Glencore’s snap decision to cash in its 6.4 per cent stake in Yancoal Australia has put the spotlight on one of its other divestments, CSA Copper Mine in NSW.
has put the spotlight on one of its other divestments, the CSA Copper Mine in NSW.
The price of copper is down about 25 per cent since MAC signed the deal in March, hitting valuations on listed copper stocks in Australia and offshore. Australia’s OZ Minerals, for example, is down 24 per cent, while US-listed Freeport-McMoRan has dropped 35 per cent since mid-March., was to fund the deal with a mix of debt and equity.
As a SPAC, MAC has limited room to move. It can’t reprice any equity raising lower, given anchor investors are in at $US10 a share and have the option to redeem as part of its initial business combination , and a limited window to make its first deal and “De-SPAC”. The situation’s worth watching in coming months, as MAC and its brokers try to bring the deal together.
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