Glencore closes sale of Cobar Mine

Baar, Switzerland / Sydney, Australia
16 June 2023

Glencore and Metals Acquisition Corp (MAC) (NYSE: MTAL) have today closed the sale and purchase of Glencore’s 100% interest in Cobar Management Pty Ltd (CMPL), the owner of the Cobar copper mine in New South Wales, Australia.

Glencore has received USD775 million in cash and USD100 million in shares (with the effect that as of today’s date Glencore will hold 20.6% of the shares in MAC) on closing. The transaction also includes the following:

• USD75m deferred payment to be paid within 12 months;
• USD150m contingent payment contingent upon future copper prices;
• 1.5% life of mine Net Smelter Return royalty.

MAC will assume ownership and full operational control of the mine and Glencore will offtake 100% of the copper concentrate produced at CMPL. 

The sale of CSA Mine is consistent with delivering our strategy of simplifying and aligning our global portfolio to focus on lower-cost, long-life assets.

Glencore will continue to be among Australia’s leading producers and exporters of the metals that underpin the global transition to a low-carbon future. 

For further information please contact:

Investors

Martin Fewings    
t: +41 41 709 28 80    
m: +41 79 737 56 42    
martin.fewings@glencore.com

Media

Charles Watenphul    
t: +41 41 709 24 62    
m: +41 79 904 33 20    
charles.watenphul@glencore.com

Francis de Rosa    
t: +61 417 074 751    
m: +61 417 074 751    
francis.de.rosa@glencore.com

Glencore LEI: 2138002658CPO9NBH955

Notes for Editors

Glencore

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that support decarbonisation while meeting the energy needs of today. 

With around 140,000 employees and contractors and a strong footprint in over 35 countries in both established and emerging regions for natural resources, our marketing and industrial activities are supported by a global network of more than 40 offices. 

Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.

We recognise our responsibility to contribute to the global effort to achieve the goals of the Paris Agreement by decarbonising our own operational footprint. We believe that we should take a holistic approach and have considered our commitment through the lens of our global industrial emissions. Against a 2019 baseline, we are committed to reducing our Scope 1, 2 and 3 industrial emissions by 15% by the end of 2026, 50% by the end of 2035 and we have an ambition to achieve net zero industrial emissions by the end of 2050. For more detail see our 2022 Climate Report on the publication page of our website at glencore.com/publications.

Glencore Australia

In Australia, Glencore produces coal, copper, cobalt, nickel, zinc, lead and silver from 23 active mining operations. We also operate metals processing assets in Queensland, New South Wales, Western Australia and the Northern Territory, including metals smelters, concentrators and refineries. 

We are among Australia’s largest producers and marketers of natural resources, connecting Australian resources with industrial customers around the world. Through our diverse portfolio, we responsibly supply the resources that advance everyday life. 

We employ approximately 18,190 people in Australia and in 2022 contributed nearly A$20 billion to the regional, state and national economies. This included spend of A$10.4 billion with 7,370 businesses across the country, as well as $7.5 billion in government tax, royalty and local government payments. 

We are committed to providing a safe, inclusive and respectful workplace for our people, to respecting the environment, to engaging openly and constructively with the Traditional Owners on whose lands we operate and to bringing value to local communities. 

Disclaimer
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies.  Likewise, the words “we”, “us” and “our” are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.