Glencore sells mine; Songtradr to raise funds; Rethink at Link

Good evening,

Commodities juggernaut Glencore has finally hammered out a deal to sell its CSA copper mine.

Street Talk has revealed that a SPAC, Metals Acquisition Corp, will take the keys at the Cobar mine for $US1.1 million.

That’s the end of a decade-long selling process for Glencore, which was peppered with false starts and included some quirky suitors.

Who can forget ASX tiddler Aeris Resources, for which CSA was more than 10 times its market cap, and Aurelia Metals, where the decision to buy or skip CSA caused a break-up between the board and the CEO?

Elsewhere, IPO hopeful Songtradr was back in the private markets for a $US170 million raising at a $US500 million valuation; and Link’s investors are telling the company to hurry up with Dye & Durnham’s bid before the markets get worse.

Finally, investors are wondering how Westgold Resources could spend the $100 million from last week’s capital raising.

Happy reading,

Anthony Macdonald, Sarah Thompson and Kanika Sood
Street Talk Editors