Metals Acquisition Ltd Dual Lists on ASX Following Upsized A$325 million IPO
Highlights
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Metals Acquisition Limited -
MAC raised
A$325 million via the issue of 19,117,648 Chess Depositary Interests (CDIs) atA$17.00 per CDI (the Offer), being the top of the indicative price range for MAC’s bookbuild. -
The implied market capitalisation of MAC following completion of the Offer is
A$1.18 billion , making MAC’s ASX listing the largest mining listing on ASX in over 5 years, with the funds raised under the Offer representing the largest amount raised for a mining IPO on the ASX sinceJuly 2021 . - Strong support for the Offer was received from Australian and offshore institutional investors, including MAC’s existing shareholders.
- The dual listing on ASX provides MAC with greater liquidity and access to capital from Australian institutional and retail investors.
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Proceeds of the Offer will be used for further development of the Company’s
CSA Copper Mine in NSW, to pay a deferred payment due to the previous owner of theCSA Copper Mine , Glencore, to fund growth opportunities at CSA, for working capital and costs of the Offer. - MAC’s goal is to create a leading mid-tier, multi-asset producer of metals critical to the decarbonisation of the global economy.
- MAC has a disciplined acquisition strategy focused on operating assets in stable global jurisdictions that have turnaround potential to create value upside for shareholders.
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MAC is supported by a strong board and management team that have collectively operated in the world’s Tier 1 mining regions that is led by Australian CEO
Mick McMullen , who was previously CEO of North America’s Detour Gold Corporation andStillwater Mining Company .
MAC raised
Also listed on the
The Company’s foundational asset is the
MAC will use the IPO proceeds to repay a
Backed by a strong board and management team, MAC is led by CEO
While we have made significant progress in improving overall operational performance at our
With a disciplined M&A strategy, we will continue to evaluate prospects for growth through acquiring and operating assets in stable mining jurisdictions that will benefit from a turnaround and optimisation program to enhance value.
The listing is an important milestone for the Company as we continue to expand and work towards our long-term goal of owning and operating multiple metals and mining assets that are critical to the electrification and decarbonisation of the global economy and become a notable player in the industry.
As we grow, we are focused on ESG stewardship and a firm commitment to the responsible and sustainable discovery, development, extraction, and use of mineral resources. We are also committed to ensuring our assets are operated safely in partnership with local communities and other stakeholders.
On behalf of the Board and employees, I would like to thank our new shareholders for their support in what has been a strongly backed ASX IPO. We have received outstanding support and interest throughout the IPO process from investors, many of whom are existing holders continuing to support our vision.”
This announcement is authorised for release by the Board of Directors.
About
MAC owns and operates the
With a strong focus on environmental, social and governance stewardship, MAC’s team uses its deep technical and cost reduction expertise to identify assets with operational upside, cost reduction potential and/or expansion opportunities to extract value for shareholders.
MAC’s expertise extends across all commodities, including base metals, precious metals, battery metals, and through the value chain – from upstream mining through downstream processing and commodities trading, in all major mining jurisdictions.
For more information, please visit metalsacquisition.com
Forward Looking Statements
This press release includes “forward-looking statements.” MAC’s actual results may differ from expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside MAC’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things; the supply and demand for copper; the future price of copper; the timing and amount of estimated future production, costs of production, capital expenditures and requirements for additional capital; cash flow provided by operating activities; unanticipated reclamation expenses; claims and limitations on insurance coverage; the uncertainty in mineral resource estimates; the uncertainty in geological, metallurgical and geotechnical studies and opinions; infrastructure risks; and dependence on key management personnel and executive officers; and other risks and uncertainties. MAC cautions that the foregoing list of factors is not exclusive. MAC cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. MAC does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
More information on potential factors that could affect MAC’s or CSA Mine’s financial results is included from time to time in MAC’s public reports filed with the
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1 Further details concerning the use of funds raised under the Offer are set out in the announcement titled ‘Pre-quotation disclosure’ dated
View source version on businesswire.com: https://www.businesswire.com/news/home/20240220718410/en/
Company:
M
ick McMullen
Chief Executive Officer
mick.mcmullen@metalsacqcorp.com
Chief Development Officer
+61 461 304 393
dan.vujcic@metalsacqcorp.com
Media
S
hane Murphy
FTI Consulting
+61 420 945 291
shane.murphy@fticonsulting.com
FTI Consulting
+61 488 400 248
jane.munday@fticonsulting.com
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