{"id":8237,"date":"2023-06-20T14:50:33","date_gmt":"2023-06-20T04:50:33","guid":{"rendered":"https:\/\/yinghuiinternational.com\/?p=8237"},"modified":"2023-06-20T14:50:36","modified_gmt":"2023-06-20T04:50:36","slug":"glencore-closes-sale-for-cobar-copper-mine","status":"publish","type":"post","link":"https:\/\/yinghuiinternational.com\/index.php\/2023\/06\/20\/glencore-closes-sale-for-cobar-copper-mine\/","title":{"rendered":"Glencore closes sale for Cobar copper mine"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\"><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\"><img loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/d1700c9ea60efabea01d3ee5bd3bc8e8?s=100&amp;d=mm&amp;r=g 2x\" height=\"50\" width=\"50\" src=\"https:\/\/secure.gravatar.com\/avatar\/d1700c9ea60efabea01d3ee5bd3bc8e8?s=50&amp;d=mm&amp;r=g\" alt=\"\"><a href=\"https:\/\/www.australianmining.com.au\/author\/alexandra-eastwoodprimecreative-com-au\/\">ALEXANDRA EASTWOOD<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.australianmining.com.au\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-20-at-8.32.11-am-1024x511.png\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">After\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.australianmining.com.au\/glencore-sells-copper-mine-for-us1-1-billion\/\" target=\"_blank\">selling<\/a>\u00a0its CSA copper mine in <strong>Cobar, New South Wales<\/strong>, to Metals Acquisition Corp (MAC) for $US1.1 billion ($1.64 billion) earlier this month, Glencore and MAC have officially closed the sale.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Under the transaction, Glencore has received $US775 million in cash and $US100 million in shares, along with:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>$US75 million deferred payment to be paid within 12 months<\/li>\n\n\n\n<li>$US150 million payment contingent upon future copper prices<\/li>\n\n\n\n<li>1.5 per cent life of mine net smelter return royalty<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Glencore will offtake 100 per cent of the copper concentrate produced and MAC will assume ownership and the full operation of the mine.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\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 in 2022.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe believe that copper has favourable fundamentals that will continue to support an elevated copper price.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201c<strong>Copper is expected to play a key role in the global energy transition \u2018megatrend\u2019<\/strong>, 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<p class=\"wp-block-paragraph\">\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","protected":false},"excerpt":{"rendered":"<p>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. Under the transaction, Glencore has received $US775 million in cash and $US100 million in shares, along with: Glencore will offtake 100 per cent &hellip; <a href=\"https:\/\/yinghuiinternational.com\/index.php\/2023\/06\/20\/glencore-closes-sale-for-cobar-copper-mine\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Glencore closes sale for Cobar copper mine&#8221;<\/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":[206],"tags":[],"class_list":["post-8237","post","type-post","status-publish","format-standard","hentry","category-goldcopper"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p83F9T-28R","jetpack-related-posts":[{"id":8235,"url":"https:\/\/yinghuiinternational.com\/index.php\/2023\/06\/07\/glencore-sells-copper-mine-for-us1-1-billion\/","url_meta":{"origin":8237,"position":0},"title":"Glencore sells copper mine for $US1.1 billion","author":"yinghui","date":"June 7, 2023","format":false,"excerpt":"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,\u2026","rel":"","context":"In &quot;Clients&quot;","block_context":{"text":"Clients","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/clients\/"},"img":{"alt_text":"Glencore","src":"https:\/\/i0.wp.com\/www.australianmining.com.au\/wp-content\/uploads\/2019\/03\/CSA-mine-1024x684.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.australianmining.com.au\/wp-content\/uploads\/2019\/03\/CSA-mine-1024x684.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.australianmining.com.au\/wp-content\/uploads\/2019\/03\/CSA-mine-1024x684.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.australianmining.com.au\/wp-content\/uploads\/2019\/03\/CSA-mine-1024x684.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":8529,"url":"https:\/\/yinghuiinternational.com\/index.php\/2024\/02\/02\/coal-still-king-for-glencore\/","url_meta":{"origin":8237,"position":1},"title":"Coal still king for Glencore","author":"yinghui","date":"February 2, 2024","format":false,"excerpt":"ALEXANDRA EASTWOOD Coal has emerged as the standout commodity from Glencore\u2019s 2023 full year production report. While copper, cobalt, zinc and nickel production all experienced a downturn, Glencore\u2019s coal production was three per cent higher than 2022 at 3.6 million tonnes (t). The number was a reflection of higher productivity\u2026","rel":"","context":"In &quot;Clients&quot;","block_context":{"text":"Clients","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/clients\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8474,"url":"https:\/\/yinghuiinternational.com\/index.php\/2023\/10\/19\/glencore-to-close-mount-isa\/","url_meta":{"origin":8237,"position":2},"title":"Glencore to close Mount Isa","author":"yinghui","date":"October 19, 2023","format":false,"excerpt":"KELSIE HARFORD Glencore\u00a0has announced plans\u00a0to close its Mount Isa copper operations in Queensland by the end of 2025, but said it will keep its other metal assets open. Operating for over 60 years, the company\u2019s copper mine life has already been extended six years past its original life expectancy. All\u2026","rel":"","context":"In &quot;Clients&quot;","block_context":{"text":"Clients","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/clients\/"},"img":{"alt_text":"Glencore Mount Isa","src":"https:\/\/i0.wp.com\/www.australianmining.com.au\/wp-content\/uploads\/2023\/08\/%C2%A9ttlgs0002819-0317-2048x1363-1-1024x682.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.australianmining.com.au\/wp-content\/uploads\/2023\/08\/%C2%A9ttlgs0002819-0317-2048x1363-1-1024x682.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.australianmining.com.au\/wp-content\/uploads\/2023\/08\/%C2%A9ttlgs0002819-0317-2048x1363-1-1024x682.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.australianmining.com.au\/wp-content\/uploads\/2023\/08\/%C2%A9ttlgs0002819-0317-2048x1363-1-1024x682.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":8255,"url":"https:\/\/yinghuiinternational.com\/index.php\/2023\/06\/21\/rio-tinto-to-invest-in-stronger-us-copper-supply\/","url_meta":{"origin":8237,"position":3},"title":"Rio Tinto to invest in stronger US copper supply","author":"yinghui","date":"June 21, 2023","format":false,"excerpt":"ALEXANDRA EASTWOOD Major miner Rio Tinto is looking to invest more in its Kennecott operation near Salt Lake City, Utah, in a bid to strengthen its copper supply in the US. To do so, Rio will increase production from underground mining at the site while also improving the health of\u2026","rel":"","context":"In &quot;Gold and Copper&quot;","block_context":{"text":"Gold and Copper","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/mines-and-quarry\/goldcopper\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8365,"url":"https:\/\/yinghuiinternational.com\/index.php\/2023\/08\/14\/glencore-shows-off-mt-isa-assets\/","url_meta":{"origin":8237,"position":4},"title":"Glencore shows off Mt Isa assets","author":"yinghui","date":"August 14, 2023","format":false,"excerpt":"ALEXANDRA EASTWOOD Glencore Queensland Metals mines zinc and copper in the Mt Isa region. Image: Glencore Australian Prime Minister Anthony Albanese has visited Glencore\u2019s Mount Isa mines to discuss the importance of metals and minerals. The Mt Isa copper-zinc mines are located in Mount Isa, Queensland, and are home to\u2026","rel":"","context":"In &quot;Gold and Copper&quot;","block_context":{"text":"Gold and Copper","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/mines-and-quarry\/goldcopper\/"},"img":{"alt_text":"Resources communities","src":"https:\/\/i0.wp.com\/www.australianmining.com.au\/wp-content\/uploads\/2020\/09\/%C2%A9ttlgs0002819-0317-1024x682.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.australianmining.com.au\/wp-content\/uploads\/2020\/09\/%C2%A9ttlgs0002819-0317-1024x682.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.australianmining.com.au\/wp-content\/uploads\/2020\/09\/%C2%A9ttlgs0002819-0317-1024x682.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.australianmining.com.au\/wp-content\/uploads\/2020\/09\/%C2%A9ttlgs0002819-0317-1024x682.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":8543,"url":"https:\/\/yinghuiinternational.com\/index.php\/2024\/03\/22\/mount-isa-mines-levels-up-renewables\/","url_meta":{"origin":8237,"position":5},"title":"Mount Isa Mines levels up renewables","author":"yinghui","date":"March 22, 2024","format":false,"excerpt":"OLIVIA THOMSON APA solar farm at Mount Isa, Queensland. Image: Glencore. Glencore\u2019s Mount Isa Mines operation is set to source 20 per cent of its long-term electricity needs from APA Group\u2019s new solar farm in Mica Creek, Queensland. Under a 15-year agreement, Mount Isa Mines can use up to 50\u2026","rel":"","context":"In &quot;Clients&quot;","block_context":{"text":"Clients","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/clients\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.australianmining.com.au\/wp-content\/uploads\/2024\/03\/APA__Solar_Farm_Jul_2023_031-1024x683.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.australianmining.com.au\/wp-content\/uploads\/2024\/03\/APA__Solar_Farm_Jul_2023_031-1024x683.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.australianmining.com.au\/wp-content\/uploads\/2024\/03\/APA__Solar_Farm_Jul_2023_031-1024x683.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.australianmining.com.au\/wp-content\/uploads\/2024\/03\/APA__Solar_Farm_Jul_2023_031-1024x683.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/posts\/8237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/comments?post=8237"}],"version-history":[{"count":1,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/posts\/8237\/revisions"}],"predecessor-version":[{"id":8238,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/posts\/8237\/revisions\/8238"}],"wp:attachment":[{"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/media?parent=8237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/categories?post=8237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/tags?post=8237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}