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IGO confirms CSA talks with Glencore

21st February 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Metals miner Independence Group (IGO) on Monday confirmed that it was in "exclusive discussions" with diversified miner Glencore in relation to its CSA copper operations, in New South Wales.

Glencore last year announced that it was considering proposals and could enter into a sales process for the asset.

Responding to reports which stated that IGO had been tapped as the preferred bidder for the assets, which could be worth an estimated A$1-billion, IGO on Monday said that discussions with Glencore were “incomplete” and that IGO was still conducting due diligence as part of the ongoing sales process.

“IGO has made no decision and nor has it entered into any definitive acquisition agreement with respect to CSA,” the company said in a statement.

"IGO regularly evaluates acquisition opportunities against a range of factors and will only pursue an acquisition if it makes strong strategic and financial sense for its shareholders,” it added.

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.

Edited by Creamer Media Reporter

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