Glencore Sells CSA Copper Mine to MAC
MAC will assume ownership and full operational control of the mine and will enter into an offtake agreement with Glencore for 100% of the copper concentrate produced at the CSA mine. MAC is a Special Purpose Acquisition Co. (SPAC) listed on the New York Stock Exchange. The transaction is expected to be completed in 2022.
The company disclosed that Patrice Merrin is a director of Glencore plc and is also chair of the board of directors of MAC. Merrin holds a less than 1% voting interest in MAC’s shares. MAC is not a related party of Glencore within the meaning of the UK Listing Rules, and Merrin has not participated in the consideration of the sale of CSA mine by the Glencore Board.