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Aeris Resources mulls $800 million CSA mine acquisition from Glencore

The company is contemplating a US$575 million (A$800 million) mine acquisition.

M&A concept
The CSA mine is about 100 kilometres from Aeris's Tritton Copper Operations

Aeris Resources Ltd (ASX:AIS) has revealed that it is in discussions with Glencore PLC (LON:GLEN) to acquire the CSA underground copper mine in central-west New South Wales.

An offer has been made and late-stage negotiations around the offer and associated documents are ongoing but are yet to be finalised.

Aeris said, broadly, the offer comprised $US525 million cash and US$50 million Aeris shares plus a royalty payable to Glencore.

Funding is not yet finalised but it proposed to be a combination of US$250-300 million debt, US$185-240 million equity, and a silver stream of between US$35-40 million.

No guarantee acquisition will proceed

Aeris noted that it is important to note that there is no guarantee that the potential acquisition will proceed.

Additionally, in the event that a formal agreement for the potential acquisition is entered into, it will likely be subject to a number of conditions including required shareholder approval.

READ: Aeris Resources is a copper producer with multiple growth opportunities

Aeris is already a copper producer through its Tritton Copper Operation, also located in central-west New South Wales.

The company also has a number of brownfields and greenfields exploration projects that present significant growth opportunities such as the Torrens Exploration Project in South Australia.

READ: Aeris Resources welcomes restart of drilling at Torrens copper-gold anomaly in South Australia

Aeris and its joint venture partner Argonaut Resources NL (ASX:ARE) recently commenced a high profile drill program at the Torrens anomaly, which has a footprint larger than Olympic Dam.

Quick facts: Aeris Resources Ltd

Price: 0.046 AUD

ASX:AIS
Market: ASX
Market Cap: $20.96 m
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