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.