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Glencore’s copper asset?

  1. ProPunter23Red
    2,882 Posts.
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    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
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