Aeris Bids US$575 Million for Glencore’s CSA Copper Mine

Aeris Resources has put forward a US$575-million bid for Glencore’s CSA copper mine in New South Wales, Australia.

Aeris Resources (ASX:AIS) has put forward a US$575-million bid for Glencore’s (LSE:GLEN,OTC Pink:GLCNF) CSA copper mine in New South Wales, Australia.

The offer for CSA currently consists of approximately US$525 million in cash and US$50 million in Aeris shares, along with a royalty payable to Glencore. According to Aeris, late-stage negotiations surrounding the offer are currently ongoing, but nothing is finalized at this time.

Also unfinalized is the company’s funding for the acquisition, though Aeris stated it is exploring a variety of options — including a combination of debt between US$250 million and US$300 million, an equity capital raising between US$185 million and US$240 million and a silver stream between US$35 million and US$40 million.

The CSA copper mine, which began operations in 1871, is a historical asset in New South Wales. After being passed around to a few different owners, Glencore acquired and reopened the asset in 1999.

It now produces over 1.1 million tonnes of copper ore and over 185,000 tonnes of copper concentrate annually, with the concentrate containing approximately 27 percent copper metal. Alongside CSA, Glencore also holds the Ernest Henry and Mount Isa copper operations in Australia.

As for Aeris, the company’s flagship asset is its Tritton copper operation — also in New South Wales — which consists of multiple underground mines, including Tritton and Murrawombie and a 1.8-million-tonne-per-year processing plant.

As of Tuesday (March 19), copper was trading at US$6,498 per tonne on the London Metal Exchange.

Aeris’ stock price remained unchanged at AU$0.17 by the end of trading on the ASX on Tuesday. Meanwhile, Glencore’s shares grew 3.01 percent on the LSE to GBX 320.15 by the end of the trading day on Wednesday (March 20).

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.

Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi

Rio Tinto has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan (the “Funding Plan”) for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion 1 , building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020.

Under the HoA, subject to securing approval by OT LLC and any required support from the Government of Mongolia, and subject to timing, availability, and terms and conditions being acceptable to both parties, Rio Tinto and TRQ will:

Keep reading... Show less

Rio Tinto Exploration and Calibre Mining Initiate 2021 Exploration Program Including 5,500 Metre Drilling Campaign Prioritizing Prospective Near-Surface Copper and Copper-Gold Mineralization

Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to provide an update on the Borosi exploration project held under an earn-in option agreement between Rio Tinto Exploration (LSE:RIO) (“RTX”) (“Rio Tinto”) and Calibre. Calibre controls a 100% interest in the Borosi concessions located in the prolific Mining Triangle region of northeastern Nicaragua. RTX has the right to earn a 75% interest by spending US$45 million over eleven years in the project ( see Calibre news release dated February 24, 2020 ). The Borosi exploration program is being directed by RTX through a partnership agreement with Calibre as project operator.

Highlights

Keep reading... Show less

FDA Approves Trodelvy®, the First Treatment for Metastatic Triple-Negative Breast Cancer Shown to Improve Progression-Free Survival and Overall Survival

Trodelvy Significantly Reduced the Risk of Death by 49% Compared with Single-Agent Chemotherapy in the Phase 3 ASCENT Study –

– Trodelvy is Under Regulatory Review in the EU and in the United Kingdom, Canada, Switzerland and Australia as Part of Project Orbis

Keep reading... Show less

Rio Tinto details $47 billion 2020 economic contribution, including $8.4 billion of taxes and royalties

Rio Tinto today released its 2020 Taxes paid: Our economic contribution report , which shows the company made a total direct economic contribution of $47 billion in the countries and communities where it operates, including $8.4 billion of taxes and royalties.

Despite the widespread challenges of COVID-19 in 2020, the contribution was up from the previous year, when Rio Tinto made a total direct economic contribution of $45.1 billion in the countries and communities where it operates, including $7.6 billion of taxes and royalties.

Keep reading... Show less

Top News

Related News