A$300m IPO planned for Australian copper mine
Metals Acquisition Limited (MAC) is set to open a A$300-million initial public offering (IPO) next week to raise funds for the revival of the CSA copper mine, in New South Wales.
NYSE-listed MAC last year acquired the mine, which is one of Australia’s longest-operating copper mines with a history stretching back almost 150 years, from global miner Glencore.
MAC on Friday lodged a prospectus with the Australian Securities and Investments Commission to undertake an IPO in Australia of CHESS depository interests (CDIs) and seek a dual listing on the ASX.
The company is seeking to raise A$300-million through the issue of between 17.65-million and 18.75-million CDIs. The final price will be determined through a bookbuild process, with the indicative price range of the offer having been set at A$16 to A$17 per CDI.
The proceeds of the offer will provide funds to repay Glencore’s deferred consideration facility in connection with the mine, increase working capital to facilitate operational flexibility and potential production growth, provide additional funding for exploration programmes and mine development, as well as fund the cost of the offer.
The offer, which will be conducted solely outside the US, comprises an institutional offer, a broker firm offer and the priority offer. The broker firm and priority offers will open on February 5 and close on February 9.
The settlement of the offer is set to occur on February 14. The offer will be completed on February 15.
MAC last year agreed to buy the copper mine for $1.1-billion and a 1.5% net smelter return life-of-mine royalty upon completion of the transaction. The CSA mine employs 540 staff and produces around 50 000 t of copper each year, which is mined and processed on site, and then railed 700 km to the Port of Newcastle for export. In 2021, the mine produced 40 530 t of copper in concentrate.
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