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NSW mine acquisition prompts ASX listing move – Australian Mining

Texas-based Metals Acquisition Corp (MAC) has mandated Barrenjoey Markets and Canaccord Genuity as joint lead managers for a proposed dual listing of MAC on the ASX, following its acquisition of the CSA mine in New South Wales from Glencore.

MAC chief executive Mick McMullen said given the location of the CSA mine in western NSW and the lack of ASX-listed companies with domestic copper exposure, listing MAC on the ASX was “logical” and provided MAC with access to an additional source of capital in the future.

“Barrenjoey and Canaccord are two of the leading equity capital markets franchises in Australia, successfully raising capital for clients in the metals and mining space including companies focused on commodities essential to the energy transition,” he said.

“We believe that recent merger and acquisition activity in the copper sector has highlighted the appetite for domestic copper producers. The few listed Australian copper names are trading at stronger multiples than North American peers, reflective of the significant premium attributed to operating in a Tier 1 jurisdiction and also, the significant pool of mining focused capital in Australia.

“A listing on the ASX would occur post-closing of the CSA mine acquisition, and the timing and quantum of any associated equity raise would be market dependent. However, we cannot provide any certainty as to when or if an ASX listing or associated equity raise would occur.”

MAC was formed as a blank check company for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganisation or similar business combination with one or more businesses.

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