Metals Acquisition Limited (MTAL) (ASX: MAC) deals in the acquisition of metals in stable mining jurisdictions including mining, processing, and commodities exchange. MTAL aims to increase its electrification coverage and fasten the decarbonization process. Its technical prowess and cost-effective strategies help and assist in the transformation of undervalued assets into valuable products. The team at MTAL deals with all metals including base metals, battery metals, ores, and precious metals.
As of now, MTAL operations lay with the CSA Copper Mine in New South Wales, Australia. Metals Acquisition Limited has also applied for a 2nd listing at the Australian Stock Exchange under the security code MAC, primarily they are registered with the New York Stock Exchange under the security code MTAL. This piece covers a broad overview of the Company’s IPO listing and other recent developments.
Image of CSA Cooper Mine in New South Wales, Australia
(Source: www.metalsacquisition.com/)
MTAL aiming for ASX listing
Metals Acquisition Limited (MTAL) is aiming for an ASX listing after acquiring the CSA Copper Mine in New South Wales, Australia. MTAL has provided a prospectus to the Australian Stock Exchange to seek a listing in the ASX to launch their second IPO listing and offer Chess Depository Interests or CDIs equivalent to company shares they provide in the New York Stock Exchange. Their security code in ASX will be MAC. The company is putting 17,647,059 - 18,750,000 CDIs for sale where each CDI’s value will be the same as that of a stock worth A$16.00 to A$17.00 per CDI.
MTAL plans to raise A$300 million in CDIs
The company seeks to raise A$ 300 million through this IPO, and the funds will be used to address multiple goals that the company sets to achieve. The fund accumulation process or the attainment of its CDIs is not for US officials or citizens. CDIs are only meant for citizens outside of the US. The one exception to this rule is for US Fund Managers who work in benefitting non-US persons.
The offer to assist with this raise has been passed on to institutional investors in Australia and New Zealand. There are broker retail firms that could become part of the deal or contacts that are part of the firms, provided the firms are registered in an Australian address. They have also passed on invitations to specific companies which are outside the US who can take part in this investment drive.
MTAL plans to utilize funds
The proceeds of the company will address many pertinent goals of the company:
- To pay off Glendale’s deferred correction facility amount that MTAL borrowed in acquiring the American, Cornish, and Scottish copper mine in Cobar, New South Wales, Australia.
- The money will be used to enhance capital to make the work culture flexible and boost production outcomes.
- Using the investments to fund exploration programs and mine development in CSA Copper mines.
- To cover funding costs and administrative costs to the company.
If everything goes according to the plan the company aims to launch its CDIs in ASX by 20th February 2024. Here is a breakdown of the timeline of the company’s IPO launch on the Australian Stock Exchange on a table.
Timeline of MTAL’s ASX listing
(Source: www.metalsacquisition.com/)
MTAL aimed to be listed on ASX
CEO of MTAL, Mick Mc Mullen states in his Australian Mining Interview, that after acquiring the CSA Copper Mines in New South Wales the company was focused on getting a listing on the Australian Market Exchange (ASX).
The Australian Financial Review (AFR) reported that along with joint lead managers Barrenjoey Capital and Canaccord Genuity, the company expects to list itself on the Australian Stock Exchange.
One of the board members compared MTAL to NEV Power. Being one of the key personnel there he sees MTAL as a minerals service and they have the backing of key players, being affirmative about the funding, he also reiterates that his previous company acquired massive investments totaling more than $45 million to $65 million. The company intends to build on the OZ-style mineral business having the backing of those players.
Photo of a Copper Mine Plant in Tabriz, Iran.
(Source: www.pexels.com/)
MTAL expansion plans
Metals Acquisition Limited or MTAL plans to move forward at present by acquiring copper. They aspire to buy Northparkes copper-gold mine to enhance their work print within mining jurisdictions. As per the Australian Resources and Investment web portal MTAL in the September quarter produced 9845 tonnes of Copper. The company reiterates that in 2024 the asset tonnage will be at least 50,000.
Along with their current exploration the company’s mining work has also attained multiple grades of copper which includes as high as 14.4 percent copper across 20.7m. Other results included 25.5m at 12.7 percent copper and 28.7m at 10.6 percent copper in late July.
In June last week, MC Mullen, CEO of MTAL, shared with the press that these key findings show a very high-grade orebody at CSA Mine. This development also made clear that MTAL hedged their bets on the right assets, as the company had played a little gamble acquiring the CSA mine, which is now worth the trouble and the risk.
In September last quarter, they also found high-grade copper at 8.9 percent copper up to a stretch of 50 meters.
Conclusion
Metals Acquisition Limited or MTAL is a mining company that mines all kinds of metals and minerals. Recently, they have had two developments including the acquisition of CSA Copper mine. They have lodged a prospectus in the ASX for a market listing, In ASX the company will offer CDIs whose values are the same as that of shares they sell in the New York Stock Exchange.
If everything goes right they will be listed by 20th February. Along with its IPO listing attempts at ASX, I have also provided info about some recent developments of the company. They aspire to become OZ’s preferred mineral business player.
They aspire to become OZ’s preferred mineral business player.
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