Australian mining and exploration company Sandfire Resources will buy Spain's Minas de Aguas Te??idas (Matsa) for $1.87 billion from Trafigura and the Mubadala Investment Co, the company said on Thursday September 23.
The deal is expected to be completed in the first quarter of 2022.
As part of the transaction, Trafigura will retain the life-of-mine 100% offtake agreement for copper concentrates from Matsa.
Matsa owns the Aguas Te??idas, Sotiel and Magdalena mines in southern Spain, which produce copper, zinc and lead concentrates, with silver by-products.
Sandfire operates the DeGrussa copper-gold mine, located 900km north of Perth in Western Australia, which produces high-quality copper-in-concentrate with significant gold credits.
Spot trading was quiet in China's copper concentrates market in the week to last Friday September 17 ahead of China's Mid-Autumn festival on September 18-21.
Fastmarkets'
copper concentrates TC/RC index, cif Asia Pacific was, therefore, unchanged at $60.1 per tonne, or 6.01 cents per pound.