Metals Acquisition debuts on ASX in Australia’s largest mining listing since 2021

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By Colin Hay - 
Metals Acquisition ASX MAC new listing copper mining resources

Metals Acquisition (ASX: MAC) has successfully listed on the Australian Securities Exchange (ASX) today following the recent completion of a heavily-oversubscribed initial public offering (IPO) boosted by strong interest in its operating CSA copper mine in New South Wales.

MAC raised $325 million in the offering and upon listing is estimated to have an implied total market capitalisation of approximately $1.18 billion, making it the biggest ASX mining listing since 2021.

Interest in the dual-listed (NYSE: MTAL) miner was stoked by its $1.64b acquisition of the CSA copper mine in Cobar from Glencore in 2023.

CSA is rated as the highest grade operating copper asset in Australia, producing around 40,000 tonnes of copper and approximately 450,000 ounces of silver per annum.

MAC will now use proceeds from the IPO to repay a $127m deferred consideration facility to Glencore in connection with the acquisition of CSA, which was paid in full on 16 February 2024.

It will also commit further working capital to improve the mine’s production and development opportunities, as well as undertake in-mine, near-mine and regional exploration.

Range of growth options

“An Australian IPO and listing will allow us to pursue a range of organic and inorganic growth opportunities in Australia and globally to continue building shareholder value,” chief executive officer Mick McMullen said.

“While we have made significant progress in improving overall operational performance at our CSA copper mine to date, our initial focus will be to assess further exploration, development and production improvement opportunities.”

“The listing is an important milestone for the company as we continue to expand and work towards our long-term goal of owning and operating multiple metals and mining assets that are critical to the electrification and decarbonisation of the global economy and become a notable player in the industry.”

“As we grow, we are focused on environmental, social and governance stewardship and a firm commitment to the responsible and sustainable discovery, development, extraction and use of mineral resources.”

“We are also committed to ensuring our assets are operated safely in partnership with local communities and other stakeholders.”

Significant mining experience

Mr McMullen has more than 30 years of senior leadership experience in the exploration, financing, development and operation of mining companies globally.

Having grown up in western NSW, he has incorporated significant international mining experience and success into his resumé.

He was previously chief executive officer and president of Canadian gold producer Detour Gold.

He was also chief executive officer at US palladium and platinum producer Stillwater Mining.