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March 1, 2022

IGO scraps plan to acquire Australian copper mine from Glencore

The move reportedly makes SPAC Metals Acquisition the standing contender for CSA takeover.

Australian miner IGO has discontinued talks with Anglo-Swiss commodity firm Glencore for the acquisition of the latter’s CSA Copper Mine (CSA) in western New South Wales (NSW).

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As ore mines ramp up and come on stream, the total number of active surface machines (including trucks, excavators, shovels, loaders, graders and dozers) is forecast to rise from 141,470 in 2020 to 167,367 by 2025. This will be a CAGR of 3.4% from 2020 to 2025. The largest contributor to this growth is expected to be trucks, particularly smaller-sized trucks with shorter lifespans, used extensively in parts of Asia Pacific. Underground mining equipment is similarly expected to see a CAGR of 2.3% in this same time frame, with the number of mining trucks and loaders/LHDs in active underground mines expected to rise to 19,853 by 2025. GlobalData’s extensive mine-site research and equipment models have been used to build a complete view of mobile mining equipment populations globally for trucks, loaders, graders, dozers, excavators and shovels. This report includes informative breakdowns by each major region and key mining country, and also by major commodity. Read GlobalData’s Global Surface and Underground Mining Equipment: Populations & Forecast to 2025 for a complete view of the market, allowing you to best position yourself for the future.
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The move comes a week after the two parties entered exclusive talks for the potential acquisition of CSA, which has around 500 employees.

In a press statement, IGO said: “IGO regularly evaluates opportunities to grow its business via disciplined mergers and acquisitions in line with its clean energy metals strategy.”

“The company will only complete transactions which it believes will deliver strong and accretive returns and are in the best interest of shareholders at the time.”

The latest development makes special purpose acquisition company (SPAC) Metals Acquisition the standing contender for the copper mine takeover, reported Reuters citing media reports.

Last week, Bloomberg News reported that the mine could be valued at more than $718m (A$1bn).

With a 50,000tpa copper production capacity, CSA is said to be one of Australia’s highest-grade copper mines.

Production from the mine is processed on-site before being transported 700km by rail to the Port of Newcastle for export to Asian smelters.

In September 2021, Glencore received interest for the CSA mine from an undisclosed firm, marking its third sale attempt in six years.

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Free Report
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Dig deeper with our mining equipment forecasts

As ore mines ramp up and come on stream, the total number of active surface machines (including trucks, excavators, shovels, loaders, graders and dozers) is forecast to rise from 141,470 in 2020 to 167,367 by 2025. This will be a CAGR of 3.4% from 2020 to 2025. The largest contributor to this growth is expected to be trucks, particularly smaller-sized trucks with shorter lifespans, used extensively in parts of Asia Pacific. Underground mining equipment is similarly expected to see a CAGR of 2.3% in this same time frame, with the number of mining trucks and loaders/LHDs in active underground mines expected to rise to 19,853 by 2025. GlobalData’s extensive mine-site research and equipment models have been used to build a complete view of mobile mining equipment populations globally for trucks, loaders, graders, dozers, excavators and shovels. This report includes informative breakdowns by each major region and key mining country, and also by major commodity. Read GlobalData’s Global Surface and Underground Mining Equipment: Populations & Forecast to 2025 for a complete view of the market, allowing you to best position yourself for the future.
by GlobalData
Enter your details here to receive your free Report.

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