Shell company digs deep for Glencore copper

📆 15/08/43 01:22 م
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Cash and potential new equity only cover 1/2 of what Metals Acquisition is paying to buy a mine from Glencore. Debt and future revenue will plug the gap. Copper’s role in the energy transition makes the financial engineering worthwhile, says AntonyMCurrie

Glencore said on March 17 that it has agreed to sell its CSA copper mine in New South Wales, Australia, to blank-cheque firm Metals Acquisition for $1.1 billion. As part of the transaction, Glencore will receive a $50 million equity stake and a 1.5% net smelter return, or the share of revenue of mined goods sold.FILE PHOTO: An electric copper wire is seen in this illustration picture, October 25, 2017. Picture taken October 25, 2017.

Max Rossi/File Photo - RC2PFS9USFOG

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