PERTH (miningweekly.com) – ASX-listed Aeris Resources on Wednesday told shareholders that it had made diversified miner Glencore a $575-million offer to acquire the CSA copper mine, in New South Wales.
The offer comprised a cash component of some $525-million and Aeris shares valued at $50-million, as well as a royalty which will be payable to Glencore.
The company said that funding for the offer has not been finalised, but would likely be acquired through a combination of between $250-million and $300-million in debt, an equity capital raise of between $185-million and $240-million, and a silver stream of between $35-million and $40-million.
The underground CSA operation produces more than 1.1-million tonnes of copper and about 185 000 t of copper in concentrate a year, which contains around 27% copper metal. The project also produces a silver coproduct.
Aeris holds the Tritton copper operation, in New South Wales, where it is targeting a production of 24 500 t of copper for the 2019 financial year.