{"id":8235,"date":"2023-06-07T14:47:30","date_gmt":"2023-06-07T04:47:30","guid":{"rendered":"https:\/\/yinghuiinternational.com\/?p=8235"},"modified":"2023-06-20T14:49:21","modified_gmt":"2023-06-20T04:49:21","slug":"glencore-sells-copper-mine-for-us1-1-billion","status":"publish","type":"post","link":"https:\/\/yinghuiinternational.com\/index.php\/2023\/06\/07\/glencore-sells-copper-mine-for-us1-1-billion\/","title":{"rendered":"Glencore sells copper mine for $US1.1 billion"},"content":{"rendered":"\n

<\/h1>\n\n\n\n

\"\"ALEXANDRA EASTWOOD<\/a><\/p>\n\n\n\n

\"Glencore\"\/<\/figure>\n\n\n\n

Image: Glencore CSA Mine<\/p>\n\n\n\n

Coal miner Glencore<\/strong> will sell its CSA copper mine in Cobar, New South Wales, to Metals Acquisition Corp<\/strong> (MAC) for $US1.1 billion ($1.64 billion).<\/p>\n\n\n\n

CSA is an established, high-grade producing, long-life underground copper mine with an estimated current mine life of over 15 years, and MAC has identified opportunities to further extend it, subject to exploration success.<\/p>\n\n\n\n

The sale is the latest indicator of copper\u2019s growing importance, after Evolution Mining extended its Ernest Henry mine life<\/a> to 2040 earlier this week.<\/p>\n\n\n\n

Similarly, South32 is looking to grow its portfolio<\/a>, identifying a copper mine that could be an M&A fit. The copper outlook continues to be supported by the rising decarbonisation narrative, with the commodity a highly efficient conduit for renewable energy systems such as solar, wind, hydro and thermal energy.<\/p>\n\n\n\n

The Glencore\/MAC deal has been on the table for some time now, with the companies entering into an agreement<\/a> back in March 2022.<\/p>\n\n\n\n

\u201cThe acquisition of CSA represents a strong strategic fit for MAC. Our management team\u2019s operational expertise, understanding of regional operations and relationships with local stakeholders uniquely position us to identify and realise the full potential value of the asset,\u201d MAC chief executive officer Mick McMullen said at the time.<\/p>\n\n\n\n

\u201cWe believe that copper has favourable fundamentals that will continue to support an elevated copper price.<\/p>\n\n\n\n

\u201cCopper is expected to play a key role in the global energy transition \u2018megatrend\u2019, with approximately one million tonnes per annum of new supply required from 2024 onwards in order to meet the surging demand forecast.<\/p>\n\n\n\n

\u201cWith few new projects globally in the pipeline, increasing permitting issues and jurisdictional risk, and declining copper grades across the industry, we believe that there are significant challenges ahead to close the projected supply deficit.\u201d<\/p>\n\n\n\n

MAC will acquire 100 per cent of the issued share capital of Cobar Management from Glencore. Cobar Management owns and operates the mine.<\/p>\n\n\n\n

The company has made arrangement for the copper streams with Osisko Gold Royalties in the US.<\/p>\n\n\n\n

\u201cCSA is a high-grade, long-life asset, with significant upside that can be unlocked by the MAC management team,\u201d Osisko president and chief executive officer Sandeep Singh said<\/a>.<\/p>\n\n\n\n

\u201cWe are pleased to see this important transaction nearing completion, and look forward to having both the silver and copper streams contribute to our near-term cash flows.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

ALEXANDRA EASTWOOD Image: Glencore CSA Mine Coal miner Glencore will sell its CSA copper mine in Cobar, New South Wales, to Metals Acquisition Corp (MAC) for $US1.1 billion ($1.64 billion). CSA is an established, high-grade producing, long-life underground copper mine with an estimated current mine life of over 15 years, and MAC has identified opportunities … Continue reading “Glencore sells copper mine for $US1.1 billion”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[37,206],"tags":[],"class_list":["post-8235","post","type-post","status-publish","format-standard","hentry","category-clients","category-goldcopper"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p83F9T-28P","jetpack-related-posts":[{"id":8237,"url":"https:\/\/yinghuiinternational.com\/index.php\/2023\/06\/20\/glencore-closes-sale-for-cobar-copper-mine\/","url_meta":{"origin":8235,"position":0},"title":"Glencore closes sale for Cobar copper mine","author":"yinghui","date":"June 20, 2023","format":false,"excerpt":"ALEXANDRA EASTWOOD After\u00a0selling\u00a0its CSA copper mine in Cobar, New South Wales, to Metals Acquisition Corp (MAC) for $US1.1 billion ($1.64 billion) earlier this month, Glencore and MAC have officially closed the sale. 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