Metals Acquisition Limited Closes Purchase of the CSA Copper Mine
16 Juin 2023 - 12:00PM
Business Wire
Metals Acquisition Limited (NYSE: MTAL):
Metals Acquisition Limited (MAC) and Glencore have today closed
the purchase and sale of Glencore’s 100% interest in Cobar
Management Pty Ltd (CMPL), the owner of the CSA copper mine in New
South Wales, Australia. MAC’s ordinary shares and warrants will
commence trading today, June 16, 2023, under the ticker symbols
“MTAL” and “MTAL.W”, respectively, on the New York Stock Exchange.
In connection with the closing of the business combination, Metals
Acquisition Limited completed its previously-announced merger with
Metals Acquisition Corp, a special purpose acquisition company.
The purchase consideration to Glencore includes USD$775 million
in cash and USD$100 million in ordinary shares of MAC. Glencore
holds 20.6% of the ordinary shares in MAC post closing. The
purchase consideration also includes:
- USD$75m deferred payment to be paid within 12 months;
- USD$150m contingent payment upon future copper prices;
- 1.5% life of mine Net Smelter Return royalty on copper.
MAC will assume ownership and full operational control of the
mine immediately; Glencore will retain the offtake for 100% of the
copper concentrate produced at the CSA copper mine.
Mick McMullen, MAC CEO, commented “We are delighted to have
closed on the transaction. I want to thank the large group of
investors that supported our recent PIPE totaling USD$230 million,
our other funding partners, our advisors who have worked
resolutely, as well as Glencore for working steadfastly with us
throughout the entirety of our transaction. Today is truly an
exciting moment for all of us at Metals Acquisition Limited, the
new owner and operator of this historic asset.
We look forward to working with the CSA Mine team to make this
into a great foundational asset for MAC.”
Advisors
Citigroup Global Markets Inc. (“Citi”) served as financial
advisor and Squire Patton Boggs and Paul Hastings LLP are serving
as legal advisors to MAC. Citi, Canaccord Genuity and Ashanti
Capital served as placement agents in connection with the PIPE.
About Metals Acquisition Limited
Metals Acquisition Limited (NYSE: MTAL) is a company focused on
operating and acquiring metals and mining businesses in high
quality, stable jurisdictions that are critical in the
electrification and decarbonization of the global economy.
Forward Looking Statements
This press release includes “forward-looking statements.” MAC’s
actual results may differ from expectations, estimates, and
projections and, consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” and similar
expressions (or the negative versions of such words or expressions)
are intended to identify such forward- looking statements. These
forward-looking statements include, without limitation, MAC’s
expectations with respect to future performance of the CSA Mine and
anticipated financial impacts and other effects of the business
combination. These forward-looking statements involve significant
risks and uncertainties that could cause the actual results to
differ materially from those discussed in the forward-looking
statements. Most of these factors are outside MAC’s control and are
difficult to predict. Factors that may cause such differences
include, but are not limited to the outcome of any legal
proceedings that may be instituted against MAC following the
closing; the inability to maintain the listing of MAC’s shares; the
ability to recognize the anticipated benefits of the business
combination, which may be affected by, among other things: the
supply and demand for copper; the future price of copper; the
timing and amount of estimated future production, costs of
production, capital expenditures and requirements for additional
capital; cash flow provided by operating activities; unanticipated
reclamation expenses; claims and limitations on insurance coverage;
the uncertainty in mineral resource estimates; the uncertainty in
geological, metallurgical and geotechnical studies and opinions;
infrastructure risks; and dependence on key management personnel
and executive officers; and other risks and uncertainties indicated
from time to time in the final prospectus of Metals Acquisition
Corp for its initial public offering and the definitive proxy
statement/prospectus relating to the business combination that MAC
filed with the SEC, including those under “Risk Factors” therein,
and in MAC’s other filings with the SEC. MAC cautions that the
foregoing list of factors is not exclusive. MAC cautions readers
not to place undue reliance upon any forward-looking statements,
which speak only as of the date made. MAC does not undertake or
accept any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements to reflect
any change in its expectations or any change in events, conditions,
or circumstances on which any such statement is based.
More information on potential factors that could affect MAC’s or
CSA Mine’s financial results is included from time to time in MAC’s
public reports filed with the SEC, including Metals Acquisition
Corp’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q,
and Current Reports on Form 8-K as well as the definitive proxy
statement/prospectus MAC filed with the SEC in connection with
MAC’s solicitation of proxies for the meeting of shareholders held
to approve, among other things, the business combination. If any of
these risks materialize or MAC’s assumptions prove incorrect,
actual results could differ materially from the results implied by
these forward-looking statements. There may be additional risks
that MAC does not presently know, or that MAC currently believes
are immaterial, that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect MAC’s expectations, plans or
forecasts of future events and views as of the date of this
communication. MAC anticipates that subsequent events and
developments will cause its assessments to change. However, while
MAC may elect to update these forward-looking statements at some
point in the future, MAC specifically disclaims any obligation to
do so, except as required by law. These forward- looking statements
should not be relied upon as representing MAC’s assessment as of
any date subsequent to the date of this communication. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
No Offer or Solicitation
This press release shall also not constitute an offer to sell or
the solicitation of an offer to buy any securities, nor shall there
be any sale of securities in any states or jurisdictions in which
such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended, or an exemption therefrom.
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version on businesswire.com: https://www.businesswire.com/news/home/20230616751000/en/
Mick McMullen Chief Executive Officer Metals Acquisition Limited
+1 (817) 698-9901 mick.mcmullen@metalsacqcorp.com
Dan Vujcic Chief Development Officer Metals Acquisition Limited
+61 451 634 120 dan.vujcic@metalsacqcorp.com
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