2023-06-16 07:25:58 ET
Glencore ( OTCPK:GLCNF ) ( OTCPK:GLNCY ) said Friday it has closed the sale of its 100% stake in the Cobar copper mine in Australia's New South Wales to Metals Acquisition ( MTAL ) for $775M in cash and $100M in shares.
As a result of the deal, Glencore ( OTCPK:GLCNF ) ( OTCPK:GLNCY ) will own a 20.6% stake in Metals Acquisition ( MTAL ), which will assume ownership and full operational control of Cobar; Glencore will offtake 100% of the copper concentrate produced at the mine.
Glencore ( OTCPK:GLCNF ) ( OTCPK:GLNCY ) said the sale is "consistent with delivering our strategy of simplifying and aligning our global portfolio to focus on lower-cost, long-life assets."
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Glencore sells Cobar mine in Australia in $875M cash and stock deal