Glencore’s copper asset?, page-3

FYI

IGO Ltd to acquire Glencore’s CSA Mine

Acquisitive IGO Ltd has won the auction for Glencore’s CSA Mine in western NSW, Street Talk can reveal.As earlier reported by this column, the sale process was understood to have developed into a two-horse race between ASX-listed IGO Ltd, a hungry acquirer in the past 18 months, and New York Stock Exchange listed Metals Acquisition Corp, a special purpose acquisition company founded last year to acquire metals and mining assets.
The two parties had lobbed offers and been lining up funding, sources said. CSA Mine produces about 50,000 tonnes of copper a year, and is expected to be worth well north of $1 billion. It is understood IGO Ltd was anointed preferred bidder on Sunday night and is in final negotiations around funding and the like. IGO’s acquisition for CSA comes as it significantly reshapes its portfolio towards what it has called clean energy metals. CSA marks its third big acquisition in only 18 months as part of that transition, while it sold its 30 per cent stake in the Tropicana gold mine.

The Peter Bradford-led miner is expected to require an equity injection to pay for CSA. Macquarie Capital and Citi ran its most recent raising; a $677 million placement and rights issue to help buy into the Greenbushes lithium mining and processing operations, in December 2020. [The other deal on its card is the $1.1 billion acquisition of WA nickel play Western Areas, which is to be funded by new debt and existing cash].