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.