Business News, Capital Markets, News

Glencore Completes Cobar Mine Sale, Paving the Way for Strategic Portfolio Optimization

Last updated June 19, 2023
Published June 19, 2023
By Lethabo Ntsoane

Glencore PLC successfully closes sale of Cobar Mine in Australia.
Metals Acquisition Corp (MAC) assumes ownership and operational control of the mine.
Glencore retains offtake rights for 100% of the copper concentrate produced at CMPL

Glencore PLC (JSE: GLN, LSE: GLEN) announced today the successful closure of the sale and purchase of Cobar Management Pty Ltd (CMPL), the owner of the Cobar copper mine in New South Wales, Australia. The transaction was completed in collaboration with Metals Acquisition Corp (MAC) (NYSE: MTAL), marking another step in Glencore’s strategic portfolio alignment.

As part of the deal, Glencore received USD 775 million in cash and USD 100 million in shares. This acquisition results in Glencore holding a 20.6% stake in MAC, reinforcing the company’s commitment to the partnership. The agreement includes additional financial arrangements, such as a deferred payment of USD 75 million to be settled within the next 12 months, a contingent payment of USD 150 million based on future copper prices, and a 1.5% life-of-mine Net Smelter Return royalty.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo

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