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Metals Acquisition Corp. to Acquire the CSA Copper Mine from Glencore for $1.1 Billion

March 17, 2022

Houston and New York – Paul Hastings LLP, a leading global law firm, announced today that it advised Metals Acquisition Corp., a publicly traded special purpose acquisition company, in a definitive sale and purchase agreement with Glencore to acquire the CSA copper mine in New South Wales, Australia for $1.1 billion. CSA is an established, high-grade producing copper mine that is expected to produce more than 40kt of copper in 2022 with an estimated current mine life of over 15 years.

The $1.1 billion purchase price and associated $50 million of required working capital is expected to be funded through a combination that includes $465 million of debt facilities and silver streaming agreements, $175 million mezzanine convertible debt facility led by Sprott Resource Lending Corp. and investors, $41.75 million of equity, $50 million of common equity paid to Glencore (included in US$1,100 million purchase price), and $418.25 million to be sourced from a combination of US$265 million cash in trust (subject to share redemptions), new equity and alternative sources.

The Paul Hastings team that advised Metals Acquisition Corp. was led by partners Will Burns, Robert Leung, and Mike Huang, and included associates Elena Burns, Vinnie Buehler, Ashley Jaber, Nicolette Ursini, and William Millburn.

Dedicated to helping the world’s leading Wall Street and global investment banks, asset managers and corporations achieve their business and legal goals, Paul Hastings is a premier global finance law firm with elite teams in finance, mergers and acquisitions, private equity and litigation. We are one of only a handful of law firms ranked across multiple core finance areas including: structured credit, leveraged finance, private credit, capital markets and real estate finance.

Our unmatched client service has helped us become one of the legal profession’s most admired firms, known for a diverse and highly collaborative culture that delivers innovative solutions.

 

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