# Glencore to sell Australian copper mine to SPAC for $1.1 billion
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-11-23
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Glencore's Cobar Copper Mine in Australia Sold in $1.1
Meta Description: Glencore announces a revised deal with Metal Acquisition Corp (MAC) to offload its Cobar copper mine in Australia for a deal worth $1.1 billion, with varied
URL: https://financedigest.com/glencore-to-sell-australian-copper-mine-to-spac-for-1-1-billionhtml

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(Reuters) – Glencore said on Wednesday that blank-check firm Metal Acquisition Corp (MAC) agreed to an amended agreement to buy the global miner’s Cobar copper mine in Australia in a deal valued at $1.1 billion.

Glencore said the terms include Glencore receiving $1.1 billion, as originally agreed in a March deal, but with amended payment terms of $775 million in cash and up to $100 million common equity, besides other payments.

Glencore also has the right to appoint one director to MAC’s board for each 10% interest it holds in the U.S.-listed special purpose acquisition company (SPAC) from time to time, MAC said in a statement overnight.

SPACs are shell companies that raise [money in an initial public offering and put it in a trust for the purpose of merging with a private](https://www.financedigest.com/mistakes-to-avoid-while-choosing-a-private-money-lender.html "Mistakes To Avoid While Choosing a Private Money Lender") company and taking it public.

MAC said it would need to [raise at least $125 million](https://www.financedigest.com/ride-hailing-app-cabify-raises-110-million-for-expansion-in-latam-spain.html "Ride-hailing app Cabify raises 0 million for expansion in LatAm, Spain") to fund the cash component of the deal, which is expected to close in the first quarter of 2023.

(Reporting by Yadarisa Shabong; Editing by Savio D’Souza)


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