Analysts say only “time will tell” if Metals Acquisition Corp, a US-listed special purpose acquisition company (SPAC) backed by some of Australia’s leading mining identities, has overpaid for Glencore’s CSA copper mine in a $1.5 billion deal.
After much speculation, MAC overnight confirmed the bumper acquisition, agreeing to pay $US1.1 billion plus a 1.5 per cent copper net smelter royalty for CSA, an underground mine in NSW operating since 1967, that is expected to produce 40,000 tonnes of copper in 2022.
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Michael Bennet is WA reporter for The Australian Financial Review based in Perth. He has worked as a journalist for more than a decade, including at The Australian where he was senior banking reporter and also covered economics, markets and deals. Connect with Michael on Twitter. Email Michael at michael.bennet@afr.com
