IGO and Glencore talks fall flat
PERTH (miningweekly.com) – ASX-listed metals miner Independence Group (IGO) on Tuesday announced that its discussions with major Glencore around the possible acquisition of its CSA copper operations, in New South Wales, had fallen through.
Glencore last year announced that it was considering proposals and could enter into a sales process for the asset, with IGO in February confirming that it was in "exclusive discussions" with Glencore.
However, IGO on Tuesday said that discussions with Glencore had now concluded with no commercial agreement being reached, and the two parties had discontinued negotiations with respect to a potential acquisition of CSA.
“IGO regularly evaluates opportunities to grow its business via disciplined mergers and acquisitions in line with its clean energy metals strategy. The company will only complete transactions which it believes will deliver strong and accretive returns in the best interest of shareholders at the time,” IGO told shareholders in a statement.
The CSA mine employs 500 staff and contractors and in 2020 produced 46 200 t of copper, contributing A$309-million to the Glencore books.
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