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Glencore sells copper mine for $US1.1 billion
Coal miner Glencore will sell its CSA copper mine in Cobar, New South Wales, to Metals Acquisition Corp (MAC).
The sale is the latest indicator of copper’s growing importance, after Evolution Mining extended its Ernest Henry mine life to 2040 earlier this week.
The Glencore/MAC deal has been on the table for some time now, with the companies entering into an agreement back in March 2022.
MAC will acquire 100 per cent of the issued share capital of Cobar Management from Glencore. Cobar Management owns and operates the mine.
The company has made arrangement for the copper streams with Osisko Gold Royalties in the US.
CSA is an established, high-grade producing, long-life underground copper mine with an estimated current mine life of over 15 years, and MAC has identified opportunities to further extend it, subject to exploration success.
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- [Editor:邢亞敏]
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