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.
Recent Posts
by Nicholas Alan Clayton on 2023-10-02 at 11:28am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Shell company Vertex Tech to buy streaming platform in landmark deal for Singapore Singapore’s Vertex Technology Acquisition Corp (VTAC) (VERT.SI) will buy live streaming platform 17LIVE Inc for up to S$925.1 million ($676 million), the special purpose...

by Nicholas Alan Clayton on 2023-10-02 at 9:18am

Graf Acquisition Corp. IV (NYSE:GFOR) has closed its combination with NKGen Biotech and its shares and warrants will begin trading on the Nasdaq under the symbols “NKGN” and “NKGNW” today. The SPAC secured shareholder approval for the deal last week with 84.3% redemptions. Graf IV CEO James Graf is set to join the combined company...

by Kristi Marvin on 2023-09-30 at 1:50pm

An In-Depth Look at SPAC Activity Throughout the Third Quarter of 2023 Below is a summary of the year-to-date SPAC performance. We’re now three-quarters of the way through 2023 and while activity remains muted, there is a sense that SPACs have run the most difficult part of the “correction” gauntlet and have reached a better...

by Kristi Marvin on 2023-09-30 at 11:45am

Terms Tracker for the Week Ending September 29, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As September comes to a close, SPACs did not price any IPOs during the month with the most recent IPO (99 Acquisition Group) having priced...

by Kristi Marvin on 2023-09-29 at 5:48pm

Athena Consumer Acquisition Corp. (NYSE:ACAQ) announced this afternoon that its stockholders approved its combination with German EV-maker e.GO at a special meeting held earlier today. Additionally, Athena Consumer’s warrant proposal to convert all outstanding warrants to 0.175 shares in the combined company was also approved. A total of 884,880 shares of Athena Class A Common...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved