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- Sandfire Resources (SFR) completes US$1.86 billion (A$2.60 billion) acquisition of MATSA Mining Complex in Spain
- In mid-September, the company announced it was planning to raise $1.28 billion to help fund the acquisition
- MATSA is a large-scale, long-life underground copper operation which hosts three underground mining operations
- The completion of the acquisition follows the satisfaction of outstanding conditions including Foreign Investment Authority approval and the completion of authority approval
- Sandfire is up 0.89 per cent with shares trading at $6.77
Sandfire Resources (SFR) has completed the US$1.86 billion (A$2.60 billion) acquisition of the MATSA Mining Complex in Spain.
In mid-September, the company announced it was planning to raise $1.28 billion to help fund the acquisition.
MATSA is a large-scale, long-life underground copper operation located in the Iberian Pyrite Belt of Spain.
It hosts three underground mining operations which feed into a 4.7 million tonne per annum central processing facility.
The surroundings comprise of a 2450 square kilometre portfolio of mineral rights in exploration in Spain and neighbouring Portugal.
The completion of the acquisition follows the satisfaction of outstanding conditions including Foreign Investment Authority approval and the completion of authority approval.
“Today marks the beginning of an exciting new era for Sandfire, with our business expanding to an organisation with a workforce of around 3,800 direct employees and contractors around the globe,” CEO and Managing Director Karl Simich said. “Our vision for Sandfire is to become an international diversified and sustainable mining company, and the completion of this transaction represents a major step closer to realising this aspiration.
“With the acquisition of MATSA, Sandfire immediately becomes one of the largest copper-focused producers on the ASX, with high-quality operations in Spain and Australia and an impressive growth pipeline and exploration portfolio that we believe will continue to drive our growth for many years to come.”
Sandfire was up a slight 0.89 per cent on the market with shares trading at $6.77 at 1:24 pm AEDT.
