Metals Acquisition Corp (MTAL) Shareholders Approve CSA Copper Mine Deal

Metals Acquisition Corp. (NYSE: MTAL) announced this afternoon that its shareholders have approved its acquisition and business combination with the CSA Copper Mine from Glencore (LON:GLEN) at a special meeting held earlier today.

The business combination and merger were overwhelmingly approved as both proposals received 27,538,130 shares in favor of it and just 455,506 shares against it.

In connection with the shareholder vote at the meeting, Metals’ shareholders holding 23,513,685 Class A ordinary shares validly elected to redeem their shares, removing 88.68% of the SPAC’s trust.

Nonetheless, the parties expect to close the deal on June 15. The common stock and warrants of the combined company are set to begin trading on the NYSE on June 16 under the ticker symbols, “MTAL” and “MTAL.WS”, respectively.

Metals originally inked its $1.1 billion definitive sale and purchase agreement to acquire the CSA Mine over a year ago in March 2022. The SPAC has brought in a series of funding for the deal’s PIPE within the past few months, totaling $175 million. This was well above MAC’s initial fundraising target of $126 million, surpassing it by $49 million.

Located in New South Wales, Australia, the CSA copper and silver mine is among the country’s largest, having exploited about 41,000 metric tons of copper in 2021.