The miner and commodities giant got close to selling CSA to small Australian copper producer Aeris Resources (ASX: AIS) in 2019, but negotiations fell through.
Glencore said talks are at an early stage, adding there is no guarantee at this point that a transaction would materialize.
Aurelia Metals (ASX:AMI) an exploration and development company, also engaged in negotiations around a potential acquisition of the mine.
A spokesperson for the company said current talks were at an early stage, adding there was no guarantee at this point that a transaction would materialize.
The Cobar mine produces over 1.1 million tonnes of copper ore and 185,000 tonnes of copper concentrate. The concentrate contains approximately 29% copper and is exported to smelters in India, China and Southeast Asia. With 4.3% copper grade in reserves, this mine holds fourth place in MINING.COM’s list of highest-grade underground copper operations.
Glencore valued the asset at $329 million at the end of 2013, but it is now expected to fetch over $725 million, The Australian reports. Last year, it produced 46,200 tonnes of copper, contributing A$309-million (about $224m) to the Glencore books.
