Blank-check firm Metals Acquisition Corp on Thursday emerged as the winner of a race for UK-based Glencore's CSA copper mine in Australia with a $1.1 billion deal, after years of interest from several suitors.
The move comes after Australian miner IGO Ltd in February stopped talks with Glencore to buy the mine in New South Wales.
The CSA mine is one of Australia's highest-grade copper mines and produces about 50,000 tonnes every year, according to Glencore's website.
"We believe that copper has favorable fundamentals that will continue to support an elevated copper price. Copper is expected to play a key role in the global energy transition 'megatrend'," Metals Acquisition Chief Executive Mick McMullen said.
Citi served as financial advisor and Squire Patton Boggs and Paul Hastings LLP served as legal advisors to MAC.
(Reporting by Rithika Krishna in Bengaluru; Editing by Aditya Soni)