Glencore mulls sale of CSA underground copper mine in Australia
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Glencore considers sale of CSA underground copper mine in Australia

24 Sep 2021 (Last Updated September 24th, 2021 17:12)

The CSA Mine produces about 50,000 tonnes of copper and employs 500 people including contractors.

Diversified miner Glencore has reportedly received interest from the undisclosed firm for its CSA underground copper mine in New South Wales (NSW), Australia.

The sale of the mine, which produces about 50,000tpa of copper, marks the firm’s third attempt in six years.

The Swiss company was cited by Australian Financial Review (AFR) as saying that it has received interest in the CSA (Cobar) copper mine.

Glencore said: “We are currently considering proposals and may decide to enter into a sale process for this asset.

“These talks are at an early stage and there is no guarantee a transaction will materialise.

“Any sale of CSA mine would need to be to a responsible operator and represent value for our shareholders.”

The firm expects the potential sale to be a transformative acquisition for junior miners that operate in the Cobar district.

In 2019, Aeris Resources tried to acquire a CSA mine from Glencore for $575m. However, the firms were unable to agree to the terms, which resulted in the termination of the sale process.

In the same year, Aurelia Metals entered talks with Glencore but was cancelled due to a split between the then-board and Aurelia CEO.

The 2019 sale campaign for the CSA mine followed a 2015 campaign, which received interest from firms, including OZ Minerals and EMR Capital.

Located near the NSW town of Cobar, the mine employs 500 staff and contractors. It also produces silver byproduct.

Production from the mine is processed on-site and transported 700km to the Port of Newcastle for export to smelters in Asia.