IGO
Click for more information
0.38% $5.33 igo limited

Glencore’s copper asset?

  1. ProPunter23Red
    2,895 Posts.
    lightbulb Created with Sketch. 212
    clock Created with Sketch.
    20/02/22
    15:46
    Post #: 59689250

    IGO, Metals Acquisition Corp battle for Glencore’s CSA Mine

    , and
    Feb 20, 2022 – 12.43pm

    It’s down to the short strokes in the auction for Glencore’s CSA Mine, in western New South Wales.

    The auction is 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.

    Glencore’s CSA Mine has been on the market a few times in the past decade. Louise Kennerley

    The two parties have 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.

    The SPAC, run by former Detour Gold Corporation and Stillwater Mining boss Mick McMullen, was meeting with equity investors as recently as last week to test their interest in a potential raising, sources said.

    It has a string of well-known Australian resources types as directors and advisers, including former Fortescue Metals CEO Neville Power and ex Northern Star Resources executive chairman Bill Beament.



    IGO’s is bidding for CSA as it significantly re-shapes its portfolio towards what is has called clean energy metals. CSA would be its third big acquisition in only 18-months as part of that transition, while sold its 30 per cent stake in the Tropicana gold mine.

    If IGO were to pay cash for CSA, analysts reckon it would need an equity injection. Macquarie Capital and Citi ran its most recent raising; a $677 million placement and rights issue , 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 with new debt and existing cash].

    Glencore has Bank of America and UBS running the auction. It’s the and comes amid renewed interest in copper assets globally.

    The miner was in talks to sell it to ASX-listed Aeris Resources in 2019, and OZ Minerals and EMR Capital in 2015.



    https://www.copyright link/street-talk/igo-metals-acquisition-corp-battle-for-glencore-s-csa-mine-20220215-p59wnr
    IGO Price at posting: $12.25 Sentiment: Buy Disclosure: Held
    Likes Created with Sketch. 3  Upvote
    lightbulb Created with Sketch.  Great analysis
    Stroke 3 Created with Sketch. Comments Created with Sketch. Reply

  2. Top Stories

 

Featured News

NEWS 29Metals greenlit to release more water from flooded Capricorn mine this wet season
right-arrow Created with Sketch.
NEWS Check out the latest ASX news here!
right-arrow Created with Sketch.
NEWS Patronus receives mining approval for Fountain Head
right-arrow Created with Sketch.
NEWS Westpac records 3% fall in net profit for FY24
right-arrow Created with Sketch.
NEWS Ellison slapped with $20M sanction from MinRes but will stay on as leader – for now
right-arrow Created with Sketch.
NEWS What each US election outcome would mean for Australian companies & investors
right-arrow Created with Sketch.
watchlist Created with Sketch. Add IGO (ASX) to my watchlist
(20min delay)
Last
$5.33 		Change
0.020(0.38%) 		Mkt cap ! $4.036B
Open High Low Value Volume
$5.32 $5.38 $5.21 $12.77M 2.405M

Buyers (Bids)

No. Vol. Price($)
1 153 $5.32
 

Sellers (Offers)

Price($) Vol. No.
$5.33 5409 3
View Market Depth
Last trade - 16.10pm 04/11/2024 (20 minute delay) ?
IGO (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.