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1) Glencore will sell its copper mine in Cobar, New South Wales, Australia to Metals Acquistion Corp (MAC) for $1.1 billion. The Cobar mine is a high-grade producing underground copper mine with a life of mine being over 15 years. The two companies, Glencore and MAC has been on the table for quite some time, since March 2022. “The acquisition of CSA represents a strong strategic fit for MAC. Our management team’s operational expertise, understanding of regional operations and relationships with local stakeholders uniquely position us to identify and realize the full potential value of the asset,” MAC chief executive officer Mick McMullen said at the time.
2) Teck Resources has received several "indications of interest for its steelmaking coal business. “There is widespread recognition in the market today of the value of our high-margin, long-life steelmaking coal assets, which has, in turn, generated considerable interest from various parties,” chief executive Jonathan Price said. Teck has been the target of a hostile takeover by Glencore as the race for mergers and acquisitions heats up. Teck has scraped its plans to split up its coal and base metals businesses and is currently studying the best option for the company to move forward as more suitors have entered the race for either of its businesses or the combined company as is. “We are resolved to identify a path that ensures continued responsible operations in the Elk Valley and supports a sustainable future for the benefit of employees, local communities and Indigenous Peoples,” the chair of Teck’s board, Sheila Murray, said.