Glencore, MAC amend terms on sale of CSA mine
By Frank Prenesti
Date: Wednesday 23 Nov 2022
(Sharecast News) - Glencore and Metals Acquisition Corp (MAC) said they had agreed to amend terms on the sale of the CSA copper mine in Australia.
MAC will now get at least $775m in cash on deal close, with the potential for this to be scaled up to $875m depending on final private equity demand, plus a maximum of $100m in retained equity in the business by Glencore, with an option to scale back subject to MAC raising sufficient equity.
There will also be a $75m deferred cash payment, payable upon MAC's listing on the Australian Stock Exchange or alternative equity raise and $150m in cash structured as two contingent payments.
Glencore in March agreed to sell the mine to MACs, a special purpose acquisition company, in March in return for $1.05bn in cash and $50m in equity, plus a 1.5% copper net smelter royalty that will be paid to Glencore after completing the sale of the mine.
Reporting by Frank Prenesti for Sharecast.com
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