Australia’s IGO in talks to buy Glencore’s CSA copper mine in NSW

Australian miner IGO has revealed it is in exclusive discussions to acquire the CSA copper mine, owned by Glencore, which is located in the Australian state of New South Wales.

However, IGO stressed that the talks have not yet been concluded and the company is still conducting due diligence, following a media report which suggested that IGO had beaten out special purpose acquisition company Metals Acquisition Corp for the mine.

“IGO has made no decision and nor has it entered into any definitive acquisition agreement with respect to CSA,” it said in a statement.

The CSA mine is one of Australia’s highest grade copper mines and produces about 50,000 tonnes every year, according to Glencore’s website. The mine’s estimated value is at least US$718 million.

ASX-listed IGO has been in a deal-making mood in recent months, agreeing to buy nickel miner Western Areas in a $793 million cash deal in December, and taking on Tianqi Lithium’s Australian assets for just over $1 billion in June.

These acquisitions indicate how the group is seeking to leverage rising demand for materials required by the global clean energy transition, including copper, nickel and lithium.