Glencore Closes Sale of Cobar Mine to Metals Acquisition Corp.

16 June 2023

Metals Acquisition Corp


Baar, Switzerland / Sydney, Australia
16 June 2023

Glencore plc and Metals Acquisition Corp. (“MAC”) successfully finalized the transaction for the sale and purchase of Glencore’s complete stake in Cobar Management Pty Ltd (CMPL). CMPL is the proud owner of the Cobar copper mine located in New South Wales, Australia. This deal marks a significant milestone in the mining industry, solidifying the transfer of ownership from Glencore to MAC. The Cobar copper mine, with its valuable reserves and strategic location, holds immense potential for future development and growth. The completion of this transaction signifies a positive step forward for both Glencore and MAC in their respective endeavors.

Glencore has received USD775 million in cash and USD100 million in shares (with the effect that as of today’s date Glencore will hold 20.6% of the shares in MAC) on closing. The transaction also includes the following:

  • USD75m deferred payment to be paid within 12 months;
  • USD150m contingent payment contingent upon future copper prices;
  • 1.5% life of mine Net Smelter Return royalty.

MAC will assume ownership and full operational control of the mine and Glencore will offtake 100% of the copper concentrate produced at CMPL. 

Mick McMullen, MAC CEO, commented “We are delighted to have closed on the transaction. I want to thank the large group of investors that supported our recent PIPE totaling USD$230 million, our other funding partners, our advisors who have worked resolutely, as well as Glencore for working steadfastly with us throughout the entirety of our transaction. Today is truly an exciting moment for all of us at Metals Acquisition Limited, the new owner and operator of this historic asset.”

Mick McMullen, MAC CEO

The divestment of CSA Mine is in line with our strategic goal of streamlining and aligning our global portfolio to prioritize lower-cost, long-life assets. Despite this sale, Glencore remains a prominent producer and exporter of essential metals in Australia that play a crucial role in driving the global shift towards a low-carbon future. We are committed to sustaining our position as a key contributor to the metals industry, supporting the ongoing transition towards sustainable and environmentally friendly practices.

About Metals Acquisition Limited

Metals Acquisition Limited (NYSE: MTAL) is a company focused on operating and acquiring metals and mining businesses in high quality, stable jurisdictions that are critical in the electrification and decarbonization of the global economy.

About Glencore

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that support decarbonisation while meeting the energy needs of today. 

With around 140,000 employees and contractors and a strong footprint in over 35 countries in both established and emerging regions for natural resources, our marketing and industrial activities are supported by a global network of more than 40 offices. 

Glencore’s customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.

We recognise our responsibility to contribute to the global effort to achieve the goals of the Paris Agreement by decarbonising our own operational footprint. We believe that we should take a holistic approach and have considered our commitment through the lens of our global industrial emissions. Against a 2019 baseline, we are committed to reducing our Scope 1, 2 and 3 industrial emissions by 15% by the end of 2026, 50% by the end of 2035 and we have an ambition to achieve net zero industrial emissions by the end of 2050. For more detail see our 2022 Climate Report on the publication page of our website at

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James Hyland, MiningIR