PERTH (miningweekly.com) – Copper miner Sandfire Resources has completed the $1.86-billion acquisition of the MATSA mining complex, in Spain.

The transaction was formally completed following the satisfaction of the outstanding conditions precedent, including Foreign Investment Authority approval in Spain, and Competition Authority approval in late December.

With the successful completion of the transaction, Sandfire will exercise operational control and economic ownership at MATSA effective from February 1.

“This is a historic day for Sandfire. On behalf of our board and senior leadership team, I am absolutely delighted to announce the completion of our acquisition of the MATSA Mining Complex and to welcome the MATSA team into Sandfire,” said Sandfire MD and CEO Karl Simich.

“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. This is an incredibly exciting moment for everyone involved with our business, and I would like to take this opportunity to thank everyone who has worked so hard to bring this transaction to a conclusion.

“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.

“While this marks the completion of the transaction, it represents just the start of our journey with MATSA. In the days, weeks and months ahead, we will all be working incredibly hard to integrate MATSA into Sandfire to create a single unified team who will be working hard to strengthen the future of the operation and unlock the enormous exploration potential of our large landholding in Spain and Portugal,” said Simich.

“With a larger team, broader expertise and greater capability and strength across our business, we are all looking forward to the vast opportunities that this new chapter will deliver for all of our key stakeholders.”

During the period of integration, Sandfire will focus on minimising business disruption at the MATSA operations, working with management and operational teams to ensure continuity of existing operations while maintaining a shared commitment to the highest standards of safety, responsibility and sustainability.

MATSA is a substantial polymetallic mining complex comprising three underground mines and a 4.7-million-tonne-a-year central processing facility and an extensive resource base with significant growth potential.

The surrounding exploration package, comprising a 2 450 km² portfolio of mineral rights in exploration in Spain and neighbouring Portugal, offers substantial long-term exploration upside and organic growth potential.