Metals Acquisition Corp. (MTAL) Completes CSA Copper Mine Acquisition
by Nicholas Alan Clayton on 2023-06-16 at 7:31am

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.
Metals Acquisition Corp. (MTAL) Completes CSA Copper Mine Acquisition
Recent Posts
by Nicholas Alan Clayton on 2025-07-08 at 12:36pm

M3-Brigade V (NASDAQ:MBAV) has entered into a definitive agreement to combine with crypto treasury firm ReserveOne, assembling about $1 billion in equity funding. ReserveOne is setting up a diversified Bitcoin and digital asset treasury with a portion of its investments going towards blockchain infrastructure and venture raises. The combined company is expected to trade on...

by Nicholas Alan Clayton on 2025-07-08 at 8:18am

At the SPAC of Dawn As the SPAC market has warmed in 2025, only 21 of the 70 SPACs (30%) that have IPO’d thus far have overfunded their trusts to draw in investors and none of these funded to more than 101%. By contrast, 87% of 2023 SPACs were overfunded – some to as high...

by Nicholas Alan Clayton on 2025-07-07 at 9:05am

Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...

by Nicholas Alan Clayton on 2025-07-07 at 8:50am

Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...

by Nicholas Alan Clayton on 2025-07-07 at 8:22am

At the SPAC of Dawn Futures sit slightly red as investors return from holidays of barbecues and fireworks to renewed concerns about where US President Donald Trump’s tariff policy might hamper trade. The latest shift produced a further one-month delay in most of the tariffs Trump has threatened to impose as his administration continues to...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved