By Christian Moess Laursen

Glencore said Friday that it has closed the sale of its 100% stake in Cobar Management, owner of the Cobar copper mine in New South Wales in Australia, to Metals Acquisition for $775 million in cash and $100 million in shares.

The Anglo-Swiss commodity miner said the transaction will result in it holding 20.6% of shares in Metals Acquisition.

Metals Acquisition will assume ownership and full operational control of the mine and Glencore will offtake 100% of the copper concentrate produced at Cobar Management.

"The sale of [the mine] is consistent with delivering our strategy of simplifying and aligning our global portfolio to focus on lower-cost, long-life assets," Glencore said.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

June 16, 2023 02:30 ET (06:30 GMT)

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