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Glencore sells a mine in Australia

Glencore sells a mine in Australia

Glencore sells its CSA mine copper mine to Metals Acquisition Corp (MAC) in Southeast Australia, a spec listed in New York. Subject to the agreement of the regulatory authorities, the operation is expected to be completed this year.

Thanks to the sale, Glencore will receive $ 1.05 billion in cash (0.98 billion francs), $ 50 million in shares of MAC and 1.5% net smelter royalty at the end of the sale. According to a press release issued Thursday at the end of the transaction (revenue), mine receives less transportation and refining costs from the sale of its products, the author notes.

Acquisition of Metals Corp’s Acquires Full Ownership and Operational Control ‘by Metals Acquisition, a company created specifically for the purpose of obtaining an unlisted target (SPACE). Zugese Raw Materials contracts to sell all copper produced in the New South Wales mine.

The sale is part of Glencore’s strategy to ‘simplify and synchronize’ more than 150 operating systems in its global portfolio, ‘focusing on low-cost, long-term assets’.

The document states that Glencore’s director, Patrice Marin, also chairs MAC’s board of directors. It is not involved in reviewing the sales of this mine.

/ ADS

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