The shareholders of NYSE-listed Metals Acquisition Corp (MAC) have approved its proposed acquisition of the CSA copper mine from Glencore Operations Australia.
MAC will acquire from Glencore the issued share capital of Cobar Management Pty Limited, which owns and operates the CSA mine, in New South Wales.
MAC, a special purpose vehicle listed in New York, will 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.