Swapping aluminum for copper will maintain China’s resources, group says
China depends on overseas imports for 60% of its aluminum resources as opposed to 70% of its copper resources.
IGO Ltd has won an auction to buy Glencore Plc’s CSA copper mine in western New South Wales, according to a local media report.
The auction had previously been between Perth-based miner IGO and New York Stock Exchange listed Metals Acquisition Corp., Australian Financial Review reported Sunday without citing where it got the information from. IGO is the preferred bidder and is in final negotiations around terms of the deal, according to the newspaper.
The mine produces about 50,000 tons of copper, according to Glencore data and is expected to be worth above A$1 billion ($718 million).
Last December, IGO agreed to buy nickel miner Western Areas Ltd. in a A$1.1 billion cash deal that provides it with scale to compete with BHP Group Ltd., which dominates Australian production of the battery metal.
(By Alexey Anishchuk)
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