of the mine and Glencore will offtake 100% of the copper concentrate produced at Cobar. ‘The sale of CSA Mine is consistent with delivering our strategy of simplifying and aligning our global portfolio to focus on lower-cost, long-life assets,’ Glencore said. ‘Glencore will continue to be among Australia’s leading producers and exporters of the metals that underpin the global transition to a low-carbon future.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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