A decade after it acquired Rio Tinto’s Northparkes mine, a Chinese miner is understood to be about to test market interest.
but a series of massive premiums for copper deals in the past year is understood to have tempted the Chinese company to test market interest in the 29-year-old asset.a 67 per cent premium to the undisturbed price of Turquoise Hill shares
CMOC relied on Citigroup to advise it on a 2020 deal to sell a portion of future gold production from Northparkes to Canadian company Triple Flag, but Citi declined to comment when asked if it had secured a fresh mandate to sell Northparkes.CMOC spent $200 million extending the life of the mine in 2019 and has recently expanded the capacity of the mill by 19 per cent.
When combined with the $US550 million cash injection from Triple Flag, the Chinese company has now largely recouped its investment in the mine since 2013.Northparkes is now a small part of CMOC’s global business, which is focused on mines in the Democratic Republic of Congo, Indonesia and China. If Northparkes does change hands, it would continue a busy period of corporate activity in the local copper sector, highlighted by BHP’s $9.6 billion takeover bid for OZ Minerals, which is expected to be formalised by OZ shareholders on April 13. backed by mining industry luminaries Bill Beament and Nev Power is well advanced on the purchase of Glencore’s CSA mine near Cobar.
ASX-listed microcap Comet Resources last month agreed to pay $10 million plus future royalties and options to Glencore to buy the Swiss giant’s Mt Margaret copper project in the Mt Isa district.It was the second asset sale Glencore has made in the Mt Isa district in the past year; it sold full control of the Ernest Henry mine to Evolution Mining for $1 billion in January 2022.
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