The auction is understood to have developed into a two horse race between ASX-listed IGO Ltd, a hungry acquirer in the past 18 months, and New York Stock Exchange listed Metals Acquisition Corp, a special purpose acquisition company founded last year to acquire metals and mining assets.The two parties have lobbed offers and been lining up funding, sources said. CSA Mine produces about 50,000 tonnes of copper a year, and is expected to be worth well north of $1 billion.
It has a string of well-known Australian resources types as directors and advisers, including former Fortescue Metals CEO Neville Power and ex Northern Star Resources executive chairman Bill Beament.IGO’s is bidding for CSA as it significantly re-shapes its portfolio towards what is has called clean energy metals. CSA would be its third big acquisition in only 18-months as part of that transition, while sold its 30 per cent stake in the Tropicana gold mine.