So a discount was built into the secondary listing on the ASX...

So a discount was built into the secondary listing on the ASX but funds were used to partially deleverage the MAC SPAC which has debt up the wazoo, they are expecting a bit of insto and retailer support given the absence of decently managed exposure to copper on the ASX with the takeover of OZL.

If you want copper exposure on the ASX you now, will get to choose between MAC with its one operation but an appetite for acquisitions and M&A and high leverage, BHP but you get all the Iron Ore and other commodities so not pure Cu exposure, S32 looking a bit wobbly and a lot of other unattractive parts of the business that are not copper, SFR is OK but is now a weird exposure to Spain and Botswana and no Australian operations, A1M is small and high grade but at least has half-decent management, CVV is low grade but seems to have competent management, and then daylight to stuff like AMI which is a recovering basket case, DVP is sitting on Woodlawn waiting for the price of copper to moonshot (and that could be decades), AIS which is definitely a basket case under current management, and then RXM and HGO which look more like lifestyle co's rather than serious miners so far. Further behind developers like CNB and HMX are still exploring and years away from production.

As you can see - everything is either rubbish management, or loaded up with debt, and/or comes with other non-copper baggage, so will be interesting to see how MAC go in the long term. The loss of OZL has left a massive WMC-sized hole in the mining scene.