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Aeris Resources confirms interest in Glencore's CSA copper mine

In a response to an earlier report by The Australian Financial Review, Aeris Resources Ltd. said March 20 that it made an offer to acquire the CSA copper mine in New South Wales, Australia, from Glencore PLC, which is now in late-stage negotiations but has not been finalized.

The offer from the Australia-listed explorer, which has a market cap of about US$55 million, is US$575 million, comprising about US$525 million in cash and about US$50 million in shares plus a royalty payable to the Swiss trader.

Funding for the offer to acquire the mine has not been finalized. However, Aeris said a combination of debt funding ranging from US$250 million to US$300 million, an equity capital raising of between US$185 million and US$240 million, and an estimated US$35 million to US$40 million silver stream was proposed to pay for the acquisition.

Late-stage discussions are being conducted with major shareholder Special Portfolio Opportunity V Ltd. — a subsidiary of a fund managed by Hong Kong-based investment firm PAG and Orion Mine Finance, among others. It was also confirmed that Macquarie Capital and RBC Capital Markets are aiding Aeris with the equity raising component.