Glencore Completes The Sale Of Its Stake In Cobar Mine

(RTTNews) - Swiss mining company Glencore plc (GLEN.L), said on Friday that it concluded the sale of its stake in Cobar Management Pty Ltd (CMPL), a copper mine in New South Wales Australia to Metals Acquisition Corp (MTAL).

It was in March 2022 that Glencore plc and Metals Acquisition agreed to the sale and purchase of Glencore's CSA copper mine.

Glencore has received $775 million in cash and $100 million in shares on closing. The transaction also involves a $75-million deferred payments to be paid in 12 months, $150 million contingent payment depending upon future copper prices and 1.5 percent life of mine Net Smelter Return royalty. On Thursday, shares of Glencore closed at 475 pence up 0.99% on the London Stock Exchange. MTAL shares closed at $10.49 up 0.38% on the New York Stock Exchange.