Metals Acquisition Corp. (NYSE:MTAL) announced this morning that it has completed its acquisition of the parent company for Glencore’s (LON:GLEN) CSA Copper Mine in Australia.
The combined company’s shares and warrants will begin trading today on the NYSE under the continued ticker symbols “MTAL” and “MTAL.W”, respectively.
Metals announced its $1.1 billion transaction with CSA Copper Mine in March 2022. Glencore’s CSA copper and silver mine is among the Australia’s largest, having exploited about 41,000 metric tons of copper in 2021.
But, having set the goal of acquiring nearly all of the equity in the mine rather than a minority stake as is most common in SPAC deals, the Metals team had some work ahead of it when market conditions changed and financial terms tightened.
Metals since announced two amendments to the deal’s financing structure and added PIPE contributions in six tranches over the past year. The last $52 million commitment came after its shareholders had approved the deal on June 5.
The final consideration to Glencore for the mine is to be $775 million in cash from an debt facility and $100 million in Metals shares, leaving it with a 20.6% stake post-close. It is also owed a $75 million deferred payment, $150 million in payments contingent upon ongoing copper prices and a 1.5% royalty on the mine’s smelter returns.
Glencore will also retain the offtake for 100% of the copper concentrate produced by the mine moving forward.
ADVISORS
- Citi is serving as financial advisor to MAC.
- Squire Patton Boggs is serving as legal advisors to MAC.
- Paul Hastings LLP is serving as legal advisors to MAC.
- Citigroup Global Markets Inc., Canaccord Genuity, and Ashanti Capital Pty Ltd have been engaged as placement agents in connection with an equity raise.


Columbus Circle I (NASDAQ:CCCM) has entered into a definitive agreement to combine with ProCap Financial as part of a raise of about $1 billion in capital for the target company. ProCap aims to build a Bitcoin treasury that will eventually provide the backing for a financial institution providing investment banking services. The combined company is...
At the SPAC of Dawn SPACs have a busy week of votes ahead of them with six special meetings to approve extensions and three to complete business combinations. JVSPAC (NASDAQ:JVSA) is set to kick off the run of deal votes tomorrow as it seeks approval to tie things up with Southeast Asian hospitality chain Hotel101....
Terms Tracker for the Week Ending June 20, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Two more SPACs priced IPOs this week, one each from Cohen and Cantor. That brings June’s IPO count to five and the 2025 year-to-date tally...
CSLM Digital Asset (NASDAQ:KOYNU) has filed for a $200 million IPO to hunt for a crypto transaction with a team that includes veterans from a variety of other SPAC efforts. The new SPAC sports 1/2 warrants in units and will have 24 months to initially close a business combination. It becomes the 16th SPAC that...
At the SPAC of Dawn The past year has seen a string of serial sponsor teams return to market, with some already listing multiple vehicles in a full return to the hunt. One prolific SPAC leader that has been conspicuously absent from this return so far has been Chamath Palihapitiya, who has been a part...