IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
Metals Acquisition Corp.’s (NYSE: MTAL) shareholders have approved the proposed $1.1 billion purchase of Glencore’s CSA copper mine in New South Wales, Australia.
As part of the transaction, MAC will acquire from Glencore 100% of the issued share capital of Cobar Management Pty Limited, which owns and operates the copper mine.
MAC, a Texas-based special purpose vehicle, will also buy a 1.5% net smelter return life-of-mine royalty upon completion of the deal, expected on or around June 15.
The company said it had already made arrangements with Osisko Gold Royalties (NYSE, TSX: OR) regarding the copper and silver streams from CSA.
“We are pleased to see this important transaction nearing completion,” Osisko Gold Royalties CEO Sandeep Singh said on Tuesday. ““CSA is a high-grade, long-life asset, with significant upside that can be unlocked by the MAC management team.”
MAC is chaired by former Fortescue Metals boss Nev Power and led by former Detour Gold CEO Mick McMullen.
The CSA mine employs 540 people and produces around 50,000 tonnes of copper concentrate per year. The ore is mined and processed on site and then transported by rail 700 km to the Port of Newcastle for export.
