UAE's Mubadala to sell stake in Spanish miner MATSA

Australian miner Sandfire to buy MATSA for $1.87bln

A view of Mubadala Building in Abu Dhabi. Image used for illustrative purpose

A view of Mubadala Building in Abu Dhabi. Image used for illustrative purpose

Mubadala/ Handout via Zawya

Sandfire Resources Ltd, an Australian copper mining company, said on Thursday it is set to buy the Minas De Aguas Teñidas (MATSA) mining complex in Spain from Abu Dhabi's sovereign investor Mubadala Investment Company and global commodities trader Trafigura Group for $1.87 billion.

The acquisition is fully funded through a combination of cash, debt and equity, Sandfire which is listed on the Australian Securities Exchange, said in a disclosure.

Mubadala, which has over $243 billion of assets under management, acquired its stake in Trafigura’s flagship MATSA as part of a joint venture to invest in the base metals mining sector. MATSA owns the Aguas Teñidas, Sotiel and Magdalena mines in southern Spain which produce copper, zinc and lead concentrates, with silver by-products.

The transaction is expected to be completed by March 2022, Sandfire said.

Besides MATSA, Mubadala has investments in Canadian miner Equinox Gold and Sociedad Minera de Santander in Colombia.

(Writing by Brinda Darasha; editing by Seban Scaria)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021

More From Wealth Management